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Ecobank leads this week’s gainers as NSE closes on a positive note

The Nigerian Stock Exchange (NSE) received a serious boost as the market closed on a positive note this week.



NSE John Holt

The Nigerian Stock Exchange (NSE) received a serious boost as the market closed on a positive note this week. Last week, the All-Share Index closed at 26,925.29 basis points, down 0.47%. The NSE All-Share Index improved by 0.62% this week and closed at 27,800.17 basis points. Year to date, the index is down 11.55%.

40 equities appreciated in price during the week, higher than 15 equities that appreciated the previous week. 25 equities depreciated in price this week, as against 34 equities in the previous week, while 101 equities remained unchanged this week, lower than 119 equities recorded in the preceding week.

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

Top Gainers

Ecobank Transnational Incorporated: Ecobank Transnational Incorporated was the best-performing stock this week. The stock opened at N6.00 and closed at N8.00, up N2.00  or 33.3%.

Year to date, the stock is up 42.9%.

 Oando Plc: Oando Plc opened at N3.35 and closed at N4.05, up N0.70 or 20.9%.

Year to date, the stock is up 19%.

 Fidelity Bank Plc: Fidelity Bank Plc opened at N1.40 and closed at N1.68, up N0.28 or 20%.

Year to date, the stock is up 17.2%.

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UACN Plc: UACN Plc opened at N4.50 and closed at N5.35, up N0.85 or 18.9%.

Year to date, the stock is up 45.1%.

Law Union & Rock Insurance Plc: Law Union & Rock Insurance Plc opened at N0.33 and closed at N0.39, up N0.06 or 18.2%.

Year to date, the stock is up 35%.

C & I Leasing Plc: C & I Leasing Plc opened at N6.20 and closed at N7.30, up N1.10 or 17.7%.

Year to date, the stock is up 310%.

Honeywell Flour Mill Plc: Honeywell Flour Mill Plc opened at N0.96 and closed at N1.10, up N0.14 or 14.6%.

Year to date, the stock is up 14.1%.

United Capital Plc: United Capital Plc opened at N1.82 and closed at N2.06, up N0.24 or 13.2%.

Year to date, the stock is up 27%.

Transnational Corporation of Nigeria Plc: Transnational Corporation of Nigeria Plc opened at N0.91 and closed at N1.03, up N0.12 or 13.2%.

Year to date, the stock is up 22%.

CHAMS Plc: CHAMS Plc rounded up the top 10 gainers for the week. The stock appreciated by 13% opening at N0.23 and closed at N0.26, up N0.03.

Year to date, the stock is up 30%.

Stock Market

Top Losers

Okomu Oil Palm Plc: Okomu Oil Palm Plc was the worst-performing stock this week, shedding 18.1%. The stock opened the week at N49.00 and closed N40.15, down N8.85.

Year to date, the stock is down at 47.3% and is trading at a year low.

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NCR Nigeria Plc: NCR Nigeria Plc opened the week at N5.80 and closed at N4.95, down N0.85 or 14.7%.

Year to date, the stock is down 17.5%.

 LASACO Assurance Plc: Lasaco Assurance Plc opened the week at N0.33 and closed at N0.29, down N0.04 or 12.1%.

Year to date, the stock is down 3.3%.

Continental Reinsurance Plc: Continental Reinsurance Plc opened the week at N1.45 and closed at N1.30, down N0.15 or 10.3%.

Year to date, the stock is down 31.9%.

Tripple Gee and Company Plc: Tripple Gee and Company Plc opened the week at N0.70 and closed at N0.63, down N0.07 or 10%.

Year to date, the stock is down 18.2%.

MRS Oil Nigeria Plc: MRS Oil Nigeria Plc opened the week at N20.85 and closed at N18.80, down N2.05 or 9.8%

Year to date, the stock is down 26.9%.

Cadbury Nigeria Plc: Cadbury Nigeria Plc opened the week at N10.30 and closed at N9.30, down N1.00 or 9.7%.

Year to date, the stock is down 7%.

[READ ALSO: May & Baker, United Capital Plc make best stocks as NSE closes negatively]

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Mutual Benefits Assurance Plc: Mutual Benefits Assurance Plc opened the week at N0.22 and closed at N0.20, down N0.02 or 9.1%.

Year to date, the stock is down 4.8%.

Unity Bank Plc: Unity Bank Plc opened the week at N0.69 and closed at N0.63, down N0.06 or 8.7%.

Year to date, the stock is down 41.1%.


Linkage Assurance Plc: Linkage Assurance Plc rounded up the top 10 losers for the week. The stock fell by 7.7%, opening at N0.52 and closing N0.48, down N0.04.

Year to date, the stock is down 33.3%.

[READ ALSO: Financial sector dominates gainers chart this week]


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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COVID-19 Update in Nigeria

On the 23rd of September 2020, 111 new confirmed cases and 2 deaths were recorded in Nigeria



The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 57,724 confirmed cases.

On the 23rd of September 2020, 111 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 3,177 samples across the country.

To date, 57,724 cases have been confirmed, 48,985 cases have been discharged and 1,102 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 484,051  tests have been carried out as of September 23rd, 2020 compared to 480,874 tests a day earlier.

COVID-19 Case Updates- 23rd September 2020,

  • Total Number of Cases – 57,724
  • Total Number Discharged – 48,985
  • Total Deaths – 1,102
  • Total Tests Carried out – 484,051

According to the NCDC, the 111 new cases were reported from 12 states- Lagos (31), Gombe (18), Kaduna (18), FCT (15), Rivers (14), Imo (3), Kwara (3), Oyo (3), Bayelsa (2), Ogun (2), Edo (1), Osun (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,086, followed by Abuja (5,598), Plateau (3,304), Oyo (3,236), Edo (2,616), Kaduna (2,377), Rivers (2,277), Delta (1,800), Ogun (1,774), Kano (1,734), Ondo (1,606), Enugu (1,285), Ebonyi (1,038), Kwara (1,028), Abia (881), Gombe (857). Katsina (848), Osun (818),  Borno (741), and Bauchi (692).

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Imo State has recorded 565 cases, Benue (473), Nasarawa (449), Bayelsa (397),  Jigawa (322), Ekiti (317), Akwa Ibom (288), Niger (259), Adamawa (234), Anambra (232), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous


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Economy & Politics

Buhari to finally send Petroleum Industry Bill to National Assembly next week

Sources in the Presidency have disclosed that the President may be presenting the bill to the National Assembly.



Four dangerous circumstances forces FG to close Enugu Airport until further notice, aviation sector. FG’s conditional cash transfer progarmme gets more beneficiaries despite criticism

President Muhammadu Buhari is expected to present the long-awaited Petroleum Industry Bill (PIB) to the Senate as early as next week.

According to Reuters, who were quoting 4 sources familiar with the development, the presentation of the bill to the National Assembly, follows its official approval by the president late last week. This is as the National Assembly has already formed teams of members that will work most closely on the individual portions of the bill.

Both chambers of the National Assembly must have to pass the bill after deliberating on it before it can then be passed on to the president for his final signature.

The PIB which is an oil reform bill has been in the works for about 20 years, is key to the repositioning of Nigeria’s Oil and Gas Industry under its post-COVID-19 agenda as the main laws governing oil and gas exploration have not been fully updated since the 1960s due to some contentious issues like taxes, payments to local communities, terms and revenue sharing within Nigeria.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), had disclosed that the delay and non-passage of the bill has made international investors to start losing confidence in the country’s oil and gas industry.

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While revealing last month that the PIB will be presented to the National Assembly in the next few weeks, the Minister of State for Petroleum Resources, Timipre Sylva, also said that the executive arm will be requesting the lawmakers to specially reconvene to receive and start deliberations on the bill.

These oil reforms and regulatory certainty became more pressing this year as low oil prices and a shift towards renewable energy made competition for investment from oil majors tougher.

The draft copy of the bill which was prepared by the Petroleum Ministry is a product of series of consultation between the federal government, oil and gas companies and other industry stakeholders.

Excerpts from the bill reported by Reuters include provisions that would streamline and reduce some oil and gas royalties, increase the amount of money companies pay to local communities and for environmental clean-ups alter the dispute resolution process between companies and the government.

It also included measures to push companies to develop gas discoveries and a framework for gas tariffs and delivery. Commercializing gas, particularly for use in local power generation, is a core government priority.

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UK-based group to investment $245 million in 100 Nigerian businesses

A UK based organization is to partner local investment funds to disburse $245 million to 100 Nigerian businesses.



UK based organization partner local investment funds to disburse $245 million to 100 Nigerian businesses

A UK-based development finance institution, CDC Group, has finalized plans to invest US$425 million as an aid to 100 businesses and 38,000 jobs in Nigeria.

This is sequel to its partnership with 40 investment funds such as Afreximbank, African Capital Alliance and Indoram, NAN reports

In a virtual visit to the country by the board of the organization led by Chief Executive, Nick O’Donohoe and Chairman, Graham Wrigley, the UK Government-funded organization stated that all earnings from its investments are ploughed back to improve the lives of millions of people in Africa and South Asia.

CDC Group noted that it paid a virtual visit to the Vice President of Nigeria, Prof. Yemi Osinbajo, and British High Commissioner to Nigeria, Catriona Laing, to discuss and ascertain the impact of CDC’s aid to its investees through the COVID-19 crisis and understand how to stimulate recovery and growth.

The discussions also focused on CDC’s own response to the pandemic through its preserved, strengthen and rebuild programme, the statement said

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(READ MORE: WHO to secure initial COVID-19 vaccine for 20% of Africans)

Commenting on the rationale of the aid, the Chief Executive of the CDC Group, Nick O’Donohe said that, “Nigeria plays a key part in our strategy of partnership and investment for economic growth in West Africa. “Hosting our 2020 board trip– albeit virtually – in both markets is a testament to our commitment.

“Looking forward, we will continue to prioritise the post-COVID-19 recovery as part of the Build Back Better agenda.

“We are committed to supporting a deeper and more strategic bilateral partnership between the UK and Nigeria that is based on enhancing economic development, job creation, inclusion, trade and investment,” O’Donohoe further remarked.

In a glowing tribute and commendation to the group, British High Commissioner to Nigeria, Catriona Laing CBE said CDC has been pivotal to creating jobs and supporting the growth of businesses by investing in the poorest countries across Africa, including Nigeria.

“CDC’s commitment to the country signals to other UK investors that investing in Nigeria is possible and should be prioritized in order to help Nigeria and indeed, Africa, mitigate the impact of COVID-19,” the envoy said.

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