Nigerian market opens the last trading week for 2020, as the Nigerian Stock Exchange (NSE-ASI) advanced 80bps to close at 39,110.17 points.
Brandnewsday gathers that as regards to that, the YTD return increased to 45.7%. The performance was largely driven by BUA (+6.67%), ZENITH (+2.04%) and ACCESS (+4.07%) amid last-minute bargain hunting for value stocks.
However, there were sell-offs in stocks such as FLOURMIL (-1.6%), GUINNESS (-1.0%) and GUARANTY (-0.3%). Activity level was mixed as volume traded rose by 85.43% while value traded fell 45.0% to N4.3bn.
By sector, two of five sectors within our coverage closed higher, as the Industrial Goods sector, buoyed by BUA, improved by 2.39%. Banking index was also driven by a strong performance in Zenith and ACCESS tickers. On the contrary, Consumer goods, Oil and Gas, and Insurance indices all closed in the red, shedding 0.05%, 0.06% and 0.8% respectively.
READ: Nigerian Stocks Soars As Bullish Streak Continues On Customs Street
Furthermore, thehe market breadth settled at 0.9x as losers (20) outpaced gainers (18). As we advance into the week, we expect last-minute bargain hunting in value counters as well as portfolio rebalancing to drive market activities.
READ: Naira Maintains Stability, Gains N43 In One Week Despite Wide Exchange Rate
READ: Naira To Dollar: Naira Gains At Black Market As Dollar Demand Reduces
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