Profit-taking intensifies as GTBank, Dangote Cement stocks drop – Nairametrics

Profit-taking intensifies as GTBank, Dangote Cement stocks drop – Nairametrics

Nigerian bourse 12-day winning streak came to an end on Wednesday, as it ended on a negative note.

The All Share Index dropped by 0.95% to close at 28,634.35 points as against +4.92% appreciation recorded on Tuesday. Nigerian Stock exchange capitalization presently stands at N14.97 Trillion. Investors lose N143.75 billion.

Its Year-to-Date (YTD) returns currently stands at +6.68%.

Nigerian bourse trading turnover closes positive as volume moved up by +11.13% as against the +24.10% uptick recorded in the previous session

FBNH, ZENITH BANK, and UBA were the most active to boost market turnover.

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Market breadth closed negative as BERGER led 21 Gainers as against 31 Losers topped by UNILEVER at the end of today’s session an unimproved performance when compared with the previous outlook.

Top gainers

  • CAP up 9.36% to close at N18.7
  • NASCON up 9.59% to close at N12
  • BERGER up 9.84% to close at N6.7
  • INTBREW up 8.39% to close at N4.65
  • AFRIPRUD up 4.55% to close at N5.75

Top Losers

  • MTNN down 1.54% to close at N140.5
  • UNILEVER down 9.89% to close at N12.3
  • ZENITHBANK down 6.01% to close at N19.55
  • GUINNESS down 5.66% to close at N15
  • WAPCO down 4.27% to close at N16.8

Outlook

The 12-day winning streak at Sub Sahara’s biggest Exchange came to an end, as Nigerian Stocks recorded losses with market capitalization remaining around N15 trillion.

Selling pressure witnessed in notable Nigerian Stocks, like MTN Nigeria, Zenith Bank, Unilever


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Market liquidity remained impressive as Institutional investors restrategize their portfolio investments for Q4, 2020.

Nigeria’s major export, crude oil printed lower as prices of crude near $41/Barrel, after President Trump canceled the stimulus deal long-awaited by global investors.

Nairametrics however envisages caution, among these impressive gains recorded in the past weeks, as Africa’s largest economy remains vulnerable via a report credited to Fitch Ratings buttressed the FX demand backlog and persistence in external vulnerability are adequately captured by the ‘B’ rating.

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