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    Prosecutors demand six-year prison sentence for Simon Ekpa

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    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

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    Legal Expert says only Rivers State can collect VAT as at today following Appeal Court’s order to “maintain status quo”

    Wike describes Seyi Makinde as chief architect of PDP problems

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    Mexican Navy Ship crashes into New York Bridge

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

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    Air Sierra Leone commences flight operations to Lagos

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    Access Bank completes the acquisition of National Bank of Kenya

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    CUTIX PLC reports N1.1 billion profit for the FY ended April 2025

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    NNPC Ltd Announces Maintenance Shutdown of Port Harcourt Refinery

    Security features of the new naira notes revealed by the CBN

    The Frontier Fund unit holders to get N17 per unit distribution

    Banks begin to charge taxes on bonds, T-bills as exemption expires

    Skyway Aviation Handling Company Plc announces N0.6 final dividend for 2024 FY

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    Again DMO offers N360 billion FGN bond for February

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    BITCOIN hits $103,000 for the first time

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    NGX RegCo suspends Trading of Oando Plc shares

    NGX RegCo approves Livingtrust Mortgage Bank’s free float compliance plan

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    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

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Equity market ends August on a positive note as Market Cap rose by N331.216 billion

Monday, 31 August 2020, 11:19 pm
in Markets, Stocks/Equities
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Investors Gain N533.67 Billion as MTNN & Co. Put a Stop to the Market Bull Run
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Equity market closed the month of August with a consecutive rise in the last two trading sessions of the month. The Nigerian Stock exchange (NSE) All Share Index (ASI) rose by 0.07%, to close at 25,327.13 on Monday.

Although overall, there were more stocks on the decliners’ table compared to gainers table on Monday, however, the gain in high cap stocks like MOBIL (+10.00%), DANGCEM (0+0.52%), WAPCO (+3.46%), BUACEMENT (+0.25%), and GUARANTY (+0.39%) spurred a N9.263 billion rise in the market capitalization to N13.213 trillion.

Following five consecutive weeks of positive close of the equity market, the month of August ended with 2.57% increase in ASI while the YTD loss moderated to 5.64%. The market capitalization rose by N331.216 billion (+2.57%) in August 2020.

On Monday,  STANBIC and other tier one banks – UBA, ZENITH, GUARANTY disclosed that they are waiting for regulatory approval for H1 2020 financial statements.

Activity level

The activity level significantly improved on Monday, due to the high volume of trades in UACN (74.424 million), ZENITH (23.896 million), UBA (22.430 million), FBNH (22.258 million).

Overall, the volume and value of traded shares rose by 91.27% and 125.98% respectively on Monday relative to Friday figures. Also, the number of deals increased by 28.88%.

302.009 units of shares worth N2.628 billion were traded in 3,854 deals on Monday.

UACN, the most traded stock by volume and value, accounted for 24.64% of the total volume and 16.18%% of the total value of shares traded on the Exchange on Monday. Total of 74.424 million units of UACN worth N425.225 million exchanged hands in 60 deals.

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Performance of Indices under our watch

Only two indices under our watch appreciated, while 3 declined on Monday.

The Oil and Gas Index moved for the first time since 21 August 2020, thus breaking from its flat-line. The Index rose by 1.99% to close at 191.08, as MOBIL surged 10.00%.

Industrial Goods Index grew by 0.55% following the gains in WAPCO, DANGCEM, and BUACEMENT.

The Insurance Index declined by 0.61% to close at 131.60 largely due to a 3.72% loss in NEM.

The Banking Index dropped by 0.74% to close at 291.79, wiping all the gains it recorded on Friday, as ZENITH, UBA, ACCESS, FBNH among others recorded losses.

Consumer Goods index declined slightly by 0.01% to close at 426.93, as the 2.47% loss in GUINNESS outweighed the gains recorded by VITAFOAM and HONYFLOUR due to its market capitalization.

Investor sentiment

Investor sentiment as measured by market breadth (gain/loss ratio) weakened further to 0.65x on Monday compared to Friday figure of 0.92x.

Only 11 stocks advanced on Monday with 17 declining, contrary to 12 stocks which advanced on Friday with 13 declining.

Read also; India GDP Contracts a record 23.9% in April-June Quarter, worst slump in decades

The top five gainers by percentage are;

  • MOBIL rose by 10.00% to close at N192.50
  • FTNCOCOA rose by 8.33% to close at N0.26
  • ROYALEX rose by 7.69% to close at N0.28
  • VITAFOAM rose by 4.39% to close at N5.71
  • WAPCO rose by 3.46% to close at N11.95

The top five decliners by percentage are;

  • CILEASING lost 10.00% to close at N3.60
  • UAC-PROP lost 7.61% to close at N0.85
  • REDSTAREX lost 5.19% to close at N3.65
  • MBENEFIT lost 4.76% to close at N0.20
  • NEM lost 4.55% to close at N2.07

Analyst’s view

We expect the market performance to be driven by a mixture of bargain hunting and profit taking, while the activity level remains subdued.

Written by;

Ifunanya Ikueze

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