The Nigerian Stock Exchange (NSE) added N295.371 billion on Friday, with market capitalisation crossing the N19 trillion as heavyweight equities like Dangote Cement, MTNN, Ardova, Guinness and Oando boosted gains.
The Insurance Index was the biggest mover of the 5 sectorial indices as it advanced by 4.02% to 175.70 index points.
A positive market breadth was reported as there were 32 gainers against 7 losers at the end of trade.
The All Share Index (ASI) expanded by 1.56% larger, closing at 36,804.75 index points. Market capitalisation closed at N19.236 trillion.
Year to date, the index is up by 37.12%.
TOP 5 GAINERS
Cutix led gainers on the NSE, appreciating by 9.88% to close at N1.89. Champions Breweries went up by 9.88% to N0.89 NPF Oando rose to N3.4, notching up 9.79% in the process. Japaul Gold added 9.68% to end today’s trade at N0.34. Mansard completed the top 5, climbing by 9.52% to N0.92.
All-Share Index grows by 1 7% as trading resumes
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Goddy Egene
The bulls came back strong yesterday to open the stock market on a positive note after depreciating last week.
Last week, the bull run was halted following sustained profit taking.
However, yesterday, the market appreciated lifting the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by 1.73 per cent to close at 34,843.44. In similarly trend, market capitalisation added N309.8 billion to close at N18.2 trillion.
Market analysts had said while profit taking was expected to continue, the bulls would still have the upper hand.
“Yields in the fixed income market remain relatively unattractive, and we expect this to remain positive for stocks. However, we advise investors to take positions in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings,” analysts at Condros Research had said.
Insurers Ink $90 Billion in Merger Deals as They Pursue Post-Coronavirus Clout
Insurers pummeled by the pandemic are looking to deals as they race to see who’ll emerge strongest when the outbreak subsides.
The takeover of RSA Insurance Group Plc and Allstate Corp.’s largest acquisition ever have helped push industry deals announced this year to nearly $93 billion, according to data compiled by Bloomberg. With other major companies including Zurich Insurance Group AG eyeing purchases, 2020 is on course to be one of the biggest for deals since the last financial crisis.
Insurers were already under pressure to combine before the coronavirus battered their balance sheets, with record low bond yields and mounting regulation costs chipping away at their earnings for years. As the pandemic accelerates those trends and squeezes valuations, a new sense of urgency has kicked in. With the onus on boosting income from premiums, many are focusing on bulking up in markets where they’re fi
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