In the just concluded week, the domestic equities market closed southwards as investors booked profit given the recent price increases in blue-chip stocks across sub-sectors, especially banking subsector.
Hence, the NSE ASI tanked week-on-week by 0.05% to close at 25,591.95 points.
Similarly, sub-sector performance was tepid as most of the gauges tracked closed in red save the NSE Industrial index which rose by 0.35% to 1,128.20 points.
The NSE Banking index led the laggards by 2.69% to close at 293.97 points as most investors sold off their holdings to take profit on Tier 1 tickers. Similarly, the NSE Insurance, NSE Consumer Goods and the NSE Oil/Gas indices moderated by 0.66%, 0.27%, 1.25% to close at 134.11 points, 432.11 points, and 191.77 points respectively.
Meanwhile, market activity was mixed as total deals and Naira votes rose by 9.09% and 6.77% to 19,529 deals and N10.84 billion respectively. However, the total value of stock traded moderated by 2.32% to 1.22 billion shares.
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.
With COVID-19 lockdown measures around the world easing, just under three-quarters of global consumers (71%) now report feeling comfortable returning to physical stores since local lockdowns have eased, according to research published today by Mood Media, the world’s leading on-premise media solutions company dedicated to elevating the Customer Experience.
In the stock market, the technology sector is among the best performing categories in recent years based on their Return on Investment (ROI). Despite being vulnerable just like other stocks, the category has remained resilient.
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.