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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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Governor Fayemi explores investment options with the capital market, Nigerian Stock Exchange, Top 10 stockbrokers trade N120.4 billion worth of stocks in November , Law Union & Rock Insurance Plc Announces Notice of Board Meeting and Closed Period, NSE Hosts First Virtual Automated Trading System (ATS) Broker Certification Training Programme, Steroids from GTBANK, ZENITH Lift Nigerian bourse, as investors gain N94.2 billion, Nigerian bourse close flat, triggered by low market liquidity, Industrial index down by 5.7%, as shares of BUA, Lafarge, Dangote, others decline on NSE

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.

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.

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

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

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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.

Use advanced financial calculators from Nairametrics

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. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Markets

PRESCO and MEYER upsurges as FCMB and CHIPLC plunge

The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.

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Best performing mining, industrial and consumer goods stocks from last week

The Nigerian Stock Exchange market maintained a bullish recovery as the trading session begins this week. This surge was bolstered by gains made by PRESCO and MANSARD amongst others. The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.

  • Nigerian Stock Exchange market value currently stands at N20.5 Trillion. Its Year-to-Date (YTD) returns currently stand at -2.17%.
  • The market closed positive with the bulls as MEYER led 17 Gainers, and 18 Losers topped by CHIPLC showing a hint of consolation.

Top gainers

  1. MEYER up +9.62% to close at N0.57
  2. PRESCO up +9.58% to close at N78.90
  3. UNITYBNK up +9.09% to close at N0.60
  4. UAC-PROP up +7.89% to close at N0.82
  5. COURTVILLE up +5.00% to close at N0.21

Top losers

  1. CHIPLC down -9.52% to close at N0.38
  2. ROYALEX down -7.69% to close at N0.60
  3. HONYFLOUR down -5.83% to close at N1.13
  4. CUTIX down -4.98% to close at N2.10
  5. FCMB down -3.97% to close at N2.90

Outlook

The Nigerian Stock Market maintained the recovery as MEYER and PRESCO made an appearance for the second consecutive time pushing the NGX ASI upwards at the end of the trading session today.

  • Market sentiments tend toward a bullish momentum as the NGX ASI closed with 17 Gainers and 18 Losers.
  • Nairametrics advises cautious buying in this era of growing uncertainties.

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Markets

Wall Street drops from record high amid inflationary concerns

Concerns about inflationary spillovers pushed up an indicator of inflation expectations to its highest level since 2006.

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Concerns over accelerating inflation weighed on stocks on Monday, with the Dow Jones Industrial Average snapping back from a record peak, while the dollar struggled at a 10-week low. Concerns regarding inflationary spillovers pushed up an indicator of inflation expectations to its highest level since 2006.

The rise in raw materials prices is fueling debate ahead of a U.S. CPI study due on Wednesday, which is expected to show a strong increase in April. The pandemic shocks a year ago will amplify the year-on-year reading, but it feeds into a wider market fear that the Federal Reserve will be forced to lift interest rates faster than current guidance suggests to keep inflation in check.

Since rising to 1.60 percent earlier this week, the benchmark 10-year Treasury yield has dropped once again. The yield on 10-year Treasuries dipped about one basis point to 1.59%. Investors punished Big Tech equities during the daily session, pushing both the Dow Jones Industrial Average and the S&P 500 off record highs, sending Nasdaq futures lower on Monday evening.

On Monday, investors sold Apple and Microsoft stocks, causing the Dow Jones Industrial Average and the S&P 500 to fall below their all-time highs. To begin the week, each of those stocks had lost at least 2% of their value.

S&P 500 futures were down 0.6 percent while Dow futures were down 67 points. Nasdaq 100 futures were hit by selling pressure and fell 1%. The Nasdaq Composite took the brunt of the selling, falling 2.5 percent to close at its session low. Facebook is down more than 4%, while Amazon and Netflix are also down more than 3%. After Citigroup downgraded Alphabet, the stock fell more than 2%.

After a ransomware attack forced Colonial Pipeline to shut down the country’s largest fuel pipeline over the weekend, gasoline futures swung back and forth in choppy trading on Monday. Sections of the company’s 5,500-mile grid are being brought back online Monday afternoon, and service is expected to be restored by the end of the week, according to the company.

Gasoline futures were 0.31 percent higher at $2.1334 per gallon at the end of the day. Gasoline futures soared as much as $2.217 during the overnight session, the highest amount since May 2018.

Concerns about rising inflation could prompt the Federal Reserve to alter its interest rate policy. As a result, a rise in interest rates decreases market liquidity, resulting in a drop in stock performance.

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