Local Bourse Defy End-SARS Tension, Gain ₦19.66 billion w/w

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The local bourse this week gained ₦19.66 billion despite the tension that greeted the End-SARS protest across many states, and the subsequent imposition of curfew in Lagos and some other states during the week.

Besides, the market also shrugged off the negative sentiment that should have accompanied the weak recovery in Q3 earnings results of some medium and large capitalized companies published this week.

Local Bourse Defy End-SARS Tension, Gain ₦19.66 billion Brandspurng
GTI Research

Consequently, the NSE-All Share index and the Market Capitalization value both appreciated by 0.13% w/w to close at 28,697.06 absolute points and ₦14.999 trillion respectively, compared to prior week closing positions of 28,659.45 absolute points and ₦14.979 trillion.

Nevertheless, four of the five major sector indices closed negatively, led by Insurance -2.03%, Banking -1.42%, Oil& Gas -0.69%, and Industrial goods -0.06%, save for the Consumer goods sector which gained +2.86% w/w respectively. INTBREW emerged best performing stock this week with a week-on-week gain of 18.20%, while NNFM shed -9.9 % w/w to emerge top of the losers table.

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Overall, a total turnover of 1.28 billion shares worth ₦14.05 billion in 16,724 deals was traded this week by investors on the floor of the Nigerian exchange in contrast to a total 1.95 billion shares valued at ₦22.98 billion that exchanged hands in 22,844 deals last week.

Read Also:  Profit taking erodes ₦7.15 billion from local bourse

Local Bourse Defy End-SARS Tension, Gain ₦19.66 billion w w Brandspurng
On October 20th 2020, Nigerian Police and Army Forces harassed, harmed and killed numerous civilians while, denying their civil and legal rights to protest on the streets – leading to many Nigerians Across the world to come out and protest after SARS only a few days ago was dissolved. Outputting their excessive disappointment in the country even after Independence was given by the British over 60 Years ago | Photo by Ehimetalor Akhere Unuabon

A total of Twenty-Eight (28) equities appreciated at price during the week, lower than Thirty-five (35) equities in the previous week. Thirtyfive (35) equities depreciated in price, higher than twenty-Three (23) equities in the previous week, while Ninety-Nine 99 equities closed unchanged, lower than a Hundred and Five (105) recorded in the prior week.

Market Outlook:

Week ending 30th October 2020 With more Q3 earnings results expected to be released next week, we expect the market to sustain the current positive trend, albeit at a modest pace.

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Local Bourse Defy End-SARS Tension, Gain ₦19.66 billion w/w - Brand SpurLocal Bourse Defy End-SARS Tension, Gain ₦19.66 billion w/w - Brand Spur

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