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    Federal Government declares June 6 and 9 public holidays

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    Prosecutors demand six-year prison sentence for Simon Ekpa

    Prosecutors demand six-year prison sentence for Simon Ekpa

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

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

    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

    ELECTION: Cutix Plc reschedules Board Meeting

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

    Breaking: President Tinubu dissolves Boards of Parastatals, Agencies, Institutions

    President Bola Tinubu Approves New Heads of Federal Agencies & Commissions

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    UH Real Estate Investment Trust to distribute N5.05 per unit to unit holders

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    Breaking: President Joe Biden diagnosed with “aggressive” cancer

    Mexican Navy Ship crashes into New York Bridge

    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

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    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

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    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

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    Access Bank completes the acquisition of National Bank of Kenya

    ELECTION: Cutix Plc reschedules Board Meeting

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

    Honeywell Flour Mills Plc reports N14.6 billion profit for FY ended March 2025

    Honeywell Flour Mills Plc reports N14.6 billion profit for FY ended March 2025

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    Weekly Market Report: NGX market capitalization settles at N70.46 trillion

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Dangote Group announces major investment in rice production

    Dangote Group announces major investment in rice production

    Vacancy at Port Harcourt Refinery

    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

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    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

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    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

    NGX RegCo suspends Trading of Oando Plc shares

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

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    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    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

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

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

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

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Nigerian Bourse – Investors Gain N374.9 billion as Brent Crude Sells above $30

Tuesday, 5 May 2020, 5:08 pm
in Markets, Stocks/Equities
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Volume of Shares Traded Hit Record Low as Investors Stood on the Fence
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Investors on the Nigerian Stock Market on Tuesday gained N374.9 billion as oil prices maintained its longest bullish run in 9 months. All Share Index (ASI) rose by 3.12% due to significant appreciation in the prices of the two most capitalized companies on the Nigeria Stock Exchange (NSE).

Dangote Cement Plc (NSE ticker – DANGCEM) share price rose by 10.00% to close at N143.00 per share while that of MTN Nigeria Plc (NSE ticker – MTNN) increased by 3.45% to close at N120.00. DANGCEM AND MTNN has a market capitalisation of N2.436 trillion and N2.442 trillion respectively (Almost 40% of the Market Capitalisation).

In addition to the duo, Nestle Nigeria Plc (NSE ticker – NESTLE) share price advanced by 5.96% to close at N975.00. NESTLE has a market capitalisation of N772.8 billion.

Investor sentiment on the exchange on Tuesday is strong at 4.1x with twenty nine (29) stocks advancing in prices with only nine (9) stocks declining in prices. The return of activities to the market can largely be attributed to rising oil prices, deemed highly favourable for the Nigerian economy which is heavily dependent on oil.

  • Read also; Coronavirus Update – World Leaders Pledge Over $8 billion for Vaccine; Nigeria Records 245 new cases

On Tuesday, Oil prices maintained its upward trend after shrugging off the perceived trade war between U.S and China. As countries around the world  including, U.S, France, Italy, Germany, Nigeria, India, and South Africa began to gradually ease the lockdown imposed due to Coronavirus pandemic, demand for oil is set to improve as the world would like to believe that the worst is over.

Oil benchmark, brent crude advanced by more than 10% to over $30 per barrel on Tuesday. Western Texas Intermediate (WTI) also rose by more than 17% to sell above $24. Nigeria Banner oil Bonny light is traded at $18.94 per barrel.

  • Read also; J. Crew becomes the first Big Retailer to Bow to Coronavirus in US – Declares Bankruptcy
  • Reasons Behind U.S Negative Oil Price as It Recovers Above $1 

Thus, investors who have been sitting on the fence, might have decided to jump in and buy blue chip stocks at attractive prices. The activity level improved significantly as the volume and value of stock traded on the floor of the exchange rose by 38.15% and 77.45% respectively. However, the no deals of declined by 28.28%

345.17 million units of shares, valued at N4.25 billion exchanged hands in 4,689 deals on Tuesday, compared to 249.86 million units of shares valued at N2.396 billion traded in 6,538 deals on Monday.

ASI and market capitalisation stood at 23,809.31 and N12.408 trillion respectively, a 3.12% increase from 23,089.86 and N12.033 trillion on Monday respectively.

  • Read also; Barr. Amaka discusses Nigeria’s Business Laws and Tax System: What every Business Owner should Know: Part 3 

All the indices under our watch, closed positively, except the insurance index, which declined by 0.32%. The Banking Index and Consumer Goods Index appreciated by 2.42% each, whereas the Industrial and Oil & Gas Index appreciated by 1.56% and 0.73% respectively.

Guaranty Trust Bank (NSE ticker – GUARANTY) is the most traded stock by both volume and value.             54,287,115 shares of GUARANTY worth N1,140,074,483.85 exchanged hands in 451 deals on the floor of the exchange.

  • Read more; N132.69 Billion Staked in March as Domestic Investors turn to the Stock Investment

Top three gainers are Dangote Cement Plc (DANGCEM), Neimeth International Pharmaceuticals Plc (NEIMETH), Prestige Assurance Plc (PRESTIGE) which appreciated by 10.00%, 9.26% and 9.09% respectively to close at N143.00, N0.59 and N0.6 respectively.

On the decliners table, the top three are May & Baker Nigeria Plc (MAYBAKER), NPF Micro Finance Bank Plc (NPFMCRFBK), and Linkage Assurance Plc (LINKASSURE) which declined by 10.00%, 9.60% and 9.43% respectively to close at N2.43, N1.13 and N0.48 respectively.

Despite the turn around in the oil prices, there is still the situation of the increasing cases of Covid-19 in Nigeria which presents some level of uncertainty. Thus, analyst at Investogist still maintain our negative outlook on the market in the short and medium term.

Written by

Ifunanya Ikueze

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