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Despite #EndSARS protests, investors gain N121bn in equities trading

Despite #EndSARS protests, investors gain N121bn in equities trading
October 16
22:06 2020

Investors this week gained N121 billion on the Nigerian equities market, in a trading week marred by #EndSARS protests in the nation’s commercial capital, Lagos, and other cities across the country.

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During the week, activities in the local bourse declined from the levels seen in recent weeks, with the value of trades falling 35.0 percent week-on-week, closing broadly flat in four of five sessions during the week.

On Friday, late gains drove the market to a fourth-consecutive weekly gain, with renewed investors’ interest in Zenith Bank (+7.8%), WAPCO (+10.9%), and UBA (+5.9%) drove the benchmark index 0.9 percent higher, week-on-week to 28,659.45 points.

The month-to-date and year-to-date return for the index grew to 6.8 percent, while the banking index topped the sectoral charts at +2.9% percent, followed by the oil & gas (+2.4%), consumer goods (+1.9%), and industrial goods (+0.2%) indices. The insurance (-0.7%) index was the sole loser.

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Top gainers include Total up 10.00 percent to close at N112.2; Presco up 8.93 percent to close at N65.9; Zenith Bank up 7.75 percent to close at N21.55; Nascon up 7.44 percent to close at N13.

Top losers include Cutix down 10.00 percent to close at N1.62; Etranzact down 9.42 percent to close at N1.73; Eterna down 7.37 percent to close at N4.9.

Equity analysts opined that the equities market will continue to benefit as domestic investors seek alpha-yielding opportunities in the face of increasingly negative real returns in the fixed income market.

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