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Markets

Nigerian Stock Exchange plunges to 9 month low

The Nigerian Stock Exchange fell to its worst performance year to date.

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NSE Nigerian stocks, UBA, Zenith, First Bank lead actively traded stocks on Tuesday , Courteville, Jaiz Bank, Transcorp lead gainers on Friday 

The Nigerian Stock Exchange fell to its worst performance year to date as the All Share Index closed at 32,292.79 basis points, down 3.46% and below the 33,000 mark. Today’s close was the highest daily loss in the last two years.

Year to date, the index is down 15.56%.

The drop was largely due to Dangote Cement falling sharply in today’s trading session. The stock closed at N210, down 5.83%. The stock accounts for about a third of the total market capitalisation on the NSE.

Top Gainers and Losers

Law Union and Rock Insurance Plc was the best performing stock in today’s trading session. The stock closed at N0.60, up 9.09%. Skye Bank Plc followed closely, appreciating by 8.93% to close at N0.61. Jaiz Bank plc rounds up the top three gainers, closing at N0.53, up 6%.

On the flip side, Universal Insurance Plc was the worst performing stock today. It closed at N0.27, down 10%. Cement Company of Northern Nigeria (CCNN) was next, declining by 9.87% to close at N27.85. Fidelity Bank Plc rounds up the top three losers, falling by 9.58% to close at N1.51.

Top Trades by Volume

Access Bank was the highest traded stock by volume as 46.8 million shares valued at N368 million were traded in 157 deals.

FBN Holdings was next with 22.6 million shares valued at N194 million traded in 300 deals.

Transcorp rounds up the top three most traded stocks by volume with 19.6 million shares valued at N22.1 million traded in 140 deals.

Notable Trade: 18.7 million Dangote Cement shares valued at N3.9 billion traded in 59 deals.

Corporate Actions

Courteville Business Solutions Plc

The Board of Directors of Courteville Business Solutions Plc have unanimously approved the appointment of Afam Edozie as the substantive Chairman of the company’s Board of Directors.

Edozie succeeds Capt. M.O Salami (Rtd), who retired from the board with effect from June 29, 2018.

Notore Chemical Industries Plc

Notore Chemical Industries Plc has announced the appointment of Ohis Ohiwerei as Group Deputy Managing Director (DMD) and Chief Financial Officer (CFO), effective September 17, 2018.

Femi Agbaje, the current Chief Financial Officer, will retire effective September 17, 2018, but remain on the board as a Non-Executive Director.

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The company also disclosed that maintenance on its ammonia plant would commence on the 14th of September 2018. The exercise is expected to last between 15-20 days and will enhance the plant’s production capacity.

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E-Tranzact International Plc

The Nigerian Stock Exchange has reclassified E-Tranzact International Plc (ETranzact) from a Medium Priced Stock to Low Priced Stock effective today.

The change is in line with the NSE’s amended rules on pricing and par value.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Market Views

Strong gains from WAPCO, Unity Bank limits Bears grip on Nigerian Stocks

Strong gains from WAPCO couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among medium capitalized stocks.

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Nigerian Breweries brings the Bears to party, Investors down N20.5 billion 

Nigerian stocks ended the last trading session on a near-stale mate. the All Share Index dropped by -0.08% to close at 39,331.61 index points as against the -0.40% plunge recorded on Thursday. Its Year-to-Date (YTD) returns currently stand at -2.33%.

  • However, the market trading turnover on Friday printed positive as volume ticked up by +19.18% as against the +101.84% uptick recorded yesterday.
    MANSARD, ZENITHBANK, and FBNH were the most active to boost market turnover.
  • The market breadth closed negative as MORISON led 20 Gainers as against 27 Losers topped by TRIPPLEG at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

  1. MORISON up 10.00% to close at N0.66
  2. WAPCO up 9.90% to close at N22.2
  3. NEM up 9.88% to close at N1.89
  4. SKYAVN up 9.54% to close at N3.33
  5. UNITYBNK up 8.96% to close at N0.73

Top losers

  • TRIPPLEG down 10.00% to close at N0.72
  • TRANSEXPR down 10.00% to close at N0.81
  • UHOMREIT down 9.96% to close at N36.6
  • CUTIX down 9.95% to close at N1.81
  • SCOA down 9.90% to close at N2.64

Outlook

Nigerian Stocks ended the mid-week trading session on a slightly bearish note, amid soaring oil prices prevailing at the U.S trading session. At the time of writing this report, Brent crude was trading below $68.70/barrel.

  • That being said, strong gains from WAPCO couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among medium capitalized stocks.
  • Nairametrics envisages cautious buying, on the sentiments that recent price action shows further market correction as bargain hunters keep a tab on Nigerian macros.

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Cryptocurrency

XRP stands firm, investors wait on Ripple’s legal outcome

XRP price traded at $0.457053 with a daily trading volume of about $6 Billion. XRP is up 1.94% for the day.

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XRP

Investors are anxiously waiting for the legal outcome filed against Ripple, creators of XRP, as the digital asset, recorded decent gains amid recent price market correction prevailing at the crypto-verse

Investors are holding firm on reports that revealed Christian Larsen, the Chairman of Ripple, has joined company CEO Brad Garlinghouse in passing a motion to dismiss the charges filed by the U.S. Securities and Exchange Commission.

In a court letter filed recently, the Chairman of Ripple’s attorneys provided facts detailing their reasons on why the legal case against the Ripple executive should be struck.

According to the letter, the SEC has not been able to prove its evidence that the Ripple top executive“knowingly or recklessly provided substantial assistance” towards the violation of Section 5 of the Securities Act of 1933.

What you should know: At press time, XRP price traded at $0.457053 with a daily trading volume of about $6 Billion. XRP is up 1.94% for the day.

The crypto asset is currently the 7th most valuable crypto with a market value of $20.7 billion.

That being said, its parent company, Ripple is currently piloting a private type of open-source, public XRP ledger that allows Central Banks to create and manage a digital currency—enabling global interoperability.

  • Recall some months back, Ripple revealed to the public that it was informed by the U.S Securities and Exchange Commission that they had plans to sue the founders in a Federal civil court. Ripple and its top lieutenants further disclosed that they planned to fight such allegations.
  • Ripple has however significantly upgraded on how it manages XRP, relinquishing control of the future development of XRP over to independent developers.

But it still holds about 6.4 billion XRP directly and has an additional 48 billion XRP held in an escrow from which it periodically sells to the public.

It has so far distributed 45 billion XRP since its debut. That is different from the ways in which bitcoin is created and distributed.

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