Stock market cap declines ₦2bn as investors’ sentiment fade

Neimeth Tops Gainers Chart 3-Week Straight, Japaul Led Laggards

The bulls prevailed in the equities market this week, edging the All Share Index forward by 0.67% to close at 25,182.67 points.

The year to date loss, therefore, moderated to 6.18%.

NEIMETH emerged as the market’s top gainer for the third week in a row, having advanced by 45.20% week on week.

Cowry Asset Management said in the new week, it expects the domestic equities market to close positively amid positive developments in the external sector.

Hence, the firm advises its clients to buy stocks with strong fundamentals and good dividend yields.


Also, analysts expect buy interest in the healthcare sector as the industry is set to benefit from government interventions amid COVID-19 pandemic.

In the week ahead, Afrinvest said it expects the bullish streak to be sustained as investors’ position in attractive stocks and sentiment improves due to a rebound in global oil prices.

On the flipside, JAPAULOIL led the laggards, shedding 16.67% during the week.

The Nigeria Centre for Disease Control (NCDC) recorded Nigeria’s highest number of confirmed cases in a day on the 9th of June, reporting 663 new cases nationwide.

This brings the total number of confirmed cases as at the 10th of June to 13,873.Neimeth Tops Gainers Chart

The National Bureau of Statistics published the Foreign Trade Statistics for first quarter (Q1) 2020 this week.

Data reported showed a decline of 17.94% quarter on quarter in Nigeria’s total foreign trade in Q1:2020 to ₦8.3 trillion.

This was against ₦10.12 trillion in recorded in the fourth quarter (Q4) of 2019.

Total imports in Q1:2020 were ₦4.22 trillion, while total exports were ₦4.08 trillion, implying a negative trade balance for the second consecutive quarter.

Meristem Securities said in the fixed income market, bullish sentiment dominated the Treasury Bills auction held this week.

This was evidenced by the bid-to-cover ratios of 4.92x, 5.15x and 1.46x across the 91-day, 182-day and 364-day instruments.

Mixed sentiments, however, prevailed in the secondary market as average treasury bills yield declined to 2.65% while average bond yields increased slightly to 10.08%.

Neimeth Tops Gainers Chart 3-Week Straight, Japaul Led Laggards

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