NSE Opens Positive as Investors Gain ₦641.1 billion

Admin 09-Nov-2020 Business

Olayemi Esan

The Nigerian Stock Exchange (NSE) opens positive on Monday as equities investors gain ₦641.1 billion.

The benchmark index took off on a bullish note, rising 4.0% to settle at 32,243.05 points following gains in DANGCEM (+6.0%), MTNN (+4.2%) and BUACEMENT (+4.4%).

Consequently, investors’ value appreciated ₦641.1 billion to settle at ₦16.8 trillion while year to date return improved to 20.1%.

Activity level surged as volume and value traded advanced 27.7% and 60.2% to 636.0m units and ₦8.2 billion respectively.

The most traded stocks by volume were ZENITH (70.2m units), FBNH (67.7m units) and ACCESS (58.0m units).

Meanwhile ZENITH (₦ 1.6 billion), MTNN (₦1.2 billion) and GUARANTY (₦757.2 million) led by value chart.

Performance was bullish across sectors as all 6 indices tracked by Afrinvest gained.

The  Banking and Industrial Goods indicators recorded the strongest appreciation, up 6.6% and 5.5% respectively due to gains in GUARANTY (+5.1%), ZENITH (+6.7%), DANGCEM (+6.0%) and BUACEMENT (+4.4%).

Similarly, the AFR-ICT and Consumer Goods indices rose 2.3% and 1.8% respectively as a result of buying interest in MTNN (+4.2%), DANGSUGAR (+9.7%) and FLOURMILL (+4.6%).

It was noted that investors interest in MANSARD (+4.0%), OANDO (+10.0%) and ARDOVA (+6.3%) drove the Insurance and Oil & Gas indices up 1.6% and 1.0% respectively.

Meanwhile, Investor sentiment as measured by market breadth settled at 4.5x, an improvement from the 2.8x recorded in the previous trading day as 49 stocks gained against the 11 that declined.

OANDO (+10.0%), MBENFIT (+10.0%), WAPCO (+10.0%) and NNFM (+10.0%) were the top gainers while NCR (-10.0%), LEARNAFRCA (-8.7%) and CONOIL (-6.3%) led  the losers.

“Following the significant appreciation recorded in today’s trade, we anticipate profit taking in the next trading session.

“Nonetheless, we expect market performance to be supported by earnings releases”, Afrinvest stated.

Source: Market Forces

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