Zenith, GTBank Gains, As Bulls Return To Nigerian Stock Market

 In spite of headwinds, the Nigerian Stock Market ended positively at its last trading session for the week. The All Share Index gained by 1.11% to close at 28,344.04 points, as against a neutral position recorded on Thursday. Its Year-to-Date (YTD) returns currently stands at +6.77%.
Trading turnover was positive on Friday as volume gained by 42.93%, against a +56.66% gain recorded in the previous session. UBA, ZENITHBANK, and FBNH were the most active to boost market turnover.

Market breadth closed positive as TOTAL led 30 Gainers, against 11 Losers topped by CUTIX at the end of today’s session. This is improved performance when compared with the previous outlook.ROYALEX leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
What you should know
Top gainers
TOTAL up 10.00% to close at N112.2PRESCO up 8.93% to close at N65.9ZENITHBANK up 7.75% to close at N21.55NASCON up 7.44% to close at N13GUARANTY up 2.88% to close at N30.35
Top Losers
CUTIX down 10.00% to close at N1.62ETRANZACT down 9.42% to close at N1.73ETERNA down 7.37% to close at N4.9FIDSON down 1.69% to close at N3.5UBN down 1.00% to close at N4.95

Implications– Nigerian bourse ended positive on Friday amid falling oil prices and the U.S dollar losing value.
– Trading activities turned impressive amid the prevailing macro, showing the intensity of protests by Nigerian youths for Nigerian police reforms.
– The inflation rate surged to 13.71% (year-on-year) in September 2020, indicating a 0.49% point difference when compared to 13.22% recorded in August 2020.
– This weakened buying pressure in financial-based stocks.

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