Stock market opens week on a positive note
…as Nestle, Okomu, UACN, others gain
Nigeria’s stock ma rke t opened this week on a positive note, gaining N15billion at the close of trading session on Monday June 29, 2020.
As portfolio/fund managers rebalance their equity portfolio ahead of the second-half (H2), many of them preferred to remain on the buy side of the remote trading session.
The market’s positive performance confirms our earlier position on seeing increased bargains ahead of first-half (H1) close.
Amid the impressive outing, there is a possibility of a repeat positive on Tuesday, June 30 being the last trading session of this first-half (H1) 2020.
Nestle led the gainers table after its share price increased from N1200 to N1256.8, adding N56.8 or 4.73percent; followed by Okomu Oil Palm Plc which increased from N64 to N70.4, adding N6.4 or 10percent; and UACN Plc which rallied from N7.45 to N8, adding 55kobo or 7.38percent.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.12 percent to 24,858.89 while the value of listed stocks rose to N 12.967trillion as against preceding day’s low
The market’s negative return year-to-date (ytd) stood at -7.39percent on Monday June 29, 2020. In 3,940 deals, investors exchanged 158,719,415 units valued at N1.635billion.