The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by WTD 2.89% to close at an index level of 35,446.47 and Market capitalization at N12.94trillion.
The sectoral performance was negative as bearish sentiments were witnessed in all sectors. The Oil & Gas sector recorded the highest decline amongst NSE indices with the NSE Oil & Gas Index down by WTD, owing to significant price 5.41% depreciation in SEPLAT (-8.45%) and TOTAL (-5.13%).
The market activities were characterised by profit-taking on 5 out of 5 trading sessions last week despite good earnings scorecard of some companies that released their financials during the week and declaration of dividend by two Tier 1 banks.
In the global space, the equities market witnessed a mixed sentiment last week as investors focused on trade wars between US-China and US-Turkey, and the financial crisis in Turkey. The US Dow Jones fell by 0.59% to close at 25,313.14, erasing all its gains for the month of August while the China CSI 300 rose by 2.71% to close at 3,405.02.
Over the last five trading sessions:
SEPLAT (Seplat Petroleum Dev. Company) fell by 8.45% to close at N650.00.
Recommendation: We place a hold rating on this stock.
FBNH (First Bank of Nigeria Holdings) fell by 4.00% to close at N9.60.
Recommendation: We place a buy rating on this stock.
GUARANTY (Guaranty Trust Bank) fell by 2.62% to close at N39.00.
Recommendation: We maintain a buy rating on this stock.
Contact Anchoria Asset Management Limited for more information
Email: [email protected]
Nigerian bourse falls by 0.12% WoW despite gains from GTBank & Zenith
The NSE All-Share Index and Market Capitalization both depreciated by 0.12%.
The Nigerian All-Share Index and Market Capitalization both dropped by 0.12% to close the week at 24,306.36 and N12.680 trillion respectively.
Nigeria’s bourse closed the week with a total turnover of 901.542 million shares worth N13.453 billion in 18,676 deals traded this week by investors on the floor of The Exchange. This is in contrast to a total of 961.833 million shares valued at N9.181 billion that exchanged hands last week in 20,058 deals.
The NSE All-Share Index and Market Capitalization both depreciated by 0.12% to close the week at 24,306.36 and N12.680 trillion respectively.
The Financial Services industry (measured by volume) led the activity chart with 629.368 million shares valued at N5.186 billion traded in 9,887 deals; thus contributing 69.81% and 38.55% to the total equity turnover volume and value respectively. The ICT industry followed with 59.506 million shares worth N5.161 billion in 684 deals. The third place went to the Consumer Goods industry, with a turnover of 57.136 million shares worth N1.385 billion in 2,993 deals.
Trading in the top three equities namely; Guaranty Trust Bank Plc, Fidelity Bank Plc and Zenith Bank Plc (measured by volume) accounted for 293.678 million shares worth N4.042 billion in 4,334 deals, contributing 32.58% and 30.05% to the total equity turnover volume and value respectively.
25 equities appreciated in price during the week, higher than 13 equities in the previous week. 33 equities depreciated in price, lower than 59 equities in the previous week, while 105 equities remained unchanged, higher than 91 equities recorded in the previous week.
RED STAR EXPRESS PLC up 18.52% to close at N3.52.
P Z CUSSONS NIGERIA PLC up 15.38% to close at N4.50.
STERLING BANK PLC. up 13.04% to close at N1.30.
CORNERSTONE INSURANCE PLC up 10.00% to close at N0.55.
ZENITH BANK PLC up 9.51% to close at N16.70.
CHAMS PLC up 9.09% to close at N0.24.
NIGERIAN AVIATION HANDLING COMPANY PLC up 9.00% to close at N2.18.
GUARANTY TRUST BANK PLC. up 7.93% to close at N22.45.
FIDELITY BANK PLC up 7.19% to close at N1.79.
LAW UNION AND ROCK INS. PLC. up 7.00% to close at N1.07.
CUSTODIAN INVESTMENT PLC down 10.91 to close at N4.90.
CONOIL PLC down 10.00 to close at N18.90.
BETA GLASS PLC. down 9.95 to close at N61.55.
MRS OIL NIGERIA PLC. down 9.78 to close at N12.45.
UNILEVER NIGERIA PLC. down 9.78 to close at N12.45.
LIVESTOCK FEEDS PLC. down 9.68 to close at N0.56.
AXAMANSARD INSURANCE PLC down 9.66% to close at N1.59.
BERGER PAINTS PLC down 9.63% to close at N6.10.
ARBICO PLC down 9.52% to close at N1.71.
UACN PROPERTY DEVELOPMENT COMPANY PLC down 9.09% to close at N0.90.
The Nigerian bourse struggled on most reference levels all week, with the exception of most tier-1 banks, that put up a good show in terms of turnover and gains recorded for the week.
However, with daily case surges in COVID-19 caseloads in major cities around Nigeria, and the high volatility ongoing on Nigeria’s black gold (Brent Crude), Nairametrics envisages cautious buying as geopolitical and economic uncertainty strengthens across the spectrum.
ChainLink’s digital coin skyrockets 388% in 130 days, still soaring
LINK continues to see sky-high daily active addresses.
LINK, an altcoin powered on Chainlink’s decentralized network, is smashing BTC and many other fast-growing digital coins, in terms of the rate at which it has been appreciating in dollar terms lately.
Data from a crypto analytic ranking firm, Coinmarketcap, shows the 12th most valued crypto asset is presently valued at over $2.2 billion dollars (1.2 times more valuable than Nigeria’s most valued bank) with a daily trading volume of over $595 million. It traded as low as $1.60 dollars to its present-day value of over $6.20, showing a percentage gain of more than 387.5% as the price keeps drifting up.
Crypto behavior analytics platform, Santiment, in it feeds detailed that its on-chain volume, along with social volume and daily active addresses, is a “great triple thread to track.” These macros help track whether a given crypto asset is poised to continue its bullish momentum, and in LINK’s case, it shows that the momentum is still on.
$LINK is continuing to see sky-high daily active addresses, indicating just how active the network has been. The four highest outputs in network activity over the past year for #Chainlink have occurred in the past six days. https://t.co/9Vn1WSNKjX pic.twitter.com/1xVMVgfWAV
— Santiment (@santimentfeed) July 10, 2020
Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs. Since blockchains by principle can’t have access to data outside their paths or networks, a defi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.
Among the leading 20 cryptocurrencies by market capitalization, it is viewed as the only top-20 token with a broad, adaptable business application that is easily explained to an average person. Chainlink is the first successful Blockchain application to interact with the outside world.
Nigerian Bourse finishes on a bullish note, triggered by MTN, INTBREW, VITAFOAM
The Nigerian bourse ended the trading week on a positive note leaving the All Share Index (ASI) Stock at 24,306.36 basis points, gaining 0.12%.
Accordingly, Month-to-Date and Year-to-Date losses stand at -0.68 per cent and -9.48% respectively, while market capitalization stood at N12.679 trillion after increasing by N14.76 billion.
Market sentiment, as measured by market breadth, was positive, as 12 stocks gained, relative to 9 decliners. IntBrew, Vitafoam and Glaxosmith led the gainers’ chart, while at the rear of the chart, ABC transport, UBA and GTBank led the chart.
Market upturn was paired with low trading activities compared to the performance recorded yesterday. Total volume and value of stocks traded declined by 29.47 per cent and 62.41 per cent to 131.63 million units and N899.4 million respectively.
STERLNBK was the most traded stock by volume at 17.6million units while ZENITHBANK finished the most traded stock by value at N220.4 million.
Sectoral performance was lukewarm, as one out of the five major sub-indices posted gains, with the Energy and Industrial index closing flat.
The Consumer Goods index (+0.56%) led the gainers, on INTERBREW (+6.94%) and GLAXOSMITH (+4.35%) gains. Losses in UBA (-2.34%), GUARANTY (-1.32%) and ZENITH (-0.30%) impelled losses in the lenders’ Index (-0.68%), followed by the Insurance index (-0.63%), following price decline in REGALINS (-8.33%) and AIICO (-4.26%).
INTBREW up 6.94% to close at N3.85, VITAFOAM up 5.13% to close at N5.33, GLAXOSMITH up 4.35% to close at N4.8,PZ up 3.45% to close at N4.5, MTNN up 0.96% to close at N116.1
ABCTRANS down 8.93% to close at N0.51, UBA down 2.34% to close at N6.25, GUARANTY down 1.32% to close at N22.45, FBNH down 0.95% to close at N5.2, ZENITHBANK down 0.30% to close at N16.7
Nigerian bourse finished on a positive note, with blue-chip stocks like MTN, triggering the rally experienced at the end of the trading week. However, Nairametrics envisages cautious buying on the resurgence of COVID-19 cases reported in Nigeria.