Nigerian Equities Index Advances by 0.28% amid Sustained Bullish Activity

October 26, 2020/Cowry Asset Report

Nigerian Stock Exchange Trading Floor. Image credit: NSE

The Nigerian bourse resumed the week in positive territory as its index rose by 0.28% amid sustained bargain hunting activity. Hence, the year to date gain of the NSE ASI climbed to 7.2%. Also, the number of gainers (26) outweighed that of the losers (15) amid positive investors sentiment. Specifically, Tickers such as FLOURMILL, DANGCEM, WAPCO, UBA,and ZENITHBANK closed higher amid demand pressure.

Their respective prices rose by 5.22%, 0.66%, 0.56%, 2.13% and 0.71%. Of the five indices tracked, three closed in green; the NSE Banking advanced the most by 1.01%, followed by the NSE industrial and NSE Oil/Gas by 0.38% and 0.07% respectively. On the flip side, the NSE Insurance and NSE Consumer Goods indices moderated by 0.34% and 0.99% respectively.

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