Despite closing three of the five trading sessions southward, investors wealth on the local bourse appreciated by ₦10.4 billion following bargain hunting on large-cap industrial goods stocks.
As a result, the overall market performance indices, the NSE-ASI and the Market Capitalization value both gained 0.10% week-on-week to close at 25,572.57 index points and ₦13.36 trillion respectively, compared to 25,591.95 index points and ₦13.35 trillion in the preceding week.
The overall positive gain recorded on the local bourse was mainly driven by gains in three of the five sectors – Industrial good +0.50% w/w, Consumer goods +0.13% w/w, and Insurance +0.01% w/w, while investors cashed out largely on banking stocks following payment of interim dividend by the four top-tier I lenders (UBA, Access, Guaranty, and Zenith) in the course of the week.
WAPIC emerged best performing stock this week with a week-on-week gain of 12.12%, while ABCTRANS shed -16.67 % w/w to emerge the top loser.
Overall, a total turnover of 1.13 billion shares worth ₦12.69 billion in 17,109 deals were traded this week by investors on the floor of the Nigerian exchange in contrast to a total 1.23 billion shares valued at ₦10.84 billion that exchanged hands last week in 19,529 deals.
A total of Thirty-two (32) equities appreciated at price during the week, higher than Twenty-three (23) equities in the previous week. Thirty-one (31) equities depreciated in price, lower than Thirty-seven (37) equities in the previous week, while one hundred (100) equities remained unchanged, lower than a hundred and three (103) in the previous week.
Market Outlook: Week ending 25th September 2020
Following this week’s payment of interim dividend by the top-tier banks and the unlikelihood of the CBN monetary policy committee reducing MPR at next week’s meeting, we expect market volatility to persist next week, with sell pressure taking a hedge.
