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FCMB tops gainers’ chart as the Nigerian bourse closes bearish

@MyFCMB led gainers as the @nsenigeria ended Thursday’s trading session in negative territory. With the ASI down by 0.03%.

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Nigerian stock exchange, All share index, Nigerian bourse, Investors, Bulls gather momentum ASI up 0.48%, gained N55.3 billion, Dangote ,MTN & Gtbank hit a home run as Nigeria’s bourse continues bullish momentum

The Nigerian Stock Exchange (NSE) ended Thursday’s trading session in negative territory. The All-Share Index closed at 28,079.61 basis points, down 0.03%. Year to date, the index is down 10.94%.

Top Gainers: FCMB led the gainers for today. The stock gained 8.81% to close at N1.73. Chams Plc gained 8% to close at N0.27. Flour Mill of Nigeria Plc gained 6.07% to close at N14.85. NEM Insurance gained 5.77% to close at N2.20. Mutual Benefits Assurance Plc rounded off the top five gainers with a 5% gain to close at N0.21.

Nigerian Stock Exchange, FCMB

Nigerian Stock Exchange

Top Losers: Wapic Insurance led the losers train today with a 10% loss to close at N0.36. Global Spectrum Energy Services Plc declined by 9.57% to close at N5.20. Morison Industries Plc was next with a 9.09% decline to close at N0.50. Caverton Offshore Support GRP Plc fell by 8.95% to close at N2.34. Oando rounded off the top five losers with a 5% loss to close at N3.80.

[READ ALSO: What Is A Stock Split and How It Affects You]

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Top Trades by Volume: FCMB was the most active trade today with 73 million shares valued at N122.8 million traded in 85 deals. UBA was next with 35.67 million shares valued at N200.39 million traded in 257 deals. 11 million Transcorp Plc shares valued at N11.29 million were traded in 177 deals. Zenith Bank was next with 9.5 million shares valued at N176.6 million traded in 253 deals. Ecobank rounded off top trades for the day with 9.2 million shares valued at N82.79 million traded in 43 deals.

[READ MORE: HOT MONEY: Foreign Investors ship-out N257 billion from Nigerian stock market]

Corporate Actions: Telecoms giant, MTN Nigeria informed the general investing public that its Board Chairman, Pascal Dozie, the Vice-Chairman, Sani Bello, alongside other Non-Executive Directors would be retiring from the Board at the expiration of their term on September 2, 2019. Dr. Ernest Ndukwe has been appointed Chairman Designate of the Board.

Recently acquired Forte Oil Plc said it had gotten the approval of the Corporate Affairs Commission to extend its 40th Annual General Meeting (AGM) by 3 months, effective from August 21, 2019.

Tourist Company of Nigeria Plc, Chellarams Plc, NPF Microfinance Bank Plc, Aluminium Extrusion Industries Plc, Livestock Feeds Plc, Etranzact International Plc, Fidson Healthcare Plc, Julius Berger Nigeria Plc, Flour Mills of Nigeria Plc, and Transcorp Hotels Plc all released their results for the period ended June 30, 2019.

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Market Views

Nike stocks post gains, women’s apparel division grow by 200%

Nike has used the COVID-19 pandemic as leverage to expand its digital business as it reported a surge in its in online sales.

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Nike stocks post gains, women's apparel division grow by 200%

Nike, the most valuable fashion brand in the sports business, saw its stock price rising on Tuesday, as the company reported an 82% surge in online sales and offered an impressive outlook that calls for demand to grow through the holidays.

Nike has used the COVID-19 pandemic as leverage to expand its digital business, and its women’s apparel division grew by nearly 200%. Parents stocked up on back-to-school items, and its business picked up in key markets like China.

READ: Flour Mills and its diverse challenges

Highlights of the results 

First-quarter reported revenues were $10.6 billion, down 1 percent on a reported basis, and flat to the prior year on a currency-neutral basis.

Nike’s direct sales were $3.7 billion, up 12 percent on a reported basis, and up 13 percent on a currency-neutral basis, with growth across all geographies.

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Brand digital sales increased 82 percent, or 83 percent on a currency-neutral basis, with double-digit increases across North America, Greater China, and APLA and triple-digit growth in EMEA.

READ: Unmarked hotels and short-stay apartments report high occupancy rates during COVID-19

Diluted earnings per share for the quarter was $0.95, up 10 percent. Inventory rose 15 percent versus the prior year, but decreased 9 percent versus the prior quarter.

“Our results this quarter continue to demonstrate NIKE’s full competitive advantage, as we strengthen our position in the midst of disruption,” said John Donahoe, President, and CEO, Nike, Inc.

READ: UPDATED: Nigeria received $1.29 billion capital inflows in Q2 2020, down by 78.6%

“In this dynamic environment, no one can match our pace of launching innovative products and our Brand’s deep connection to consumers. These strengths, coupled with our digital acceleration, are unlocking NIKE’s long-term market potential.”

COVID-19 pandemic is also helping Nike’s digital potential. The company disclosed that its digital sales now make up at least 30% of its total quarterly sales, a threshold that Nike had previously aimed to hit in three years’ time.

“Nike is recovering faster based on accelerating brand momentum and digital growth,” CFO Matt Friend stated on Tuesday.

Full details of the results can be found here

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Stock Market

MTN Nigeria records gain, investors profit up by N42 billion

REDSTAREX led 9 Gainers as against 17 Losers topped by UBN at the end of today’s session.

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Global stocks sell-off persists as resurgence of COVID-19 frighten investors 

Nigerian bourse on Tuesday closed its trading session on an impressive note. The All Share Index gained by +0.31% to close at 25,574.35 points as against +0.01% appreciation recorded on Monday.

  • Its Year-to-Date (YTD) returns currently stands at -4.42%. Nigerian Stock Exchange capitalization presently stands at N13.408 trillion.
  • Investors gained N42.09 Billion.
  • Nigerian bourse trading turnover printed positive as Nigerian Stock Market trading moved and gained 33.61% as against +1.36% uptick recorded on Monday.
  • ZENITHBANK, FBNH, and TRANSCORP were the most active to boost market turnover.
    Market breadth ended negative as REDSTAREX led 9 Gainers as against 17 Losers topped by UBN at the end of today’s session – an unimproved performance when compared with the previous outlook.

READ: Nigerian banking stocks ignore red flags, boost Nigeria Stock Market

Top gainers

  • REDSTAREX up 9.80% to close at N3.25
  • TRANSEXPR up 9.33% to close at N0.82
  • MTNN up 2.41% to close at N123
  • FBNH up 2.04% to close at N5
  • DANGSUGAR up 0.83% to close at N12.1

Top losers

  • UBN down 6.54% to close at N5
  • INTBREW down 2.94% to close at N3.3
  • UACN down 1.56% to close at N6.3
  • PRESCO down 0.80% to close at N49.5
  • DANGCEM down 0.22% to close at N134.7

READ: U.S stock futures trade flat, Apple regains $2 trillion market value

Outlook

Nigerian bourse unsurprisingly ended higher amid rising oil prices and high buying pressures noticed in NSE30 stocks like Dangote Sugar, First Bank, and MTN Nigeria.

  • Market liquidity was notably higher as institutional investors increased their stakes on decent stock brands.
  • In spite of the sell-offs in global markets, and the dollar strengthening upward, as Local investors are taking advantage of undervalued stocks across the spectrum
  • Nairametrics, however, envisages caution in selecting stocks, as market indicators show high uncertainty in the coming days.

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Stock Market

Nigerian Stocks immune to high sell-offs recorded in Global Stock Market

UACN led 9 Gainers as against 16 Losers topped by CHAMPION at the end of today’s session.

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investors, Bulls gain momentum, as stimulus package lifts global financial markets, Bulls boost global financial market, gold hits 7 years high, Dangote, Tier-1 banks lead the bulls to close Nigerian stock market green

Nigerian stock started the first trading day of the week on a surprisingly bullish note amid record sell-offs in the global market. The All Share Index gained 0.01% to close at 25,574.35 points as against the +0.16% gain recorded on Friday.

  • Its Year-to-Date (YTD) returns currently stands at -4.72%. Nigerian Stock Exchange market capitalization presently stands at N13.365 trillion.
  • Nigerian bourse trading turnover printed higher as volume climbed up by 1.36% as against the 16.31% plunge recorded on Friday. FBNH, CHAMS, and UBA were the most active to boost market turnover.
  • Market breadth closed negative as UACN led 9 Gainers as against 16 Losers topped by CHAMPION at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

  • UACN up 5.79% to close at N6.4
  • INTBREW up 3.03% to close at N3.4
  • PRESCO up 1.84% to close at N49.9
  • GUARANTY up 0.20% to close at N25.4
  • MTNN up 0.08% to close at N120.1

Top losers

  • CHAMPION down 10.00% to close at N0.81
  • REDSTAREX down 9.20% to close at N2.96
  • JBERGER down 3.23% to close at N15
  • ACCESS down 0.78% to close at N6.4
  • FLOURMILL down 0.76% to close at N19.65

Outlook

Nigerian bourse ended in a near stalemate amid selling pressures recorded in Brent crude futures at U.S trading session. Nigerian bourse, with the help of NSE30 stocks like MTN, GTBank also brought immunity against significant sell-offs recorded on the global stocks market on Monday.

  • At the time this report was drafted, the Dow Jones Industrial Average (DJI) was down 588.64 points, or 2.13%, at 27,068.78. The S&P 500 (SPX) was down 59.80 points, or 1.80%, at 3,259.67, and the Nasdaq Composite (IXIC) was down 142.45 points, or 1.32%, at 10,650.83
  • The CBOE Market Volatility Index (VIX), a measure of investor anxiety, shot up to its highest level in nearly two weeks.
  • Nairametrics envisages cautious buying as market indicators point to higher uncertainty in the coming days coupled with rising cases of COVID-19 infections at Nigeria’s most important international markets.

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