On Tuesday equity market broke from the downward trend seen in the last two trading days, to close with a shade of green. The Nigerian Stock Exchange (NSE) All Share Index (ASI) rose by 0.02%, with Guaranty and Zenith recording less than 0.05% gain.
Also on the gainers table are UBA (2.31%), Dangote Sugar (2.44%), Access (0.79%).
The Market capitalization rose by N1.991 billion to N13.113 trillion, with ASI settling at 25,136.49, despite deep losses seen in Conoil, Oando and Ardova.
The volume and value of shares traded increased by 68.08% and 33.30% respectively compared to Monday figures.
On Tuesday, 271,001,986 units of shares worth N2,460,550,779.25 were traded in 3,693 deals, an improvement from 161,231,804 units of shares valued at N1,845,860,367.05 which exchanged hands in 3,597 deals on Monday.
The shares of Zenith led the activity chart by volume, with 35,835,574 units of shares worth N600,203,226.20 traded in 314 deals. Whereas Guaranty took the lead in terms of value, with 35,287,454 units of stocks, valued at N877,020,805.25 exchanging hands in 186 deals.
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Two indices under our watch appreciated while three declined on Tuesday.
Insurance Index rose for the second consecutive day, pushed by gains in Lasaco and Corner Stone. The index increased by 0.89% to close at 128.07.
Banking Index rose by 0.52% to close at 293.10 due to gains in UBA, Guaranty, Access, Zenith (UGAZ)
Oil and Gas Index endured the highest decline of 1.83% to close at 186.55 as Conoil, Ardova and Oando suffered the maximum possible loss.
Consumer Index declined by 0.12% to close at 414.92 as Nigerian Brew lost 2.78%.
Industrial Index extended the decline seen on Monday. The index dropped by 0.02% to close at 1,112.32 largely due to 0.43% decline Wapco (Lafarge).
Investor sentiment was mixed at 1.23x, with16 stocks advancing in price and 13 declining, compared to 17 stocks which advanced on Monday while 15 declined in prices.
Top five gainers by percentage with the closing prices are; UPL (9.91%; N1.22), Cornerst (9.43%; N0.58), Lasaco (7.14%; N0.30), Ucap ( 3.23%; N3.20) and Sterlnbank (2.61%; N1.18).
Top five decliners by percentage are; Conoil (-9.79%; N15.25), Oando (-9.68%; N2.24), Ardova (-9.68%; N12.60), Fidson (-5.25%; N3.79) and Japauoil (-4.76%; N0.20)
- Read also; 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.
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