MTN Nigeria, GTBank, Zenith Bank drop amid profit-taking

Nigerian Stocks suffered its first loss in 2020. The All Share index plunged by 1.83% to close at 40,396.14 index points as against the 2.18% gain recorded yesterday. Its Year-to-Date (YTD) returns currently stands at 0.31%.

• Tuesday’s trading session turnover at the Nigerian Stock market however ended bullish as volume surged up by 119.73% as against a 70.18% drop recorded on Monday’s trading session. TRANSCORP, ZENITHBANK, and FCMB were the most active to boost market turnover.
• LEARNAFRCA leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
• The market breadth closed negative as BOCGAS led 15 Gainers as against 34 Losers topped by BUACEMENT at the end of today’s session – an unchanged performance when compared with the previous outlook.

Top gainers

1. BOCGAS up 9.72% to close at N10.5
2. ETERNA up 6.48% to close at N5.75
3. AFRIPRUD up 5.47% to close at N6.75
4. VITAFOAM up 2.34% to close at N8.75
5. SEPLAT up 1.91% to close at N410

Top losers

1. BUACEMENT down 5.88% to close at N80
2. ZENITHBANK down 4.28% to close at N24.6
3. GUARANTY down 2.84% to close at N32.55
4. MTNN down 2.77% to close at N165.2
5. OKOMUOIL down 1.10% to close at N90

Outlook

Nigerian bourse ended the last trading session on a negative note. NSE30 stocks like MTN Nigeria, GTBank, Zenith Bank dragged the Sub-Saharan based index lower as profit-taking was notable among blue-chip stocks.

• Nairametrics however envisages cautious buying, as institutional investors reduce their long positions amid growing COVID-19 caseloads in Nigeria’s key international markets, particularly Europe, which contributes to about 40% of Nigeria’s crude oil shipment.