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Starting up the new week, trading activities on the floor of The Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer NSEASI added 12Bpts and closed at 24,858.82 from 24,828.96. It was a mixed performance amongst the observed market indices in this report as shown in the index movement table. Thus, Week to Date, activities index is 12Bpts above opening, while the total lost points in the month of June is now 162Bpts. See the index movement table for details.
All economic figures released by the National Bureau of Statistics confirmed that all is not well with the nation economy, and further compounding this, is the World Bank’s projection which claimed that Nigeria economy will contract by 5.4% in 2020; even as Nigeria continued to record increasing number of the Novel Coronavirus pandemic. Meanwhile, in reaction to these, the Federal Government had reportedly supported the CBN efforts to stimulate the economy by approving N2.3 trillion economic stimulus. Although these are positive fundamentals for the market, we are of the opinion that, traders will remain cautious due to their negative expectations of half year numbers.
Value gained by the Market Capitalization of the listed equities during today’s trading activities was N15.579 billion, same as 12Bpts above the opening value. Meanwhile, trading activities for the day produced 18 ADVANCERS and 29 LAGERS. NSEASI Year to Date loss is now 739Bpts while the Market Capitalization Year to Date gain stood at N9.485 billion same as 7Bpts above the year’s opening value.
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