Cornerstone Insurance led the gainers’ chart at the end of trading on the floor of the Nigerian Stock Exchange on Friday, as the local bourse continued on its negative trajectory.
The All share index lost -0.38% week on week (W-o-W) to settle at 26,348.73 points, while its YTD performance came in at -16.17%.
How share prices fared: Eighteen (18) equities appreciated in price during the week, lower than Nineteen (19) in the previous week. Thirty-three (33) equities depreciated in price, higher than Twenty-three (23) equities in the previous week, while one hundred and fifteen (115) equities remained unchanged, lower than one hundred and twenty-four (124) equities recorded in the preceding week.
Top gainers
Cornerstone Insurance Plc
Cornerstone Insurance Plc closed the week at N0.38, which represents an increase of 18.75%.
Consolidated Hallmark Insurance PLC
Consolidated Hallmark Insurance closed trading at the end of the week at N0.37k at 12.12%
Trans-Nationwide Express
Trans-National Express close trading at N0.84k, which represent 9.09%.
Sterling Bank
Sterling Bank Plc closed at N1.94, gained N0.14, and recorded a 7.78%
A.G Leventis Plc
A.G Leventis Plc also closed the week at N0.28k, which represent a 7.68%
Top Losers
Guinness Plc
Guinness Plc was at the top of the losers chart as it closed at N23.85, a drop of 18.74%
NEM Insurance Plc
NEM Insurance closed the week’s trading at N2.00 and recorded a 13.04%
Custodian Investment Plc
Custodian closed the week at N5.45, a drop that represent 12.10%.
Jaiz Bank Plc
Jaiz Bank close the week at N0.45, a drop of 10%.
C & I Leasing Plc
C&I Leasing Plc’s share value closed at N6.60 with a price drop of 9.59%.
The sectoral performance mirrored the negative stance of the bourse as all sectors were in the red with the industrial sector emerging the worst performer as it declined by 1.51% WoW.
Details of deals: A total turnover of 2.051 billion shares worth N16.126 billion in 13,508 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 896.610 million shares valued at N16.561 billion that exchanged hands last week in 12,638 deals.
The Financial Services industry (measured by volume) led the activity chart with 1.784 billion shares valued at N12.588 billion traded in 8,469 deals; thus contributing 87.00% and 78.06% to the total equity turnover volume and value respectively. The Conglomerates industry followed with 98.429 million shares worth N120.779 million in 444 deals. The third place was Construction/Real Estate industry with a turnover of 57.873 million shares worth N66.019 million in 90 deals.
Trading in the Top Three Equities namely, Omoluabi Mortgage Bank Plc, Zenith Bank Plc and Transnational Corporation of Nigeria Plc. (measured by volume) accounted for 1.388 billion shares worth N9.067 billion in 2,221 deals, contributing 67.69% and 56.22% to the total equity turnover volume and value respectively.
News of the week: AIRTEL AFRICA disclosed a collaboration with Ecobank Group that would provide traction for their Mobile money business—the stock enjoyed buying sentiments on the LSE while reaction on the local bourse was muted.
On Thursday, CBN released a new directive excluding individuals and local corporates from investing in OMO bills, either at the primary or secondary market. The banking sector took some beating as market participants reacted to the directive.
However, this was reversed in the last trading session on the back of some impressive Q3’19 results. ACCESS released its Q3’19 result wherein it’s Gross Earnings and Profit After Tax advanced by 30.90% and 44.23% YoY to ₦513.66billion and ₦90.74billion (vs ₦392.40billion and ₦62.91billion in Q3’18) respectively.
Also, ZENITHBANK released its Q3’19 result showing an appreciation in its Gross Earnings and Profit After Tax of 3.51% and 4.54% YoY to ₦491.27billion and ₦150.72billion (vs ₦474.61billion and ₦144.18billion in Q3’18) respectively.
Projection: While some experts expect the market to maintain its bearish stance next week, others anticipate some buying interests filtering in as more corporates release their Q3’19 earnings report.
