Sentiments remained positive in the domestic equities market, the market closes with a marginal increase of 0.1 per cent, as market capitalisation adds N12.8 billion to close at N13.25 trillion on Wednesday.
The positive trade was buoyed by investors’ interest in MTN Nigeria shares, despite the profit-taking witnessed across Access Bank and Dangote Cement.
Precisely, the All-Share index advanced by 0.1 per cent to 25,407.96 points, consequently, Month-to-Date return increased to 0.6 per cent, as Year-to-Date losses moderated to -5.3 per cent.
Analysts at APT Securities noted that aside from positive sentiment by value investors, foreign portfolio and cooperate actions are two major factors driving the positive rally in the equity space at this time. “How sustainable these will be is quite marginally. All things being equal Investors are advised to take a medium to long term position in order to erase panic selling.”
The total volume of trades, however, decreased by 6.5 per cent to 353.33 million units, valued at N7.04 billion and exchanged in 4,659 deals. FBN Holdings was the most traded stock by volume at 50.29 million units, followed by Nigerian Breweries and Guaranty Trust Bank; while Dangote Cement was the most traded stock by value at N2.08 billion, followed by Nigerian Breweries and Guaranty Trust Bank.
The sectoral performance was the opposite of market performance, as all sector indices closed negative, save for the Insurance index that gained, and the Oil and Gas index that traded flat. Banking, Consumer Goods and Industrial goods indices all declined by 0.6 per cent, 0.4 per cent and 0.2 per cent.
Market sentiment, as measured by market breadth, was negative as 17 stocks gained while 19 recorded loss. PZ and C&I Leasing were the top losers of the day, while Neimeth Pharmaceuticals and Presco recorded the largest gains for the day.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
Reps Approve $22.799bn External Loan, Revised 2020-2022 MTEF-FSP Amidst Protest
The House of Representatives on Tuesday approved Federal Government’s request to borrow $22.799 billion external loan and the revised Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP), as South-East lawmakers protested exclusion from the new borrowing plan… Read full story
We Have Not Relaxed Ban On Religious Activities, 8pm To 5am Curfew Still In Force, Says Oyo Govt
The Oyo State COVID-19 Task Force, headed by Governor Seyi Makinde, stated on Tuesday that it was yet to relax the ban on religious activities and the curfew imposed as a result of the pandemic. A statement by the Chief Press Secretary to Governor Makinde, Mr. Taiwo Adisa, confirmed that the Task Force made its… Read full story
I Expect Police To Bring UNIBEN Student’s Killers To Justice Quickly, Says Buhari
President Muhammadu Buhari has condoled with the family of Uwaila Omozuwa, the University of Benin undergraduate who was raped and later died last week, saying he expected the Nigerian Police to speedily investigate the case and ensure the culprits are brought to justice… Read full story
Again, PDP Calls For N70 Pump Price Rate •Rejects Announced N121 per litre
The Opposition Peoples Democratic Party (PDP) has again called on the Federal Government to review the fuel pump price rate to N70 per litre to reflect global oil price reality. According to the party, any rate higher than this would amount to shortchanging Nigerians and urged that national assembly to compel the… Read full story
Churches, Mosques Services To Last For 1 Hour ― PTF
The Presidential Task Force (PTF) on COVID-19 pandemic has said that regular services in churches and mosques will be restricted to a maximum of one hour to minimize contact among worshippers. The National Coordinator of the task force, Dr Sani Aliyu, said this on Tuesday while giving clarification on the lifting of… Read full story
Re-Election: I’ll Stand Solidly By You, Buhari Tells Adesina
President Muhammadu Buhari has thrown his weight behind Dr Akinwumi Adesina in his bid to get re-elected as President of the African Development Bank (AfDB). He made the declaration at the presidential villa, Abuja, on Tuesday, while hosting Dr Adesina on a courtesy visit… Read full story