Daily Financial Market Report for July 29, 2020mbcfin
Equities Reverse Previous Day’s Loss…ASI Gains 18 Basis Points
The Nigerian Stock Exchange (NSE) rebounds as the bulls resurfaced in the market today. The benchmark All Share Index (ASI) appreciated by 0.18% to close at 24,693.73. Market Capitalization gained N22.73 billion to close at N12.88 trillion while the Year-to-Date (YtD) returns settled at -8.00%.
Sectors performance significantly bullish
Performance across sectors was significantly bullish as one sector closed in the red zone. Oil and Gas and Insurance indices advanced by 4.58% and 1.40% respectively, on the back of buy interest recorded in the shares of Seplat (10.00%) and Oando (1.32%); Cornerst (10.00%) and Prestige (8.70%). Similarly, Industrial and Consumer Goods indices advanced by 0.27% and 0.01% respectively, on the back of bargain hunting recorded in the shares of Buacement (1.03%); Honyflour (4.17%) and Flourmill (0.29%). However, Banking index declined by 0.21%, on the back of selloffs recorded in the shares of Guaranty (-0.44%) and Zenithbank (-0.31%).
Market synopsis for the week
The stock market closed positive this week. The nation’s bourse had bullish performance as it closed positive in two of the three trading sessions. The market recorded losses on the second trading day of the week (-0.54%) and recorded gains on the first and last trading day of the week (1.46% and 0.18% respectively), due to buy interest in large and mid-cap stocks across Industrial, Insurance and Banking sectors. Overall, ASI advanced by 1.09% week-on-week, while the year-to-date returns settled at -8.00%.