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NSE emerges Africa’s best performing stock exchange in January



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NSE emerges Africa’s best performing stock exchange in January



Closing the fourth trading week and the month of January in the green, the Nigerian Stock Exchange (NSE) has extended its 2020 rally sustain bullish momentum in January 2021.

It was another bottom left top right finish for the market last week as the ASI ended the week, and month of January in green territory.

The index kept a clean sheet all week, up +58 basis points on Friday, and +3.44 per cent week-on-week.

Massive interest in the shares of MTN which led to +3.43 per cent in its share prices was instrumental to Friday’s performance on sustained domestic demand, as the ticker recorded a new all-time high of N181.00 per share.

Generally, equities ended the month +5.32 per cent firmer. In USD terms (+7.10 per cent), the NSE ranked seventh, according to Bloomberg World Equities Index ranking but first among bourses in Africa.

Meanwhile, last week, Oil&Gas stocks finally halted the weeklong losing streak to finish higher, +0.63 per cent with Ardova (+8.57 per cent) and Oando (+2.50 per cent) providing support. All other sectors were also finished in green, save for Industrials, with a marginal decline of -8bps.

Trade turnover for the week stayed impressive, with a daily average of $14.53 million. On Friday, investors traded a total of $17.18 million. Zenith retained the top spot on the activity chat with $3.20 million traded.

Other notable volumes were MTN $2.47 million; GTB $1.84 million and Wapco $1.56 million. Trading was skewed mostly towards domestic investors.

More sectoral Details

Oil&Gas: +0.63%… despite today’s rebound, the sector emerged biggest losers wee-on-week, giving up -7.25%. Nonetheless, today’s session witnessed rebound in Ardova N19.00 and Oando N3.28, both tickers adding +8.57% and +2.50%, respectively.

Bank: +0.52%…. a few setbacks during the week, but the sector emerged strongest week-on-week, up +3.33% amid earnings expectation. GTB rose +1.47% to close N34.50; ETI N6.50 bounced off intraday sell pressure to clinch a +1.56% rise. Stanbic pulled back however, -3.43% to end at N45.00

Consumers: +0.32%…. The sector finished the week with modest gains, up +1.28%. Demand in Dangsugar was strong, pushing the ticker higher +1.92% to N21.25. Poor earnings results pulled Guinness lower -1.04% to N19.00 and Cadbury also missed by -1.12% to close at N8.80.

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