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Markets

Bulls win Grand Slam in Nigeria’s stock market

The Financial Services industry (measured by volume) led the activity chart with 809.957 million shares valued at N5.666 billion traded in 9,533 deals; thus contributing 80.06% and 57.28% to the total equity turnover volume and value, respectively.

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Bulls Win Grand Slam in Nigeria's stock market

The Nigerian stock market opened for four trading days this week, as the Federal Government of Nigeria declared Friday 1st May 2020 a public holiday to celebrate 2020 Workers Day.

A total turnover of 1.012 billion shares worth N9.892 billion in 17,023 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.195 billion shares valued at N13.979 billion that exchanged hands last week in 20,591 deals.

The Financial Services industry (measured by volume) led the activity chart with 809.957 million shares valued at N5.666 billion traded in 9,533 deals; thus contributing 80.06% and 57.28% to the total equity turnover volume and value, respectively.

The Industrial Goods industry followed with 47.884 million shares worth N1.681 billion in 1,920 deals. The third place was the Conglomerates industry, with a turnover of 46.627 million shares worth N86.349 million in 550 deals.

(READ MORE: Bulls party at Nigeria’s Stock market for the holiday, index up 0.76%)

Trading in the Top Three Equities namely, FBN Holdings Plc, United Bank for Africa Plc, and Access Bank Plc (measured by volume) accounted for 414.588 million shares worth N2.290 billion in 3,189 deals, contributing 40.98% and 23.15% to the total equity turnover volume and value respectively

Bulls Win Grand Slam in Nigeria's stock market

The NSE All-Share Index and Market Capitalization both appreciated by 1.87% to close the week at 23,021.01 and N11.997 trillion, respectively.

All other indices finished higher except for NSE (Nigerian Stock Exchange) Meri Growth, NSE Consumer Goods and NSE Industrial Goods, which depreciated by 0.88%, 1.42%, and 0.47% respectively while the NSE ASeM index closed flat.

Top 10 gainers for the Week

ARDOVA up 20.9% to close at N11.55

LASACO ASSURANCE PLC up 12.50% to close at N0.27

U A C N PLC up 11.29% to close at N6.90

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VITAFOAM NIG PLC. up 9.98%  to close at N4.96

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CHAMS PLC up 9.52% to close at N0.23

GUARANTY TRUST BANK PLC up 8.81%  to close at N21.00

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OANDO PLC up 7.83% to close at N2.48

MTN NIGERIA COMMUNICATIONS PLC up 7.69% to close at N112.00

LIVESTOCK FEEDS PLC up 7.69% to close at N0.70

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FCMB GROUP PLC. up 7.50%  to close at N1.72

 (READ MORE: Bulls hit a hat-trick at the Nigerian Stock Market, investors gain N73.24 billion)

Top 10 losers for the Week

NIGERIAN BREW PLC. down 13.04%  to close at N30.00

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TRANSNATIONAL CORPORATION OF NIGERIA PLC down 10.81% to close at N0.66

ETERNA PLC. down 9.62%  to close at N2.16

PRESTIGE ASSURANCE PLC down 9.09% to close at N0.50

WEMA BANK PLC. down 4.84%  to close at N0.59

ROYAL EXCHANGE PLC. down 4.76%  to close at N0.20

SKYWAY AVIATION HANDLING COMPANY PLC down 4.6% 1 to close at N1.45

UNILEVER NIGERIA PLC. down 4.55 % to close at N10.50

WAPIC INSURANCE PLC down 3.70% to close at N0.26

ECOBANK TRANSNATIONAL INCORPORATED down 3.26% to close at N4.45

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Market Views

Nigerian stocks plunge, as WEMA, CHAMPION, MANSARD slump

The market breadth closed negative as LASACO led 17 Gainers as against 23 Losers topped by CHAMPION at the end of today’s session.

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Nigerian banking stocks remain most liquid stocks, as investors gain N25.1 billion, DANGOTE CEMENT, OKOMUOIL and GUINNESS drag Nigerian Stock market down,  SEPLAT, GUINNESS, Breaks Nigerian Bourse Support Levels, Investors Lose N49 Billion  

Nigerian stocks wrapped up the week on a bearish note after the benchmark index registered its third negative close in the last five sessions.

  • Sentiments notably picked up where they left off yesterday, as selloffs persisted in bellwether ticker – ZENITHBANK (-1.55%) as well as in Telco giant – MTN Nigeria (-3.28%).
  • The 74 basis points pullback recorded today kept the All Share Index return firmly rooted in the red and also lowering the Year date returns to -1.88%.
  • Save for the Oil and Gas (+0.25%) index lifted by sustained interest in OANDO (+2.99%), all other sectors closed in the negative territory.
  • The Insurance (-2.32%), Banking (-0.48%), Consumer Goods (-0.40%), and Industrial Goods (-0.19) indices declined following price dips in MANSARD (-5.36%), ZENITHBANK (-1.55%), INTBREW (-3.65%), and WAPCO (-2.94%) respectively.
  • The market breadth closed negative as LASACO led 17 Gainers as against 23 Losers topped by CHAMPION at the end of today’s session

Top gainers

  1. LASACO down 9.82% to close at N1.23
  2. MBENEFIT down 8.11% to close at N0.37
  3. COURTVILLE down 5.00% to close at N0.21
  4. OANDO down 2.99% to close at N3.45
  5. NAHCO down 2.70% to close at N2.28

Top losers

  1. WEMABANK down 10.00% to close at N0.63
  2. CHAMPION down 10.00% to close at N2.52
  3. SUNUASSUR down 9.59% to close at N0.66
  4. AFRIPRUD down 5.74% to close at N5.75
  5. MANSARD down 5.36% to close at N1.06

Outlook

Nigerian stocks ended the last trading session of the week on a bearish note amid profit-taking across the market spectrum.

  • Downtrend was driven by price depreciation medium capitalized stocks amongst which are; WEMA, CHAMPION, MANSARD.
  • That being said, Nairametrics envisages cautious buying on the account that certain market indicators reveal investors are taking some of their gains across the market spectrum.

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Cryptocurrency

VP Osinbajo disagrees with CBN, calls for crypto regulation

Vice President Yemi Osinbajo had recently called for Crypto regulation knowing fully well the role Crypto play in the global financial ecosystem.

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Solar, FG to slash import duties on tractors, buses, others in 2020 Finance Bill, Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo, FG guarantees mortgage loan to low income buyers at low interest rate, FG inaugurates gold refinery project in a landmark event

The Vice President of Nigeria, Prof. Yemi Osinbajo has recently called for Crypto regulation knowing fully well the role Crypto plays in the global financial ecosystem as he opined that such disruption often makes room for progress.

Osinbajo also advised the SEC, and Central Bank of Nigeria in creating a regulatory road map, while fully appreciating the stance of the CBN, Nigerian SEC, and law enforcement agencies on the possible abuses of crypto assets.

The vice president further stressed the importance Cryptocurrencies would play in the coming years as they will most likely challenge traditional banking, including reserve banking, in ways the world hasn’t yet imagine, stressing the need for Nigeria in being prepared for such a seismic shift.

He also called for scaling up of government-private sector interventions because, “the task of national development requires that we fire on all cylinders, after all at one stage China was building 1.9m housing units per year.”

READ: Why Crypto black market is thriving in Nigeria

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