Daily Financial Market Report for September 11, 2020Yahya Abdulrahman
Equity Market Sustains Uptrend…ASI Gains 28 Basis Points
The Nigerian Stock Exchange (NSE) closed positive as bulls dominated proceedings in the market today. The benchmark All Share Index (ASI) appreciated by 0.28% to close at 25,591.95. Market Capitalization gained N37.03 billion to close at N13.35 trillion while the Year-to-Date (YtD) returns settled at -4.66%.
Sectors performance broadly bullish
Performance across sectors was broadly bullish as two sectors closed in the red zone. Insurance, Banking and Industrial indices advanced by 0.45%, 0.35% and 0.25% respectively, on the back of buy interest recorded in the shares of Cornerst (6.56%) and Mansard (2.78%); Zenithbank (1.74%) and Guaranty (1.01%); Wapco (4.92%). Conversely, Consumer Goods and Oil and Gas indices declined by 0.31% and 0.04% respectively, on the back of selloffs recorded in the shares of Intbrew (-4.11%) and Guinness (-3.57%); Ardova (-9.20%).
Market synopsis for the week
The stock market closed negative this week. The nation’s bourse had bearish performance as it closed negative in three of the five trading sessions. The market recorded gains on the fourth and last trading day of the week (0.38% and 0.28%, respectively) and recorded losses on the first, second and third trading day of the week (-0.09%, 0.33% and -0.28% respectively), due to sell pressure in large and mid-cap stocks across Consumer Goods and Oil and Gas sectors. Overall, ASI declined by 0.05% week-on-week, while the year-to-date returns settled at -4.66%.
Please find attached our Daily Financial Market update for today, September 11, 2020.
Click here for the daily financial market report.