On Wednesday, ZENITH (0.90%), GUARANTY (1.20%), UBA (0.75%) exerted their power of high market capitalization, by pushing to Nigerian Stock Exchange (NSE) All Share Index (ASI) to the second day of consecutive gains. In addition to the gains in the high cap banks, International Breweries also rose by 7.14% among others.
Investors gained N13.113 billion as ASI grew by 0.14% to close at 25,171.32, while market capitalization settled at N13.131 billion.
The volume and value of shares traded decreased by 33.58% and 37.56% respectively on Wednesday, compared to Tuesday figures. 180,010,447 units of shares worth N1,536,323,055.52 were traded in 3,108 deals, down from 271,001,986 units of shares worth 2,460,550,779.25 traded in 3,693 deals, on Tuesday.
The activity chart by volume and value was led by Zenith bank, with 35,942,914 units of stocks, valued at N605,179,633.45 exchanging hands in 332 deals.
Have you read?
- Goodyear tumbles 6% after Trump tweets to boycott the company over MAGA hat ban
- Apple Inc. hits $2 Trillion Market Capitalization… heading for 4-for-1 stock split
Only one index under our watch declined, while three appreciated with one closing flat on Wednesday
Insurance Index rose for the third straight day, pushed by gains in AIICO and MBENEFIT. The index increased by 0.41% to close at 128.69.
Banking Index rose for two consecutive days.by 0.81% to close at 295.48 due to gains in UBA, GUARANTY, ZENITH, JAIZBANK among others.
Consumer Goods Index rose by 0.19% to close at 415.72 due to over 7% gain in INTBREW.
Oil and Gas Index closed flat at 186.55. whereas Industrial Goods Index declined for three days in a row on Wednesday. The index dropped by 0.04%% to close at 1,111.92.
Investor sentiment remained mixed as 13 stocks advanced with 13 declining in prices, compared to 16 stocks which advanced in price on Tuesday with 13 declining.
Top five gainers by percentage with the closing prices are; STUDPRESS (10.00%: N1.98), INTBREW ( 7.14% ; N3.00), JAIZBANK (5.36%; N0.59), JAPAULOIL (5.00%; N0.21) and MBENEFIT (5.00%; N0.21).
Top five decliners by percentage are; CAP (-10.00%; N15.30), ROYALEX (-9.68%; N0.28), PZ ( -9.41%; N3.85 ), UPL (-7.38%; N1.13) and GLAXOSMITH (-6.73%; N4.85).
- Have you read? Forex Forecast for the week ending 16th to 20th August 2020
- Nigerian Stock Market Review and Stock pick for the week ahead 17th Aug. – 21st Aug. 2020
Analysts’ view at Investogist; We maintain our negative outlook to the market in the short and medium term.
Written by;
Ifunanya Ikueze
