Local bourse sees biggest week-on-week gain in 4 months, as Market Cap up by ₦390.32 billion

Must Read

FG offers free business registration for 250,000 MSMEs

The Federal Government says it has offered free business registration for 250,000 Micro, Small and  Medium Enterprises (MSMEs) nationwide...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

The Legal Side of Doing Business in Nigeria: Compliance Checklist You Need as a Small Business Owner

Setting up a business in Nigeria is one of the roads to financial independence. As most persons who have...
- Advertisement -

The domestic equity market recorded its biggest gains since May this week, as it closed positive in all the five trading sessions.

The impressive performance which began on Monday with a 0.01% (₦93bn) gain in Market Capitalization value was fueled by Tuesday’s decision of the CBN monetary policy committee to cut MPR by 100bps to 11.5% and Asymmetric corridor to +100/-700bps of MPR from +200/-500.

This development which points to expected further easing of yields in the fixed income space, the potential reduction in interest expense burden of deposit money banks (DMBs) and the potential easing of cost of funds for corporates was to the delight of portfolio and retail investors, as it strengthened the upside potential of several blue-chips stocks.

Consequently, the All-Share Index and the Market Capitalization value both appreciated week-on-week by 2.92% to 25,319.34 points and ₦13.75 trillion respectively, from 25,527.57 points and 13.36 trillion last week.

All the five major sectors closed positive this week, led by the Consumer goods sector with a gain of +5.99% w/w, Banking +3.59% w/w, Industrial +2.44% w/w, Oil & Gas +1.16% w/w, and Insurance sector +1.08% w/w.

Read Also:  P&G Wins National Occupational Safety and Health Standards Award
- Advertisement -

NB emerged best performing stock this week with a week-on-week gain of 25.12%, while AIICO shed -20.00 % w/w to emerge the top loser.

Overall, a total turnover of 1.57 billion shares worth ₦20.56 billion in 18,396 deals was traded this week by investors on the floor of the Nigerian exchange in contrast to a total 1.13 billion shares valued at ₦12.69 billion that exchanged hands last week in 17,109 deals.

A total of Thirty-five (35) equities appreciated at price during the week, higher than Thirty-two (32) equities in the previous week. Twenty-eight (28) equities depreciated in price, lower than Thirty-one (31) equities in the previous week, while one hundred (100) equities remained unchanged, the same as in the previous week.

Market Outlook: Week ending 2nd October 2020

We expect the CBN accommodative policy-induced-rally witnessed this week to wane in the coming week, amid profit-taking by some active investors. Nevertheless, we see the overall market performance index closing positive as market valuation remains attractive for medium and long term investors.

- Advertisement -
Local bourse sees biggest week-on-week gain in 4 months, as Market Cap up by ₦390.32 billion - Brand SpurLocal bourse sees biggest week-on-week gain in 4 months, as Market Cap up by ₦390.32 billion - Brand Spur
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Local bourse sees biggest week-on-week gain in 4 months, as Market Cap up by ₦390.32 billion - Brand SpurLocal bourse sees biggest week-on-week gain in 4 months, as Market Cap up by ₦390.32 billion - Brand Spur

Latest News

What Factors Are Helping Drive the Growing Mobile Market in Nigeria?

The mobile market is steadily on the rise in Nigeria and is contributing a greater percentage of revenue to...

FHA, Family Homes Funds, partner to deliver 1,000 affordable houses

In commencement of the proposed 300,000 Mass Housing Programme initiated by the Federal Government of Nigeria under the Economic Sustainability Plan set up by...

CBN releases framework for financing of mass metering

Central Bank of Nigeria (CBN) has released its framework for the National Mass Metering Programme (NMMP). The framework was released by the Development Financing department...

BMW i3: Virtual Assistant Assumes Role of Missing Touchscreen, Finds Strategy Analytics

A new expert UX evaluation from the In-vehicle UX (IVX) group at Strategy Analytics has assessed the 2020 BMW i3 infotainment system. While a...

Mambilla Hydro Power: Taraba Govt Flags Off Sensitization Program

Taraba State Governor, Darius Dickson Ishaku has flagged off sensitization program for the Mambilla Hydro Power Electricity Project. The ceremony which was designed to sensitize...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Local bourse sees biggest week-on-week gain in 4 months, as Market Cap up by ₦390.32 billion - Brand SpurLocal bourse sees biggest week-on-week gain in 4 months, as Market Cap up by ₦390.32 billion - Brand Spur