Nigeria stock market gains 0.29% to start new week

Nigeria’s stock market opened the new trad ing week on a positive note, gaining 0.29 percent or N32billion on Monday August 3. The rally was aided by Flour Mills (+9.97percent), BUA Cement (+2.03percent), GSK (+8.16percent), GTBank (+1.56percent), and Neimeth (+10percent).

Market watchers had expected the outcome of more half-year (H1) 2020 results of listed companies to continue to spur market reactions.

Flour Mills of Nigeria Plc, Nigeria’s leading integrated food business and agro-allied Group, which led the gainers list had announced its audited 2019/20 financial results, showing remarkable growths in all three key segments of Food, Agro-allied and Sugar. Its proposed final dividend represents increase of 17percent to N1.40 for every ordinary share of 50 kobo.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) and Market Capitalisation appreciated from 24,693.73 points and N12.882 trillion respectively to 24,766.12 points and N12.919trillion. The negative year-to-date (Ytd) return moderated to -7.73percent.

“We expect the market to continue to react to some of the earnings results that will be posted by other bellwether stocks in the coming week”, Vetiva analysts had said in their August 3 note.

In 4,718 deals, investors exchanged 186,481,739 units valued at N1.309billion. Transcorp, Custodian, Gtbank, FBN Holdings and UBA were actively traded stocks.