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Markets

MTN Nigeria continues its bull run on the NSE

MTN Nigeria continued its bullish run as @nsenigeria ended Tuesday’s trading session in positive territory. ASI closed at 30,218.14 basis points, up 2.88%.

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stock, market, stock market, Nigerian Stock Exchange

The Nigerian Stock Exchange ended Tuesday’s trading session in positive territory, continuing its bull sentiment from Monday. The All Share Index closed at 30,218.14 basis points, up 2.88%. Year to date, the index is down 3.86%.

Top Gainers and Losers: MTN Nigeria Plc was the best performing stock today. The stock gained 9.98% to close at N131.70. Africa Prudential Plc gained 9.44% to close at N3.94. Thomas Wyatt Plc rounds up the top three gainers for today. The stock gained 8.82% to close at N0.37.

On the flip side, Livestock Feeds Plc was the worst performing stock, declining by 10% to close at N0.63. Juli Plc fell by 9.58% to close at N1.51. Afromedia Plc rounds up the top three losers for the day with a 8.89% loss to close at N0.41.

Top Trades by Volume: MTN Nigeria Plc was the most actively traded stock today. 110.71 million shares valued at N14.58 billion were traded in 292 deals. FBN Holdings Plc was next with 31.43 million shares valued at N218 million traded in 239 deals. Sterling Bank Plc rounds up the top three most actively traded stocks today with 26.13 million shares valued at N60.16 million traded in 143 deals.

Corporate Actions

Omoluabi Mortgage Bank Plc released its financial statement for the year ended 31 December 2018. Here are the highlights of the result:

Gross earnings declined by 11% from N518.37 million in 2017 to N460.93 million in 2018. Profit before tax also fell from N187.53 million in 2017 to N95.93 million in 2018. Declining by 48.84%. Similarly, profit after tax dropped to N79.53 million in 2018 from N173.46 million in 2017. Decreasing by 54.15%. Earnings per share reduced from 3.50 kobo in 2017 to 1.56 kobo in 2018.

MTN Nigeria: MTN Nigeria has denied any wrongdoings regarding the sales of its shares which the telecommunications company listed on Thursday, May 16, 2019. The shares of MTN Nigeria are currently scarce in the stock market. This has led to claims that investors are being shutout from taking up shares in the company.

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Stock Market

Nestle Nigeria’s parent company to earn N32 billion in dividend from subsidiary

Nestlé S.A, the parent company of Nestlé Nigeria looks set to earn a mega dividend.

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The parent company of Nestlé Nigeria Plc, Nestlé S.A, is set to earn a whopping sum of N32 billion in dividend for the financial year ended December 2020.

The multinational food and drink processing conglomerate corporation, headquartered in Switzerland is the single majority shareholder of Nestlé Nigeria Plc, with 527,080,970 units of the total issued shares of its subsidiary.

This puts the ownership stake of the Swiss multinational at 66.5%, ahead of Stanbic IBTC Nominees Limited with 6.28% ownership stake.

Recall that the Board of Directors of Nestlé Nigeria in a statement released via the Nigerian Stock Exchange proposed a final dividend of N35.5 per share. This puts the total dividend payout of the company at N60.5 per share for the financial year 2020 (interim: N25.0).

When converted to dollars, the dividend amounts to about $78 million based on an exchange rate of N410/$1.

This proposal reflects the resilience of Nestlé despite the disruption occasioned by the pandemic. As the FMCG company was able to maintain its tradition of dividend payment to shareholders in 2020, despite taking a major shock in its profit during the year (-14%).

  • Nestlé delivered a consistent result in terms of revenue, amidst the ongoing COVID-19 pandemic which disrupted supply chains globally.
  • The revenue of the FMCG company increased by 1% in 2020 (N287 billion), compared to FY’19 figures (N284 billion).
  • However, the increase in the prices of materials, foreign exchange restrictions, and a spike in finance costs placed pressure on the company’s profitability in 2020.
  • At the back of these pressures, Nestlé’s PAT declined by 14% in 2020 (N39.2 billion) compared to FY’19 figures (N45.7 billion).

What you should know

Nestlé S.A is one of the largest food companies in the world in terms of revenue. The Switzerland-based consumer goods behemoth is the parent company of Nestlé Nigeria PLC – a leading food and beverage company in Africa.

Nestlé has grown its operation in Nigeria, as well as its presence in the Central and West Africa region over the years.
Its factory in Nigeria has grown from one – with the establishment of the Agbara Manufacturing Complex which commenced operation in 1981 – to three in recent times, following the inauguration of the Flowergate factory, a factory initially dedicated to the production of MAGGI products, and the set-up of the Abaji factory complex in 2016.

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Market Views

Bears take Nigerian stocks hostage, investors lose N82.4 billion

Investor sentiment as measured by the market breadth closed negative with 12 advancers and 47 decliners.

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Bears

Nigeria’s all-share index fell further at the close of trading today, down by -0.40% to 39,364.67 points. Investors losses today stood at N82.35 billion.

  • Year-to-date return and market capitalization settled at -2.26% and N20.5 trillion, respectively.
  • Investor sentiment as measured by the market breadth closed negative with 12 advancers and 47 decliners.
  • Across coverage sectors, the performance was bearish. The NSE insurance, banking, consumer goods, and oil & gas sectors dipped 4.04%, 1.54%, 1.47%, 64 basis points, and 0.65%, respectively.
  • The flip side saw only the industrials improved marginally by 0.19%.

Top gainers

  1. UPL up 9.91% to close at N1.22
  2. MORISON up 9.09% to close at N0.6
  3. CAP up 5.26% to close at N20
  4. WAPCO up 3.59% to close at N20.2
  5. LIVESTOCK up 3.17% to close at N2.28

Top losers

  1. FIDSON down 10.00% to close at N4.41
  2. NNFM down 9.97% to close at N6.32
  3. ENAMELWA down 9.95% to close at N19.9
  4. NEM down 9.95% to close at N1.72
  5. NCR down 9.91% to close at N3.09

Outlook

Nigerian stocks ended the fourth trading session on a weaker note amid soaring oil prices prevailing at the U.S trading session.

  • Today’s bearish trading session was inclined by sell pressure on consumer ticker, DANGSUGAR which lost -6.25%. JBERGER, ARDOVA, and UBA also declined by -7.88%, 9.85%, and -3.64%, respectively.
  • Nairametrics expects intending buyers to seek the advice of certified stockbrokers.

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