Friday, May 29th 2020 4:07 PM
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Market Digest Nigeria

Finance

Mobil, Total, others fuel bulls to first gain of the week at Nigerian stock market

Nigerian stock market closed today on a positive note, gaining by +0.06% to close at 23,709.44 points as against -1.06% recorded previously. Its market capitalization stands at N12.36 trillion.

In addition, Year-to-Date (YTD) returns currently on the Nigerian bourse stood at -10.78% at the close of Wednesday trading session.

The performance was lifted by strong gains in the Oil and Gas sector, with MOBIL (+9.94%) and TOTAL (+6.75%) firmly closing in the positive territory.

The Oil and Gas (+2.66%) index led sectoral performances today; petroleum products marketing giant MOBIL (+9.94%) closed the day near its limit up.

The Insurance (+1.92%), Banking (+0.63%) and Consumer Goods (+0.39%) sectors were similarly lifted by gains in MANSARD (+8.23%), GUARANTY (+2.14%) and UNILEVER (+9.96%) respectively. Meanwhile, the Industrial Goods (0.00%) index traded flat today.

On the activities chart, FBNH (+1.05%) dominated proceedings today, finishing as the most traded stock by both volume and value, after trading 50.8 million units worth N242.1 million.

Top gainers

MOBIL up 9.94% to close at N176.9; UNILEVER up 9.96% to close at N12.7; TOTAL up 6.75% to close at N102.8; STANBIC up 2.63% to close at N29.25, and GUARANTY up 2.14% to close at N21.45.

Top losers

CHAMPION down 6.17% to close at N0.76; FIDSON down 2.85% to close at N2.39; UPDCREIT down 1.47% to close at N3.35; MTNN down 1.43% to close at N110; and UBA down 0.82% to close at N6.05.

Outlook

Nigeria’s stock market finished higher for the first time in four days. Trading activity was also encouraging. However, Nairametrics recommends that investors be cautious in buying stocks for short-term purposes only, on the basis that price volatility is increasing.

NAIRAMETRICS
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