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  • Business - Market Data
  • Updated: October 08, 2020

Nigerian Stock Exchange Respond In Negative To Buhari's 2021 Budget

Nigerian Stock Exchange Respond In Negative To Buhari's 2021

President Muhammadu Buhari had submitted the 2021 budget today. The President complained that his administration is worried about revenue generation, leading to him ordering the Ministers to closely and strictly monitor revenue generation agencies under their supervision. On the same day, the Nigerian Stock Exchange underperformed after days of impressive outings by companies.

The latest Nigerian stock market today brought news of the exchange closing at 6,101 deals on Thursday, October 8, 2020, lower than the 9,180 deals it closed with on Wednesday, October 7, 2020, while the volume reached 569,3 million units at the close of the market on Thursday, lower than the 832.8 million units it closed with on Wednesday.

The value of trades recorded on Thursday was NGN4.913 billion, lower than the NGN9.539 billion of Wednesday.

Meanwhile, on Thursday, the All-Share Index reached 28,546.22 index points, lower than the 28,634.35 index points it ended trading with on Wednesday. The stock market also ended with NGN14,920 trillion equity capitalisation on Thursday, lower than the NGN14,966 trillion of Wednesday.

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Top Five Gainers

Airtel Africa led the top gainers' chart after its stock price gained NGN10 to close trading at NGN410.2 kobo per share after opening today's trading with NGN400.2 kobo per share, this is according to the Nigerian Stock Exchange (NSE) market data seen by AllNews.

Unilever was second on the table, as its stock price gained NGN1.2 kobo to close the market with NGN13.5 kobo per share, having started trading today with NGN12,3 kobo per share.

GTBank was the third top gainer as its stock price closed the market with NGN1 gain to move from the opening price of NGN31 per share to NGN32 per share. Zenith Bank follows, closing the market with a gain of NGN0.55 kobo to end trading with NGN20.1 kobo per share from the opening share price of NGN19.55 kobo per share. Ecobank was last on the top five gainers' table after its share price rose from NGN4.1 kobo per share to close trading at NGN4.45 kobo per share, after gaining NGN0.35 kobo.

Top Five Losers

On the top of the losers list is Dangote Cement, which had begun trading earlier today at NGN158 per share, only to drop in price by NGN-7.5 kobo to close at NGN150.5 kobo per share at the end of trading today.

Nigerian Breweries was second on the chart after closing at NGN48.6 kobo per share from its opening trade price of NGN52.3 kobo per share; this represents a drop of NGN-3.7 kobo. Conoil also recorded a drop in its share price as it declined by NGN-0.85 kobo to close trading at NGN14.4 kobo per share, below the NGN15.25 kobo per share it opened with.

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BUA Cement also recorded a drop in its share price as it declined by NGN-0.35 kobo to close trading at NGN41.4 per share, below the NGN41.75 kobo per share it opened with. Ardova completed the top five losers chart after it closed trading with NGN12.45 kobo per share, declining by NGN-0.35 kobo from the NGN12.8 kobo per share it opened trading with.

Top Five Trades

AllNews learnt that the top trades in the stock market for today were Eterna, which traded a volume of over 112.8 million units worth NGN372.53 million. Zenith Bank was the second most traded stock today with over 74.2 million units worth over NGN1.50 billion. Access Bank was next on the list, trading 57.06 million units worth NGN449.1 million.

First Bank was the fourth on the most traded stock list, closing the market with over 44.4 million units traded at a cost of over NGN280.99 million, while Fidelity Bank completed the top five list with over 31.8 million units traded today, worth NGN66.65 million.

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