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On the Money

A Champion leads the gainers for the week

NPF Microfinance Bank Plc led the worst performing stocks for the week, ending June 28, 2019.

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NSE, Gainers and Losers, Nigerian Stock exchange

The last trading week in June was a positive oneas the Nigerian Stock Exchange All Share Index closed at 29,966.87 basis points, up 0.39%. On a month to month basis, June was a tough one for investors as the index was down 3.55%.  

Year to date, the index is down 4.66%. 

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36 equities appreciated in price during the week, higher than 34 in the previous week. 32 equities depreciated in price, lower than 33 equities in the previous week, while 100 equities remained unchanged, lower than 101) equities recorded in the preceding week. 

Gainers 

Champion Breweries Plc  

Champion Breweries Plc was the best performing stock this week. The stock gained 19.01% opening at N1.42 and closing at N1.69, up N0.27 or 19.01%. Year to date, the stock is down 15.08%. 

Consolidated Hallmark Insurance Plc  

Consolidated Hallmark Insurance Plc opened the week at N0.22 and closed at N0.26, up N0.04 or 18.18%. Year to date, the stock is down 31.58%. 

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Mutual Benefits Assurance Plc  

Mutual Benefits Assurance Plc appreciated by 15% this week. The stock opened at N0.20 and closed at N0.23, up N0.03. Year to date, the stock is up 9.52%. 

ABC Transport Plc  

ABC Transport Plc opened the week at N0.27 and closed at N0.30, up N0.03 or 11.11%.  

Year to date, the stock is up 3.52%. 

UACN Plc 

UACN Plc appreciated by 9.92% this week. The stock opened at N6 and closed at N6.65, up N0.65.  

Year to date, the stock is down 31.79%. 

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BOC Gases Plc 

BOC Gases Plc gained 9.84% this week. The stock opened at N3.76 and closed at N4.13, up N0.37.  

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Year to date, the stock is down 1.90%. 

International Breweries Plc  

International Breweries Plc opened the week at N16.70 and closed at N18.30, up N1.60 or 9.58%. 

 Year to date, the stock is down 40%. 

Courteville Plc 

Courteville Plc appreciated by 9.52% this week. The stock opened at N0.21 and closed at N0.23, up N0.02.  

Year to date, the stock is up 15%. 

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Ikeja Hotels Plc  

Ikeja Hotels Plc opened the week at N1.31 and closed at N1.43, up N0.12 or 9.16%.  

Year to date, the stock is up 6.54%. 

The company this week held a Facts Behind The Figures Session at the Nigerian Stock Exchange (NSE), where it unveiled its intentions to raise capital for the renovation of Sheraton Lagos.

The firm in a separate notice this week, indicated it would pay an interim dividend for the 2019 financial year.

GSK Consumer Nigeria 

GSK Consumer Nigeria rounds up the top 10 gainers for the week. The stock opened at N9.35 and closed at N10.20, up N0.85 or 9.09%. 

Year to date, the stock is down 29.66%. 

Losers 

NPF Microfinance Bank 

NPF Microfinance Bank Plc was the worst performing stock this week. The stock opened at N1.30 and closed at N1.05, down N0.25 or 19.23%.  

The company this week released its results for the financial year ended December 2018, and first quarter ended March 2019.

Year to date, the stock is down 36.36%. 

NEM Insurance Plc 

NEM Insurance Plc opened the week at N2.80 and closed at N2.27, down N0.53 or 18.93%.  

Year to date, the stock is down 15.93%. 

Forte Oil Plc  

Forte Oil Plc declined by 14.10% this week. The stock opened at N31.20 and closed at N26.80, down N4.40.  

Year to date, the stock is down 6.62%. 

Beta Glass Plc  

Beta Glass Plc opened the week at N73.70 and closed at N66.35, down N7.35 or 9.97%. 

Year to date, the stock is down 2.86%. 

Sterling Bank Plc  

Sterling Bank Plc shed 9.09% this week. The stock opened at N2.42 and closed at N2.02, down N0.40.  

Year to date, the stock is up 15.79%. 

Dangote Sugar Refinery Plc  

Dangote Sugar Refinery Plc opened the week at N12.40 and closed at N11.35, down N1.05 or 8.47%. Year to date, the stock is down 25.57%. 

Unity Bank Plc  

Unity Bank Plc declined by 8.45% this week. The stock opened at N0.71 and closed at N0.65, down N0.06.  

Year to date, the stock is down 39.25%. 

Prestige Assurance Plc  

Prestige Assurance opened the week at N0.54 and closed the week at N0.50, down N0.04 or 7.41%.  Year to date, the stock is flat. 

The company this week released its Annual General Meeting (AGM) notice. Included in the agendais a motion to raise capital.

Chams Plc  

Chams Plc declined by 6.45% this week. The stock opened at N0.31 and closed at N0.29, down N0.02. Year to date, the stock is up 45%. 

FBN Holdings Plc  

FBN Holdings Plc rounds up the top ten losers for the week. The stock opened at N7 and closed at N6.55, down N0.45 or 6.43%.  

Year to date, the stock is down 17.61% and is trading at its lowest price so far this year.  

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 onome.ohwovoriole@nairametrics.com

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Fixed Income

MTN Nigeria begins N100 billion commercial paper issuance today

MTN Nigeria Communications Plc proposed Commercial Paper Issuance Offer begins today and is scheduled to close on Thursday, June 4, 2020. 

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MTN Nigeria, MTN Nigeria Communications Plc. begins N100 billion commercial paper issuance today

MTN Nigeria Communications Plc has commenced its Commercial Paper (CP) Issuance (Series 1 & 2 of N50 billion each)  under its N100 billion CP issuance programme on Thursday.

In a statement issued by the company and seen by Nairametrics, the telco explained that the issuance has a tenor of 180 days (CP 1) and 270 days (CP 2) with a discount rate of 4.6890% – 4.8797% (CP1)  and 5.8500% – 6.000% (CP2).

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Nairametrics had reported a few days ago when the telecommunication company notified the Nigerian Stock Exchange about the issuance.

Why it matters: The issuance is important to the telco, as it intends using the proceeds to its working capital and general corporate purposes in Nigeria. This issuance under the CP Programme represents MTN Nigeria’s debut in the domestic debt capital market.

READ ALSO: Bond: Lagos to raise N100 billion for infrastructural development

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Details: Issuer;  MTN Nigeria Communications Plc.

Arranger: Chapel Hill Denham Advisory Limited.

Tenor: 180 days (commercial paper 1)     270days (commercial paper 2).

Discount Rate: 4.6890% – 4.8797% (commercial paper 1)    5.6078% – 5.7455% (commercial paper 2).

Implied Yield: 4.8000% – 5.0000% (commercial paper 1)   5.8500% – 6.0000% (commercial paper 2).

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Offer Open Date: Thursday, May 28, 2020.

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Offer Close Date: Thursday, June 4, 2020.

READ MORE: Nigerian Breweries set to raise N15bn through CP issuance

Settlement Date: Friday, June 5, 2020.

Minimum subscription: N1 million.

Issuance size: N100 billion (series 1 & 2 commercial paper issuance N50billion each).

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Issuer Rating: Aa+ (Augusto); AA (GCR).

Tax consideration: Free and clear of withholding Taxes.

(READ MORE: Economy: Local corporates taking advantage of the low yield environment  )

MTNN is the leading telecommunications operator in the largest telecoms market in Africa. The company is the largest mobile operator and undisputed market leader in Nigeria, as measured by total mobile subscribers (c. 70 million), active data users (c. 26.8 million), revenue (almost 50% of industry), and profit pool.

MTN, MTN Nigeria Communications Plc. begins N100 billion commercial paper issuance today

MTNN is well-positioned for the long term, with its unmatched investments in its infrastructure – most expansive 2G, 3G, and 4G network, largest fibre network (c. 29,000km) that spans across Nigeria, largest physical and digital distribution platform, and wide range of spectrum holdings – and the exciting market opportunity Nigeria brings.

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MTNN is rated Aa+ by Agusto & Co. which reflects the company’s history of strong financial performance – record revenue in excess of N1 trillion (largest revs by a listed corporate), stable and healthy operating profit metrics (+53% EBITDA margin), comfortably low leverage (0.4x Net Debt/EBITDA, 10.8x interest coverage) that is predominantly local currency, and strong free cash flow.

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On the Money

Naira drops to N460 against dollar

Naira has depreciated against the US dollar, as it dropped from N455/$1 to N460/$1 on Thursday afternoon.

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COVID-19 could save naira from depreciating further, Many odds against the naira, Naira forwards and parallel market crash puts pressure on official exchange rate, Naira appreciates to N386.94 to $1 at investor and exporters window. , Naira set for recovery as ABCON issues guideline to members for forex sales resumption, Naira falls against the Euro, British pound sterling but gains against the U.S dollar

Naira has depreciated against the US dollar, as it dropped from N455/$1 to N460/$1 on Thursday afternoon.

Data from Everdon BDC stated that the Naira, which Nairametrics had reported on Wednesday that it closed at N455, appreciated to N460 against the international legal tender.

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What it means for Nigerians: A weaker naira makes imports more expensive and increases the cost of production for businesses, as many Nigerian businesses rely on imported raw materials which can result in cost-push inflation.

The naira also dropped against British pounds sterling as it stands at N548 to £ 1 from its previous close rate at N545 to £1, while the Euro selling at N480 to €1 from its previous close rate of N470 on Wednesday.

(READ MORE: Official rate: Naira could depreciate “to N440 by year end” – Analysts)

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Naira falls against the Euro, British pound sterling but gains against the U.S dollar

In addition, the central bank of Nigeria has now said it would resume sales of forex to BDC for onward sales to businesses and Nigerians looking to purchase for approved items.

READ ALSO: CBN reduces MPR to 12.50%, holds other metrics

Consequently, Aminu Gwadabe, president, Bureau De Change Operators of Nigeria (Association of Bureau De Change of Nigeria) explained recently that Bureau De change operators will resume fully as soon as restrictions placed on air travel and international airports are lifted.

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He said the return of the operators will help stabilize the naira and reduce the impact of currency hoarders and speculators.

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“I, therefore, want our members and the General public not to engage on panic buying as anytime soon fingers might be burnt from such behaviors,” he added.

 

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Markets

Naira appreciates at parallel market

Naira appreciated to N455 to a dollar on Wednesday, the first working day of the week after the 2-day sallah break.

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Naira value

The naira was strengthened today as it appreciated against the dollar in the parallel market.

According to information from Aboki fx, the naira appreciated to N455 to a dollar on Wednesday, May 27, 2020, the first working day of the week after the 2-day sallah break.

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This shows a gain of N5 when compared to the N460 to a dollar that it exchanged yesterday. The local currency was also stable against the Pound Sterling at N545.

READ ALSO: Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market

In a related development, the naira showed signs of continued stability at the Investors and Exporters (I&E) window as it was still sold at N385.94 to a dollar, the rate it closed with on Friday last week.

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A further look into the FMDQ shows that there was improved liquidity at the I&E window, with the daily turnover being $31.38 million as against the $29.38 million that was recorded on Friday, the last working day before the public holidays.

The positive performance of the naira at the parallel market and the stability witnessed at the Investors and Exporters window can be attributed to improved liquidity in the foreign exchange market, which had been promised by the CBN Governor, Godwin Emefiele.

READ ALSO: Naira set for recovery as ABCON issues guideline to members on forex sales resumption

Just a few days ago, the Chairman of Bureau De Change Operators (ABCON), had announced the resumption of dollar sales to the BDCs. This is to help check the activities of foreign currency speculators and make dollars easily accessible to end-users, no matter where they are.

The resumption of dollar sales by the BDCs is also being done in anticipation of the full reopening of the economy, and the resumption of flight operations at our various airports.

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