This week was a bearish one on the Nigerian Stock Exchange as the All Share Index closed at 29,740.41 basis points, down 1.15%.
Year to date, the index is down 5.38%.
30 equities appreciated in price during the week, lower than 33 in the previous week. 40 equities depreciated in price, higher than 33 equities of the previous week, while 97 equities remained unchanged, lower than 101 equities recorded in the preceding week.
Dangote Flour Mills Plc
Dangote Flour Mills was the best performing stock on the Nigerian Stock Exchange this week. The stock appreciated by 45.33%, opening at N10.70 and closing at N15.55, up N4.85. Dangote Flour has gained 127% year to date.
The company this week informed investors that it was considering a N130 billion buy out from Olam International Limited.
Japaul Oil and Maritime Services Plc
Japaul Oil and Maritime Services opened at N0.20 and closed at N0.28, up N0.08 or 40%. Year to date, the stock is up 33.33%.
Cutix Plc gained 28.05% this week. The stock opened at N1.60 and closed at N2.05, up N0.45. Year to date, the stock is up 25%.
Neimeth International Pharmaceuticals
Neimeth International Pharmaceuticals opened the week at N0.56, and closed at N0.67, up N0.11 or 19.64%. Year to date, the stock is down 14.1%.
Royal Exchange Plc
Royal Exchange Plc gained 18.18% this week. The stock opened at N0.22 and closed at N0.26, up N0.04. Year to date, the stock is up 18.18%.
First Aluminum Nigeria Plc
First Aluminum Nigeria Plc opened trading this week at N0.41 and closed at N0.48, up N0.07 or 17.07%. Year to date, the stock is up 33.33%.
Chams Plc gained 16.67% this week and has held a spot in the top 10 gainers list for three consecutive weeks. The stock opened at N0.36 and closed at N0.42, up N0.06. Year to date, the stock is up 110%.
Vitafoam Nigeria Plc
Vitafoam Nigeria Plc opened the week at N3.50 and closed at N3.89, up N0.39 or 11.14%. Year to date, the stock is down 11.59%.
This week, the company released its half year 2018/2019 results. Revenue increased from N10.7 billion in 2018 to N12.9 billion in 2019. Profit before tax jumped from N486 million in 2018 to N1.1 billion in 2019. Profit after tax also rose from N309 million in 2018 to N774 million in 2019.
Oando Plc gained 10.42% this week. The stock opened at N4.80 and closed at N5.30, up N0.50. Year to date, the stock is up 6%.
The company released its results for the first quarter ended March 2019, this week. Revenue rose from N150 billion in 2018 to N160 billion in 2019. Profit before tax rose from N6.5 billion in 2018 to N8.7 billion in 2019. Profit after tax rose from N4.1 billion in 2018 to N4.6 billion in 2019.
Wema Bank Plc
Wema Bank Plc rounds up the top 10 gainers for the week, appreciating by 10.14%. The stock opened at N0.69 and closed at N0.76, up N0.09. Year to date, the stock is up 20.63%.
This week, the bank released its results for the first quarter ended March 2019. Net interest income increased from N4.3 billion in 2018 to N5.5 billion in 2019. Profit before tax rose from N883 million in 2018 to N1.3 billion in 2019. Profit after tax also increased from N764 million in 2018 to N1.1 billion in 2019.
Guinness Nigeria Plc
Guinness Nigeria Plc was the worst performing stock this week. The stock shed 19%, opening at N60 and closing at N48.60, down N11.40.
Year to date, the stock is down 32.5% and is at a 10-year low.
This week, it released its results for the nine months ended March 2019. Revenue fell from N105 billion in 2018 to N101 billion in 2019. Profit before tax fell from N7.8 billion in 2018 to N6.2 billion in 2019. Profit after tax also declined from N5 billion in 2018 to N4.2 billion in 2019.
May and Baker Plc
May and Baker Plc opened the week at N2.60 and closed at N2.25, down N0.35 or 13.46%. Year to date, the stock is down 8.16%.
International Breweries Plc
International Breweries Plc shed 13.04% this week. The stock opened at N23.00 and closed at N20.00, down N3.00. Year to date, the stock is down 34.43% and is at its lowest price so far this year.
Julius Berger Plc
Construction giant, Julius Berger Plc, opened the week at N25 and closed at N22.50, down N2.50 or 10%. Year to date, the stock is up 11.94%.
Julius Berger released its results for the first quarter ended in March 2019, this week. Revenue increased from N35.3 billion in 2018 to N62.9 billion in 2019. Profit before tax, however, fell from N2.2 billion in 2018 to N1.2 billion in 2019. Profit after tax also dropped from N1.4 billion in 2018 to N485 million in 2019.
Okomu Oil Palm Company Plc
Okomu Oil also declined by 10% this week. The stock opened at N80.00 and closed at N72.00, down N8.00. Year to date, the stock is down 5.51%.
Union Dicon Salt Plc
Union Dicon Salt Plc opened the week at N13.45 and closed at N12.15, down N1.30 or 9.67%. Year to date, the stock is down 9.67%.
Premier Paints Plc
Premier paints declined by 9.62% this week. The stock opened at N10.40 and closed at N9.40, down N1.00. Year to date, the stock is down 9.62%.
Conoil Plc opened the week at N23.00 and closed at N20.80, down N2.20 or 9.57%. The stock is down 10.54% year to date.
Prestige Assurance Plc
Prestige Assurance Plc shed 9.09% this week. The stock opened at N0.50 and closed at N0.50, down N0.05. Year to date, the stock is flat in terms of price appreciation.
ABC Transport Plc
ABC Transport Plc rounds up the top 10 losers for the week. The stock opened at N0.33 and closed at N0.30, down N0.03 or 9.09%. Year to date, the stock is up 3.45%.
US economic performance bolster Wall Street surge
U.S. stocks made a late-session turnaround on Thursday, closing at session highs.
Following upbeat corporate earnings and signs of continuing progress in the labour market, U.S. stocks made a late-session turnaround on Thursday, closing at session highs.
After jumping around the flatline earlier in the day, the S&P 500 ended just short of a new high, while the Dow Jones Industrial Average jumped more than 300 points, setting a new high. The Nasdaq Composite gained ground as well, ending the day in the black and breaking a four-day losing streak. Earnings were a factor in the stock market’s biggest gainers, as Kellogg led the S&P 500 higher after outperforming analysts’ expectations.
Treasuries remained stable, with the 10-year yield remaining about 1.57%, a far cry from recent peaks. The Fed said in its semi-annual financial stability report that a growing appetite for risk across a variety of asset markets is stretching valuations and creating vulnerabilities in the US financial system. Meanwhile, applications for state unemployment benefits in the United States hit a new pandemic low, and separate data revealed a productivity rebound. Traders are now looking forward to Friday’s payroll figures.
Economists expect Friday’s report to show that the US economy added 1 million jobs in April, as the economy recovers from losses suffered during the coronavirus shutdowns. The non-farm payrolls report will be closely scrutinized by investors for information about the Federal Reserve’s next steps, as the central bank has said that it will continue to buy $120 billion in bonds every month until the labour market improves.
Although markets are benefiting from stronger growth in the world’s largest economy, investors are worried that a faster-than-expected recovery from unprecedented government and central bank stimulus would result in excessive inflation. The Federal Reserve remains committed to near-zero interest rates in order to achieve a complete recovery, but in the second half of this year, an announcement of a reduction in its large monthly bond purchases seems increasingly imminent.
Crypto aftershocks send Doge crashing by 10%
The fast-rising crypto was trading at below 60 cent posting losses of about 10% for the day on the FTX exchange.
The Crypto market is currently undergoing some form of price correction amid intensified profit-taking and fear of regulatory oversights, thereby pushing Dogecoin below the 60-cent price levels.
On the broader crypto market, for the day, about 171,444 traders were liquidated. The largest single liquidation order happened on Bybit-ETH valued at $5.98 million.
The fast-rising crypto was trading at below 60 cent posting losses of about 10% for the day on the FTX exchange, after trading near 70 cents some hours ago.
Consequently, market pundits argue that the crypto asset doesn’t have any real case use.
“I worry that, once the enthusiasm rolls out, there are no developers on it, there are no institutions coming in. But it’s got this moniker of the people’s coin right now,” Galaxy Digital’s Michael Novogratz said on Squawk Box.
Dark clouds seem to be building upon recent reports that the Crypto market is about to face a wave of regulatory oversights when Janet Yellen the custodian of the world’s most powerful economy stated that the United States is yet to have the needed framework to deal with a host of money laundering, terrorist financing, and consumer risk protection that crypto raises.
Also, the U.S. Securities and Exchange Commission Chair, Gary Gensler advised U.S lawmakers on providing more regulatory oversight to the cryptoverse.
“Right now, the exchanges, trading in these crypto assets, do not have a regulatory framework either at the SEC or our sister agency, the Commodity Futures Trading Commission,” said Gensler, who further added, “there’s not a market regulator around these crypto exchanges, and thus, there’s really no protection against fraud or manipulation.”
That being said, the crypto’s stellar performance over the past few months can’t be ignored as Dogecoin maximalists try to convince the world that crypto is a serious asset class with powerful billionaires like Elon Musk and Mark Cuban giving the Crypto asset endless support.
Crypto experts further anticipate that ongoing institutional interest will make it difficult to predict if the Doge bubble is ripe as they try to take advantage of its incredible bullish momentum, which could in turn, push the crypto value higher.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- 2021 Q1 Results: FTN Cocoa Processor Plc reports loss after tax of N162.21 million
- Tantalizers Plc reports a loss after tax of N97.75 million in FY 2020 in Q1 2021.
- Courteville Business Solutions Plc proposes final dividend of 3 kobo per share for FY 2020.
- 2020 FY Results: UPDC Real Estate Investment Trust records over 500% growth in Profit after tax.
- Sovereign Trust Insurance records a 43% surge in profit after tax to N392.1 million in Q1 2021.