The Nigerian Stock Exchange (NSE) closed the week on a positive note, as the All Share Index closed the week at 32,456.98 basis points, up 0.22%. Year to date, the index is down 15.13%. 29 stocks gained this week, 100 stocks were unchanged and 40 stocks declined.
Here are the top gainers and losers for the week.
Wema Bank Plc
Wema Bank was the best performing stock this week. The stock opened at N0.56 and closed at N0.66, up N0.10 or 17.86%. Year to date, the stock is up 26.92%.
Chemical and Allied Products Plc appreciated by 15.99% this week. The stock opened at N28.45 and closed at N33.00, up N4.55. Year to date, the stock is down 2.94%.
Mutual Benefits Assurance Plc
Mutual Benefits Assurance opened the week at N0.26 and closed at N0.29, up 11.54% or N0.03. Year to date, the stock is down 42%.
Wapic Insurance Plc
Wapic Insurance gained 10% this week. The stock opened at N0.40 and closed at N0.44, up N0.04. Year to date, the stock is down 12%.
Niger Insurance Plc
Niger Insurance opened at N0.30 and closed at N0.33, up N0.03 or 10%. Year to date, the stock is down 34%.
Cornerstone Insurance Plc
Cornerstone Insurance added 10% this week. The stock opened at N0.20, and closed at N0.22, up N0.02. Year to date, the stock is down 56%.
Okomu Oil Palm Company Plc
Okomu Oil opened at N73.20 and closed at N79.80, up N6.60 or 9.02%. Year to date, the stock is up 17.89%.
Neimeth International Pharmaceuticals Plc
Neimeth International Pharmaceuticals gained 8.47% this week. The stock opened at N0.59 and closed at N0.64, up N0.05. Year to date, the stock is down 14.67%.
Caverton Offshore Support Group
Caverton Offshore Support Group opened at N1.84, and closed at N1.97, up N0.13 or 7.07%. Year to date, the stock is up 52.71%.
Redstar Express Plc
Redstar Express Plc appreciated by 6.98% this week. The stock opened at N4.30 and closed at N4.60, up N0.30. Year to date, the stock is down 10.16%.
First Aluminum Plc
First Aluminum Plc was the worst performing stock this week. The stock opened at N0.42 and closed at N0.33, down N0.09 or 21.43%. Year to date, the stock is down 34%.
McNichols Plc declined by 18.06% this week. The stock opened at N0.72 and closed at N0.59, down N0.13. Year to date, the stock is down 50.83%.
Cutix Plc opened at N4.73 and closed at N3.90, down N0.83 or 17.55%. Year to date, the stock is down 94.03%.
John Holt Plc
John Holt Plc fell by 16.98% this week. The stock opened at N0.53, and closed at N0.44, down N0.09. Year to date, the stock is down 12%.
Champion Breweries Plc
Champion Breweries opened at N1.80, and closed at N1.62, down N0.18 or 10%. Year to date, the stock is down.
Honeywell Flour Mills Plc
Honeywell Flour Mills shed 9.93% this week. The stock opened at N1.41 and closed at N1.27, down N0.14. Year to date, the stock is down 39.52%.
The Initiates Plc
The Initiates Plc opened at N0.62, and closed at N0.56, down N0.06 or 9.68%. Year to date, the stock is down 31.71%.
Transcorp Hotels Plc
Transcorp Hotels Plc shed 9.63% this week. The stock opened at N6.75 and closed at N6.10, down N0.65. Year to date, the stock is down 15.40%.
RT Briscoe Plc
RT Briscoe Plc opened at N0.42 and closed at N0.38, down N0.04 or 9.52%. Year to date, the stock is down 24%.
Northern Nigeria Flour Mills Plc
Northern Nigeria Flour Mills opened at N6.50 and closed at N5.90, down N0.60 or 9.23%. Year to date, the stock is up 3.51%.
CBN ‘Naira 4 Dollar Scheme’ will engender Naira stability – ABCON
ABCON) has shown its full support to the recent ‘CBN Naira 4 Dollar Scheme’.
The Association of Bureau De Change Operators of Nigeria (ABCON) has shown its full support to the recent ‘CBN Naira 4 Dollar Scheme,’ noting that it is capable of ensuring a competitive diaspora remittance market space that would spur Naira stability.
This disclosure was made by the President of ABCON, Alhaji Aminu Gwadabe in an interview with the News Agency of Nigeria (NAN).
Alhaji Gwadabe’s reaction was sequel to the recent policy by CBN which instructed commercial banks and IMTOs to pay an incentive of N5 for every USD1 remitted by sender and collected by designated beneficiaries.
Reacting to the recent policy, Gwadabe opined that there was a need to break the monopoly of certain players in the remittances spaces by allowing other relevant stakeholders like BDCs. He cited examples of how Kenya, Ghana and a host of other African countries deepened their remittance space through a competitive market, and how it led to the stability of their domestic currencies.
In addition, Gwadabe cautioned against complacency, noting that more needed to be done for the policy to achieve its anticipated objective of shoring up the value of the Naira through liquidity boost.
Gwadabe said: “There is no doubt the incentive will be somehow attractive to the targeted beneficiaries of the remittances and therefore aimed to address concerns of one of the principal ally in the chain of remittances.
‘’This therefore suggests that it is a window, if well-articulated and includes all the principal allies in the remittances space, will help the Nigerian economy for the availability of FX liquidity,’’ he added.
What you should know
- Nairametrics had earlier reported the introduction of CBN ‘Naira 4 Dollar Scheme’ in a circular issued by the apex bank dated 5th of March, 2021.
- The new policy is expected to create an easier, flexible, and more transparent system of remittance administration that will accelerate investment and growth in Nigeria.
- The scheme became effective today and is expected to elapse by 8th of May, 2021.
Nigerian Stocks bulls stage a comeback, ARDOVA, OANDO rally high
The performance of the market today was largely driven by price appreciation in Nigerian Oil stocks.
Nigerian stocks ended the first trading session of the week bullish. The All Share Index rallied up by 0.17% to close at 39,396.57 index points as against the 0.08% drop recorded last Friday. Its Year-to-Date (YTD) returns currently stand at -2.17%.
- However, the Nigerian trading bourse turnover printed negative as volume dipped by 49.92% as against the 19.18% surge recorded last Friday.
- ZENITHBANK, FBNH, and MANSARD were the most active Nigerian Stocks that boosted the Nigerian Stock market turnover on Monday.
- The Market breadth closed positive as ARDOVA led 24 Gainers as against 14 Losers topped by DNMEYER at the end of today’s session – an improved performance when compared with the previous outlook.
- ARDOVA up 10.00% to close at N14.85
- LINKASSURE up 10.00% to close at N0.55
- CHAMPION up 9.52% to close at N1.84
- OANDO up 9.43% to close at N2.9
- MORISON up 9.09% to close at N0.72
- MEYER down 10.00% to close at N0.45
- LIVESTOCK down 9.87% to close at N2.01
- SCOA down 9.85% to close at N2.38
- IKEJAHOTEL down 9.48% to close at N1.05
- NEM down 6.88% to close at N1.76
Nigerian bourse ended Monday’s trading session on a bullish note amid price swings prevailing in the oil futures market.
- The performance of the market today was largely driven by price appreciation in Nigerian Oil stocks.
- Amidst such turnaround currently in play, Nairametrics envisages caution as recent price action reveals high selling pressures still prevail among a significant number of low and medium-capitalized stocks across the market spectrum.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- 2020 FY Results: Champion Breweries Plc reports a revenue growth of 1.80% in 2020
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020