United Capital see buying interest in equity market spike as NSE market resume week with 0.01% growth

Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Monday, Oct. 26, 2015. Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession, Vice President Yemi Osinbajo said. Photographer: George Osodi/Bloomberg via Getty Images

By Chinyere Joel-Nwokeoma

Lagos, Sept. 21, 2020 The market indicators of the Nigerian Stock Exchange (NSE) resumed transactions for the week on Monday with a marginal growth of 0.01 per cent, amid cautious trading.

Speficially, the market capitalisation which opened the week at N13.364 trillion rose by one billion naira or 0.01 per cent to close at N13.365 trillion.

Also, the All-Share Index appreciated by 1.78 points or 0.01 per cent to close at 25,574.35 from 25,572.57 posted on Friday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Presco, UACN, International Breweries, MTN Nigeria Communications and Guaranty Trust Bank.

This week, United Capital Plc expected to see some buying interest in the equity market, ahead of third quarter 2020 financials.

Also, analysts at Afrinvest Limited said, “We expect to see positive performance in subsequent trading sessions on the back of buying interest in low-priced stocks.”

Associated Bus Company dominated the gainers’ chart in percentage terms, rising 10 per cent to close at 33k per share.

Wapic Insurance followed 8.11 per cent to close at 40k, while UACN appreciated by 5.79 per cent to close at N6.40 per share.

Mutual Benefits Assurance improved by five per cent to close at 21k, while Cornerstone Insurance appreciated by 4.92 per cent to close at 64k per share.

Conversely, Champion Breweries led the losers’ chart in percentage terms, dropping 10 per cent to close at 81k per share.

Red Star Express trailed with a loss 9.20 per cent to close at N2.96, while Japaul Oil dipped 4.76 per cent to close at 20k per share.

Regency Alliance Insurance Company shed 4.17 per cent to close at 23k, while Jaiz Bank depreciated by 3.39 per cent to close at 57k per share.

The volume of shares traded increased by 1.36 per cent with a turnover of 196.12 million shares worth N1.73 billion in 3,542 deals.

This was against an exchange of 193.49 million shares valued at N1.85 billion transacted in 2,934 deals on Friday.

Transactions in the shares of FBN Holdings topped the activity chart with 43.39 million shares worth N214.45 million.

Chams came second with 26.21 million shares valued at N5.26 million, while United Bank for Africa sold 13.19 million shares worth N79.09 million.

Mutual Benefits Assurance accounted for 12.23 million shares valued at N2.51 million, while Zenith Bank sold 11.66 million shares worth N195.08 million.

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