Nigerian Stocks Inch Down -0.54% Dragged by Bellwether Losses

July 28, 2020/InvestmentOne Report

The Nigerian equities market closed down today as NSE-ASI lost 0.54% to close at 24,650.16pts.

Similarly, the market breadth index was negative with 17 losers against 14 gainers.

TOTAL (-9.95%) led the loser’s chart today, while MBENEFIT (+10.00%) was the top gainer.

MBENEFIT (+10.00%) was the most actively traded stock with about 26million units of shares worth about N5million.

Sector Performances

  • NSE Oil & Gas Index: Closed down by 5.20%, due to negative sentiments in TOTAL (-9.95%) and  SEPLAT (-9.82%).
  • NSE Banking Index:  Decreased by 0.45%, due to the sell-offs in NPFMCRFBK (-7.75%), JAIZBANK (-5.00%), GUARANTY (-3.00%) and ETI (-1.16%)
  • NSE Consumer Goods Index: Lost 0.13%, due to the declines in PZ (-3.70%), GUINNESS (-1.82%), INTBREW (-1.49%) and CADBURY (-1.49%).
  • NSE Industrial Index: Closed Flat.

  Performance of key stocks

S/N

Stock

Current Price (N)

1-day change (%)

Week to date change (%)

1

ACCESS

6.30

0.00%

1.61%

2

DANGCEM

141.80

0.00%

5.66%

3

FBNH

4.95

-1.00%

0.00%

4

FIDELITYBK

1.70

-1.16%

-1.73%

5

GUARANTY

22.60

-3.00%

4.39%

6

MTNN

118.00

-1.67%

-1.67%

7

UBA

6.15

0.00%

2.50%

8

SEPLAT

282.00

-9.82%

-18.83%

9

ZENITHBANK

16.35

2.83%

5.48%

10

OKOMUOIL

74.95

6.31%

6.31%

The equities market closed down today due to the negative sentiment in most sectors.  While we believe the risk-off sentiment on the back of weak oil price as well as the impact of Coronavirus could continue to weigh in on equities market, we opine that this maybe one of the best periods to start picking some of the quality names with a medium to long term investment horizon.

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