Equity market returned to green zone on Tuesday after opening the week in red on Monday. Investors’ portfolio was increased by N37.263 billion on Tuesday.
The positive performance was driven by the gains in the share prices of Airtel Africa which rose by 3.66% and Bua Cement which gained 2.51%.
ASI appreciated by 0.3% to close at 24,097.48 from 24,026.05 on Monday, with the Market capitalization rising to N12.571 trillion from N12.533 trillion the previous day.
There was a decline in the volume and value of shares traded on Tuesday as well as the number of deals, compared to Monday values.
155,529,293 units of shares worth N2,600,805,915.79 were traded in 4,060 deals on Tuesday compared to 189,691,053 units of shares valued at N2,784,783,904.01 which exchanged hands in 4,215 deals on Monday.
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The shares of Guaranty was the most traded by volume, with 19,723,812 units of shares worth N413,816,022.25 traded in 450 deals.
In terms of value, the shares of MTNN took the lead, with 10,232,114 units of shares valued at N1,176,787,915.10 exchanging hands in 84 deals.
Only two of the indices under our watch advanced. The Banking Index rose by 0.92% to close at 274.09 due to combined gains in Guaranty, UBA, FCMB, Zenith bank among others while the Industrial goods index grew by 0.09% to close at 1,092.81.
Insurance Index, suffered the biggest decline by 1.92% to close at 124.31 mainly due to 9.66% decline in the share price of Mansard and 8.51% loss recorded by Linkassure.
The Consumer Goods index dropped by 0.52% to close at 414.98 as Unilever and Nascon lost 9.78% and 5.00% respectively, while Oil and Gas Index declined by 0.02% to close at 196.11, dragged by 9.78% slump in the Share price of MRS Oil.
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Investor sentiment remained low at 0.94x, although it improved from Monday’s value of 0.82x, as only 17 equities advanced in prices while 18 declined.
Top five gainers by percentage with the closing prices are; Redstarex (9.76%; N3.26), Wapic (6.06%; N0.35), CILeasing (5.26%; N4.00), PZ (5.00%; N4.20), and Mbenefit (4.76%; N0.22).
Top five decliners by percentage are; Okomuoil (-9.95%; N69.70), Unilever (-9.78%; N12.45), MRS (-9.78%; N12.45), Mansard (-9.66%; N1.59) and Custodian (-9.09%; N5.00)
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Analysts’ view at Investogist; the impact of Covid-19 on the listed companies is expected to reflect on the half year financial reports. Several companies including Dangote, Lafarge, Seplat, Guaranty, Zenith among others has announced closed period for H1 financial statements.
It is our view that Investors will continue to trade with caution as we await the release of companies’ financial statements.
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