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Lafarge, Wema, UBA, Dangote Sugar lead weekly gainers’ chart

A total turnover of 2.440 billion shares worth N19.932 billion in 18,918 deals were traded this week by investors on the floor of the Nigerian bourse



Bourse, NSE in 2019, events & outlook, Foreign portfolio transactions drop by N280 billion as foreign investors remain net sellers of Nigerian equities , 2020 Nigerian Equities Outlook: Breaking the Jinx?, Equities: Foreign investors remain net sellers for second consecutive year , Investors part with N152.1 billion as bearish trade extends, Stocks close February in deep red as investment options dry up for Nigerians, Economy: Domestic investors hold sway in January

The Nigerian bourse opened for four trading days this week as the Federal Government declared 10th April 2020 (Good Friday) and 13th April 2019 (Easter Monday) public holidays.

A total turnover of 2.440 billion shares worth N19.932 billion in 18,918 deals were traded this week by investors on the floor of the Nigerian bourse, in contrast to a total of 1.534 billion shares valued at N11.267 billion that were traded last week in 18,928 deals.


The Financial Services Sector (measured by volume) led the trading volume with 2.182 billion shares valued at N11.107 billion traded in 11,322 deals; thus contributing 89.42% and 55.72% to the total equity turnover volume and value respectively. The Industrial Goods followed with 102.769 million shares worth N3.633 billion in 2,483 deals.

In addition, third place was the Consumer Goods industry, with a turnover of 51.075 million shares worth N3.578 billion in 1,924 deals.

[READ MORE: Bulls dominate Nigerian bourse, investors gain N162 billion)

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Trading activity in the top three stocks includes Omoluabi Mortgage Bank Plc., Guaranty Trust Bank Plc. and FBN Holdings Plc. (measured by volume) accounting for 1.702 billion shares worth N8.033 billion in 4,443 deals, contributing 69.76% and 40.30% to the total equity turnover volume and value respectively.

A total of 3.027 million units valued at N13.034 million were traded this week in 23 deals, compared with a total of 6,759 units valued at N61, 035.98 transacted the previous week with 19 deals.

The NSE All-Share Index and Market Capitalization both gained by 1.37% to close the week at 21,384.03 and N11.144 trillion respectively.

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READ MORE: Fidelity Bank announces closed period as it readies to release unaudited Q1 2020 result

All other indices finished higher with the exception of NSE Oil/Gas, NSE Lotus II, and NSE Industrial Goods which depreciated by 4.76%, 2.65%, and 6.59% respectively while NSE ASeM Index closed flat.

Thirty-five (35) stocks gained in price during the week, higher than Fifteen (15) stocks in the previous week. Eighteen (18) stocks dropped in price, lower than Thirty-six (36) stocks in the previous week, while One hundred and ten (110) stocks remained unchanged, lower than One hundred and twelve (112) stocks recorded in the preceding week.

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Top 10 gainers for the week  

  • LAFARGE AFRICA PLC up 41.34% to close at N12.65
  • WEMA BANK PLC up 25.53% to close at  N0.59
  • UNITED BANK FOR AFRICA PLC up 25.25% to close at N6.20
  • STERLING BANK PLC up 25.23% to close at N1.39
  • FIDELITY BANK PLC up 24.26% to close at N2.10
  • DANGOTE SUGAR REFINERY PLC up 20.22% to close at N10.70
  • ECOBANK TRANSNATIONAL INCORPORATED up 19.23% to close at N4.65
  • FBN HOLDINGS PLC up 18.99% to close at N4.70
  • ZENITH BANK PLC up 17.65% to close at N14.00
  • FCMB GROUP PLC Up 16.33% to close at N1.71

[READ ALSO: GTBank, First Bank emerge most traded stocks, as investors gain N77 billion)

Top 10 losers for the week 

  • ARDOVA PLC down 18.48% to close at N11.25
  • SKYWAY AVIATION HANDLING COMPANY PLC down 15.61% to close at N2.00
  • BUA CEMENT PLC down 12.75% to close at 30.80
  • LEARN AFRICA PLC down 10.00% to close at N0.90
  • CUTIX PLC down 10.00% to close at N1.26
  • B.O.C. GASES PLC down 9.88% to close at N3.65
  • AXA MANSARD INSURANCE PLC down 9.71% to close at N1.58
  • UACN PROPERTY DEVELOPMENT COMPANY PLC down 9.47% to close at N0.86
  • SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC down 9.09% to close at N495.00
  • COURTEVILLE BUSINESS SOLUTIONS PLC down 9.09% to close at N0.20


Olumide Adesina a French-born Nigerian, an Investment Professional at Nairametrics Financial Advocates, owners of He is a Certified Investment Trader, with more than a decade working expertise in Investment Trading. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Around the World

Shell considers relocating its headquarters to the UK

Royal Dutch Shell has consistently pushed for the Dutch Government to stop taxes on dividends.



GLOBAL GAS vs SHELL: COURT SETS ASIDE AWARD OVER BREACH OF CONTRACT, Investors, shareholders shocked as Shell reduces dividend

Oil and gas giant, the Royal Dutch Shell, is considering moving its corporate headquarters from The Netherlands to Britain. This could be a move against the implementation of dividend tax in The Netherlands.

The move was disclosed by the oil company’s Chief Executive Officer, Ben Van Beurden, during an interview with a Dutch newspaper on Saturday, July 4, 2020. According to him, the oil giant is not ruling out relocating its headquarters from the Netherlands to Britain. He said:


You always need to keep thinking. Nothing is permanent and of course we will look at the business climate. But moving your headquarters is not a trivial measure. You cannot think too lightly about that.”

Further confirming the Chief Executive Officer’s comment, a Shell spokesman told Reuters that the oil giant is looking at ways to simplify its dual structure, as it had been doing for many years.

Royal Dutch Shell has consistently pushed for the Dutch Government to stop the tax on dividend paid to shareholders, as this makes financing dividend, share buy-backs and acquisition a lot more difficult.

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An earlier attempt by the Dutch Government to stop the dividend tax as an incentive to convince Unilever to unify its dual structure in Rotterdam, was met with an outcry by the public, who see that as a gift to rich foreigners.

It can be recalled that Shell had announced a few days ago that it might likely write down between $15 billion-$22 billion in post impairment charges for the second quarter of 2020. The impairment, which is its largest since the merger with Shell Transport and Trading Company Ltd in 2005, shows the huge adverse impact that the coronavirus pandemic has had on the oil giant’s businesses.

Also, in a move that shocked investors, Shell for the first time since the Second World War, cut down the dividend that it paid to its shareholders by two-thirds due to the negative impact of the pandemic. The decision came as a surprise to many including shareholders of the oil company which is by far the biggest payer of dividend in the FTSE 100.

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Governor David Umahi of Ebonyi tests positive for COVID-19

Umahi has directed those who worked in the budget review for 2020 to immediately test for COVID-19.



David Umahi, Ebonyi State workers will not get salaries for this reason

The Governor of Ebonyi State, David Umahi has tested positive for COVID-19, reported on Saturday afternoon.

Umahi’s Special Assistant on Media, Mr. Francis Nwaze, confirmed the news and also revealed that some associates of the governor also tested positive.


He also said that the Governor is not showing any symptoms of the disease, though he has isolated himself in line with the NCDC protocols.

“The governor has directed his Deputy, Dr Kelechi, to coordinate the state’s fight against the disease and appealed to the citizens to take the NCDC protocols seriously.

READ MORE: Governors may push for 42% of federal allocation in new sharing formula

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“He will currently be working from ‘home’ and will be conducting all meetings virtually,” Nwaze added.

David Umahi becomes the sixth Nigerian governor to test positive for the disease, Governors of Kaduna, El- Rufai, Bauchi, Bala Mohammed and Oyo, Seyi Makinde have fully recovered while the recent cases have been the Governors of Ondo, Rotimi Akeredolu and Delta, Ifeanyi Okowa.

On Thursday, Governor Umahi announced that the state’s Executive Council was finalizing the budget review required by World Bank and said “most us broke down and are being treated of malaria.”

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He also directed those who worked in the budget review for 2020 to immediately test for COVID-19 and admitted he is expecting a second test result after he initially tested negative in March.

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Economy & Politics

Nigeria’s debt rises to $79.5 billion, as debt to revenue ratio worsens

According to data obtained from DMO, $27.66 billion (N9.9 trillion) is the total external debt.



Nigeria's Debt to revenue ratio, DMO suspends April 2020 FGN savings bond offer

Nigeria, Africa’s largest economy’s total public debt rose to $79.5 billion (N28.63 trillion) as of the first quarter of 2020, which is March 31, 2020. This represents a 15% increase from the figure that was recorded for the corresponding period in 2019, which was about $69.09 billion (N24.94 trillion).

This was disclosed in a latest publication by the Debt Management Office (DMO) on Friday June 3, 2020.


Nigeria has seen its debt stock rise sharply in recent years as the country tries to fund infrastructural and developmental projects and boost its fragile economy, which has been in and out of recession. The country’s economy has been projected to fall into recession again, due to the adverse impact of COVID-19 that has seen oil prices crash globally.

According to data obtained from DMO, $27.66 billion (N9.9 trillion) is the total external debt. This represents 34.89% of the total public debt stock. Whereas, $51.64 billion (N18.64 trillion) is the total domestic debt, which represents 65.11% of the total public debt.

READ MORE: Nigeria borrows N754 billion in 3-month, total debt now N25.7 trillion  

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The Federal Government accounts for 50.77% of the total domestic debt, which is $40.26 billion (N14.53 trillion), whereas the State Governments and Federal Capital Territory account for 14.34% of the total domestic borrowing which is $11.37 billion (N4.11 trillion).

Nigeria has been under a lot of fiscal crisis following the crash of oil prices triggered by the coronavirus pandemic. The oil sector accounts for about 90% of the country’s foreign exchange earnings and about 60% of its total revenue.

The country, which had lined up a series of debt issue this year, had to halt the external commercial borrowing due to oil price collapse. The Minister for Finance, Zainab Ahmed, had last week disclosed that the country would no longer go ahead with its Eurobond debt issue.

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READ ALSO: Lagos debt hits N39.6 billion, to borrow N97 billion more

The Nigerian government, for now, is focusing on the domestic markets and concessionary loans to help fund the 2020 budget deficit which is made worse by drop in revenue. In the recently approved 2020 revised budget, the federal government is expected to borrow N850 billion from the domestic market.

This rising debt has put a lot of pressure on the government’s resources as it spent $1.69 billion (N609,13 billion) to service its domestic debt in the first quarter of 2020 alone.

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Nairametrics had reported that Nigeria’s global rating is at risk due to the sharp rise in the country’s sovereign debt and a growing finance gap. According to a report from the global rating agency, Fitch Ratings, this could trigger a rating downgrade as policymakers struggle to stimulate growth and deal with the impact of low oil prices and sharp drop in revenue.

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According to Fitch, the country’s debt to revenue ration is set to deteriorate further to 538% by the end of 2020, from the 348% that it was a year earlier.

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