GTBank, UBA, WAPCO halt bullish trend at Africa’s best-performing stock market

Nigerian stocks ended the last trading session on a near stalemate. The All Share index dropped slightly by -0.01% to close at 38,800.01 index points as against the +2.40% gain seen on Wednesday.

• Its Year-to-Date (YTD) returns currently stands at +44.55%.  Nigerian Stock Exchange capitalization stood at N20.279 trillion.
• Nigerian bourse trading turnover plunged significantly closing negative as volume moved down by -73.97% as against +238.56% uptick recorded in the previous session. ZENITHBANK, GUARANTY, and FLOURMILL were the most active to boost market turnover.
• The market breadth closed positive as SKYAVN led 21 Gainers as against 8 Losers topped by CHAMPION at the end of today’s session – an improved performance when compared with the previous outlook.
• CHAMPION leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.

READ: New broker-dealer lets Nigerian investors purchase US stocks commission-free

Top Gainers

• SKYAVN up 9.22% to close at N3.2
• OANDO up 8.66% to close at N3.64
• CAP up 7.61% to close at N20.5
• FLOURMILL up 5.08% to close at N27.95
• AFRIPRUD up 2.12% to close at N6.25

READ: Airtel, Dangote, WAPCO rebounds strongly, investors gain N310 billion

Top Losers

• CHAMPION down 7.87% to close at N0.82
• MAYBAKER down 1.33% to close at N3.7
• WAPCO down 4.76% to close at N21
• GUARANTY down 0.61% to close at N32.8
• UBA down 0.59% to close at N8.45

READ: Honeywell reports N300 million pre-tax profits in Q2 2020

Outlook

Nigerian Stocks ended the last trading session on a slightly bearish note, amid falling oil prices prevailing at the U.S trading session. At the time of writing this report, Brent crude was trading below $51/barrel.

• That said, significant gains seen from NSE30 Stocks that include CAP, Flourmill, couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among leading Tier-1 banks and medium capitalized stocks.
• Nairametrics envisages cautious buying, on the sentiments that recent price action shows a pause in the bullish momentum, however, stock traders anticipate the bullish run is still in play for the long term.

READ: Alibaba in hot water on China’s regulators probe over Ant Group