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Top banks’ stocks plunge, as bears overwhelms Nigerian tier-2 banks’ rally

UBA was the most traded stock by volume at 23.9million units, followed by FBNH.

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SEPLAT, GUINNESS break Nigerian bourse support levels, investors lose N49 billion  , Nigerian Stock market records sixth consecutive loss, Investors lose N15.55 Billion,Nigerian Stock market records sixth consecutive loss, Investors lose N15.55 Billion

The Nigerian Stock market ended Thursday’s trading session on a bearish note as investors continued to price in the risk of increasing cases of COVID-19. Altogether, investors lost N115.07 billion

The Nigerian Stock Exchange (NSE) All-Share Index plunged by 0.90% to 24,374.40 points at the close of the trading session from the preceding day high of 24,594.99 points. Consequently, the value of listed stocks on the Nigerian stock market reduced from N12.830trillion to N12.715trillion.

Although the volume of shares traded fell slightly by 9.03% to 180.12 million units, value traded improved by 78.25% to N1.84billion as 3,889 deals exchanged hands.

UBA was the most traded stock by volume at 23.9million units, followed by FBNH, with 21.5 million units of trades.

Market sentiment, as measured by market breadth, was negative as 26 tickers declined, relative to 7 gainers. UNILEVER and CADBURY were the top losers of the day with 9.80%and 8.78% declines, while NEIMETH and JAIZBANK recorded the largest gains with 9.40%  and 7.27% appreciation in share value.

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On the sectoral breakdown, bearish sentiment characterized the sectors. We highlight sell-offs in Tier-1 banking stocks like, ZENITH (-5.73%), GUARANTY (-5.26%) and ETI (-3.03%), which placed the Lender’s index as the worst performer, fell by 4.58%.

READ MORE: High sell-offs from BUACEMENT, CADBURY, WAPCO, investors lose N198.05 billion

The Insurance index trailed to slump by 1.02%, as a result of a decline in CORNERSTONE (-9.09%) and AIICO (-1.11%), the Consumer Goods followed with 0.93% depreciation as UNILEVER, CADBURY and FLOUR MILL shed -9.80%; -8.78% and -5.36% respectively.

Finally, price declines in OANDO and WAPCO close the Oil and Gas and Industrial Goods Indexes distantly by -0.30% and -0.02%.

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Top gainers 

NEIMETH up 9.40% to close at N1.63, JAIZBANK up 7.27% to close at N0.59, UNITYBNK up 6.38% to close at N0.5, NAHCO up 5.53% to close at N2.1, REDSTAREX up 4.76% to close at N3.3

Top Losers 

UNILEVER down 9.80% to close at N13.8, CADBURY down 8.78% to close at N6.75, ZENITHBANK down 5.73% to close at N14.8, FLOURMILL down 5.36% to close at N17.65, GUARANTY down 5.26% to close at N20.7

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Outlook  

Stanbic IBTC

Nigeria bourse intensified its bearish trend on Thursday, as top tier-1 bank stock price plunged amidst thin market liquidity observed in the Nigerian bourse trading session. Nairametrics envisages cautious buying as many investors still remain on the sideline

 

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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. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

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Stock Market

CEO, CFO purchase additional 1.28 million units of United Capital Plc shares

The CEO of United Capital Plc has purchased additional 3,154,295 units of the firm’s shares in the last three months.

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The Chief Executive Officer of United Capital Plc, Mr Peter Ashade, alongside the Chief Finance Officer, Mr Shedrack Onakpoma have jointly purchased an additional 1.28 million units of the firm’s shares.

This is according to two separate disclosures (Ashade and Onakpoma), both signed by the firm’s secretary, Leo Okafor, sent to the Nigerian Stock Exchange platform and seen by Nairametrics.

From the disclosures, Nairametrics gathered that both transactions are worth a combined total of N6.81 million and were effected on 19th of January 2021.

READ: Peace Mass Transit acquires 55.82% ordinary shares of C&I Leasing Plc

Key highlights

The breakdown of the recent transactions showed that;

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  • The CEO, Mr Peter Ashade purchased an additional 1,054,295 units (84% of the total units purchased) at N5.29 per share, totalling N5,577,220.55
  • In the same vein, Mr Shedrack Onakpoma (CFO) purchased an additional 230,000 units (18% of the total units purchased) at N5.35 per unit, totalling N1,230,500.
  • A combined N6, 807,720.55 was spent by both the CEO and CFO in the recent deal, for the purchase of an additional 1,284,295 units.

READ: Group Executive Director, others acquire over 3.5 million shares of United Capital Plc

What you should know

The CEO of United Capital Plc had purchased 1,000,000 units of the firm’s share 2 days ago, as reported by Nairametrics.

  • In lieu of this, the recent deal raises the total number of shares purchased by the CEO in the last three months to 3,154,295 units.
  • In addition, Nairametrics learnt that the CEO has spent a combined total of N19, 296,020.55 in all transactions for the period under review.
  • As at the time of writing this, the shares of United Capital Plc currently trades at N5.40, up by 0.93%.
  • The transactions might be a pointer to the fact that the management anticipates an optimistic outlook and strong believe in the firm potentials.

READ: United Capital Plc raises N15 billion through Commercial Paper

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Bargain hunters propel Nigerian stocks up, investors gain N50 billion

The market breadth closed positive as NNFM led 55 Gainers as against 14 Losers topped by MANSARD at the end of today’s session

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Closed Period, Investors' demand for Nigerian stocks climb, as portfolio investment gains N223.4 billion

Nigerian Stocks ended the mid-week trading session on a bullish note. The All Share Index gained by 0.23% to close at 41,051.63 index points as against the -0.07% drop recorded on Tuesday.

  • Nigerian Stock Exchange market value now stands at N21.5 trillion. Its Year-to-Date (YTD) returns currently stands at +2.18%. Investors gained N50.3 billion.
  • Nigerian bourse trading turnover ended positively as volume ticked up by 23.74% as against the 28.91% plunge recorded on Tuesday. MBENEFIT, TRANSCORP, and STERLNBANK were the most active to boost market turnover.
  • The market breadth closed positive as NNFM led 55 Gainers as against 14 Losers topped by MANSARD at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

  1. NNFM up 10.00% to close at N8.8
  2. BOCGAS up 9.80% to close at N15.12
  3. ARDOVA up 9.72% to close at N19.75
  4. WAPCO up 8.16% to close at N26.5
  5. FLOURMILL up 1.56% to close at N32.5

Top losers

  1. MANSARD down 10.00% to close at N1.53
  2. JAPAULGOLD down 9.38% to close at N1.16
  3. CUTIX down 5.50% to close at N2.06
  4. GUARANTY down 2.07% to close at N33.05
  5. AFRIPRUD down 1.41% to close at N7

Outlook

Nigerian stocks recorded gains at the third trading session of the week, as investors increased their buying pressure, especially buying from dips across the market spectrum.

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  • Nigerian’s crude, at the time of writing, sold at $56/barrel and helped in boosting the Nigerian central bank dollar cash inflows taking to account that crude oil remains Nigeria’s major cash cow.
  • However, Nairametrics, envisages cautious buying, amid stringent capital controls set in place by Nigeria’s Apex bank could trigger lower Foreign Portfolio participation in the long term.

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Stock Market

Cutix Plc’s founder splashes N2.15 million to acquire additional shares of the company

The founder of Cutix Plc has increased his stakes in the company with the purchase of 1 million additional shares.

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Dr. Gilbert Obiajulu Uzodike, the founder of Cutix Plc has increased his stakes in the cable manufacturer with the purchase of 1 million additional shares of the company.

This is according to a “Notification of Share Dealing by an Insider” signed by the Company Secretary, Nwokporo Chinwendu and published on the NSE website.

It is important to note that the notification is compliant with The Exchange’s policy on insider dealing.

The statement revealed that the founder of Cutix Plc increased his stakes in the company with the acquisition of 1 million additional shares, in a single transaction, at an average share price of N2.15 per share.

This puts the total consideration for the shares purchased by Dr. Uzodike at N2,150,000.00.

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Why this matters

  • Dealings by insiders of listed companies are corporate actions to be disclosed by the management of the company, this is in compliance with NSE’s policy on insider dealing, as the disclosure is key in the effort to ensure transparency and reinforce the trust of the investing public.
  • The purchase of the shares of Cutix Plc further cements the founder’s position as a substantial shareholder of the company.

What you should know: It is important to note that Cutix Plc made a forecast that in the fourth quarter of its financial year 2021 (i.e January 1st to March 31st, 2021), the company’s revenue will double, while profit is expected to increase by 9% to N148 million.

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