Spotlight Stories
Forte Oil Plc hits fresh year to date low on the NSE
@forteoilng was the worst performing stock this week on the @nsecontact for the trading week ended July 12, 2019
The downturn on the Nigerian Stock Exchange has shown no signs of stopping, as the NSE All Share Index depreciated by 2.41% to close the week at 28,566.79 basis points.
Year to date, the index is down 9.11%.
18 equities appreciated in price during the week, lower than 21 in the previous week. 39 equities appreciated, lower than 41 equities in the previous week. 111 equities remained unchanged, higher than 103 equities recorded in the preceding week.
These are the top 10 gainers and losers for the week.
Sovereign Trust Insurance Plc
Sovereign Trust Insurance Plc was the best performing stock this week. The stock opened at N0.21 and closed at N0.23, up N0.02 or 9.52%.
Year to date, the stock is up 4.76%.
Union Bank of Nigeria Plc
Union Bank of Nigeria Plc opened at N6.80 and closed at N7.50, up N0.70 or 9.49%.
Year to date, the stock is up 33.93%.
The bank this week issued a statement debunking claims that Access Bank was in talks to acquire it.
Cadbury Nigeria Plc
Cadbury Nigeria Plc appreciated by 8.64% this week. The stock opened at N11 and closed at N11.95.
Year to date, the stock is up 19.5%.
Flour Mills of Nigeria Plc
Flour Mills of Nigeria Plc gained 8% this week. The stock opened at N15 and closed at N16.20, up N1.20.
Year to date, the stock is down 29.87%.
The company released its results for the financial year ended March 2019 after trading hours. Revenue fell from N542 billion in 2018 to N527 million in 2019. Profit before tax fell from N16.5 billion in 2018 to N10.1 billion in 2019. Profit after tax also declined from N13.6 billion in 2018 to N4 billion in 2019.
A dividend of N1.20 was declared.
Cutix Plc
Cutix Plc opened the week at N1.54 and closed at N1.65, up N0.11 or 7.14%.
Year to date, the stock is up 0.61%.
Learn Africa Plc
Learn Africa Plc gained 6.06% this week. The stock opened at N1.32 and closed at N1.40, up N0.08.
Year to date, the stock is up 2.91%.
NEM Insurance Plc
NEM Insurance opened the week at N2.15 and closed at N2.27, up N0.12 or 5.58%.
Year to date, the stock is down 15.93%.
Red Star Express Plc
Red Star Express Plc gained 5.05%. The stock opened at N4.95 and closed at N5.20, up N0.25.
Year to date, the stock is up 28.57%.
Unity Bank Plc
Unity Bank Plc opened the week at N0.62 and closed at N0.65, up N0.03 or 4.84%.
Year to date, the stock is down 31.29%.
NPF Microfinance Bank Plc
NPF Microfinance Bank Plc rounds up the top 10 gainers for the week. The stock appreciated by 4.63% opening at N1.08 and closing at N1.13, up N0.05.
Year to date, the stock is down 31.5%.
This week, the stock was marked down by N0.05 following a dividend declaration. Ex dividend price was N1.03.
Top Losers
Forte Oil Plc
Forte Oil Plc was the worst performing stock this week. The stock opened at N27 and closed at N20.70, down N6.30 or 23.33%.
Year to date, the stock is down 27.87% and is at a year low.
GSK Consumer Nigeria
GSK Consumer declined by 18.63% this week. The stock opened at N10.20 and closed at N8.30, down N1.90.
Year to date, the stock is down 42.76%.
NAHCO Aviance Plc
Nigerian Aviation Handling Company (NAHCO) Plc fell by 16.88% this week. The stock opened at N3.20 and closed at N2.66, down N0.54.
Year to date, the stock is down 27.12%.
The stock was marked down by N0.25, following the declaration of a dividend. Ex dividend price was N2.95.
Conoil Plc
Conoil Plc shed 15.97% this week. The stock opened at N23.80 and closed at N20, down N3.80.
Year to date, the stock is down 13.98%.
The company this week released its results for the first quarter ended March 2019. Revenue increased by 13.8% from N31.3 billion in 2018 to N35.6 billion in 2019. Profit before tax surged by 53.9% from N310 million in 2018 to N478 million in 2019. Profit after tax rose by the same margin from N211 million in 2018 to N325 million in 2019.
PZ Cussons Nigeria Plc
PZ Cussons Nigeria Plc opened the week at N6.90 and closed at N6.20, down N0.70.
Year to date, the stock is down 46.69%.
AXA Mansard Insurance Plc
AXA Mansard Insurance Plc declined by 10% this week. The stock opened at N2 and closed at N1.80, down N0.20.
Year to date, the stock is down 1.64%.
Linkage Assurance Plc
Linkage Assurance Plc opened the week at N0.71 and closed at N0.64, down N0.07.
Year to date, the stock is down 11.11%.
Nestle Nigeria Plc
Nestle Nigeria Plc opened the week at N1345 and closed at N1225, down N120 or 8.92%.
Year to date, the stock is down 13.80%.
UACN Property Development Company Plc
UPDC fell by 8.57% this week. The stock opened at N1.40 and closed at N1.28, down N0.12.
Year to date, the stock is down 26.7% and is at a year low.
Dangote Sugar Refinery Plc
Dangote Sugar Refinery Plc rounds up the top 10 losers for the week. The stock opened at N11.50 and closed at N10.60, down N0.90 or 7.83%.
Year to date, the stock is down 30.49%.
Macro-Economic News
BREAKING: CBN retains MPR at 11.5%, holds other parameters constant
The CBN voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5% and other parameters constant.
The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%
This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 26th January 2021.
Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.
Highlights of the Committee’s decision
- MPR retained at 11.50%
- The asymmetric corridor of +100/-700 basis points around the MPR
- CRR was retained at 27.5%
- While Liquidity Ratio was also kept at 30%
More details shortly…
Coronavirus
FG says N10 billion disbursed funds not only for Covid-19 vaccines
FG has clarified that the N10 billion it earlier disbursed was not only for the development of Covid-19 vaccines.
The Ministry of Finance, Budget and National Planning has said that the N10 billion it released for vaccine development is not only for the production of Covid-19 vaccines.
This was disclosed by the Director-General of the Budget Office, Mr. Ben Akabueze, representing the Finance Minister during a meeting with the National Assembly Joint Committee on Health on Monday, reported by NTA.
Following the announcement of the disbursement of the sum of N10 billion to the Ministry of Health for the development of Covid-19 vaccine, the Joint Committee scheduled a meeting with the Ministers of Finance and Health for clarifications on the funds.
“The joint committee is invited to note that N10 billion has been released, to the Federal Ministry of Health under the budgetary vote referenced in above,” Akabueze said.
Ibrahim Oloriegbe, Chairman, Senate Committee on health, said the Committee wanted to know what the use of the funds was for and urged against the implementation of a lockdown.
“We got to see that what was released was in line with what was already there, for preparing the country for all other vaccines arrangements
“So our economy, we only need to live with covid, we cannot with due respect, contaminate Nigeria with a lockdown, it will badly affect our economy,” Oloriegbe said.
The committee also said the total aim is to see how Nigeria can develop its capacity towards the development of vaccines,
The Joint Committee, therefore, resolved that the Minister of Health who was absent at the meeting should appear before it on Tuesday for a breakdown on the proposed use of the funds.
What you should know: Nairametrics reported last week that the Federal Government, through the Ministry of Finance, announced the sum of N10billion for the production of vaccines in Nigeria, to fight the coronavirus.
Cryptocurrency
$70 billion lost in Crypto market amid rising U.S dollar
Other leading crypto assets including Ethereum, Cardano, Litcoin, Chainlink, Polkadot, and Stellar lost more than 8% in value.
The crypto market just lost about $70 billion, as significant selling pressure from crypto sellers pushed the value of cryptocurrencies lower across the market spectrum amid the rising U.S dollar and some profit-taking.
- The global crypto market value is $930.47 billion, a 5.61% decrease over the last day.
- The U.S dollar was fired up as it recorded impressive gains at the Tuesday trading session in London taking into account some investors are fast becoming jittery on rising COVID-19 caseloads globally.
- At press time, the U.S. Dollar Index that tracks the greenback against a basket of major currencies ticked up by 0.20% to 90.555
At the time of drafting this report, about $70 billion in value was virtually wiped out, taking into account the flagship crypto, Bitcoin, the dominant player in the crypto market, lost as much as $2,000, according to data retrieved from Coin360.
- The total crypto market volume over the last 24 hours is $131.42 billion, which amounts to a 2.07% increase.
- The total volume in DeFi is currently $15.68 billion, 11.93% of the total crypto market 24-hour volume.
- The volume of all stable coins is now $105.17 Billion, which is 80.03% of the total crypto market 24-hour volume.
Bitcoin’s price is currently $31,398.04. - Bitcoin’s dominance is currently 62.74%, a decrease of 0.01% over the day.
Other leading crypto assets including Ethereum, Cardano, Litcoin, Chainlink, Polkadot, and Stellar lost more than 8% in value.
Crypto experts interviewed by Nairametrics are saying that a market correction was long overdue after the overextended bullish move.
The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, coupled with the strong rebound in the U.S dollar
