Connect with us
UBA ads


Financial sector dominates gainers chart this week

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



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%.


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%.

GTBank 728 x 90

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%.

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%.


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%.

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

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.


The World’s Economy may not survive without a vaccine

Industries like tourism and travel with social distancing rules in place will only scramble for the little they can get while sports stadiums, entertainment hot-spots, etc., will remain closed.



The World’s Economy may not survive without a vaccine

As parts of the world restart economic activities, it is becoming clear that the worst plunge in modern history would need a vaccine or cure before things can revert to normal.

In response to the exogenous shock that is the Covid-19 pandemic, leaders, researchers, analysts, and experts have sought methods, options, – anything to reduce the negative impact of what many now regard as the worst slump since the 1930s. So far, different parts of the world have put systems and structures in place to allow a level of economic activity to continue as it became increasingly clear that full social welfare was simply unsustainable. This is, however, not without the existence of relevant restrictions like temperature checks, social distancing rules, and the latest fashion accessories – masks and gloves.


READ ALSO: Nigerian economy going into recession, might contract by -8.9% – Finance Minister

While this is an admittedly better development than the enforced total lockdown – at least for the economy, this too has its limitations. Economic activities have taken on a sluggish growth pace and while production might continue, global demand remains hamstrung. Industries like tourism and travel with social distancing rules in place will only scramble for the little they can get. Sports stadiums, entertainment hot-spots, etc., will remain closed. Even with the increased dependence of delivery services, restaurants will struggle to make what they used to before. Jobs have been cut and even more will. In essence, the partial reopening of the economy isn’t also sustainable. Yet, it is impossible to ignore the virus itself especially given the risks of a resurgence of the virus in already treated patients and the increasing cases in many parts of the world.

Data obtained from Bloomberg revealed that people infected around the world reached 5 million with a death toll of over 330,000. With the pandemic still on our tails, finding a vaccine is our best bet – and nothing else might be able to beat that. Stephen Jen, CEO of Eurizon SLJ Capital – hedge fund and advisory firm in London told Bloomberg News that there’s some sort of bounty on the virus globally.

GTBank 728 x 90

READ MORE: Osinbajo sets up committee on reopening of Nigerian economy, suspends loan deductions for states

In his words, “I don’t see how it is wiser for investors to bet on the virus than to bet on science, technology, and unlimited political and financial capital in the world to contain and defeat the virus.”

Also, the shares of American drug maker based in Massachusetts, Moderna Inc., hit a record high early in the week, as a result of its early data from a small trial of the company’s Covid-19 vaccine. It, however, gave up some of those gains days after stock traders scrutinized the early nature of the vaccine data.

Bloomberg Economics predicts that the restriction and shutdown of businesses triggered a plunge in economic activities of about 30% and their findings found that the first steps to relax controls will have a good impact on activity than later ones. Yet, our optimism is palpable. Anita Zaidi, Director of Vaccine Development and Surveillance at the Bill & Melinda Gates Foundation have advised that the process of creating an effective immunity could take years, and even then it will have to solve the issue of logistics that is making the vaccine readily available globally.

Today, the world waits in hope that this too passes like many of its predecessors. While it will indeed pass, there still is no saying how long it will take before life reverts to a new but sustainable normal.

Continue Reading


Covid-19 Update in Nigeria

On the 23rd of May 2020, 265 new confirmed cases were recorded in Nigeria bringing the total confirmed cases recorded in the country to 7,526.



COVID-19: FCMB reschedule operations

The spread of novel Corona Virus Disease (COVID-19) in Nigeria has continued to rise rapidly as the latest statistics provided by the Nigeria Centre for Disease Control revealed Nigeria now has 7,526 confirmed cases.

On the 23rd of May 2020, 265 new confirmed cases were recorded in Nigeria


To date, 7526 cases have been confirmed, 2174 cases have been discharged and 221 deaths have been recorded in 34 states and the Federal Capital Territory having carried out 43,328 tests.

The 265 new cases were reported from 13 states- Lagos (133), Oyo (34), Edo (28), Ogun (23), FCT (22), Plateau (6), Kaduna (5), Borno (3), Niger (3), Kwara (2), Bauchi (2), Anambra (2), Enugu (2).

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

GTBank 728 x 90

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4.

The latest numbers bring Lagos state total confirmed cases to 3357, followed by Kano (883), Abuja at 469, Katsina (308), Borno (250), Jigawa (241), Oyo (233), Bauchi (232), Ogun (219),  Kaduna (184), Edo (172), Gombe (145),  Sokoto (116), Rivers (89), Plateau (77),  Zamfara (76).

Kwara State has recorded 75 cases, Yobe (47), Osun (42),  Nasarawa (38), Kebbi (32),  Delta (31), Adamawa (27), Niger (26), Ondo (23), Ebonyi (22), Akwa Ibom (21), Ekiti (20), Taraba and Enugu (18), Bayelsa and Anambra (8), Imo and Abia (7), while Benue state has recorded 5 cases.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
May 23, 20207526265221021745131
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010
Continue Reading


IGR: States make N1.33 trillion in 2019, grows by 14.1%

The report showed that 33 states, including Abuja, recorded positive growth in revenue, while 4 states generated less in 2019 compared to 2018.



IGR, Fiscal federalism in Nigeria, NEC Inauguration, Bailout Fund: FG begins deduction of N614 billion from states’ allocation in 2 weeks , Ekiti, Enugu, Bayelsa, 12 others attract no investment in 1H , States’ debt stock, Fiscal federalism

The latest Internally Generated Revenue (IGR) report released by the National Bureau of Statistics, revealed that 36 states and the Federal Capital Territory, generated a sum of N1.33 trillion in 2019, a 14.1% increase compared to N1.17 trillion generated in 2018.

According to the report, 83.4% (N1.11 trillion) of the generated revenue was in form of taxes, while 16.6% (221.56 billion) was from MDAs’ revenue.


The report showed that 33 states, including Abuja, recorded positive growth in revenue, while 4 states generated less in 2019 compared to 2018.

READ MORE: Lawmakers tackle Finance Minister over failed CCTV project worth $460 million 


GTBank 728 x 90
  • Lagos state maintains its position as the commercial hub of Nigeria as it contributed 29.9% (N398.73 billion) to the total states’ IGR.
  • Rivers state followed, having generated a sum of N140.4 billion, thereby contributing 10.5% to the total revenue generated.
  • The Federal Capital Territory ranked third as it generated N74.56 billion (5.6%) internally.
  • Other states with the biggest IGR for 2019 include Ogun (N70.9 billion), Delta (N64.7 billion), Kaduna (N44.9 billion), Kano (N40.6 billion) as well as Akwa Ibom. Enugu and Kwara states followed with N32.3 billion, N31.1 billion and N30.6 billion respectively.

READ ALSO: Government can unlock N4 trillion by removing these subsidies – PWC

Yobe, Zamfara, Osun, others record highest growth in IGR

While Lagos and Rivers states dwarfed others in revenue generation, Yobe, Zamfara, and Osun states recorded the highest positive growth in IGR for the year ended 2019.

  • Yobe state recorded the highest rise in IGR between 2018 and 2019 as the revenue grew by 92.7% from N4.38 billion to N8.44 billion.
  • Zamfara and Osun states followed with respective growths of 87.85% and 72.64%. Specifically, Zamfara state grew its revenue from N8.2 billion to N15.4 billion, while Osun IGR rose from 10.4 billion in 2018 to N17.9 billion in 2019.
  • Other states that significantly grew their IGR include Benue, Adamawa and Kaduna, having grown their revenue by 59.2%, 56.4%, and 52.7% respectively.


Revenue drought amidst COVID-19 pandemic

As the confirmed cases of COVID-19 in Nigeria continue to increase by the day, having spread across 34 states of the federation, and forcing a partial shutdown of the economy, the country faces a possible recession in 2020.

Recall that IMF earlier predicted that Nigeria’s economy would slide by 3.4% in 2020 and the Finance Minister recently admitted that the crash in crude prices would negatively affect the country’s revenue and foreign exchange earnings.

READ MORE: Rising Wages and Low Productivity: The Need for a Justified Minimum Wage Agreement

The internally generated revenue serves a major source of revenue for most states, but with the decline in economic activities during the pandemic, there is a major concern as to how most states will be able to manage their affairs.


Meanwhile, many states and local governments depend on monthly statutory allocations from the central vault to carry out their businesses, and as the country’s revenue is expected to decline, the FAAC allocations to states will also reduce.

The big question is how will the states fare amidst COVID-19 pandemic.

Continue Reading