The Nigerian equities market closed on a bullish note on Monday as the All-Shares Index gained 3.96% to close at 32,243.05 points. The positive outcome harped by gains in Oando, Dangote Cement, and BUA Cement.
By implication, POLITICS NIGERIA noted that equity investors would smile to the bank with N641.08 billion profit. Analysis of today’s trading activity showed that the market breadth index was positive with 49 gainers and 11 losers. The NSE’s Year-to-Date (YTD) returns currently stands at +20.12%, while market capitalisation settled at ₦16.8 trillion.
Analysts expect profit-taking from tomorrow on expectations of earnings releases.
As companies filed in Q3 financial reports, investors are expected to chase positive real returns on investments against the impact of weak oil price, as well as the impact of the Coronavirus on previous earnings.
Oando, Zenith Bank, MTN Nigeria, Gtbank led the gains chart.
The most traded stocks by volume were Zenith Bank with 70.2 million units), FBN Holdings with 67.7 million units, and ACCESS Bank with 58.0 million units) while Zenith Bank (₦ 1.6bn), MTN Nigeria (₦1.2bn), and Guaranty Trust Bank (₦757.2m) led by value chart.
Overall, market performance was bullish across sectors as all six indices tracked. Specifically, the Banking and Industrial Goods indicators recorded the strongest appreciation, up 6.6% and 5.5%, respectively.
In the banking sector, GTB recorded a 5.1% gain while Zenith Bank posted 4.7%, Dangote Cement (+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 MTN Nigeria (+4.2%), Dangote Sugar (+9.7%), and Flour Mill (+4.6%). Finally, investors interest in MANSARD (+4.0%), OANDO (+10.0%), and Ardova Oil (+6.3%) drove the Insurance and Oil & Gas indices up 1.6% and 1.0%, respectively.
