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Equities defy worrying H2 forecasts; gain N60bn to start July

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MTN Gains, Nestle Declines as WOOTs Market Cap Adds N42 billion

Several negative forecasts for the second half-year, 2020 could not stop the bulls from having a day on Wednesday as equities investors gained N60 billion to commence the month of July.  

The gain was recorded amidst avalanche of gloomy predictions from various quarters that the general performance of the economy in the second half of the year remains shrouded in uncertainties.

Coming from the first half year which ended negative, Nigerian stocks are still surrounded by pocket of negative factors responsible for the downturn such as Coronavirus pandemic and various unimpressive economic metrics.

Despite such projections, the NSE All-Share

Equities defy worrying forecasts; gain N60bn to start July

Several negative forecasts for the second half-year, 2020, could not stop the bulls from having a day on Wednesday, as investors gained N60 billion to commence the month of July.

The gain was recorded amidst avalanche of gloomy predictions from various quarters that the general performance of the economy in the second half of the year remains shrouded in uncertainties.

Coming from the first half year which ended negative, Nigerian stocks are still surrounded by pocket of negative factors responsible for the downturn such as Coronavirus pandemic and various unimpressive economic metrics.

Despite such projections, the NSE All-Share Index gained 115.83 points or by 0.47 per cent to close at 24,595.05 basis points while aggregate valuation of equities on the local bourse closed higher at N12.830 trillion.

The gain nonetheless, market breadth and turnover closed in red as traded volume and value decreased by -29.45 per cent and -66.96 per cent, while 22 decliners emerged against 12 gainers.

Investors traded a sum of 198.012 million shares valued at N1.037 in 3,772 transactions as against 280.667 million shares value worth N3.139 billion recorded in 4,464 deals in the previous session.

The gainers camp was led by BUACEMENT gaining N3.30 to close N 42, followed by CADBURY with N0.65 gain to close at N7.40 per share. Others include WAPCO, Sterling Bank and PZ Cusson, gaining N0.50, N0.12 and N0.10 to close at N10.50, N1.35 and N4.10 per share respectively.

On the flip side, MTN Nigeria lost N1.50 to close at N116 while Guinness trailed with N0.5 loss to close at N14 per share. ZenithBank lost N0.40 to close at N15.70; Flourmill shed N0.35 to close N18.65 per share and Dangote Sugar Plc appreciated by N0.30 to close at n11.70 per share respectively.

Meanwhile, the turnover for the session was driven most by GTBank trading 7.205 million shares at N157.999 million; UBA with 20.202 million shares worth N123.512 million; and Zenith traded 5.717 million shares worth N90.780 million.

The gain nonetheless, market breadth and turnover closed in red as traded volume and value decreased by -29.45 per cent and -66.96 per cent, while 22 decliners emerged against 12 gainers.

Investors traded a sum of 198.012 million shares valued at N1.037 in 3,772 transactions as against 280.667 million shares value worth N3.139 billion recorded in 4,464 deals in the previous session.

The gainers camp was led by BUACEMENT gaining N3.30 to close N 42, followed by CADBURY with N0.65 gain to close at N7.40 per share. Others include WAPCO, Sterling Bank and PZ Cusson, gaining N0.50, N0.12 and N0.10 to close at N10.50, N1.35 and N4.10 per share respectively.

On the flip side, MTN Nigeria lost N1.50 to close at N116 while Guinness trailed with N0.5 loss to close at N14 per share. ZenithBank lost N0.40 to close at N15.70; Flourmill shed N0.35 to close N18.65 per share and Dangote Sugar Plc appreciated by N0.30 to close at n11.70 per share respectively.

Meanwhile, the equities turnover for the session was driven most by GTBank trading 7.205 million shares at N157.999 million; UBA with 20.202 million shares worth N123.512 million; and Zenith traded 5.717 million shares worth N90.780 million.

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