Nigerian equity has sustained rally for two consecutive weeks

Adebayo Obajemu

The Nigerian equity market on Friday, October 2nd, 2020 achieved a significant feat as the market recovered from prolonged negative returns year to date. At the close of trade, the market recorded the 10th straight bull bullish session as the All Share Index grew further by 0.57% to settle at 26,985.77 points from the previous close of 26,831.76 points.

Year to date, the market grew by 0.54%, which is a significant improvement, wiping off the losses recorded since March 2020.

The market returned, -20.65% in March, -14.24% in April, -5.86% in May and -8.8% in June. In July it was -8.0%, and -5.64% in August. The current market recovery can be attributed to the ongoing bullish trend precisely from 18th of September till 2nd of October 2020.

At the close of trade on Friday, investors gained N80 billion as market capitalization appreciated by 0.57% to settle at N14.105 trillion from the previous close of N14.025 trillion.

An aggregate of 459.79 million units of shares were traded in 4,553 deals, valued at N4.30 billion.

 

Market Breadth

Market Breadth closed positive as 19 stocks gained against 13 stocks that declined in their share prices.

Percentage Gainers

 

Ikeja Hotel led other gainers with 9.78% growth to close at N1.01 from the previous close of N0.92.

UAC Property, Transcorp and Chams Plc among other gainers also grew their share prices by 5.75%, 5.17% and 5.00% respectively.

Percentage Losers

 

Livestock Feeds led other price decliners as it shed 6.67% of its share price to close at N0.56 from the previous close of N0.60.

UACN, Trans Nationwide Express, FCMB and Vitafoam among other price decliners also shed their share prices by 6.47%, 6.10%, 5.02% and 5.00% respectively.

Volume Drivers

Zenith Bank traded about 102.52 million units of its shares in 715 deals, valued at N1.845 billion.

Sterling Bank traded about 83.66 million units of its shares in 72 deals, valued at N107 million.

Access Bank traded about 36.75 million units of its shares in 185 deals, valued at N246.26 million.