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Markets

A tale of two banks as NSE ends this week in the red

This week was a bearish one on the Nigerian Stock Exchange.

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NSE John Holt

This week was a bearish one on the Nigerian Stock Exchange, as the All Share Index opened at 32,200.21 basis points and closed at 32,058.28 basis points, down 0.44%.

Year to date, the index is down 16.17%.

24 equities appreciated in price during the week, lower than the 27 in the previous week. 36 equities depreciated in price, lower than 39 of the previous week, while 109 equities remained unchanged, higher than 103 equities recorded in the preceding week.

Gainers

Unity Bank Plc

Unity Bank Plc was the best performing stock this week, appreciating by 30.99%, The stock opened at N0.71 and closed at N0.93, up N0.22. Year to date, the stock is up 75% and is one of the best performing banking stocks year to date.

Flour Mills of Nigeria Plc

Flour Mills of Nigeria Plc gained 11.69%. The stock opened at N15.40, and closed at N17.20, up N1.80. Year to date, the stock is down 40.69%.

Prestige Assurance Plc

Prestige Assurance opened at N0.51 and closed at N0.56, up N0.05 or 9.8%. Year to date, the stock is up 12%.

The company this week proposed a bonus of 41 shares for 100 held. Qualification date is November 27, 2018. The shareholders’ register will be closed from November 28  – December 5, 2018.

GSK Consumer Nigeria Plc

GSK Consumer Nigeria gained 9.55% this week. The stock opened at N11 and closed at N12.05, up N1.05. Year to date, the stock is down 44.24%.

Niger Insurance Plc

Niger Insurance opened at N0.22 and closed at N0.24, up N0.02 or 9.09%. Year to date, the stock is down 52%.

May and Baker Nigeria Plc

May and Baker Nigeria Plc appreciated by 8.70%. The stock opened at N2.30 and closed at N2.50, up N0.20. Year to date, the stock is down 3.85%.

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Mutual Benefits Assurance Plc

Mutual Benefits Assurance Plc also gained 8.70%. The stock opened at N0.23 and closed at N0.25, up N0.02. Year to date, the stock is down 50%.

Oando Plc

Oando Plc opened at N4.65 and closed at N5, up N0.35 or 7.53%. Year to date, the stock is down 16.53%.

Meyer Plc

Meyer Plc gained 7.27%. The stock opened at N0.55 and closed at N0.59, up N0.04. Year to date, the stock is down 15.71%.

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Lafarge Africa Plc

Lafarge Africa Plc, opened at N15 and closed at N16, up N1 or 6.67%. Year to date, the stock is down 64.36%.

Losers

Diamond Bank Plc

Diamond Bank Plc was the worst performing stock this week. The stock opened at N1.28 and closed at N0.90, down N0.38 or 29.69%. Year to date, the stock is down 40%.

C and I Leasing Plc

C and I Leasing Plc shed 25.43% this week. The stock opened at N2.80 and closed at N2.06. Year to date, the stock is up 59.69%.

Eterna Plc

Eterna Plc declined by 17.43% this week. The stock, which was Nairametrics’ stock pick of the week, opened at N5.45 and closed at N4.50, down N0.95. Year to date, the stock is up 10.84%.

Veritas Kapital Assurance Plc

Veritas Kapital Assurance Plc opened at N0.27 and closed at N0.23, down N0.04 or 14.81%. Year to date, the stock is down 54%.

University Press Plc

University Press Plc shed 11.93% this week. The stock opened at N2.18 and closed at N1.92, down N0.26 or 11.93%. Year to date, the stock is down 15.79%.

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UACN Property Development Company

UPDC opened at N1.60 and closed at N1.44, down N0.16 or 10%. Year to date, the stock is down 48.39% and is trading at a year low.

International Breweries Plc

International Breweries opened at N33.55 and closed at N30.20, down N3.35 or 9.99%. Year to date, the stock is down 44.59%.

Julius Berger Nigeria Plc

Julius Berger shed 9.92% this week. The stock opened at N23.70 and closed at a year low of N21.35, down N2.35. Year to date, the stock is down 21.35%.

Ikeja Hotels Plc

Ikeja Hotels Plc opened at N2.27 and closed at N2.05, down N0.22 or 9.69%. Year to date, the stock is up 15.17%.

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Abbey Building Society Plc

Abbey Building Society rounds up the list of the top 10 worst performing stocks this week. The stock opened at N1.17 and closed at a year low of N1.06, down N0.11 or 9.40%. Year to date, the stock is down 18.46%.

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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Business

Cryptocurrency: FG should set up presidential commission on cryptocurrency – ACCI

The Federal Government has been urged to set up a presidential task force on cryptocurrency adoption.

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The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to set up a presidential task force on cryptocurrency adoption, citing increased adoption of cryptos in the global markets.

This was disclosed by Dr Almujtaba Abubakar, ACCI President, in a statement on Friday in Abuja. He suggested that the FG should propose a plan which would enable cryptocurrency to be used in Nigeria’s financial markets.

“The commission should propose a plan of action for phased usage of the technological currency within the Nigerian financial system,” he said.

“We suggest that members of the commission should be drawn from the Central Bank of Nigeria (CBN), Nigerian Stock Exchange, banking /financial Institutions, bitcoin community, digital currency experts and relevant MDAs and organised private sector.

It is our considered view that such a commission will have all facts on the table and will be able to chart a sustainable path forward for Nigeria,” he added.

The ACCI cited Vice President, Osinbajo’s views on cryptocurrency being a global phenomenon that nations must address rather than run away from.

“The policy lacuna impresses on the administration to consider possible options to prepare the nation to cope with the positive and negative fallouts of this new financial technology,” the ACCI boss added.

In case you missed it 

Nairametrics reported that the Securities and Exchange Commission (SEC) had revealed that it was working with the Central Bank of Nigeria for a better understanding and regulation of cryptocurrencies in the country.

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Markets

Bears take hold of the NSE Banking index

The NSE Banking Index finished red with a loss of -0.52%.

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Nigerian Stock Exchange, Nigerian Stocks, Daily market summary, NSE, Bourse bows to bears as ASI dip 0.55% on Friday, NSE: Bears dominant reign continues as ASI shed 4.91% on Tuesday, Bearish trend persists at Nigerian Stock Exchange, as investors lose N456 billion, Bears return, Nigeria’s local bourse drops 0.12%, Bears return Nigeria's ASI index down 3.12% Investors lose N370 billion, Bulls lift Nigerian bourse up 0.10%, as trading volume picks up,  BUACEMENT, CADBURY, WAPCO Bring the Bears to Party, Investors Lose N198.05 Billion

The NSE Banking Index traded bearish at the end of the trading session today. 6 banks posted Gains and 4 Losses were recorded. The NSE Banking Index finished red with a loss of -0.52% adding to the -0.97% held in the previous trading session. The index dropped to 343.03 index points at the close of trading activities today.

Sterling Bank posted a substantial loss of -9.76% adding to the -0.61% held at the previous trading session pushing the price downwards from N1.70 to N1.49 and leading the top losers in the NSE Banking index.

Zenith Bank also saw another loss of -1.38% adding to the -0.91% held in the previous session pushing the price from N22.00 to N21.80.

Jaiz Bank lost some profit from the +6.67% held in the previous trading session by posting a loss of -1.56% settling the price at N0.63.

Fidelity Bank broke the stalemate held at the previous trading session to post a loss of -2.83% settling the price at N2.39 from N2.47.

Union Bank posted profits of +2.20% to settle the price at N4.65.

UBA also made gains of +2.21% pushing the price downwards to N6.95 from N6.80.

Wema Bank recovered from the decline in the previous session to post gains of (+1.79%) pushing the price to N0.58 from N0.55.

GT Bank also posted a profit of +1.39% moving price from 28.75 to N29.15.

Access Bank made a decisive move from its stalemate position with gains of +0.66% settling the price at N7.60.

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Ecobank made profits of (+1.04%) settling the price at N4.90.

Outlook

  • Market sentiment trends towards recovery as 6 companies in the NSE Banking Index made gains as opposed to 4 losses at the end of the trading session today.
  • Nairametrics advises cautious participation in the market amid growing uncertainties in Nigeria.

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