Last week, investors on the Nigerian equity market went on profit-taking, as the NSE-ASI declined by 1% w/w despite growth in three of the five trading sessions. Consequently, the All-Share Index (ASI) shed 251.52 absolute points, representing a 1.00% decline to close at 25,016.30 points.
However, the Market Capitalization lost ₦118.42 billion, representing a 0.90% decrease to close at ₦13.05 trillion, following the listing of 15.96 billion additional shares of 50kobo each at ₦1.00 per shares of UPDC Plc.
The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; UACN (-13.89%), CADBURY (-11.56%), GUINNESS (-8.50%), UBN (-8.21%), ACCESS (-6.34%), WEMABANK (-4.92%), BUACEMENT (-4.76%), NB (-3.00%), VITAFOAM (-2.70%), INTBREW (-1.05%), ZENITHBANK (-0.89%), FLOURMILL (-0.71%), and GUARANTY (-0.42%).
Outlook for the week ending June 11th, 2020
In the light of price appreciation of many stocks in recent weeks, we expect active investors to go on profit-taking in the early days of this week, despite the attractive valuation of many equities.
Corporate Actions for the Week – Beta Glass Plc:
- Qualification Date – Thursday, 11th June 2020
- Closure Date – Monday, 15th June 2020
- Dividend- ₦1.67
GTI WEEKLY STOCK PICKS FOR THE PERIOD 08/06/2020 – 11/06/2020