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Markets

Financial sector dominates gainers chart this week

The Nigerian Stock Exchange (NSE) closed the week on a positive note.

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Gainers and Losers, Niger Insurance Plc

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.

Top Gainers

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%.

CAP Plc

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%.

 Top Losers

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

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%.

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Cutix Plc

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%.

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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%.

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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%.

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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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Currencies

CBN ‘Naira 4 Dollar Scheme’ will engender Naira stability – ABCON

ABCON) has shown its full support to the recent ‘CBN Naira 4 Dollar Scheme’.

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ABCON disagrees with those calling for naira devaluation

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.

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Market Views

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.

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Value of shares traded by top 10 stockbrokers up 133% despite COVID-19, investors, Raging Bulls lift Brent Crude price by 10%

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.

Top gainers

  1. ARDOVA up 10.00% to close at N14.85
  2. LINKASSURE up 10.00% to close at N0.55
  3. CHAMPION up 9.52% to close at N1.84
  4. OANDO up 9.43% to close at N2.9
  5. MORISON up 9.09% to close at N0.72

Top losers

  1. MEYER down 10.00% to close at N0.45
  2. LIVESTOCK down 9.87% to close at N2.01
  3. SCOA down 9.85% to close at N2.38
  4. IKEJAHOTEL down 9.48% to close at N1.05
  5. NEM down 6.88% to close at N1.76

Outlook

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.

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