Equities market opens August bullish by 0.29 per cent

The Nigerian equities market begins the month of August on a positive note as it’s index advances by 0.29 per cent on Monday.

Specifically, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) rose by 0.29 per cent to 24,766.12 points amid sustained bargain hunting activity.

The market capitalisation also appreciated to N12.92 trillion as investors gain N38.77 billion.

Also, the market breathe of the local bourse closed positive as 19 gainers were recorded as against 16 losers at the close of the trading session on Monday. Hence, the year to date loss of the NSE ASI moderated to 7.7 per cent.

Market sentiment was positive despite the mixed half-year 2020 financial performance of companies.

Specifically, stocks of Guaranty Trust Bank, Flour Mill of Nigeria and BUA Cement gained 1.56 per cent, 9.97 per cent and 2.03 per cent respectively; hence lifting the NSE Banking, NSE Consumer Goods and NSE Industrial indices by 0.70 per cent, 0.13 per cent and 0.78 per cent respectively.

On the flip side, the NSE Insurance depreciated by 2.35 per cent while the NSE Oil/Gas closed flat.

Meanwhile, the volume and value of stocks rose by 83.57 per cent and 34.52 per cent to 0.18 billion units and N1.39 billion respectively.

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