Last week, the local bourse reported its first week-on-week loss in seven weeks, amid profit-taking on recently appreciated stocks, especially, 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.
MARKET STATISTICS – For the week ended September 7th, 2020
The downtrend was impacted by losses recorded in medium and large capitalized stocks, amongst which are; ARDOVA (-9.92%), GUINNESS (-6.57%), GUARANTY (-5.84%), FIDELITYBK (-5.38%), VITAFOAM (-4.69%), UNILEVER (-4.00%), UBA (-3.88%), DANGSUGAR (-3.60%) and SEPLAT (-2.50%).
Outlook for the week ending September 18th 2020
Despite the profit-taking witnessed in the early trading sessions of last week, we expect to see some modest recovery this week as investors take position ahead of interim dividend payment by the top tier banks (Zenith, Guaranty, Access, and UBA) whose qualifications date for the interim dividend this week.