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NASCON, Forte Oil, lead best performing stocks on Tuesday

NASCON Allied Industries Plc, and Forte Oil Plc, were the top 2 best-performing stocks on the Nigerian Stock Exchange (NSE) on Tuesday.



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NASCON Allied Industries Plc, Forte Oil Plc, Exxon Mobil Plc, Africa Prudential Plc and Guaranty Trust Bank Plc were the best-performing stocks on the Nigerian Stock Exchange (NSE) at the end of trading on Tuesday.

While NASCON top the gainers’ chart, gaining 10% to close at N14.85, followed by Forte Oil, which gained 6.08% to close at N15.7. Mobil was the third on the list, gaining 5.64% to close at N147.9, followed by Africa Prudential Plc, with 3.36% to close at N4, and finally, GTB that gained 0.56% to close at N26.7.

Top Losers: Champion Breweries Plc was the worst-performing stock, dropping by 9.57% to close at N1.04. Dangote Sugar Refinery Plc also fell by 2.86% to close at N10.2. While Guinness Nigeria Plc fell by 1.22% to close at N32.5, MTN Nigeria Plc and Dangote Flour Mills, fell by 1.15% to close at N128.5, and 0.67% to close at N22.3 respectively.

Meanwhile, trading at the bourse ended Tuesday in negative territory as the All-Share Index closed at 26,809.92 basis points, down by 0.21%.

[READ MORE: FCMB, Transcorp, Access Bank, 2 others boost trades by N358.2 million]

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Top Trades by Volume: Zenith Bank Plc was most actively-traded stock today with 60.91 million shares valued at N1.09 billion traded in 546 deals. First City Monument Bank Plc was next with 37.33 million shares valued at N59.73 million traded in 79 deals, followed by Guaranty Trust Bank Plc with 27.89 million shares valued at N744.38 million traded in 240 deals.

FBN Holdings Plc was next with 6.56 million shares valued at N34.67 million traded in 197 deals. Union Bank for Africa Plc rounded off the top five most actively traded stocks today with 5.26 million shares valued at N31.63 million traded in 171 deals.

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Nigerian Stock Exchange

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Corporate Actions

Unilever Nigeria Plc has announced that it would observe the close period of trading from Tuesday, October 8, 2019, until Monday, October 28, 2019, in respect of its third-quarter financial statements.

Ikeja Hotel Plc announced that its Board meeting would be held at the company’s office at 84, Opebi Road, Ikeja, Lagos on Tuesday, October 22nd 2019, by 11:00 am to discuss its 3rd quarter financial statement among other matters.

Goldlink Insurance Plc also announced the resignation of Mr. Kenneth Egbaran as its Managing Director, and the appointment of Mr. Roland Awoyinfa, the Group Head Technical, as its acting Managing Director. The appointment took effect from the 4th of October 2019.

Omatek Ventures Plc released its audited financial statements for the year ended 31st December 2016.

AXA Mansard Insurance Plc notified the public of the scheduled commencement of the closed period for trading in its shares on October 9, 2019, to when the Unaudited Financial Statements for the period ended September 30, 2019 are released on the floor of the NSE.

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[READ MORE: Continental Reinsurance, Forte Oil, NASCON lead NSE’s Gainers’ chart on Wednesday]

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The company also disclosed that its Board of Directors is scheduled to meet on Thursday, 25th of October 2019 to consider the Unaudited Financial Statements.

Berger Paints Nigeria Plc, also disclosed that its Board of Directors will meet on Thursday, October 24, 2019, to discuss its 2019 Q3 Unaudited financial statements. A close period of trading will be observed from October 9, 2019, till October 25, 2019, in respect of the financial statements.

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ECOWAS COVID-19: Nigeria drops to 7th position in recovery rate

According to data from ECOWAS Centre for Surveillance and Disease Control, Nigeria has dropped to 7th position in recovery rate.



The ECOWAS COVID-19 daily update report, as of November 22nd, 2020, shows that Nigeria is ranked 7th on recovery rate (93.5%), 10th on death rate (CFR – case fatality ratio) at 1.76%, and 9th on active cases (4.7%) amongst the 15 member countries of the ECOWAS (Economic Community of West African States).

This data can be seen on the Twitter handle of the ECOWAS Centre for Surveillance and Disease Control.

A week ago, as of 15th November 2020, Nigeria occupied the 6th position in recovery rate (93.7%), 9th position in CFR (1.79%) and 11th position in active cases (4.5%).

According to the report, there are 209,614 confirmed cases, 2,842 deaths, 189,917 recoveries, and 8,849 active cases in ECOWAS countries. This data represents in Africa, 9.8% of the confirmed cases, 5.7% deaths, 10.9% recovery rate and 3.3% active cases.

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As regards the death rate (CFR), Liberia tops the list with 5.29%, followed by Niger 5.12% and Mali 3.41% while Guinea is the least with 0.58%.

On recovery rate, Cote D”Ivoire tops the list with 98.3%, followed by Senegal 97.5% and Ghana 97.1%, with the least coming from Mali with 71.1%.

Mali has more active COVID 19 cases with 25.5%, followed by Sierra Leone 20.9% and Togo 20.9% and with Senegal contributing the least with 0.4%.

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What you should know

  • As at November 22 2020, worldwide, there are 58,649,324 confirmed cases, 1,388,068 deaths and CFR of 2.3%
  • In Africa, there are 2,057,029 confirmed cases, 49,412 deaths and CFR of 2.4%
  • In West Africa, there are 201,614 confirmed cases, 2,842 deaths and CFR of 1.41%, with a recovery rate of 94.2%.

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Naira devaluation, FX scarcity caused increase in cost of goods – Nigerian Breweries

Nigerian Breweries has revealed that Naira devaluation, FX scarcity caused increase in the cost of its goods in 2020.



Jordi Borrut Bel, Nigerian Breweries Plc

The Finance Director of Nigerian Breweries Plc, Rob Kleinjan, has revealed that the increase in the brewer’s costs of goods was due to the devaluation in naira and FX scarcity, which led to the increase in the cost of inputs such as sorghum and sugar, as they are not fully produced locally.

This disclosure was made during the Nigerian Breweries’ Fact Behind Figures results presentation today.

However, Kleinjan explained that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity, which exerts pressure on imported input materials.

He said the increase in Nigerian Breweries’ costs of goods sold, as reported in its unaudited financial results, could also be linked to the volume of goods sold, as the company’s sales volume in Q3 increased by almost the same percentage as the cost of goods sold.

However, Mr. Kleinijan reiterated that to mitigate further losses, it was important for the company to focus on the supply chain and seek ways to mitigate price increases.

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What they are saying

The Managing Director of Nigerian Breweries, Mr. Jordi Borrut, while speaking at the virtual event said:

In 2020, the results of Nigerian Breweries were adversely impacted by COVID, VAT increase, FX devaluation and scarcity of foreign exchange. The year started with a promising 1st quarter, which was heavily impacted in Q2. The Nigerian market, however, rebounded in Q3.”

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Mr. Rob Kleinjan, while explaining the factors behind the increase in Nigerian Breweries’ cost of goods sold in the first nine months of 2020, said:

It is also clear that the increase in cost is due to the devaluation and the FX scarcity which has put pressure on our input cost. If you look into the main elements we use, which are sorghum and sugar – they are not fully produced locally, so when the currency is devalued, the prices of these inputs will soar.

That’s why it’s important that we are focused on the supply chain, and seek for ways we can mitigate any of the price increases, because the increase in cost comes from the input prices, which come from FX scarcity.”

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FG petitions CNN over investigative report on Lekki shooting, threatens action

The Federal Government has petitioned CNN over its alleged bias report on the Lekki Tollgate shooting.



The Federal Government has written a petition to the US-based Cable News Network (CNN), demanding an immediate and exhaustive investigation into its report on the Lekki Tollgate shooting, to determine its authenticity and conformity to basic standards of journalism.

The government berated CNN for its investigative report on the #EndSARS protest in Lekki area of Lagos, pointing out that the media outfit breached the most basic of the core principles of journalism – balance and fairness.

In the petition written by the Minister for Information and Culture, Lai Mohammed, to Jonathan Hawkins, VP (Communications) in CNN Centre Atlanta, Georgia; the government said that if the international media organization does not carry out its demand, it will take any action within its laws to prevent CNN from making the #EndSARS crisis worse.

According to a report from Punch, the government’s letter dated November 23, 2020, is titled “Re: How a bloody night of bullets quashed a young protest movement”.

The letter reads: “Our attention has been drawn to an ‘investigation’ by CNN, entitled ‘How a Bloody Night of Bullets Quashed a Young Protest Movement’ and aired on 18 Nov. 2020, in which the international news organization said it uncovered that Nigerian security forces opened fire on unarmed protesters at the Lekki Toll Gate in Lagos, Nigeria, during the #EndSARS protest.”

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“We write to put on record that the report did not just fall short of journalistic standards, it reinforces the disinformation that is going around on the issue. It is blatantly irresponsible and it is a poor piece of journalistic work by a reputable international news organization.

“In the first instance, the report did not live up to the most basic of the core principles of journalism – balance and fairness. According to the website, balance and fairness are classic buzzwords of journalism ethics: In objective journalism, stories must be balanced in the sense of attempting to present all sides of a story. Fairness means that a journalist should strive for accuracy and truth in reporting, and not slant a story that makes a reader draw the reporter’s desired conclusion.”

What you should know

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It can be recalled that CNN in its investigative report broadcasted on November 18, disclosed that the Nigerian army allegedly fired live ammunition directly at unarmed protesters, who peacefully assembled at the Lekki Tollgate during the #EndSARS protests. While confirming some deaths, CNN said it spoke with over 100 protesters and family members, but didn’t speak to any government official.

In response to the Federal Government’s criticism of the report, which it described as a blatantly irresponsible and a poor piece of journalistic work, CNN insisted that it was standing by its report.

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