Profit taking erodes ₦7.15 billion from local bourse

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Despite closing the last two trading days on a positive note, the local bourse this week reported its first week-on-week loss in seven weeks, amid profit-taking on recently appreciated stocks, especially on the banking stocks.

Consequently, the overall market performance indices, the NSE-ASI and the Market Capitalization value both shed 0.05% week-on-week to close at 25,591.95 index points and ₦13.350 trillion respectively, compared to 25,605.64 index points and ₦13.358 trillion the preceding week. This in nominal terms translates to a week-on-week loss of ₦7.15 billion from the market capitalization value.

The banking sector felt the pressure the most, as its week-on-week loss printed at -2.69%, followed by Oil & Gas -1.25%, Insurance -0.66%, and Consumer goods -0.27% sector; save for the Industrial goods sector which gained +0.35% amid price appreciation on some medium capitalized stocks.

ETERNA emerged best performing stock this week with a week-on-week gain of 28.85%, while ROYALEX shed -15.15 % w/w to emerge the top loser.

Overall, a total turnover of 1.22 billion shares worth ₦10.84 billion in 19,529 deals was traded this week by investors on the floor of the Nigerian exchange in contrast to a total 2.21 billion shares valued at ₦10.96 billion that exchanged hands last week in 18,012 deals.

Read Also:  Local Bourse Defy End-SARS Tension, Gain ₦19.66 billion w/w
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Overall, a total turnover of 1.22 billion shares worth ₦10.84 billion in 19,529 deals was traded this week by investors on the floor of the Nigerian exchange in contrast to a total 2.21 billion shares valued at ₦10.96 billion that exchanged hands last week in 18,012 deals.

A total of Twenty-three (23) equities appreciated at price during the week, lower than Forty-one (41) equities in the previous week. Thirty-seven (37) equities depreciated in price, higher than Nineteen (19) equities in the previous week, while a hundred and three (103) equities remained unchanged, same as recorded in the previous week.

Market Outlook: Week ending 18th September 2020.

Following the route witnessed this week as a result of profit-taking on recently appreciated stocks by active traders, we expect to see some modest recovery next week as investors take position ahead of interim dividend payment by the top tier banks (Zenith, Guaranty, Access, and UBA) whose closure of register period is next week.

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Profit taking erodes ₦7.15 billion from local bourse - Brand SpurProfit taking erodes ₦7.15 billion from local bourse - Brand Spur

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Profit taking erodes ₦7.15 billion from local bourse - Brand SpurProfit taking erodes ₦7.15 billion from local bourse - Brand Spur

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