Market Opens Last Trading Week For The Year Higher

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.

Nigerian Market: trading week

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.

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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.

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