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.
Access Bank takes third place with 20.7 million shares valued at N131 million were traded in 206 deals.
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.
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.
Union Bank, LINKASSURE push NGX ASI into recovery
The market breadth closed positive with the bulls as LINKASSURE led 25 Gainers, and 16 Losers topped by NEM.
Nigerian stock exchange market made a bullish recovery on the last day of the week’s trading session. This surge was bolstered by gains made by UBN and LINKASSURE amongst others. The All-Share Index increased by +0.21% to close at 39,198.75 from 39,114.73.
- Nigerian Stock Exchange market value currently stands at N20.48 trillion. Its Year-to-Date (YTD) returns currently stand at -2.66%.
- The market breadth closed positive with the bulls as LINKASSURE led 25 Gainers, and 16 Losers topped by NEM, showing a hint of consolation.
- LINKASSURE up +9.25% to close at N0.69
- JOHNHOLT up +9.26% to close at N59
- UBN up +9.09% to close at N5.40
- ROYALEX up +8.33% to close at N0.65
- CHIPLC up +8.33% to close at N0.39
- NEM down -9.50% to close at N1.81
- COURTVILLE down -9.09% to close at N0.20
- SUNUASSUR down -8.47% to close at N0.54
- INITSPLC down -6.98% to close at N0.40
- ETERNA down -6.89% to close at N5.81
The market recovered from a week-long loss as it posts profit at the end of the trading session.
- Market sentiments tend toward bullish momentum as the NGX ASI closes with 25 Gainers and 16 losers.
- Nairametrics however, advises cautious buying in this era of growing uncertainties.
SEC plans to monitor foreign stock brokers in Nigeria
SEC is proposing tighter and stricter regulatory oversight and requirements for foreign stockbrokers in the country.
In an attempt to reduce the demand for foreign stocks in Nigeria, the Securities and Exchange Commission (SEC) is proposing tighter and stricter regulatory oversight and requirements for foreign stockbrokers in the country.
In an interview monitored by Nairametrics, the executive commissioner for operations of the SEC, Dayo Obisan revealed the commission was planning to actively monitor the local facilitators of foreign stocks.
“At least 400,000 Nigerians have invested in foreign stocks through brokers in the past 18 months,” Obisan said, with Nigerians actively trading or holding foreign equities now exceeding those investing in the local market and about 70% of these participants being less than 40 years of age.
This is despite the Nigerian Stock Exchange being dubbed the best performing last year after it gained 50% YTD. Stocks are however down 5% YTD.
In contrast, the S&P 500 Index is currently trading 14.50% YTD, creating a new all-time high.
Also, the value of transactions is down YTD as demand shifts from the Nigerian stock exchange market to the Cryptocurrency and foreign stock market.
“There is an increasing interest among the younger population and this is of concern to the commission primarily because it creates an avenue for exploitation,” Obisan said.
The SEC intends to license firms offering foreign stocks under a “digital sub-broker” regulation, which Obisan says should provide a form of clarity to their activities.
He also stated the requirement will ensure “regulatory responsibilities in on-boarding clients, custody of assets, and compliance with reporting requirements are met”.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Okomu Oil proposes dividend worth N6.7 billion for shareholders.
- Ardova Plc confirms appointment of Oladeinde Nelson-Cole as secretary.
- Cadbury Nigeria Plc set to hold 56th Annual General Meeting (AGM) on June 16.
- FCMB Group Plc appoints Muibat Ijaiya as Director.
- Afromedia Plc reports a loss after tax of N27.3 million in Q1 2021.