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Stock Market

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.

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.

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

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

Outlook  

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

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Stock Market

Bearish grip as S&P 500 and the Dow plunges 

The Dow Jones Industrial Average had its worst day since February.

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After a record high on Friday, the S&P 500 fell for a second day, tech stocks dropped on Tuesday but gradually recovered, causing the wider market to sell-off. Home Depot, Chevron, and Goldman Sachs all fell 1.4 percent, dragging down the Dow Jones Industrial Average. The Dow Jones Industrial Average had its worst day since February.

After Monday’s decline, the S&P 500 fell 0.9 percent, but avoided a second consecutive 1 percent loss. The Nasdaq Composite was the relative outperformer of the day, closing just 0.1 percent after falling more than 2% at its session low.

Treasury yields increased, and the dollar fell to its lowest point of the year. Investors are looking for hints about the business outlook in the form of an inflation report and government bond auctions in the United States.

According to Dow Jones forecasts, the consumer price index in April will rise 0.2 percent from the previous month, reflecting a 3.6 percent increase over the previous year. This will be the biggest increase in the headline consumer price index since September 2011.

In April, the consumer price index except food and energy is forecasted to increase 0.3 percent, bringing the 12-month total to 2.3 percent. According to the Department of Labor, the consumer price index increased 0.6 percent from the previous month and 2.6 percent from a year earlier in March.

Investors are concerned about the possibility of inflation, but Federal Reserve Chair, Jerome Powell has stated that any increase in inflation is temporary.

Strategists encouraged investors to stay the course amid this week’s wild market swings. Following two days of losses, the S&P 500 is still up 10.5 percent for the year, though the tech-heavy Nasdaq’s gain has been reduced to 3.9 percent.

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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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