This came as the local bourse gained a total of ₦350.15 billion, culminating in a week-on-week gain of 2.53% in the All-Share Index (which settled at 26,985.77 absolute points), while the Market Capitalization value gained 2.55% w/w to close at ₦14.11 trillion due to the listing of an additional 146,878,241 ordinary shares of Dangote Sugar Plc at 50k each.
Nigerian Stock Market
The uptrend was impacted by gains recorded in medium and large capitalized stocks, amongst which are; TOTAL (+21.00%), OANDO (+12.81%), STERLNBANK (+12.34%), CHAMPION (+9.88%), IKEJAHOTEL (+9.78%), AIICO (+9.72%), ETERNA (+9.60%), INTERBREW (+8.33%), GUARANTY (+7.41%), UACN (+6.56%), DANGSUGAR (+4.88%), MTNN (+4.84%), and ZENITH (+4.34%).
Outlook for the week ending October 9th 2020
After two weeks of a bullish trend, we expect to see a seesaw movement in the market performance this week, owing largely to anticipated profit taking by active traders.
Also, a possible drawback of foreign investors as a result of the renewed pressure on crude oil prices in the international market. Hence, we see the NSE-ASI retreating mildly this week.
GTI WEEKLY STOCK PICKS FOR THE PERIOD 05/10/2020 – 09/10/2020