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Nigerian Stock Exchange Weekly Report

A total turnover of 1.534 billion shares worth N11.267 billion in 18,928 deals was traded last week ending 3rd April 2020 by investors

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Stock, stock, trading, Nigerian-stocks, Nigerian Stock Exchange Weekly Report

A total turnover of 1.534 billion shares worth N11.267 billion in 18,928 deals were traded last week ending 3rd April 2020 by investors on the floor of the Nigerian stock exchange. This is a contrast to a total of 1.452 billion shares valued at N14.91 billion that exchanged hands last week in 21,828 deals.

The Financial Services industry (measured by volume) led the activity chart with 1.105 billion shares valued at N7.100 billion traded in 12,225 deals; thus contributing 71.99% and 63.02% to the total equity turnover volume and value respectively.

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The Industrial Goods followed with 218.471 million shares worth N1.236 billion in 1,610 deals. The third place was the Consumer Goods industry, with a turnover of 134.599 million shares worth N1.855 billion in 2,332 deals.

Trading in the Top Three Equities namely, Sterling Bank Plc., Zenith Bank Plc., and Meyer Plc. (measured by volume) accounted for 752.359 million shares worth N3.247 billion in 4,039 deals, contributing 49.03% and 28.82% to the total equity turnover volume and value respectively.

(READ MORE: Nigerian bourse down 0.14%, trading volume drops due to NSE’s remote trading)

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INDEX MOVEMENT 

The NSE All-Share Index and Market Capitalization both depreciated by 3.51% to close the week at 21,094.62 and N10.994 trillion respectively.

All other indices finished lower with the exception of NSE Oil/Gas which appreciated by 2.33% while NSE ASeM Index closed flat.

 SUMMARY OF PRICE CHANGES 

Fifteen (15) equities appreciated at price during the week, lower than Thirty-four (34) in the previous week. Thirty-six (36) equities depreciated in price, higher than Thirty (30) equities in the previous week, while One hundred and twelve (112) equities remained unchanged, higher than Ninety-nine (99) equities recorded in the preceding week.

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 TOP GAINERS FOR THE WEEK 

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GLAXO SMITHKLINE CONSUMER NIG. PLC up 24.68% to close at N4.80

LIVESTOCK FEEDS PLC. up18.64% to close at N0.70

CADBURY NIGERIA PLC. up12.90% to close at N7.00

BERGER PAINTS PLC up 9.84% to close at N6.70

11 PLC up 9.83% to close at N160.90

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MAY & BAKER NIGERIA PLC.  Up 9.74% to close at N2.14

NEM INSURANCE PLC up 9.52% to close at N2.07

MEYER PLC. up 8.70% to close at N0.50

UNION DIAGNOSTIC & CLINICAL SERVICES PLC up 7.69% to close at N0.28

CHAMPION BREW. PLC. 0.75 0.80 0.05 6.67% to close at N0.80

(READ MORE: NSE loses N2 trillion in value in Q1 2020, as oil plunges 65% QoQ)

TOP LOSERS FOR THE WEEK 

NIGERIAN BREW. PLC.  down13.73 % to close at N22.00

ECOBANK TRANSNATIONAL INCORPORATED down 12.36% to close at N3.95

CUSTODIAN INVESTMENT PLC down 11.02% to close at N5.25

GUINNESS NIG PLC down 9.92% to close at N22.70

SKYWAY AVIATION HANDLING COMPANY PLC down 9.89% to close at N2.37

C & I LEASING PLC.  down 9.68% to close at N5.60

WEMA BANK PLC.  down 9.62% to close at N0.47

JAIZ BANK PLC down 9.43% to close at N.048

INTERNATIONAL BREWERIES PLC. down 9.26% to close at N4.90

UNITED CAPITAL PLC down 9.17% to close at N2.18

DEBT 

A total volume of 78,672 units of 4.131% FGS MAR 2022 and 206,307 units of 5.131% FGS MAR 2023 was admitted to trading at the Exchange on the 3rd April 2020.

Additional volumes of 55,000,000, 65,000,000 and 40,000,000 units were added to the following bonds 12.75% FGN APR 2023, 14.55% FGN APR 2029 and 14.80% FGN APR 2049 respectively on Monday 30th of March, 2020.

Olumide Adesina a French-born Nigerian, is an Investment Professional at Nairametrics Financial Advocates, owners of Nairametrics.com. Olumide Adesina is a certified Investment trader, with more than 14 years of working experience. His work experience covers trading commodity derivatives and analysis of global equities, currencies, commodities, cryptocurrencies, and Fixed Income instruments. A member of the Chartered Financial Analyst Society. You can follow Olumide on twitter @tokunboadesina and email via olumide.adesina@nairametrics.com.

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Economy & Politics

Output cut: Nigeria leads in OPEC non-compliance with 50 unsold cargoes of crude

Nigeria and Iraq were reported not to have kept to their commitment to the huge production cut deal that had promised to reduce output by 9.7 million barrels of crude oil per day.

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Petroleum Industry Bill to be passed by mid-2020, says Sylva, FG discovers crude oil in north, says there’s more , OPEC, non-OPEC countries to meet as Saudi, Russia price war affects Nigeria’s budget, FG considers fuel price reduction, OPEC deal: Nigeria to generate additional $2.8 billion revenue as FG reacts

As opinions continue to differ on whether OPEC will extend its current oil output cut beyond June, available information has shown that not all members of the oil cartel complied fully with their agreed quotas for the month of May. This is despite the fact that the oil output by OPEC member countries reached its lowest in almost 20 years.

Available data from oilprice.com showed that OPEC members cut their output by 5.91 million barrels per day from the April level, producing 24.77 million barrels per day. This figure also showed a 4.48 million barrel per day of the agreed output cut, thereby representing a 74% compliance level.

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Nigeria and Iraq were reported not to have kept to their commitment to the huge production cut deal that had promised to reduce output by 9.7 million barrels of crude oil per day.

Iraq was able to achieve just 38% compliance of its agreed output cut for the month of May, while Nigeria, which achieved a much lower compliance of the agreed output cut, recorded 19% compliance of what was agreed. Saudi Arabia showed the highest compliance, recording 96% of the agreed output cut.

Some have attributed the noncompliance of some members of OPEC to the agreed output cut, to the contractual obligations and commitment to buyers, given the short timeframe between when the agreement for the output cut was made and its implementation.

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Meanwhile oil exports from Angola and Congo remained steady at high prices on Friday, while Nigerian oil fared lower amid huge inventory of unsold cargoes.

Nigeria continues to face some difficulty in the oil market, primarily due to sluggish demand from Europe; it has around 50 unsold cargoes of crude oil yet to be sold for the months of June and July.

Meanwhile, India has become one of the few buyers for the Nigerian oil. Indian oil firms bought about 5-6 million barrels of Nigerian crude oil last week and has bought about 2 million barrels as at Thursday this week.

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Business News

President Muhammadu Buhari reshuffles NNPC’s board of directors

Note that the former board included the late Chief of Staff to the President, Abba Kyari as a member. Stakeholders have since expected the President to reconstitute a new board to take over.

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President Muhammadu Buhari to address Nigerians on Monday, receives update and recommendations from PTF

President Muhammadu Buhari has approved the reconstitution of the board of the Nigerian National Petroleum Corporation (NNPC) after the expiration of the tenure of the current board.

The newly constituted board members are expected to serve for a tenure of three years, effective immediately. They will take over from the last board, whose 3-year tenure officially ended in 2019. Information about this development is contained in a State House press release that was published on the official twitter handle of the Nigerian Presidency on Saturday morning.

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READ MORE: Construction of ICT Parks nudges Nigeria into digital transformation

READ ALSO: CBN and NIPOST open pilot microfinance branches

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The newly constituted NNPC board is made up of six members from each of the geo-political zones in the country. The members include the following individuals:

  • Mallam Mohammed Lawal, representing the North West
  • Dr Tajudeen Umar from North East
  • Adamu Mahmood  Attah from North Central
  • Senator Magnus Abe from the South-South
  • Dr Stephen Dike from the South East, and
  • Chief Pius Akinyelure from the South West geo-political

READ MORE: Boko Haram: A protracted battle yet to be won?  

Of the six members, three are returning members on the board – Chief Pius Akinyelure, Mallam Mohammed Lawal, and Dr Tajudeen Umar from North East.

Note that the constitution of the new board is considered a welcome development, as it balances the representation of the six geo-political zones on the board. The previous constitution of the board was faulted for not being “balanced”.

READ ALSO: Full text of President Muhammadu Buhari’s 58th Independence day broadcast

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Note that the former board included the late Chief of Staff to the President, Abba Kyari as a member. Stakeholders have since expected the President to reconstitute a new board to take over.

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Around the World

Zoom’s market valuation hits $50 billion mark, thanks to COVID-19

Zoom’s share price now trades at an eye-watering 55 times estimated revenue compared with an average of 7 times for information technology stocks in the S&P 500, according to information obtained from Bloomberg.

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Zoom Video Communications’ shares surged to record highs on Friday, as bullish runs in the last hours of trading helped the company to close with a market capitalization of more than $50 billion. The stock gained about 9.7% to jump to $179.48, thereby giving it a market value of $50.6 billion. 

Note that this is the first time Zoom’s valuation is reaching this high level since it became a quoted company. The tech giant, which owns popular video conferencing software “Zoom”,  has gained more than 160% this year. This is because investors are betting that the surge in Zoom users amid the COVID-19 pandemic, would eventually translate to long-lasting revenue growth.

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READ ALSO: How VCs are encouraging terrible business practices by founders

Zoom’s share price now trades at an eye-watering 55 times estimated revenue compared with an average of 7 times for information technology stocks in the S&P 500, according to information obtained from Bloomberg.

Following the significant jump in the company’s valuation, the net worth of its founder and Chief Executive Officer, Eric Yuan, also rose significantly by more than $800 million on Friday. He now has a net worth of $9.3 billion, according to the Bloomberg Billionaires Index. 

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Meanwhile, in reaction to Zoom’s overnight success, Gennie Gebhart, a researcher with the Electronic Frontier Foundation, said she hoped Zoom would change course and offer protected video more widely. It should be recalled that some users of the app had raised security concerns back in April, as Nairametrics reported

READ ALSO: Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market

Meanwhile, Zoom has recruited Alex Stamos, a former chief security officer at Facebook, and other top security experts to help deal with the security issues which led to some top companies banning its use. While discussing efforts being made to deal with the security challenges, Stamos told Reuters:

 “At the same time that Zoom is trying to improve security, they are also significantly upgrading their trust and safety. The CEO is looking at different arguments. The current plan is paid customers plus enterprise accounts where the company knows who they are.” 

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