Nigerian stocks on steroids, investors on hat trick

Nigerian bourse continued its impressive run for 3 days amid many odds weighing other financial markets.

• The All Share Index gained by +1.58% to close at 29,437.60 points, as against +0.70% appreciation recorded on Tuesday. Nigerian Stock Exchange market capitalization now stands at N15.4 trillion.
• Its Year-to-Date (YTD) returns currently stands at +9.67%.
• That said, Nigerian bourse trading turnover dropped by 2.68%, as against the 13.14% gain recorded on Tuesday. ZENITHBANK , FIDELITYBK, and ETI were the most active to boost market turnover.
• Market breadth closed positive as NESTLE led 41 Gainers, as against 5 Losers topped by ROYALEX at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

1. NESTLE up 10.00% to close at N1292.5
2. CONOIL up 9.80% to close at N19.05
3. FLOURMILL up 6.42% to close at N28.2
4. TOTAL up 5.97% to close at N118.9
5. DANGCEM up 2.17% to close at N155.3

Top Losers

1. ROYALEX down 8.00% to close at N0.23
2. CUTIX down 6.84% to close at N1.77
3. HONYFLOUR down 1.03% to close at N0.96
4. AFRIPRUD down 0.85% to close at N5.85
5. MAYBAKER down 0.33% to close at N3.05

Outlook
Nigerian Stocks got fired up amid falling oil prices and the U.S dollar gained strongly at the mid-week trading session.

• Buying pressure was significantly seen across leading NSE 30 Stocks like Dangote Cement, Nestle, and not forgetting Total which recently declared a profit after tax of N500million in Q3 thereby beating market analysts forecasts.
• Nairametrics, however, envisages cautious buying as the COVID-19 crisis seems to be getting out of hand in Nigeria’s key international markets that include Western Europe and the United States.