NSE maintains upward trend as investors buy mid/large cap stocks

Nigeria’s stock market maintained its upward trend till close of trading on Tuesday October 6, 2020 following bargain hunting activities in a number of mid-to-large cap stocks.

Chief among stocks that impressed equity dealers and investors on Custom Street include Dangote Cement Plc which increased most from day open low of N144 to N158.2, adding N14.2 or 9.86percent. MTNN Plc followed after advancing from N135 to N142.7, adding N7.7 or 5.70percent.

In the same vein, Presco Plc made the top advancers league after its share price moved from N55 to N60.5, adding N5.5 or 10percent; while Nigerian Breweries Plc moved from N48.8 to N52.3, gaining N3.5 or 7.17percent. Stanbic IBTC Holdings Plc also increased from N40.5 to N42.5, adding N2 or 4.94percent.

At the close of trading, the Nigerian Stock Exchange (NSE) All-share

Index (ASI) appreciated by 4.92percent, from 27,554.56 points to 28,909.37 points, while Market Capitalisation increased by N708billion, from N14.402trillion to N15.110trillion.

“Undeterred by the persistent uncertainties in the global space, coupled with the challenges facing the domestic economy, investors’ continued to take advantage of cheap valuations in the equities market as the All Share Index (ASI) extended its days of capital appreciation to twelve consecutive trading periods”, according to Vetiva Research analysts.

The analysts however believe the index will maintain its bullish momentum on Wednesday, “due to the continued inflow of funds into the equity space”.

In 8,075 deals, investors exchanged 749,467,693 units valued at N9.495billion. Zenith Bank, UBA, FBN Holdings, Access Bank and GTBank were actively traded stocks on the Bourse.