Stock market ends 2020 in green territor, investors gain N777.6bn in one week
The Nigerian Stock Exchange (NSE) ended the year 2020 in the green territory, irrespective of the COVID – 19 distortions.
The All-Share Index (ASI) rose 3.8 per cent week-on-Week (w/w) to 40,270.72 points on the back of gains in BUACEMENT (+28.9 per cent), MTNN (+6.2 per cent) and ZENITH (+1.2 per cent).
Consequently, investors gained ₦777.6 billion as market capitalisation advanced to N21.1 trillion while Year=to-Date (YTD) return rose to 50.0 per cent.
Activity level declined as average volume and value traded fell 12.6 per cent and 14.1 per cent to 602.1 million units and N8.7 billion respectively.
The most traded stocks by volume were AIICO (689.2 million units), ACCESS (263.9 million units) and UBA (153.1 million units) while DANGCEM (N13.2 billion), MTNN (N8.3 billion) and ZENITH (N3.6 billion) led the value chart.
Performance remained bullish across sectors as four of six indicators that we track closed in the green, save the Banking and Consumer Goods indices which lost 0.6 per cent and 0.5 per cent w/w respectively due to losses in ETI (-8.4 per cent) and FLOURMILL (-7.0 per cent). Meanwhile, the Industrial Goods and AFR-ICT indices recorded the most gains, up 10.4 per cent and 2.4 per cent w/w respectively, supported by buying interest in BUACEMENT (+28.9 per cent) and MTNN (+6.2 per cent). Similarly, the Insurance and Oil & Gas indices closed 1.7 per cent and 0.2 per cent higher w/w respectively, underpinned by gains in NEM (+31.6 per cent), LINKASSURE (+6.1 per cent) and OANDO (+1.6 per cent).
Investor sentiment as measured by market breadth (advance/decline ratio) waned to 0.9x from 3.8x last week as 29 tickers gained against 33 losers. NEM (+31.6 per cent), BUACEMENT (+28.9 per cent) and CILEASING (+20.6 per cent) led the top gainers while MANSARD (-75.0 per cent), FTNCOCOA (-25.8 per cent) and AIICO (-10.3 per cent) led the decliners.
“We are optimistic about a sustained bullish run in the upcoming year although, we expect investors to take profit”, said Afrinvest.
