TUE, 06 OCT, 2020-theGBJournal-Bargain buying of large cap stocks continued in the Nigerian bourse, as investors continue to seek real returns, amidst abysmal fixed income yields.
Investors’ interest in DANGCEM (+9.9%) and MTNN (+5.7%) amongst others, drove the benchmark index higher by 4.9% to 28,909.37 points – the largest gain in the benchmark index since April 1, 2015. Consequently, Month-to-Date gain and Year-to-Date gain increased to 7.7% respectively.
All other indices finished higher with the exception of NSE ASeM Index which closed flat at 728.51.
45 stocks posted gains while 8 stocks declined. The total volume of trades increased by 24.1% to 749.47 million units, valued at NGN9.50 billion and exchanged in 8,075 deals. ZENITHBANK was the most traded stock by volume and value at 135.70 million units and NGN2.77 billion, respectively.
Sectoral performance was positive – the Banking (+7.5%) index recorded the biggest gain, followed by the Industrial Goods (+5.6%), Consumer Goods (+3.0%), Oil & Gas (+1.2%) and Insurance (0.3%) indices.
Market sentiment, as measured by the market breadth, was positive (5.6x), as 45 tickers gained relative to 8 losers. CORNERST (+10.0%) and INTBREW (+10.0%) topped the gainers’ list while NPFMCRFBK (-8.8%) and WAPIC (-7.7%) recorded the largest losses of the day.
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