Dangote, Cadbury, Flourmills regain bullish momentum on Nigerian Stock Exchange

Transactions on the Nigerian Stock Exchange (NSE) reopened positive, occasioned by gains in blue-chip stocks. At the close of trading, the All-Share Index recorded a 0.40% gain to settle at 25,267.82 points. Similarly, market capitalization gained N53 billion to close the last trading day of the month at N13.168 trillion.

Performance Overview

A total of 325.61 million shares valued at N4.47 billion was traded in 5,647 deals on Friday. FBNH was the most traded stock by volume of 75.1 million units, while GUARANTY topped by value at N904.25 million.

Market sentiment, as measured by market breadth, was negative with 20 losers against 14 gainers. DANSUGAR (-7.86%) recorded the highest price decline to close at N12.90 per share, while CADBURY (+8.65%) topped the gainer’s chart at N8.65k per share.

The sectoral performance was positive following gains in the Industrial, Insurance, and Oil & Gas Indices, having appreciated by 4.92 %, 3.12%, and 0.63% respectively.

(READ MORE: Dangote, Nestle, MTN, Zenith, Access Bank, party with N375 billion on NSE)

The Banking Index (-1.93) led the laggards, as price decline in ZENITH BANK, GUARANTY and ETI pressured the index. Similarly, the Consumer Goods index trailed distantly to shed -0.65% on the back of -7.86% depreciation in DANGSUGAR.

Top gainers

CADBURY went up by 8.13% to close at N8.65; DANGSUGAR went up by 7.86% to close at N12.9; BUACEMENT went up by 7.69% to close at N42; FLOURMILL increased by 5.00% to close at N21, and DANGCEM went up 0.36% to close at N139.

Top Losers 

CAVERTON went down by 7.50% to close at N2.58; VITA FOAM went down by 7.50% to close at N5.55; ETI went down by 6.42%  to close at N5.1; ZENITH BANK went down by 3.15% to close at N16.9, and GUARANTY went down by 1.64% to close at N24.

READ ALSO: NSE loses N2 trillion in value in Q1 2020, as oil plunges 65% QoQ

Outlook 

Nigeria’s Stockmarket finished on a positive note as industrial stocks finished bullish. Profit-taking continued at most banking tickers. We envisage  profit-taking dominating Nigeria’s stock market in the short term.