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Stock Market

BUACEMENT builds Nigeria’s bourse, Investors gain N44.4 billion

The volume of shares traded was up by 16.59% to 268.7 million, the value traded dropped48.25%. BUACEMENT moved the NSE Industrial index up by +2.65%

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Kalambaina Cement Line 2, BUA Grou BUACEMENT builds Nigeria’s bourse, Investors gain N44.4 billion , Kalambaina Cement, CCNN

Nigeria’s Stock market ended Tuesday’s trading session on a bullish note, by gaining 0.34% to close at 25,355.15 index points. Market capitalization also increased by the same margin to N13.216trillion as investors gained N44.4 billion.

Although volume of shares traded was up by 16.59% to 268.7 million, the value traded dropped by 48.25% to N1.12billion.

MBENEFIT was the most traded stock by volume at 99.45 million units while FBNH topped by value at N96.5 million.

The market breadth index was negative with 22 losers against 13 gainers. BOCGAS (+10.00%) led the gainer’s chart while MOBIL (-9.96%) was the top loser.

Across sectors, three of the five indexes under our coverage gained. Price appreciation in BOCGAS (+10.00%) and BUACEMENT (+4.10%) moved the NSE Industrial index up by +2.65%, while the NSE Insurance & Consumer Goods followed distantly to gain 0.40% and 0.26% respectively.

GTBank 728 x 90

Conversely, the NSE Oil & Gas and Banking indexes were down -2.26% and -0.20%, respectively on the back of sell-offs in MOBIL (-9.96%) and FBNH (-2.73%).

READ MORE: Naira: Analysts expect rate to hover around N440

Top gainers 

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BOCGAS up 10.00% to close at N4.51, NEIMETH up 9.79% to close at N2.13, PRESTIGE up 9.38% to close at N0.7BUACEMENT up 4.10% to close at N43.2, DANGSUGAR up 2.75% to close at N14.95

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Top Losers 

MOBIL down 9.96% to close at N192.6, FIDSON down 7.69% to close at N3, REDSTAREX down 6.56% to close at N3.81, FBNH down 2.73% to close at N5.35CADBURY down 1.96% to close at N7.5,

Outlook  

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Bluechip stocks led by BUACEMENT boosted the bullish momentum at Nigerian bourse today. However, the gains were capped by sell-offs observed in MOBIL and FBNH. Nairametrics recommends you seek the advice of a certified financial advisor when picking stocks.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

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Market Views

Bank stocks remain a buy amid uncertainty prevailing Nigeria’s economy

The All-Share Index and Market Capitalization depreciated by 2.57% to close the week at 34,136.82 and N17.838 trillion respectively.

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Investors flee Nigerian Stocks as FDI and FPI dips

Nigerian Stocks ended the previous week cumulatively on a bearish note.

What we know: The All-Share Index and Market Capitalization depreciated by 2.57% to close the week at 34,136.82 and N17.838 trillion respectively.

In the previous week, Nigerian Stocks had its bullish run halted arbitrarily on the bias that stock traders and investors intensified their profit, taking into account the significant amount of weak earnings recorded by Nigerian Banks.

It was unsurprising to see four Nigerian banks in the top 10 losers chart for the week, as investors fretted on such performance on the basis that Nigeria’s banking industry remains the most vibrant after Agriculture, Energy in Africa’s largest economy.

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That said, In the coming week stock traders are expected to be very cautious amid recent macros showing Africa’s largest economy has dipped into a recession in Q3 as oil production dropped to a four-year low.

Abdul-Rasheed Oshoma Momoh, Head of Capital Market in TRW Stockbrokers Ltd, in a phone chat interview with Nairametrics, said Nigerian markets are presently playing out like a ping pong ball the momentum has slowed down for now.

More of consolidation now as investors buy into good stocks that have a light at the end of the tunnel. (Zenith Bank, UBA, GTBank, First Bank, Access Bank) taking into consideration he doesn’t see any new highs now till 2021.

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Bottom- line: Profit taking is expected to remain at least in the near term, taking into consideration Nigeria is officially in a recession, meaning a lot needs to be done to get Africa’s biggest economy on its foot, as such development could trigger more profit-taking in spite of the positive trend playing relatively at Africa’s best-performing equity market.

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Stock Market

Weak earnings by banks halt Nigerian stocks upside

Twenty-one (21) equities appreciated at price during the week, lower than sixty-nine (69) equities in the previous week.

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Nigerian Stocks ended the week cumulatively on a bearish note.

The All-Share Index and Market Capitalization depreciated by 2.57% to close the week at 34,136.82 and N17.838 trillion respectively.

A total turnover of 11.400 billion shares worth N35.892 billion in 39,265 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 4.509 billion shares valued at N58.733 billion that exchanged hands last week in 47,140 deals.

  • The Construction/Real Estate industry (measured by volume) led the activity chart with 8.529billion shares valued at N6.055 billion traded in 438 deals; thus contributing 74.82% and16.87% to the total equity turnover volume and value respectively.
  • The Financial Services Industry followed with 1.991 billion shares worth N19.933 billion in 21,725 deals. The third place was the Conglomerates Industry, with a turnover of 423.702 million shares worthN526.698 million in 1,962 deals.
  • Trading in the top three equities namely UAC- Property Development Company Plc, Transnational Corporation of Nigeria Plc. and Jaiz Bank Plc. (measured by volume) accounted for 9.259 billion shares worth N6.639 billion in 1,958 deals, contributing 81.22% and 18.50%to the total equity turnover volume and value respectively.
  • Twenty-one (21) equities appreciated at price during the week, lower than sixty-nine (69) equities in the previous week. Fifty-five (55) equities depreciated in price, higher than twelve(12) equities in the previous week, while eighty-five (85) equities remained unchanged, higher than eighty (80) recorded in the previous week.

Top 10 gainers W/W

  1. B.O.C. GASES PLC. up 39.88% to close N 6.77
  2. TRIPPLE GEE AND COMPANY PLC. up 19.57% to close N0.55
  3. NEM INSURANCE PLC up 17.27% to close N2.58
  4. AIICO INSURANCE PLC. up 12.22% to close N1.01
  5. IKEJA HOTEL PLC up 10.00% to close N1.10
  6. LINKAGE ASSURANCE PLC up 10.00% to close N0.55
  7. CONOIL PLC up 9.45% to close N20.85
  8. UPDC REAL ESTATE INVESTMENT TRUST up 9.21% to close N4.15
  9. CORNERSTONE INSURANCE PLC up 6.90% to close N0.62
  10. CHAMPION BREW. PLC. up 6.00% to close N1.06

Top 10 losers W/W

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  1. CORONATION INSURANCE PLC down 21.15% to close N0.41
  2. OANDO PLC down 19.75% to close N3.21
  3. JAPAUL OIL & MARITIME SERVICES PLC down 18.18% to close N0.27
  4. TRANSNATIONAL CORPORATION OF NIGERIA down 13.04% to close N1.00
  5. FBN HOLDINGS PLC down 12.12% to close N7.25
  6. STERLING BANK PLC. down 11.93% to close N1.92
  7. NIGERIAN AVIATION HANDLING COMPANY PLC down 11.54 % to close N2.30
  8. FIDELITY BANK PLC down 11.42% to close N2.56
  9. FCMB GROUP PLC. down 11.40% to close N3.03

Outlook

Nigerian Stocks had its bullish run halted arbitrarily on the bias that Stock traders and investors intensified their profit, taking into account the significant amount of weak earnings recorded by Nigerian Banks.

  • It was unsurprising to see four Nigerian banks in the top 10 losers chart for the week, as investors fretted on such performance on the basis that Nigeria’s banking industry remains the most vibrant after Agriculture, Energy in Africa’s largest economy.
  • Nairametrics, envisages you would seek the advice of a certified stockbroker when choosing stocks to buy, as most Nigerian stocks often offer cyclic returns.

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Stock Market

Another Fidelity Bank Non-Executive Director purchases 1 million shares worth N2.75million

Another non-executive director of Fidelity Bank has purchased an additional 1,000,000 shares of the bank worth N2.75 million.

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Fidelity Bank non-Executive Director purchases 3.1 million shares

In what seems to be a growing optimism in the Bank’s future, another non-executive director of Fidelity Bank, Mr. Chidi Agbapu, has purchased an additional 1,000,000 shares of the bank worth N2.75 million.

This is according to an official notification by the bank, signed by its Secretary, Ezinwa Unuigboje, and seen by Nairametrics

What you should know

Nairametrics had earlier reported last week that a Non-Executive Director of the bank, Chief Charles Umolu, had purchased 3,138,000 additional shares worth N8.8 million.

Sequel to this, Mr. Chidi is the second Non-Executive Director of the bank to purchase additional shares of the bank over the past one week.

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The breakdown of the latest transaction revealed that Mr. Chidi acquired the additional 1,000,000 units of Fidelity Bank shares in two tranches of 500,000 shares, at an average share price of N2.75 per share. This puts the total consideration for the 1,000,000 shares purchased at N2.75 million.

Why it matters

The latest disclosure is in line with the Nigerian Stock Exchange Policy on insider dealing, aimed at ensuring transparency in the system.

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