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.
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%.
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%.
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%.
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%.
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%.
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.
Markets
Bears take hold of the NSE Banking index
The NSE Banking Index finished red with a loss of -0.52%.
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.
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.
