Increased interest in Nigeria’s listed stocks reflects in record advance of 0.74percent on Monday January 13, 2020.
The record positive which represents N112billion in equities gain has helped push the year-to-date (ytd) positive return to +10.40percent.
Oscar Onyema, Chief Executive Officer (CEO) of Nigeria Stock Exchange (NSE) reviewed the market for the year 2019 and gave the outlook for the year 2020.
“The year 2020 has started on a good note… We intend to work closely with our stakeholders to sustain this growth trajectory”, he said.
MTNN Plc recorded the highest gain on the Bourse after moving from N116 to N127.6, adding N11.6 or 10percent, followed by UACN Plc which increased from N10.25 to N11.05, adding 80kobo or 7.80percent.
Presco declined most from N56.9 to N52.25, losing N4.65 or 8.17percent; followed by newly listed shares of BUA Cement which crashed from preceding day high of N41 to N39, after losing N2 or 4.88percent.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.74percent on Monday while the Year-to-Date (ytd) return stood at 10.40percent.
The All Share Index closed at 29,633.58 points as against the preceding day close of 29,415.39 points while Market Capitalisation closed at N15.287 trillion as against preceding day close of N15.175 trillion.
The signing into law of Nigeria’s Finance bill 2019 and implementation of the 2020 budget may have a positive impact on companies’ earnings as well as consumer spending, the NSE CEO said. President Muhammadu Buhari on Monday January 13, 2020 assented to the Finance Bill 2019.
“Though market breadth closed negative with 20 losers and 16 advancers, we believe that renewed sentiment in MTNN will continue to spur positive activity in the market”, said analysts at Vetiva Securities who expect a positive close in Tuesday session, “barring any major losses in market heavyweights.”
The volume of stocks traded increased by 23.96percent, from 280.92 million to 348.23 million, while the total value of stocks traded increased by 77.51percent from N4.815 billion to N8.547 billion in 5,377 deals.
Iheanyi Nwachukwu
