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Top Gainers and Losers: A red month ends on a green note

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Gainers and Losers, Niger Insurance Plc

The Nigerian Stock Exchange ended the week on a positive note as the All Share Index closed at 32,766.37 basis points, up 0.71%.

The index also closed the month, in the red down 5.97%. Year to date, the market is in the negative down 14.32%.

28 equities appreciated in price during the week, lower than 50 in the previous week. 41 equities depreciated in price, higher than 25 equities of the previous week, while 100 equities remained unchanged higher than 94 equities recorded in the preceding week.

Top Gainers

Niger Insurance Plc

Niger Insurance was the best performing stock today. The stock opened at N0.31 and closed at N0.37, up N0.06 or 19.35%. Year to date, the stock is down 26%.

Veritas Kapital Assurance Plc

Veritas Kapital gained 15.38% during the week. The stock opened at N0.26 and closed at N0.30, up N0.04. Year to date, the stock is 40%.

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UACN Property Development Company

UACN Property Development Company appreciated by 14.71%. The stock opened at N1.70 and closed at N1.95, up N0.25. Year to date, the stock is down 30.11%.

First Aluminium Plc

First Aluminium opened at N0.37 and closed at N0.41, up N0.04 or 10.81%. Year to date, the stock is down 18%.

The company had earlier this week held its Annual General Meeting, during which retail shareholders protested its plans to voluntarily delist from the Nigerian Stock Exchange (NSE).

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Stanbic IBTC Holdings

Stanbic IBTC Holdings appreciated by 9.52% this week. The stock opened at N42 and closed at N46, up N4. Year to date, the stock is up 10.41%.

Linkage Assurance Plc

Linkage Assurance Plc opened at N0.64 and closed at N0.70, up N0.06 or 9.37%. Year to date, the stock is up 6.06%.

University Press Plc

University Press Plc appreciated by 7.33% during the week. The stock opened at N1.91 and closed at N2.05, up N0.14. Year to date, the stock is down 10.09%.

Cement Company of Northern Nigeria Plc

Cement Company of Northern Nigeria (also known as Sokoto Cement) opened at N23.70 and closed at N25.30, up N1.60 or 6.75%. Year to date, the stock is up 166.32% and is the best performing stock on the NSE, year to date.

Neimeth International Pharmaceuticals

Neimeth International Pharmaceuticals opened at N0.62 and closed at N0.66, up N0.04. or 6.45%. Year to date, the stock is down 12%.

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Vitafoam Plc

Vitafoam Plc rounds up the list of top 10 gainers. The stock appreciated by 6.06%, opening at N3.30 and closing at N3.50, up N0.20. Year to date, the stock is up 16.67%.

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Losers

Union Bank Plc

Union Bank was the worst performing stock this week. The stock opened at N5.80 and closed at N5.10, down N0.70 or 12.07%. Year to date, the stock is down 34.62%.

Union Diagnostic and Clinical Services Plc

Union Diagnostic and Clinical Services Plc declined by 10.53% during the week. The stock opened at N0.38 and closed at N0.34, down N0.04. Year to date, the stock is down 32%.

Livestock Feeds Plc

Livestock Feeds Plc opened at N0.63 and closed at N0.57, down N0.06 or 9.52%. Year to date, the stock is down 31.33%.

Unity Bank Plc

Unity Bank Plc shed 9.38% this week. The stock opened at N0.96 and closed at N0.87, down N0.09. Year to date, the stock is up 64.15% and is the best performing bank stock.

UAC of Nigeria Plc

UAC of Nigeria Plc opened at N11.80 and closed at N10.70, down N1.10 or 9.32%. Year to date, the stock is down 36.69%.

Nigerian Aviation Handling Company Plc (NAHCO) Aviance

NAHCO Aviance opened at N3.60 and closed at N3.27, down N0.33 or 9.17%. Year to date, the stock is down 17.84%.

ABC Transport Plc

ABC Transport Plc opened at N0.33 and closed at N0.30, down N0.03 or 9.09%.  Year to date, the stock is down 40%.

Guinness Nigeria Plc

Guinness Nigeria Plc also shed 9.09% this week. The stock opened at N88 and closed at N80, down N8. Year to date, the stock is down 14.89%.

Berger Paints Plc

Berger Paints Plc opened at N6.90 and closed at N6.30 down N0.60 or 8.70%. Year to date, the stock is down 25.80%.

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Japaul Oil and Maritime Services Plc

Japaul Oil and Maritime Services Plc opened at N0.24 and closed at N0.22, down N0.02 or 8.33%. Year to date, the stock is down 56%.

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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Stock Market

Slack gains 22% on Salesforce buyout offer

Salesforce is reportedly interested in buying Slack, the popular workplace for many leading firms.

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Salesforce is reportedly interested in buying Slack, the popular workplace for many leading firms like Amazon has sent shares of the smaller firm up over 22% at the most recent trading session.

In a report credited to WSJ, the companies could reach a deal within days and possibly by the time Salesforce reports its third-quarter financial results, Tuesday.

The anticipated deal has got global investors excited as Slack shares gained over 37%, according to data retrieved from Bloomberg. Slack is worth $40.70 per share as of the time of writing, valuing it at around $23.22 billion.

Salesforce the world’s biggest seller of customer relationship software is led by co-founder Marc Benioff, a pioneer in providing software via the cloud through a subscription.

What this means

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Slack is popularly known among many firms for its user-friendly interface. It empowers global businesses to embed workflows. Stock experts anticipate such a deal would be beneficial to well in the Salesforce family of products, which spans marketing, sales, service, and more.

However, at the time of writing of Salesforce fell around 5% as some investors in the American-based SaaS pioneer were not so delighted about such synergy or perhaps worried about the price that would be required to bring such business to Salesforce fold.

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Currencies

Naira crashes across forex markets as CBN Governor hits at black market

At the black market, the Naira depreciated against the dollar to close at N487/$1 on Wednesday.

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Naira depreciates as dollar sales top $100m a day at I&E window, Global Investment Trends Monitor, Foreign Direct Investment

Forex turnover dropped by 68.2%, as Nigeria’s exchange rate at the NAFEX window depreciated significantly against the dollar to close at N393.25/$1 during intra-day trading on Wednesday, November 25.

Also, the naira crashed further against the dollar, closing at N487/$1 at the parallel market on Wednesday, November 25, 2020, as the CBN Governor who alleged that the black market is a tainted market used for bribe and corruption, said the Nigerian official exchange rate should not be determined by the rate at the parallel market.

The CBN, a few days ago relaxed its earlier policy on banning third parties from having access to foreign exchange routed through Form M.

Parallel market: According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira depreciated against the dollar to close at N487/$1 on Wednesday.

(READ MORE: Naira falls to weakest level in 6 weeks at black market despite CBN intervention)

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This represents an N4 drop when compared to the N483/$1 that it exchanged for on Tuesday, November 24.

  • The local currency had strengthened by about 7.8% within one week in September at the black market, as the CBN introduced some measures targeted at exporters and importers.
  • This is to boost the supply of dollars in the foreign exchange market and reduce the high demand for forex by traders.
  • The CBN has sold about $1 billion to BDCs since they resumed forex sales on Monday, September 7, 2020.
  • This was expected to inject more liquidity into the retail end of the foreign exchange market and discourage hoarding and speculation.
  • However, the exchange rate against the dollar has remained volatile after the initial gains made, following the CBN’s resumption of sales of dollars to the BDCs.
  • The President of the Association of Bureau De Change Operators, Aminu Gwadebe, said he expects the impact of the extra liquidity in the market to be gradual.
  • Despite the drop in speculative buying of foreign exchange, the huge demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market.

(READ MORE: Naira stabilizes at black market as CBN continues its intervention in forex market)

NAFEX: The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N393.25/$1.

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  • This represents an N7.75 gain when compared to the N385.50/$1 that it exchanged for on Tuesday, November 24.
  • The opening indicative rate was N386.29 to a dollar on Wednesday. This represents a 33 kobo drop when compared to the N385.96 that was recorded on Tuesday.
  • The N395 to a dollar was the highest rate during intra-day trading before, it still closed at N393.25 to a dollar. It also sold for as low as N383/$1 during intra-day trading.
  • Forex turnover: Forex turnover at the Investor and Exporters (I&E) window declined by 68.2% on Thursday, November 19, 2020.
  • According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $163.87 million on Tuesday, November 24, 2020, to $52.09 million on Wednesday, November 25, 2020.
  • The CBN is still struggling to clear the backlog of foreign exchange demand, especially by foreign investors wishing to repatriate their funds.
  • The drop in dollar supply after some trading days of improvement reinforces the volatility of the foreign exchange market. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country.
  • The average daily forex sale for last week was about $169.93 million, which represents a huge increase from the $34.5 million that was recorded the previous week.
  • Total forex trading at the NAFEX window in the month of September was about $1.98 billion, compared to $843.97 million in August.
  • The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand, and a shaky economy that has been hit by the coronavirus pandemic.
  • A financial expert and Managing Director of Financial Derivatives had stated that he expects the exchange rate at the parallel market to likely depreciate to N470-N475/$1 in November and December due to low oil prices that will further limit foreign exchange supply.
  • Some members of MPC of the CBN have expressed serious concerns over the increasing demand pressure in the country’s foreign exchange market. This is an obligation of manufacturers to their foreign suppliers that continues to increase in the face of dollar shortages.

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Commodities

Oil prices up, energy demand up

Brent oil futures gained 0.51% to trade at $48.86/barrel and the West Texas Intermediate futures ticked up by 0.46% to trade at $45.92/barrel.

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Five oil majors reduce value of their assets by $50 billion in Q2

Crude oil prices continued their bullish trend at London’s trading session on Thursday morning. Oil traders are going long, as recent data from the world’s largest economy reveals a surprise draw in U.S. crude oil stockpiles, coupled with high buying interest from Asia, strengthened the resolve of oil traders to go long.

  • At about 6.15 GMT, Brent oil futures gained 0.51% to $48.86/barrel.
  • West Texas Intermediate futures ticked up by 0.46% to trade at $45.92/barrel.
  • Data from the EIA revealed a plunge of 754,000 barrels for the week to November 20.
  • However, Gasoline stocks gained 2.2 million barrels in the week to 230.2 million barrels, the Energy Information Administration said.

What they are saying

In an explanatory note to Nairametrics, Stephen Innes, Chief Global Market Strategist at Axi, gave deep insights on key fundamentals pushing oil prices up amid a COVID-19 era.

“Oil traded higher on Wednesday in a very tight range until the rally midday in New York. WTI attempted a clean push through $46, and Brent printed through $49 before retracing some.

The inventory numbers released earlier in the NY session helped push the market higher, with the EIA figures more bullish than the previous days’ API estimates and bullish to consensus.”

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He also elaborated on the buying interest seen lately from the Asian economic juggernauts, China and India, which is giving oil bulls enough gas in roaring hard, “Asia’s unquenching demand remains for all to see. Chinese and Indian buying interest continues with tenders issued for both spot and term cargoes, directly responsible for increased demand and reflected in the Brent curve, which has moved to a mild backwardation this week.”

Bottom line

The colossal moves prevailing in the crude oil market over the past two days echo optimism amid positive vaccine development. The flattening of the curve suggests that a positive surprise on current demand is also being reflected.

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