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Markets

Fidelity Bank leads weekly losers following U Turn

Fidelity Bank Plc was the worst performing stock on the Nigerian Stock exchange this week, declining by 13.08%. The stock opened at N2.37 and closed at N2.06, down N0.31.

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NSE, Gainers and Losers, Nigerian Stock exchange

This week was a bearish one on the Nigerian Stock Exchange as the all share index closed at 31,041.42 basis points, down 0.31%. Year to date, the index is down 1.24%. 

21 equities appreciated in price during the week, lower than 32 in the previous week. 36 equities depreciated in price, lower than 38 equities of the previous week, while 111 equities remained unchanged, higher than 98 equities recorded in the preceding week. 

Top Gainers 

Eterna Plc 

Eterna Plc was the best performing stock this week. The stock opened at N4.80 and closed at N5.30, up N0.50 or 10.42%. Year to date, the stock is up 12.77%. 

Yesterday, the company released its full year audited results for the 2018 financial year. Revenue increased from N171 billion in 2017 to N253 billion in 2018. Profit before tax fell sharply from N2.8 billion in 2017 to N1.9 billion in 2018. Profit after tax also fell from N2 billion in 2017 to N1 billion in 2018.  

Eterna Plc also declared a dividend of N0.25.  

Red Star Express Plc  

Red Star Express Plc opened the week at N5 and closed at N5.50, up N0.50 or 10%. Year to date, the stock is up 30.95%, and is trading at a year high.  

Ikeja Hotel Plc 

Ikeja Hotel Plc gained 9.94% this week. The stock opened at N1.71 and closed at N1.88, up N0.17 or 9.94%. Year to date, the stock is up 22.88%. 

The company released its full year 2018 results during the week. Turnover increased from N12.1 billion in 2017 to N13.2 billion in 2018. Profit before tax jumped from N733 million in 2017 to N1.2 billion in 2018. Profit after tax also rose from N603 million in 2017 to N1.1 billion in 2018.  

I Leasing Plc  

C & I Leasing Plc opened the week at N7.27 and closed at N7.99, up N0.72 or 9.90%. Year to date, the stock is up 348% (due to a share reconstruction).  

ABC Transport Plc  

ABC Transport Plc gained 8.16% this week. The stock opened at N0.49 and closed at N0.53, up N0.04. Year to date, the stock is up 82.76%. 

During the week, the company released its audited 2018 results. Revenue dipped from N7.1 billion in 2017 to N6.8 billion in 2018. Profit before tax fell from N766 million in 2017 to N67.1 million in 2018. The firm recorded a N113 million loss in 2018, as against a N513 million profit recorded in 2017.  

Seplat Petroleum Development Company Plc 

Seplat Petroleum opened the week at N550 and closed at N590, up N40 or 7.27%. Year to date, the stock is down 7.81%. 

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Medview Airline Plc  

Medview Airline Plc gained 5.88%. The stock opened at N1.70 and closed at N1.80, up N0.10. Year to date, the stock is down 12.20%. 

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Nestle Nigeria Plc  

Nestle Nigeria Plc opened the week at N1,500 and closed at N1,580, up N80. Year to date, the stock is up 6.40%. 

Livestock Feeds Plc  

Livestock Feeds Plc gained 5% this week. The stock opened at N0.60 and closed at N0.63, up N0.03. Year to date, the stock is up 28.57%. 

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The company this week released its full year 2018 results. Revenue dropped from N10.1 billion in 2017 to N7.8 billion in 2018. The company swung into a N23.1 million loss before taxas against a N469 million profit made in 2017. However, loss after tax moderated N725 million in 2017 to N620 million in 2018.  

11 Plc  

11 Plc rounds up the top 10 gainers for the week. The stock opened at N170 and closed at N178, up N8 or 4.71%. Year to date, the stock is down 4.04%. 

Top Losers 

Fidelity Bank Plc  

Fidelity Bank Plc was the worst performing stock this week, declining by 13.08%. The stock opened at N2.37 and closed at N2.06, down N0.31. Year to date, the stock is up 1.5%

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This week, the bank released its audited full year 2018 results. Gross earnings increased from N180 billion in 2017 to N188 billion in 2018. Profit before tax rose from N19.2 billion in 2017 to N25 billion in 2018. Profit after tax rose from N17.7 billion in 2017 to N22 billion in 2018.  

A dividend of N0.22 was initially suggested in an earlier version of its financial statements. A notice was then issued, indicating the bank would pay a much smaller sum of N0.11 

Dangote Flour Mills Plc 

Dangote Flour Mills opened the week at N11.60 and closed at N10.20, down N1.40 or 12.07%. Year to date, the stock is up 48.91%.  

Sovereign Trust Insurance Plc 

Sovereign Trust Insurance declined by 9.09% this week. The stock opened at N0.22 and closed at N0.20, down N0.02. Year to date, the stock is down 4.76%. 

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The company released its full year 2018 results, this week. Gross premium written increased from N8.5 billion in 2017 to N10.5 billion in 2018. Profit before tax jumped from N202 million in 2017 to N540 million in 2018. Profit after tax also rose from N157 million in 2017 to N344 million in 2018.  

Mutual Benefits Assurance Plc  

Mutual Benefits Assurance Plc opened the week at N0.24 and closed at N0.22, down 8.33%. Year to date, the stock is up 4.76%.  

Academy Press Plc  

Academy Press also declined by 8.33% this week. The stock opened at N0.36 and closed at N0.33, down N0.03. Year to date, the stock is down 34%, and is trading at an all time low.  

Presco Plc  

Presco Plc shed 7.72% this week. The stock opened at N68 and closed at N62.75, down N5.75. Year to date, the stock is down 1.95%. 

PZ Cussons Nigeria Plc  

PZ Cussons Nigeria Plc opened the week at N10.50 and closed at N9.80, down N0.70 or 6.67%. Year to date, the stock is down 19%. 

The company this week released its results for the nine months ended February 2019. Turnover fell from N63.2 billion in 2017 to N55 billion in 2018. Profit before tax fell from N1.9 billion in 2018 to N936 million in 2019. Profit after tax also dropped from N1.3 billion in 2018 to N807 million in 2019. 

NPF Microfinance Bank Plc 

NPF Microfinance Bank shed 6.29%. The stock opened at N1.59 and closed at N1.49, down N0.10. Year to date, the stock is down 9.70%. 

LASACO Assurance Plc 

LASACO Assurance opened the week at N0.32 and closed at N0.30, down N0.02 or 6.25%. Year to date, the stock is flat.  

Access Bank Plc 

Access Bank rounds up the top 10 losers for the week. The stock shed 5.84% this week, opening at N6.85 and closing at N6.45, down N0.40. Year to date, the stock is down 5.15%. 

 

 

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]

2 Comments

2 Comments

  1. patrick amoah

    March 30, 2019 at 11:59 am

    i want to invest

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Cryptocurrency

Why Bitcoin could be worth $1,000,000

Leader of Europe’s biggest crypto exchange revealed the price of the flagship crypto could hit the $1,000,000 million mark.

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Crypto, Investors flock to US dollar, Gold, Bitcoin, as Global Stocks record heavy sell-offs, Twitter Poll: Bitcoin price expected to reach $100,000 by 2021, cybercriminals, What it will take Bitcoin to hit $100,000?

Jesse Powell, the leader of Kraken, Europe’s biggest crypto exchange said Bitcoin could be priceless and the world will soon give up pricing the world’s most popular crypto asset in U.S dollar terms.

Speaking to Bloomberg, he revealed the price of the flagship crypto could hit the $1,000,000 million mark within a decade.

He said, “The people that are believers in Bitcoin see… it’s going to replace all of the world’s currency so that basically means whatever the market cap of the dollar is, the euro — all of that combined is what Bitcoin could be worth,” Powell continued.

“I think in the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next ten years is pretty reasonable.”

The top European crypto leader was obviously bullish on the flagship crypto-asset;

“Of course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think it’s going to infinity,” he told Bloomberg TV about future price trajectory.

“This national currency’s only fifty years old, it’s already showing extreme signs of weakness, and pretty soon I think people are going to start measuring the price of things in Bitcoin,” he noted.

In addition, a crypto strategist  William Clemente said, “Looking at Reserve Risk, this Bitcoin Bullish Run is still in its Early-Mid stages.”

Recall some months back, Raoul Pal, the founding partner and CEO of Global Macro Investor who has more than 50% of his capital in the flagship crypto, predicted a wave of institutional funds that could likely push Bitcoin to $1,000,000 in the next 5 years.

In an interview with Stansberry Research, as seen on Youtube, the former hedge fund manager revealed the global economy was moving from the “hope phase” to the “insolvency phase” as global investors realize that the economy is going to take much longer recovering from COVID-19 pandemic than anticipated.

He said, “There’s no stimulus around, and we’ve got more problems to come to Europe, the US, and elsewhere, and businesses don’t have enough cash flow. They’re closing in droves and that’s what I call the ‘Insolvency Phase’…

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“Yeah, I think [$1 million is] about right. Just from what I know from all of the institutions and all of the people I speak to, there is an enormous wall of money coming into this. It’s an enormous wall of money. Just the pipes aren’t there to allow people to do it yet, and that’s coming, but it’s on everybody’s radar screen and there’s a lot of smart people working on it.”

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Cryptocurrency

Why buying Bitcoin in Nigeria is not cheap

It appears to have become much difficult for Africa’s most important crypto market to get Bitcoin at a fair value.

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It’s no longer news that the recent CBN reminder restricting Nigerian financial institutions from Bitcoin and other Crypto assets have started to spur negative effect in the crypto industry when considering the cost of buying the world’s most popular cryptocurrency at Africa’s largest crypto market.

A recent study by Nairametrics revealed the flagship crypto asset, Bitcoin traded as high as 46% premium on some P2P exchanges and untraditional channels when compared to the use of Nigerian bank debit cards before the Crypto ban took effect, meaning the price of a bitcoin on such platforms was much expensive than its average price on other Crypto exchanges of around $49,000 at the time.

Crypto experts are of the bias that although the Central Bank’s recent directive does not criminalize ownership of Bitcoin, the circular will however make it difficult for them to process debit, credit card, and bank transfer transactions.

READ: Bitcoin joins the trillion-dollar club with Apple, Saudi Aramco and Google

This is already increasing the complexity of a significant number of Nigerians that often use their local currencies in buying crypto assets. Many Crypto exchanges interviewed by Nairametrics spoke on the challenges many of its Nigerian users face buying Bitcoin at a fair value on the account that Nigerian leading financial payment providers such as Paystack, Flutterwave have arbitrarily cut ties with Crypto exchanges.

Adding more woes to young Nigerians adamant about buying the flagship crypto asset is the prevailing dollar scarcity in Africa’s leading economy which had often led many to buy the dollar at the black market rate of as high as N500, knowing fully well that all Crypto assets value are denominated in U.S dollar.

Adding credence to this, Rume Ophi a.k.a. Cryptopreacher, and Nigerian Crypto Educationist said;

“Nigeria’s bitcoin price isn’t consistent because it is pegged to the dollar (Usdt), which is a bit different from the parallel market, the one we call the black market or abokifx.”

READ: Nigeria’s cryptocurrency ban: A legal analysis

He added weight to the exchange rate disparity on some Crypto exchanges and other channels Nigerians have been left with

“At the time of writing, Paxful an online peer 2 peer platform pegged 1 USDT to 475. This means you need 475 naira to get 0.0000004sat (the smallest unit of bitcoin is called sat). Whereas a black market vendor is also known as OTC will sell for 480/$,” Ophi said.

The effect of the CBN crypto ban is already breeding bad actors that are currently taking advantage of the high thirst for Bitcoin as Luno a leading African-based Crypto exchange in an email sent to Nairametrics sheds more light on the cost bitcoin buyers in Nigeria must bear;

“Pushing people underground also makes it easier for scammers to exploit Nigerians, and we are already seeing Bitcoin trade at huge premiums in the country as a result of the ban.

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“Other companies have made the choice to find workarounds that are less visible for regulators – for example, Peer-2-Peer (P2P) trading. Our view is that P2P trading would go against the spirit of the CBN’s directive.

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“We believe that the focus should instead be on demonstrating to the CBN that exchanges such as Luno have the necessary controls in place to address the concerns it has in relation to cryptocurrencies.”

READ: Most powerful financial leader takes side with CBN, says Bitcoin is untrustworthy

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What you should know

  • Recall, the Central Bank of Nigeria had recently notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets.
  • In a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
  • Nigerian Apex bank further warned Nigerian financial stakeholders that any breach of this directive will attract serious regulatory sanctions.

READ: Why Crypto black market is thriving in Nigeria

Luno also spoke on the effect the CBN crypto ban will have on Nigerians in the long term, stating,

Any attempt to restrict access to cryptocurrency does not protect Nigerians. It holds them back and leaves them vulnerable. It prevents honest Nigerians from taking advantage of all that cryptocurrency has to offer them.”

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Bottom line: The rate of purchasing the most widely used Crypto asset in Nigeria is currently trading at a premium amid the Central Bank’s directive, suggesting it is getting much harder for Africa’s most important crypto market in getting Bitcoin at a fair value.

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