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Markets

NSE opens bullish in the aftermath of the Presidential Elections

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Nigerian Stock Exchange, NSE: Return of the Bulls, Bulls reign at the bourse as stocks gain N460.69 billion on Wednesday, Okomu, UACN, Ekocorp top gainers list on Friday, Stock Market closed the week bullish as ASI grew 0.94% , Investors gain N41.94 billion on Tuesday as Bulls make rebound, NSE: Bearish trade costa investors N12.2 billion on Tuesday, NEM, Mansard, First Bank lead gaining stocks as ASI grew 0.61%, Nigerian bourse breathes a sigh of relief, index up 0.17%, Bulls charged Nigerian bourse, ASI Index up 1.09% investors gain N128.49 billion, Bulls stage comeback has ASI up 0.19%, investors gain N21.86 billion, Bulls gain momentum, as stimulus package lifts global financial markets, Bulls dominate Nigerian bourse investors gain N162 billion

The Nigerian Stock Exchange (NSE) closed today’s trading session on a positive note. The All Share Index ended today’s trading session at 32,700.12 basis points, up 0.57%. Year to date, the index is up 4.04%.

Top Gainers and Losers

Dangote Flour was the best performing stock today. The stock gained 9.95% to close at N11.05. ABC Transport was next appreciating by 9.62% to close at N0.57. Veritas Kapital rounds up the top three gainers with 9.52% to close at N0.23.

On the flip side, Union Diagnostics and Clinical Services was the worst performing stock today. The stock declined by 6.45% to close at N0.29. Total Nigeria was next, dropping 2.56% to close at N190. Cutix rounds up the top three losers, shedding 1.58% to close at N1.87.

Top Trades by Volume

Nigerian Breweries was the most actively traded stock today. 42.7 million shares valued at N3.5 billion were traded in 78 deals.

Diamond Bank was next with 30.7 million shares valued at N75 million were traded in 63 deals.

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Access Bank takes third place with 20.7 million shares valued at N131 million were traded in 206 deals.

Corporate Actions

BOC Gases Plc

BOC Gases Plc will be holding a board meeting on March 12, 2019. Agenda is the consideration of the company’s full-year 2018 results and a proposed dividend.

GlaxoSmithKline

The Board of Directors of GlaxoSmithKline Consumer Nigeria plc will meet on Thursday 7th March 2019 to consider and approve the 2018 Audited Financial Statements, as well as issues pertaining to a proposed dividend and its AGM.

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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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Stock Market

GTBank, Total, MTN Nigeria, push investors to gain N119 billion

The overall market capitalization size gained N119 billion to close today at N14.027 trillion.

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Global stocks sell-off persists as resurgence of COVID-19 frighten investors 

Trading at the Nigerian Stock Exchange closed in bullish for the third consecutive trading session on Wednesday.  The All-Share Index (ASI) advanced further by 0.85% to close at 26,837.42 points.

Similarly, the overall market capitalization size gained N119 billion to close today at N14.027 trillion.

  • The upturn was impacted by gains recorded in large and medium capitalized stocks, including Total, MTN Nigeria, Guaranty Trust Bank, and Zenith Bank.
  • A total volume of 322 million units of shares, valued at N4.03billion exchanged hands in 4,046 deals
    STERLINGBANK was the most traded shares by volume at 83.6million units while ZENITHBANK topped by value at N443.3million.
  • Investor sentiment as measured by market breadth was positive as 21 stocks advanced against 9 decliners. TOTAL (+10.00%) led the gainer’s chart, while NB (-6.76%) finished the top loser.
  • Sector Performance was mainly positive as four of the five indices recorded gains.
  • NSE Banking Index: Advanced by 1.93%, lifted by FCMB (+4.29%), GUARANTY (+3.70%) and ZENITHBANK (+2.00%).
  • NSE Industrial Index: Gained 1.40%, on buy interest in DANGCEM (+2.81%).
  • NSE Oil & Gas Index: Improved by 0.94%, on TOTAL (+10.00%) price appreciation.
  • NSE Insurance Index: Up marginally by 31%, saved by WAPIC (+5.71%) and CUSTODIAN (+4.00%)
  • NSE Consumer Goods Index: Down by -1.66%, on sell-offs in NB (-6.76%), PZ (-5.88%) and DANGSUGAR (-0.80%

Top gainers

  • TOTAL up 10.00% to close at N96.8
  • UACN up 9.45% to close at N6.95
  • GUARANTY up 3.70% to close at N28.05
  • DANGCEM up 2.81% to close at N142.9
  • MTNN up 1.18% to close at N129

Top Losers

  • UPL down 6.77% to close at N1.24
  • NB down 6.76% to close at N49
  • PZ down 5.88% to close at N4
  • UBN down 2.91% to close at N5
  • DANGSUGAR down 0.80% to close at N12.4

Outlook

Nigerian bourse continued its bullish run for a 3-day running streak amid selling pressures in crude oil and global equities.

  • The recent affirmation by a global financial rating agency,(Fitch Ratings) has revised the Outlook on Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B’ showing the worse seems to be over, as crude oil prices, Nigeria’s major earning is selling at a profitable price margin, coupled with the Foreign exchange restrictions on certain goods, have kept the nations foreign reserve fairly relatively stable.
  • Also, significant buying pressures from blue-chip stocks which include Total, GTBank, MTN Nigeria, and Dangote cement kept the bullish momentum fired up on all cylinders
  • In spite of the gains recorded in the past few weeks, Nairametrics envisages caution when choosing stocks to buy as the COVID-19 pandemic remain on major headlines around the world coupled with the rising cost of goods and services, dampening the morale of retail investors relatively.

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Cryptocurrency

Crypto: Large investors transfer over 700,000 Ethers

Large investors moved over 700,00 Ether coins in five different transactions from unknown wallets.

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cryptocurrency, Crypto: Large investors transfer over 700,000 Ethers

Ethereum whales are going for a rebound as price pick up from its recent lows.

Statistics seen from Whale Alert, an advanced crypto tracker showed large investors moved over 700,00 Ether coins in five different transactions from unknown wallets to unknown wallets.

READ: Over 1,000,000 stolen XRP transferred from Kucoin to major crypto exchanges

Highlights of some transactions seen by Nairametrics include;

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READ: Investor moves $133 million worth of Bitcoins, suspected from Coinbase

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What you should know; Nairametrics had in recent times, observed the high movement by these Ethereum whales as these large entities have purchased almost half of all the Ethereum mined so far in 2020

At the time this report was drafted Ethereum traded at $357.11 with a daily trading volume of about $10 Billion. ETH price is up 0.1% in the last 24 hours. It has a circulating supply of 110 Million coins and a max supply of ∞ coins.

READ: Warning signs: Ethereum daily active wallets hit a 67-day low

Whales are basically large entities that own a significant amount of Ethers This means that an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.

Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

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READ: After 22 years, NBS is set to commence National Business Sample Census

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Quick fact; Ethereum 2.0 is an upgrade that aims to solve the blockchain trilemma – security, scalability, and decentralization.

  • In alternative smart contract platforms, they are designed to be highly scalable but compromises on decentralization.
  • Whereas a highly secured and decentralized blockchain network would have the trade-off being highly unscalable.
  • Ethereum 2.0 brings a very different flavor of design that aims to address those issues by way of using Proof-of-Stake (POS), Beacon Chain, Sharding, and Execution Environment. Due to the complexity of the project, the development will take place in 3 phases

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Companies

Dangote Sugar lists additional ordinary shares on NSE

This arose from the Scheme of Merger between Dangote Sugar Refinery Plc and Savannah Sugar Company Limited (SSCL).

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Dangote Sugar lists additional ordinary shares on NSE

Dangote Sugar refinery Plc (DSR) a major subsidiary of the Dangote Group, has disclosed that it has listed 146,878,241 additional ordinary shares on the Nigerian Stock Exchange (NSE), as a result of the recent merger with Savannah Sugar Company Limited.

This disclosure signed by Head, Listings Regulation Department, Godstime Iwenekhai, was released during trading hours on Wednesday.

In line with the resolution passed at the Court-Ordered meeting of members of Dangote Sugar Refinery Plc on the 9th of July 2020, the additional shares listed on the Exchange arose from the Scheme of Merger between Dangote Sugar Refinery Plc and Savannah Sugar Company Limited (SSCL).

The additional 146,878,241 ordinary shares of 50 kobo listed are in consideration for the transfer by SSCL of all its assets, liabilities and business undertakings, including real property and intellectual property rights to DSR.

Hence, these shares shall be issued and allotted to the shareholders of SSCL (The Scheme Shareholders), in place of 162,756,968 ordinary shares held by the Scheme Shareholders in SSCL as at close of business on the terminal Date, when Dangote Sugar merged with Savannah Sugar Company Limited.

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(READ MORE:First Bank tops as Nigerian banks record lower E-business income)

With the listing of the additional 146,878,241 ordinary shares, the total issued and fully paid-up shares of Dangote Sugar Refinery Plc has now increased from 12,000,000,000 to 12,146,878,241 ordinary shares of 50 kobo each.

Financial performance of Dangote Sugar Refinery Plc

Results for the first half of 2020 ended June 30, 2020, show revenue increased from N80.363 billion in the corresponding period of 2019 to N103 billion, as the company continue to benefit from border closure.

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However, the profit of the company in H1 2020 was marginally higher than the profit in the corresponding period of 2019, as a result of higher raw material and consumables costs which rose faster than the increase in revenue.

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