October 7, 2020/Cowry Asset Report

Following14 days of consecutive bullish run,the domestic equities market ASI moderated by 0.95% to close at 28,634.35 points amid renewed bearish activity.

Hence, the year to date gain of the NSE ASI moderated to 6.7%. Also, the Exchange recorded 31losersas against 21gainersas investors sold part of their holdings in blue-chip stocks to book profit amid the recent rise in price. Hence, share prices of MTNN,  ZENITHBANK,  WAPCO, DANGCEM and GUARANTY moderated by 1.54%, 5.53%, 4.27%, 0.13% and 1.90%. Of the five indices tracked, four closed in negative territory except for the NSE Consumer Goods index which rose by 0.24%. The NSE banking, NSE Insurance, NSE Oil/Gas and NSE industrial indices fell by3.27%, 1.99%, 0.10% and 0.34% respectively.

Meanwhile, market activity was bullish as the total volume and value of stocks traded rose by 11.13% and 0.46% to 0.83billion units and N9.5billion.

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