ZenithBank, UBA, FBN Holdings, GTBANK, Access Bank shares spike as NSE market indices open week on cautious note

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By Chinyere Joel-Nwokeoma

Lagos, Oct. 19, 2020 The Nigerian Stock Exchange market indices closed flat on Monday just as the country continued to witness #EndSARS protests against police brutality.

Specifically, the All-Share Index lost 1.14 points or 0.004 per cent to close at 28,658.31 compared with 28,659.45 achieved on Friday.

Also, the market capitalisation closed flat at N14.979 trillion, same figured posted on Friday.

Speaking on the implications of the protests, Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said the Federal Government needed to intervene to avoid further loss of economic activities.

Kurfi said the ongoing protests, if not addressed, would erode efforts put in place for economic recovery from COVID-19 pandemic.

“We are just trying to recover from COVID-19, the economy is not ready for any further setback.

“The protest, if not addressed, will affect the economy, especially, transportation sector,” Kurfi said.

He said that institutional and foreign investors were taking advantage of low price of stocks with high dividends yield to increase their stake in the market.

However, market breadth was positive with 19 gainers against 18 losers.

International Breweries led the gainers’ chart in percentage terms, gaining of 9.94 per cent to close at N5.86 per share.

Ikeja Hotel followed with 9.90 per cent to close at N1.11, while Cutix rose by 9.88 per cent to close at N1.78 per share.

Conoil improved by 9.72 per cent to close at N15.80, while AIICO Insurance appreciated by 5.95 per cent to close at 89k per share.

Conversely, Eterna led the losers’ chart in percentage terms, losing 8.98 per cent to close at N4.46 per share.

May and Baker with 7.69 per cent to close at N3, while Academy Press dipped 6.90 per cent to close at 27k per share.

Cadbury lost 3.11 per cent to close at N7.80, while UAC of Nigeria declined by 2.90 per cent to close at N6.70 per share.

Also, the total volume of shares traded declined by 41.26 per cent with an exchange of 287.30 million shares worth N3.39 billion sold in 5,132 deals.

This was in contrast with a turnover of 489.11 million valued at N4.72 billion achieved in 5,652 deals on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 43.004 million shares worth N905.35 million.

United Bank for Africa followed with 41.76 million shares valued at N299.13 million, while FBN Holdings accounted for 32.76 million shares worth N206.34 million.

Guaranty Trust Bank sold 26.89 million shares valued at N822.30 million, while Access Bank accounted got 17.91 million shares worth N142.50 million.

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