NSE sustains positive momentum with N42bn growth

News Agency Of Nigeria

October 26, 2020 8:43 PM

Analysts expected the performance of the equities market to be dictated by the earnings' result.

Market breadth was positive with 27 gainers against 15 losers [Reuters/Akintunde Akinleye]

Transactions on the Nigerian Stock Exchange (NSE) opened for the week on Monday still on an upward trend with the market capitalisation crossing N15 trillion mark.

Specifically, the market capitalisation which opened at N14.999 trillion inched higher by N42 billion or 0.28 per cent to close at N15.041 trillion.

Also, the All-Share Index increased by 80.90 points or 0.28 per cent to close at 28,777.96 compared with 28,697.06 achieved on Friday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were Flour Mills, Dangote Cement, Custodian Investment, Ecobank Transnational and Glaxo Smithkline.

This week, analysts at United Capital Plc said, "We expect more earnings to come in and investors will continue to cheery picks on stocks."

Also, analysts at Afrinvest Ltd., expected the performance of the equities market to be dictated by the earnings' result.

Market breadth was positive with 27 gainers against 15 losers.

Custodian Investment led the gainers' chart in percentage terms, gaining 10 per cent to close at N5.50 per share.

NPF Microfinance Bank trailed with 9.70 per cent to close at N1.47, while eTranzact rose by 7.73 per cent to close at N1.95 per share.

ETI and Lasaco Assurance improved by 7.69 per cent each to close at N4.90 and 28k per share, respectively.

On the other hand, Morison Industries led the losers' chart in percentage terms, losing 10 per cent to close at 54k per share.

Consolidated Hallmark Insurance lost 8.82 per cent to close at 31k, while NASCON shed 8.39 per cent to close at N13.10 per share.

Wapic Insurance dropped 7.50 per cent to close at 37k, while Livestock Feeds depreciated by 7.46 per cent to close at 62k per share.

In the same vein, the total volume of shares traded increased by 20.44 per cent as investors bought and sold 340.80 million shares worth N5.56 billion in 4,235 deals.

This was in contrast to 282.97 million shares valued at N4.43 billion exchanged in 2,942 deals on Friday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 56.79 million shares valued at N1.74 billion.

Zenith Bank followed with 47.79 million shares worth N1.01 billion, while Wapic Insurance traded 40.05 million shares valued at N14.76 million.

FBN Holdings sold 26.14 million shares worth N160.09 million, while United Bank for Africa accounted for 21.76 million shares worth N155.39 million.

News Agency Of Nigeria