Tuesday, November 10, 2020

MTN Nigeria, GTBank, WAPCO fired up, investors gain N642 billion

Today’s market upturn was impacted by gains recorded in large and medium capitalized stocks.

Ecobank, Nigerian Stock Exchange, Beta Glass, Forte Oil, Transcorp lead gainers chart on Wednesday, Law Union, AIICO, Honeywell top gainers’ chart on Wednesday, Investors lose N9.14 billion to bearish trades on Wednesday , Dangote, Cadbury, Flourmills regains bullish momentum run at Nigeria’s Stock Market, AIRTEL, NESTLE, NB lead the Bulls a home win, Investors party with N106.3 Billion 
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Nigerian stock market witnesses a bullish run on Monday as market capitalization value appreciated by N641.96 billion. The All-Share Index (ASI) increased by 3.96% to close at 32,243.05 points. Similarly, the overall market capitalization size gained N641.96 billion to close at N16.847 trillion.

Also, the total volume traded increased to 636.01 million shares, worth N8.24billion, traded in 7,210 deals. Transactions in the shares of Zenith Bank topped the activity chart with 70.2 million shares valued at N1.66 billion. FBNH followed with 67.65 million shares worth N474.5 million.

  • The equities market breadth closed positive as 49 stocks posted gains while 11 stocks posted declines. WAPCO (+10.00%) led the gainer’s chart for the day, while NCR (-10.00%) finished the top loser.
  • Sector performance was bullish as all indices appreciated, led by a striking 6.59% gain in the Banking Index.
  • NSE Banking Index: Recorded an impressive 6.59% gain, on buy interest in STERLNBANK (+9.89%), FIDELITY +9.77%), FCMB (+9.35%), and ZENITHBANK (+7.40%).
  • NSE Industrial Index: Up 5.54%, on WAPCO (+10.00%), and DANGCEM (+6.02%) upturn.
  • NSE Insurance Index: Advanced by 1.57%, on the price increase in MBENEFIT (+10.00%), LINKASSURE (+9.76%), and MANSARD (+4.00%).
  • NSE Consumer Goods Index: Improved by 1.78%, on buy interest in DANGSUGAR (9.70%) and INTBREW (+6.15%).
  • NSE Oil & Gas Index: Gained 0.98%, on the back of price appreciation in OANDO (+10.00%) and ARDOVA (+6.32%).

Today’s market upturn was impacted by gains recorded in large and medium capitalized stocks which includes DANGCEM, WAPCO, MTNN, GUARANTY, and ZENITH BANK.

Top gainers

  • WAPCO up 10.00% to close at N21.45
  • DANGCEM up 6.02% to close at N185
  • GUARANTY up 5.22% to close at N35.25
  • BUACEMENT up 4.42% to close at N44.9
  • MTNN up 4.24% to close at N150.1

Top Losers

  • NCR down 10.00% to close at N1.8
  • LEARNAFRCA down 8.70% to close at N1.05
  • CONOIL down 6.30% to close at N17.85
  • PZ down 3.13% to close at N4.65
  • AFRIPRUD down 1.45% to close at N6.11

Outlook

Nigerian Stocks were all fired up amid favorable market conditions seen across global financial markets, as Nigerian’s major export earning product (Crude oil) recorded impressive gains.

  • Buying pressure at Nigerian Stock Market at the first trading session got intensified, as institutional investors increased their buying pressure on Nigerian blue-chip stocks; not forgetting Dangote Cement with its recent impressive earning result, kept the bulls roaring high as market confidence across market spectrum improved.
  • However, Nairametrics, envisage you seek the advice of a certified stockbroker on choosing Stocks to buy, on the bias that some Nigerian Stocks exhibit cyclic returns.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email olumide.adesina@nairametrics.com.

 

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