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Stock Market

B.O.C. Gases Plc leads this week’s gainers as losses mount on the NSE

The Nigerian Stock Exchange (NSE) has continued to perform negatively, as the market maintained its downward slope throughout the week.

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NSE John Holt

The Nigerian Stock Exchange (NSE) has continued to perform negatively, as the market maintained its downward trend throughout the week.

Last week the All-Share Index closed at 27,306.81 basis points, down 1.17%. The NSE All-Share Index also declined by 0.47% this week and closed at 26,925.29 basis points. Year to date, the index is down 14.33%. 

15 equities appreciated in price during the week, higher than 12 equities that appreciated the previous week. 34 equities depreciated in price this week, as against 43 equities in the previous week, while 119 equities remained unchanged this week,  higher than 113 equities recorded in the preceding week.  

Here are the top 10 gainers and losers for the week. 

Top Gainers 

B.O.C. Gases Plc  

B.O.C. Gases Plc was the best-performing stock this week. The stock opened at N5.57 and closed at N6.12, up N0.55  or 9.9%.  

Year to date, the stock is up 45.4%.  

Union Diagnostic & Clinical Services 

Union Diagnostic & Clinical Services Plc opened at N0.22 and closed at N0.24, up N0.02 or 9.1%.  

Year to date, the stock is up 4%.  

[READ MORE: Nigerian Stock Market ends the week Negative]

Unity Bank Plc 

Unity Bank Plc opened at N0.64 and closed at N0.69, up N0.05 or 7.8%.  

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Year to date, the stock is up 35.5%.  

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Livestock Feeds Plc 

Livestock Feeds Plc opened at N0.41 and closed at N0.44, up N0.03 or 7.3%.  

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Year to date, the stock is up 10.2%.  

Transnational Corporation of Nigeria Plc 

Transnational Corporation of Nigeria Plc opened at N0.87 and closed at N0.91, up N0.04 or 4.6%.  

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Year to date, the stock is up 31.1%.  

Continental Reinsurance Plc 

Continental Reinsurance Plc opened at N1.39 and closed at N1.45, up N0.06 or 4.3%.  

Year to date, the stock is up 24.1%.  

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Union Bank Nigeria Plc 

Union Bank Nigeria Plc opened at N6.75 and closed at N7.00, up N0.25 or 3.7%.  

Year to date, the stock is up 25%.  

Cement Company of North Nigeria Plc 

Cement Company of North Nigeria Plc opened at N14.00 and closed at N14.50, up N0.50 or 3.6%.  

Year to date, the stock is up 25.3%.  

MTN Nigeria Communications Plc 

MTN Nigeria Communications Plc opened at N131.00 and closed at N135.00, up N4.00 or 3.1%.  

Year to date, the stock is up 50%.  

Zenith Bank Plc 

Zenith Bank Plc rounded up the top 10 gainers for the week. The stock appreciated by 1.5% opening at N16.35 and closing at N16.60, up N0.25.  

Year to date, the stock is up 28%. 

 [READ ALSO: The Nigerian Stock Market closes Thursday’s trading in negative territory]

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Top Losers 

RAK Unity Pet Company Plc 

RAK Unity Pet Company Plc was the worst-performing stock this week, shedding 25%. The stock opened the week at N0.40 and closed N0.30, down N0.10.  

Year to date, the stock is down at 0% and is trading at a year low.   

UACN Plc 

UACN Plc opened the week at N5.50 and closed at N4.50, down N1.00 or 18.2%.  

Year to date, the stock is down 53.9%.  

Ecobank Transnational Incorporated 

Ecobank Transnational Incorporated opened the week at N7.25 and closed at N6.00, down N1.25 or 17.2%.  

Year to date, the stock is down 57.1%.  

Law Union and Rock Insurance Plc 

Law Union and Rock Insurance Plc opened the week at N0.39 and closed at N0.33, down N0.06 or 15.4%.  

Year to date, the stock is down 45%.  

Stanbic IBTC Holdings Plc 

Stanbic IBTC Holdings Plc opened the week at N38.10 and closed at N33.00, down N5.10 or 13.4%.  

Year to date, the stock is down 31.2%.  

Unilever Nigeria Plc 

Unilever Nigeria Plc opened the week at N32.00 and closed at N27.90, down N4.10 or 12.8%.  

Year to date, the stock is down 24.6%.  

CHAMS Plc  

CHAMS Plc opened the week at N0.26 and closed at N0.23, down N0.03 or 11.54%.  

Year to date, the stock is down 15%.  

Red Star Express Plc 

Red Star Express opened the week at N4.76 and closed at N4.24, down N0.52 or 10.9%.  

Year to date, the stock is down 1%. 

Wapic Insurance Plc 

Wapic Insurance Plc opened the week at N0.39 and closed at N0.35, down N0.04 or 10.3%.  

Year to date, the stock is down 16.7%.  

Nascon Allied Industries Plc 

Nascon Allied Industries Plc rounded up the top 10 losers for the week. The stock fell by 10%, opening at N14.00 and closing N12.60, down N1.40.  

Year to date, the stock is down 30%. 

[READ FURTHER: List of Dividends announced so far in 2019 (August 2019)]

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Stock Market

NSE Industrial Index sheds 183.17 index points in February, highest since November 2018

The NSE Industrial index shed a total of 183.17 index points in February, the highest decline since November 2018.

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Manufacturing: Activity levels pick up albeit readings still below water

The Nigerian Stock Exchange Industrial Index at the close of trading activities for the second month of 2021, closed on a bearish note, with the index depreciating by 8.8%, to close at 1898.2 index points for the month.

A preview of the performance of the index revealed that it shed a total of 183.17 index points – the highest since November 2018 (-190.58 index points).

This steep decline in the index was occasioned by the sell-off by wary investors in the shares of companies in the industrial sector, with the shares of Lafarge (WAPCO), BUA, and Dangote Cement being one of the shares impacted on the exchange.

The sell-off however was triggered by profit-taking activities across the market spectrum.

However, other factors that contributed to this sell-off may include rising yields in the money market spooked by CBN’s move to increase yields for OMO bills, as well as expectations of further devaluation of Naira.

What you should know

  • The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.
  • The index monitors the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.
  • The overall performance of the companies was bearish in February as the index closed on a negative note with eight losers.
  • WAPCO (-23%) led the loser’s chart for the month, followed by Berger (-9.94%) and Betaglas (-9.75%).

Top losers

  • WAPCO down by 23.00% to close at N23.10
  • BERGER down by 9.94% to close at N7.25
  • BETAGLAS down by 9.75% to close at N50.00
  • BUACEMENT down by 8.86% to close at N72
  • PORTPAINT down by 7.14% to close at N3.25
  • DANGCEM down by 6.78% to close at N220

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Spotlight Stories

Sell frenzy wipes out N1.1 trillion from market capitalization of Nigerian stocks

Nigerian Stocks end February with N1.1 trillion loss in market value, first loss since September 2020.

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Investors flee Nigerian Stocks as FDI and FPI dips

The Nigerian Stock Exchange ended February with a 6.16% loss ending 7 months winning streak that started in July 2020.

Year-to-date, the Nigerian stock exchange also swung to a loss of -1.17% after closing the month of January with a 5.32% gain. Out of the 166 stocks tracked by Nairametrics 53 stocks posted losses while 35 stocks gained, the rest were flat.

In total, investors lost a whopping N1.1 trillion during the month wiping off all the gains made in January. The last time stocks lost over a trillion naira was in March 2020 when stocks plummeted by about N2.5 trillion due to the global pandemic that had just broken. Before February, stocks have lost N1 trillion and above only 4 times in the last 5 years.

The selloffs also ensued despite the National Bureau of Statistics report that Nigeria had exited a recession beating consensus analyst expectation of a U -shaped recovery.

READ: Bloody February: Dangote, BUA and Lafarge shares lose N622 billion in February

READ: Exchange rate gains at NAFEX as external reserves loses almost $1 billion in less than a month

Why the sell-off?

The sell pressure on Nigerian stocks in the month of February is attributed to a change in key economic drivers that have underpinned the success of stocks in recent months.

  • Overvalued stocks – As stocks hit an all-time high of N22 trillion in market capitalization, investors found it harder to find value in equities. Nigeria boasts of less than 200 stocks on its flagship bourse out of which about 60 have enough liquidity to absorb more capital. For most investors, the key driver for investing in stocks was the dividend yield. However, as market value spiked, the prospects for higher dividend yields fell making investments in equities less attractive.
  • Profit-taking – As investors assigned overvalued status to Nigerian stocks, many saw this as an opportunity for profit-taking. For example, the NSE 30 Index swung from a positive return of 4.93% in January to a loss of 7.41% in February. Pension funds also sold off stocks with their index falling to a loss of 7.68% after closing January with a 7.49% pop. The insurance sector which led the gainers’ chart earlier on in the year went from a gain of 29.77% to a loss of 17.82%
  • Earnings season – The anticipation of how investors might also react to 2020 FY results also played a role in the selloffs that occurred in February. Investors expected a fall in profits for most listed companies. To avoid being in a value trap they sell off and hope to return once the outlook becomes clearer.
  • Rise in interest rates – Lower interest rates have been the major driver of an upsurge in the market value of stocks since last year. The central bank sent clear signals during the months that it was in the mood to increase yields of its OMO and Treasury Bills thus competing directly with dividend yields (which we touched on above). The higher the yield on risk-free investments the less attractive investing in stocks become.
  • Gloomy economic outlook – Lastly, insecurity, social unrest and an ailing economy are also weighing down on investors. Investors are also worried about the economic growth of the country and the ability of the government to continue to operate in a bankrupt state. Nigeria has seen its fiscal deficits explode in recent years. Some of the deficits are funded by an estimated N10 trillion in CBN’s Ways and Means lending.

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