NSE
By Chinyere Joel-Nwokeoma
Trading on the Nigerian Stock Exchange (NSE) on Tuesday sustained upward posture, in spite of a negative Gross Domestic Product (GDP) recorded in the second quarter of 2020.
Speficially, the market capitalisation increased further by N33 billion or 0.25 per cent to N13.194 trillion against N13.161 trillion posted on Monday.
In the same vein, the All-Share Index rose by 62.61 points or 0.25 per cent to 25,291.73 compared to the 25,229.12 points recorded on Monday.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said the market defied the negative Q2 GDP of 6.1 per cent due to improved half year corporate earnings.
Omordion stated that the half year corporate earnings performance were above the market expectations, with emerging sectors outperforming the traditional sectors in the new normal.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; BUA Cement, Julius Berger, Flour Mills, Lafarge Africa and NEM Insurance.
Analysts at Afrinvest Limited said Given the gaining streak, we expect investors to take profit in subsequent trading days.
NEM Insurance dominated the gainers chart in percentage terms, gaining 9.63 per cent to close at N2.05 per share.
Wapic Insurance trailed with 6.25 per cent to close at 34k, while Japaul Oil appreciated by 4.76 per cent to close at 22k per share.
Jaiz Bank garnered 3.51 per cent to close at 59k, while Julius Berger grew by 3.03 per cent to close at N17 per share.
Conversely, Beta Glass led the losers chart in percentage terms, losing 9.99 per cent to close at N55.40 per share.
May and Baker followed with a loss of 9.90 per cent to close at N2.73, while Arbico dipped 9.52 per cent to close at N1.14 per share.
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