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Stock Market

Against headwinds, Nigerian stock market ends the week in green

The Financial Services industry led the activity chart with 814.292 million shares valued at N7.186 billion.

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The Nigerian stock market observed Friday, 12th June, 2020 as a public holiday to mark the Democracy Day celebrations, meaning that there were just four trading sessions recorded this week.

Meanwhile, a total turnover of 1.103 billion shares worth N9.876 billion in 16,616 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 1.469 billion shares valued at N23.553 billion that exchanged hands last week in 22,911 deals.

The Financial Services industry (measured by volume) led the activity chart with 814.292 million shares valued at N7.186 billion traded in 8,352 deals, thus contributing 73.82% and 72.76% to the total equity turnover volume and value respectively.

The Oil and Gas industry came second, with 66.78 million shares worth N143.050 million in 1,044 deals.

In the third place was the Consumer Goods industry, with a turnover of 57.842 million shares worth N1.022 billion in 2,559 deals.

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Trading in the top three equities namely Mutual Benefits Assurance Plc, Guaranty Trust Bank Plc and FBN Holdings Plc (measured by volume) accounted for 485.307 million shares worth N5.048 billion in 2,683 deals, contributing 44.00% and 51.11% to the total equity turnover volume and value respectively.

The NSE All-Share Index and Market Capitalization both appreciated by 0.67% to close the week at 25,182.67 and N13.137 trillion respectively.

All other indices finished higher, with the exception of NSE MERI Growth, NSE Consumer Goods, and NSE Oil/Gas Indices which depreciated by 0.07%, 0.20% and 2.62% respectively, while NSEASeM closed flat.

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Top gainers

NEIMETH INTERNATIONAL PHARMACEUTICALS PLC up 45.20% to close at N2.57.

ROYAL EXCHANGE PLC. up 20.00% to close at N0.24.

ASSOCIATED BUS COMPANY PLC up 19.51% to close at N0.49.

PRESTIGE ASSURANCE PLC up 18.64% to close at N0.70.

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LINKAGE ASSURANCE PLC up 17.78% to close at N0.53.

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CONSOLIDATED HALLMARK INSURANCE PLC up 16.67% to close at N0.49.

WAPIC INSURANCE PLC up 10.00% to close at N0.33.

BERGER PAINTS PLC up10.00% to close at N7.70.

MUTUAL BENEFITS ASSURANCE PLC up 10.00% to close at N0.22.

UNITY BANK PLC up 9.62% to close at N0.57.

READ ALSO: Digital payments sustains surge, affirms growth prospects

Top losers

JAPAUL OIL & MARITIME SERVICES PLC down 16.67% to close at N0.25.

RED STAR EXPRESS PLC down 13.39% to close at N3.30.

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11 PLC down 9.96% to close at N192.60.

HONEYWELL FLOUR MILL PLC down 9.80% to close at N0.92.

C & I LEASING PLC. down 9.43% to close at N4.80.

CAVERTON OFFSHORE SUPPORT GRP PLC down 8.54% to close at N2.25.

CHAMS PLC down 7.41% to close at N0.25.

LASACO ASSURANCE PLC down 7.41% to close at N0.25.

CORNERSTONE INSURANCE PLC down 7.27% to close at N0.51.

ETERNA PLC down 7.12% to close at N2.48.

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Outlook

The Nigerian bourse recorded a quiet session this week, with little volumes filtering into the market. Notwithstanding, the broad index finished green for the week.

However, crude oil prices (Nigeria’s major export) printed lower for the week, as concerns strengthened over the resurgence of the COVID-19 pandemic at the macro level.

Nairametrics envisages cautious buying of stocks, based on thin market liquidity and profit-taking increasing at a steady pace.

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

U.S biggest listed companies post best monthly gains since January 1987

The Dow jumped 11.8% in November, posting its best one-month gain since January 1987. The S&P 500 and Nasdaq Composite surged by 10.8% and 11.8%, respectively

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U.S Stocks set to surge higher, on hopes of a stimulus package deal, What Does The Circuit Breaker Tell Us

U.S biggest listed companies were all fired up in the month of November, as they posted incredible gains, amid three promising Covid-19 vaccines presently in play.

This triggered investors buying pressure in the world’s largest and most liquid equity market.

  • The Dow jumped 11.8% in November, posting its best one-month gain since January 1987.
  • The S&P 500 and Nasdaq Composite surged by 10.8% and 11.8% respectively, for their strongest monthly advances since April.

What this means

November gains are coming amid a slew of positive COVID-19 vaccine news, which lifted the broader market sentiments up and sparked a surge of blue-chip brands that include Apple, Amazon, Coca-Cola, Salesforce, Intel, IBM, Google, Chevron, IBM, JP Morgan Chase, Goldman Sachs, Amgen, Boeing, Visa, Walmart, and Walt Disney.

  • The iShares Russell 1000 Value ETF (IWD) rallied 13.4% for the month and outpaced its growth counterpart, the iShares Russell 1000 Growth ETF (IWF), by 3 more percentage points.

What they are saying

Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics, advised stock traders to be wary of recent data showing a plunge seen in Dallas Fed November Manufacturing activity data, following the Chicago PMI miss earlier on Monday.

“The Dallas Fed miss was consistent through most of the sub-indices, with new orders falling to 7.2 from 19.9, though the number of employees increased to 11.7 from 8.7. Prices paid rose to 35.0 from 29.4, while prices received fell to 4.7 from 6.8, indicating potential margin pressure.

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“However, even worse for these firms are the year-on-year comparisons, it seems. It is usually in these last couple of months where many retailers make their annual profit.

“The weakness of data outside of Asia highlights lockdowns (forced or self-imposed) have begun to affect. Simultaneously, early reports suggest Black Friday may have been underwhelming — even taking into account online activity, one of the new ‘norms’ of 2020.”

What you should know

The Dow Jones or Dow Jones Industrial Average (DJIA) is a popularly known stock market index that measures the stock performance of the 30 biggest companies listed on stock exchanges in the United States.

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What to expect

In the coming days, global investors are anticipating an even stronger 2021 profit outlook possibly coupled with a quick inoculation-driven economic recovery at least for the mid-term.

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Financial Services

Fidelity Bank MD/CEO purchases 5 million additional shares worth N12.97 million

The MD/CEO Designate of Fidelity Bank Nigeria Plc has purchased an additional five million units of the bank’s shares.

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Fidelity Bank M.D purchases 5 million additional shares worth N12.97 million

The Managing Director/CEO Designate of Fidelity Bank Nigeria Plc, Mrs. Nneka Onyeali-Ikpe has purchased an additional five million units of the bank’s shares totalling N12.97million.

This is according to a notification, signed by the bank’s Secretary, Mr. Ezinwa Unuigboje, and sent to the Nigerian Stock Exchange Market yesterday, as seen by Nairametrics.

What you should know

The breakdown of the disclosure showed that the transaction took place in five tranches with an average share price of N2.56.

  • First tranche: 260,190 units of the bank’s share were bought at N2.52 each, amounting to N655,678.8
  • Second tranche: 400,000 units of the bank’s share were bought at N2.55 each, amounting to N1.02million.
  • Third tranche: 130,000 units of the bank’s share were bought at N2.58 each, amounting to N335,400.
  • Fourth tranche: 2,870,000 units of the bank’s share were bought at N2.60, amounting to N7.46million.
  • Fifth tranche: 1,339,810 units of the bank’s share were bought at N2.56, amounting to N3.43million.

(READ MORE: Fidelity Bank slashes growth forecast, readies Eurobond coupon ahead of due date)

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In summary, the total transactions incurred by the MD in buying 5 million additional shares grossed N12.97million.

What this means

The recent corporate action indicates growing optimism in the bank’s future and potentials, which could be a pull factor to other investors.

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Stock Market

NSE announces the migration of four companies to the NSE Growth Board

The NSE has announced the migration of four qualified companies from the ASeM to the NSE Growth Board.

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The Nigerian Stock Exchange has announced the migration of four qualified companies from the Alternative Securities Market (ASeM) to the NSE Growth Board.

According to the tweet via the official Twitter handle of the Nigerian Stock Exchange, the companies migrated after being carefully reviewed in line with the listing requirements of the Growth Board and have demonstrated adherence to high corporate governance standards.

As a way of confirmation, the migration was commemorated with a virtual closing gong, spearheaded by the chairmen of the concerned companies.

What you should know

  • The four firms that migrated are: Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc, and The Initiates Plc.
  • The migration was officially announced by the Nigerian Stock Exchange market today.

What they are saying

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Commenting on the recent development, the Chairman of the Nigerian Stock Exchange, Mr. Oscar Onyema said:

I am pleased to welcome you all to this migration ceremony. Today’s event has been designed to recognize 4 companies that have satisfied the requirements for migration from the Alternative Securities Market (ASeM) to the #NSEGrowthBoard.

“Upon careful evaluation of applications received from eligible ASeM companies, the National Council & Management of NSE approved the migration of Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc and The Initiates Plc.

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“The #NSEGrowthBoard also provides visibility for listed growth companies, with the creation of a Growth Board Index and the inclusion to the NSE All Share Index.

“I applaud the boards and management of these 4 companies on their successful migration and I urge you not to relent in your efforts to sustain the high level of corporate governance that has brought you thus far.

“I must also thank our strategic business partners & value-added service providers for their commitment to deepening the capital market. Our partnership affords listed companies a competitive edge, while stimulating investors’ interest.

“We believe that the inclusion of these companies on the All Share Index and the Growth Board Index of the NSE will provide increased visibility that will attract global investors.”

What this means

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The migration to the NSEGrowthBoard provides visibility for listed growth companies, with the creation of a Growth Board Index and the inclusion to the NSE All Share Index

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In addition, the firm will also have access to a suite of value-added services that will provide a competitive edge beyond access to capital.

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