Daily Financial Market Report for August 28, 2020

Dear Client/Reader,

Equity Market Closes Flat…ASI Gains Marginally by 2 Basis Points

The Nigerian Stock Exchange (NSE) saw mixed sentiment with the bulls marginally edging the bears today. The benchmark All Share Index (ASI) appreciated by 0.02% to close at 25,309.37. Market Capitalization gained N3.75 billion to close at N13.20 trillion while the Year-to-Date (YtD) returns settled at -5.71%.

Sectors performance broadly bullish

Performance across sectors was broadly bullish as one sector closed in the red zone. Insurance, Banking and Industrial indices advanced by 0.62%, 0.37% and 0.01% respectively, on the back of buy interest recorded in the shares of Wapic (6.06%) and Prestige (1.96%); Access (2.40%) and Guaranty (0.79%). Conversely, Consumer Goods index declined by 0.20% on the back of selloffs recorded in the shares of Guinness (-9.29%). However, Oil and Gas index closed flat.

Market synopsis for the week

The stock market closed positive this week. The nation’s bourse had bullish performance as it closed positive in four of the five trading sessions. The market recorded losses on the fourth trading day of the week (-0.10%) and recorded gains on the first, second, third and last trading days of the week (0.03% 0.25%, 0.15% and 0.02% respectively), due to buy interest in large and mid-cap stocks across Insurance, Banking and Industrial sectors. Overall, ASI advanced by 0.35% week-on-week, while the year-to-date returns settled at -5.71%.

Please find attached our Daily Financial Market update for today, August 28, 2020.

Thank you.

Click here for the daily financial market report.