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Markets

Olam offer leads to spike in Dangote Flour’s share price

@guinnessngr was the worst performing stock this week on the Nigerian Stock Exchange, declining by 19% to close at N48.60.

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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 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.  

Gainers 

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 

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  

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  

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.  

Jaiz bank

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.  

Losers 

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%. 

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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 

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%.  

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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Markets

US economic performance bolster Wall Street surge 

U.S. stocks made a late-session turnaround on Thursday, closing at session highs.

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U.S stocks futures rebound , cryptocurrency, ExxonMobil, JP Morgan Chase, MasterCard Up by over 10%

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.

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Cryptocurrency

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.

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doge

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.

READ: Crypto crash: 3 major risks involved in investing in Crypto

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.”

READ: Altcoins giving investors weekly returns of at least 100%

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.

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