The Nigerian equities market sustained bullish momentum following release of Q3-2020 earnings by large and mid-cap stocks. Notably, All Share Index (ASI) jumped by 3.71% to close at 30,530 today closing the week with an impressive 6.39% positive despite trading for only 4 days. Market capitalization also gained N575.90 billion to close at N15.96 trillion as the YtD performance hopped to 13.74%.
Performance across sectors was significantly bullish as all sectors under coverage closed positive. Banking, insurance and consumer goods indices advanced by 3.48%, 2.32% and 5.58% respectively on the back of bargain hunting in the shares of UBA (3.38%), GUARANTY (2.88%); MBENEFIT ( 5.00%), NESTLE (10.00%) and INTBREW (10.00%). Similarly, Industrial and oil and gas indices advanced by 5.53% and 3.07% respectively due to positive sentiments in the shares of CAP (10.00%) and MOBILE (9.98%)
The bond market traded on a quiet note as average yield remained stable across major maturities. An 0.01% declined in yield was witnessed on shorter maturities while that of mid and long dated instruments remained stable
Equities Market Snapshot
Equities Market Sustained Rally…ASI crossed 30,000 Point
- Bond market traded on a quiet note as average yield remain stable
- U.S. Stocks Slump After Tech Earnings Underwhelm
- Oil Set for Biggest Monthly Drop Since March as Virus Curbs Grow
- Naira appreciated against the greenback in both the I&E and Parallel Market
