MTN Nigeria, Zenith Bank post gains, as investors gain N54.42 billion

Nigeria bourse recorded bullish gains at Tuesday’s trading session.

The All Share Index gained by 0.39% to close at 26,611.96 basis points as against the 0.72% gain recorded on Monday.

Its Year-to-Date (YTD) returns currently stands at -0.86%. Nigerian Stock Exchange market capitalization presently stands at N13.907 Billion. Investors gained N54.42 Billion.

• Nigerian Stock Exchange trading turnover was also positive as volume climbed up by 22.64% as against +0.32% uptick recorded on Monday. ZENITH BANK, STERLNBANK, and UBA were the most active to boost market turnover.
• ETRANZACT leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
• Market breadth closed positive as WEMABANK led 16 Gainers as against 11 Losers topped by ETRANZACT at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

• BUACEMENT up 3.34% to close at N41.75
• DANGSUGAR up 1.63% to close at N12.5
• ZENITHBANK up 1.16% to close at N17.5
• MTN up 0.79% to close at N127.5
• SEPLAT up 0.50% to close at N400

Top losers

• ETRANZACT down 9.96% to close at N2.35
• WAPCO down 6.25% to close at N15
• LEARNAFRCA down 6.14% to close at N1.07
• FBNH down2.80% to close at N5.2
• ARDOVA down 0.90% to close at N11

Outlook

Nigerian bourse continued its impressive upward run amid recent death toll globally reaching a million and significant selling pressures in Nigeria’s major export product (Crude Oil).

• Notably, NSE30 Stocks like MTN Nigeria and BUA cement in the past couple of days have experienced a decent amount of buying pressures.
• Amidst the prevailing bullish run, Nairametrics envisage caution as a recent survey by Nigeria’s Central bank has revealed business organizations were pessimistic about the local economy this month.
• As inflation level is expected to rise at least in the next two quarters and the borrowing rate is expected to rise in September, October, and the next six months.