Nigerian stocks March

The Nigerian Stock Exchange was on steroids last week as stocks rallied on the back of the new flexible exchange rate policy. Investors decided to take positions in stocks in anticipation of an influx of foreign portfolio investments into the country in the next few weeks or months.

The NSE All-Share Index and Market Capitalization appreciated by 7.40% to close the week at 29,247.27 and N10.045 trillion respectively. In fact, all other major Indices finished higher during the week.

Highlights for the week

  • All share Index closed 7.4%, 5.73%, 15.57%, and 2.1% week to date, month to date, quarter to date and year to date respectively
  • NSE 30 index gained 7.18% during the week and essentially drove the all share index Northwards
  • The market capitalization of the index closed at N10 trillion the first time since November 9th 2015.
  • Banking Index rose 8.75% as most investors expected commercial banks to benefit more from the new forex policy.
  • Forty-four (44) equities gained in price during the week, higher than twenty-seven (27) equities of the previous week. Twenty-four (24) equities depreciated in price, lower than forty-one (41) equities of the previous week, while one hundred and twelve (112) equities remained unchanged equal to that of the previous week.

Top Gainers

Champion Breweries led the gainers chart with a 27% pop. This was followed closely by

Company

Open

Close

Gain (N)

Deal book 300 x 250

% Change

CHAMPION BREWERIES PLC

2.71

3.45

0.74

27.31

FBN HOLDINGS PLC

3.79

4.39

0.60

15.83

GUARANTY TRUST

18.88

21.61

2.73

14.46

NIGERIAN BREWERIES PLC

131.00

148.86

17.86

13.63

N.E.M INSURANCE CO.(NIG) PLC

0.96

1.09

0.13

13.54

DIAMOND BANK PLC

2.12

2.39

0.27

12.74

TRANSNATIONAL CORPORATION OF NIG PLC

1.35

1.52

0.17

12.59

UNITED BANK FOR AFRICA PLC

4.29

4.80

0.51

11.89

DANGOTE CEMENT PLC

165.00

183.81

18.81

11.40

ZENITH INTERNATIONAL BANK PLC

15.00

16.65

1.65

11.00

Top Losers

Fortis Microfinance Bank led the losers chart with a massive 50% drop in value.

Company

Open

Close

Loss (N)

% Change

FORTIS MICROFINANCE BANK PLC

5.15

2.58

-2.57

-49.90

GLAXO SMITHKLINE CONSUMER NIG. PLC

18.21

14.22

-3.99

-21.91

MCNICHOLS PLC

1.40

1.23

-0.17

-12.14

NATIONAL AVIATION HANDLING COMPANY PLC

4.68

4.23

-0.45

-9.62

BERGER PAINTS NIGERIA PLC

8.30

7.60

-0.70

-8.43

LAFARGE AFRICA PLC

80.01

75.00

-5.01

-6.26

LEARN AFRICA PLC

0.76

0.72

-0.04

-5.26

CONOIL PLC

23.00

21.85

-1.15

-5.00

UNIVERSITY PRESS PLC

4.41

4.19

-0.22

-4.99

TRANS NATIONWIDE EXPRESS PLC

1.65

1.57

-0.08

-4.85

The following stocks adjusted their price for dividend payments

Stock Dividend Bonus Ex div price
BETA GLASS CO PLC N0.40 Nil N42.83
FORTIS MICROFINANCE BANK PLC Nil 1 for 1 N2.58
LAFARGE AFRICA PLC N3.00 1 for 10 N68.98
MCNICHOLS PLC N0.05 1 for 10 N1.23

Outlook for the week

We expect the market to continue its bullish runs this week ahead of the end of the full implementation of the new forex policy. Profit taking may take place towards the end of the week when the initial euphoria must have waned. The following stocks are on our radar for major movement;

  • Zenith Bank
  • GT Bank
  • Stanbic IBTC
  • Champion Breweries
  • Nigerian Breweries
  • Seplat
  • Presco
  • Okomu Oil
  • Dangote Cement
  • Forte Oil

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