NSE ASI Rises by 1.41% as Investors Respond Positively to Corporate Actions…

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In the just concluded week, the local equities market further rose by 1.41% to close at 25,041.89 points as investors reacted positively to the H1 2020 corporate actions.

MTNN declared interim dividend of N3.50K per share.

Notably, all the sub-sector indices tracked closed in positive territory save the NSE Insurance index which moderated by 0.28%.

The NSE Banking and NSE Oil/Gas indices increased by 4.94% and 4.81% to close at 292.37 points and 178.53 points as investors bought shares of ZENITHBANK and GUARANTY ahead of possible declaration of interim dividend.

Similarly, the NSE Consumer Goods and NSE Industrial indices rose by 0.22% and 0.10% to close at 405.36 and 1,147.87 points respectively.

Meanwhile, market activity was upbeat as total deals, transaction volumes and Naira votes surged by 73.56%, 152.41% and 102.33% to 20,482 shares, 1.06 billion shares and N10.79 billion respectively.

In the course of the week, UACN notified the Exchange of its agreement with Custodian Investments to sell 51% of its equity stake in UACN Property Development Company.

In the new week, we expect investors to vote more in favour of the banking stocks ahead of possible declaration of interim dividend by the Tier-1 banks, Hence, we see the banking sub-sector index close higher. Nevertheless, we expect our clients to trade cautiously.

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