Transactions on Customs street today (Friday) closed on a positive note as the All-Share-Index appreciated by 0.28%, to sustain the previous positive sentiment to two consecutive trading days. The uptrend was supported by value appreciation on some bellwether stocks like WAPCO, ZENITHBANK, FBNH, and 16 others. Consequently, the market breadth closed on a positive note, recording 19 gainers as against 18 losers.
In summary, the All-Share Index (ASI) increased by 70.98 absolute points, representing a growth of 0.28% to close at 25,591.95points. Similarly, the overall Market Capitalization size gained N37.09 billion, representing an increase of 0.28% to close at N13.35 trillion.
NPFMCRFBK emerged as the top gainer while ARDOVA emerged as the top loser.
The upturn was impacted by gains recorded in large and medium capitalized stocks, amongst which are; WAPCO (+4..92%), UBN (+2.04%) FLOURMILL (+1.83%), ZENITHBANK (+1.47%), ETI (+1.20%), GUARANTY (+1.01%) and FBNH (+1.00%).
HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR
Fitch Ratings’ new interactive country-by-country map of bank rating trends shows that the balance of Outlooks globally has turned sharply negative since the onset of the coronavirus pandemic. The proportion of bank ratings on Negative Outlook or Rating Watch Negative (RWN) shot up to over 60% at end-1H20 from 13% at end-2019. The proportion on RWN was 10%, the highest in recent years, reflecting near-term risks to many banks’ ratings. There were virtually no ratings on Positive Outlook or Rating Watch Positive.
The Debt Management Office on Wednesday, 9th September, announced that Nigeria’s public debt has risen to N31.01 trillion at the end of June.
Hyundai Motor Company is leading the digital transformation in the era of COVID-19 and beyond with the launch of ‘Channel Hyundai’, an interactive app for smart TVs featuring multimedia content and a digital interface for customers to experience the brand in a new way.
An agriculture development firm, Agro-Allied Resources and Processing Nigeria Limited has commenced the development of a 14,000-hectare oil palm plantation in Odighi Community, in Ovia North East Local Government Area of Edo State.
Nigerian genetics startup 54gene has partnered US firm Illumina to power the creation of a world-class genomics facility in Lagos.
Over 1,000 women of the Magboro Makogi community, through a Coca-Cola Foundation-sponsored program; Catalyst For Change, were trained for over four weeks on relevant skills with more than 200 empowered to start their own businesses.
The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), has introduced a retail savings product that will be accessible to all income groups – the FGN Savings Bonds.
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The Nigerian equity market today began the trading week on a negative note as the All-Share-Index depreciated by 0.09% to halt previous positive sentiment of six consecutive trading day.