The Nigerian Stock Exchange (NSE) All Share Index (ASI) broke from its negative trend on Wednesday to close in green dragged by the 3.44% rise in the share price of Airtel Africa.
AirtelAfri pushed ASI to 0.06% rise, despite the maximum possible losses suffered by Nigerian Breweries and Julius Berger. ASI rose to 24,130.26 from 24,114.59 on Tuesday.
Investors gained N8.178 billion on Wednesday as the Market Capitalization grew to N12.588 from N12.580 the previous day.
Total of 208,209,536 units of shares worth N1,761,737,867.93 were traded in 3,648 deals.
The shares of Sterling Bank Plc remained the most traded by volume for the third day in a row. 77,189,101 units of shares valued at N95,713,065.15 exchanged hands in 365 deals.
In terms of value, the most traded was the shares of MTNN as 2,506,446 units of shares valued at N296,089,592.90 were traded in 111 deals
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Two of the indices under our watch advanced. The Industrial Goods Index recorded third consecutive rise. The Index rose by 0.01% to close at 1,099.97.
The Banking Index broke out from its three straight days of loss. The Index rose by 0.37% to close at 271.59 while the Oil and Gas Index closed flat at 190.36.
The Consumer Goods Index dipped by 1.39% to close at 409.78 due to 9.84% loss suffered the share price of NB.
Insurance Index returned to loss on Wednesday after breaking the streak on Tuesday. The decline is due to losses recorded by Linkassure (-9.80%) and Wapic (-9.09%). The Index declined by 0.89% to close at 124.31.
Investor sentiment was weak at 0.73x, although it improved compared to 0.53x recorded on Tuesday, as 11 stocks advanced with 15 declining in contrast to 8 stocks which advanced on Tuesday while 15 declined.
Top five gainers by percentage with the closing prices are; Sunuassure (10.00%; N0.22), Cutix (7.69%; N1.82), Dangsugar (5.17%; N12.20), Mbenefit (4.76%; N0.22) and AirtelAfri (3.44%; N340.00).
Top five decliners by percentage are; Jberger (-9.88%; N15.50), NB (-9.84%; N30.70), Linkassure (-9.80%; N0.46), Wapic (-9.09%; N0.30) and Caverton (-6.15%; N1.83)
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Analysts’ view at Investogist; We still maintain our negative outlook to the market in the short and medium term. The impact of Covid-19 on the listed companies is expected to reflect on the first half financial reports.
Several companies have announced closed period for H1 financial statements. including Ardova, Nestle, Mansard, Nahco, Caverton, Flourmills, Stanbic, Bua Cement, Mobil (11 Plc), Dangote, Lafarge, Seplat, Guaranty, Zenith among others.
Written by;
Ifunanya Ikueze