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Stock Market

UNITY BANK, FIDSON, JULIUS BERGER end the week bullish, ASI up 0.58%

28 equities appreciated in price during the week, higher than 26 equities in the previous week.

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Ecobank, Nigerian Stock Exchange, Beta Glass, Forte Oil, Transcorp lead gainers chart on Wednesday, Law Union, AIICO, Honeywell top gainers’ chart on Wednesday, Investors lose N9.14 billion to bearish trades on Wednesday , Dangote, Cadbury, Flourmills regains bullish momentum run at Nigeria’s Stock Market, AIRTEL, NESTLE, NB lead the Bulls a home win, Investors party with N106.3 Billion 

Nigerian stock recorded a positive trading session that ended 24th July 2020, as the NSE All-Share Index and Market Capitalization both appreciated by 0.58% WoW to close the week at 24,427.73 and N12.743 trillion respectively.

All other indices finished higher with the exception of NSE-Main Board, NSE Banking, NSE Insurance, NSE AFR Bank Value, NSE AFR Div Yield, NSE MERI Value, NSE Consumer Goods and NSE Oil/Gas Indices which depreciated by 1.04%, 0.62%, 0.80%, 0.38%, 0.69%, 1.45%, 0.38% and 4.67% respectively while NSE ASeM closed flat.

A total turnover of 1.350 billion shares worth N14.433 billion in 16,723 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 1.016 billion shares valued at N7.436 billion that exchanged hands last week in 18,092 deals.

The Financial Services industry (measured by volume) led the activity chart with 847.677 million shares valued at N5.649 billion traded in 9,068 deals; thus contributing 62.77% and 39.14% to the total equity turnover volume and value respectively.

The Conglomerates industry followed with 176.425 million shares worth N821.337 million in 400 deals. The third place was the Consumer Goods industry, with a turnover of 158.022 million shares worth N3.768 billion in 2,563 deals.

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Trading in the top three equities namely; FBN Holdings Plc, UACN Plc and United Bank for Africa Plc. (measured by volume) accounted for 434.502 million shares worth N2.408 billion in 2,270 deals, contributing 32.18% and 16.68% to the total equity turnover volume and value respectively.

Twenty-eight (28) equities appreciated in price during the week, higher than twenty-six (26) equities in the previous week. Twenty-five (25) equities depreciated in price, lower than thirty-six (36) equities in the previous week, while one hundred and ten (110) equities remained unchanged, higher than one hundred and one (101) equities recorded in the previous week.

Top gainers

FIDSON HEALTHCARE PLC up 18.11% to close at N3.13

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UNITY BANK PLC up 15.56% to close at N0.52

ROYAL EXCHANGE PLC. up 14.81% to close at N0.31

CUSTODIAN INVESTMENT PLC up 14.58% to close at N5.50

JULIUS BERGER NIG. PLC. up 10.00% to close at N17.05

HONEYWELL FLOUR MILL PLC up 8.33% to close at N1.04

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MAY & BAKER NIGERIA PLC. up 7.91% to close at N3.00

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VITAFOAM NIG PLC. up 7.88% to close at N5.75

NPF MICROFINANCE BANK PLC up 7.58% to close at N1.42

ARDOVA PLC up 7.17% to close at N13.45

 

Top Losers

PRESTIGE ASSURANCE PLC down14.81% to close at N0.46

INTERNATIONAL BREWERIES PLC. down10.53% to close at N3.40

SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC down 10.00% to close at N347.40

CORNERSTONE INSURANCE PLC down 9.09% to close at N0.50

CAP PLC down 8.23% to close at N18.95

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CONSOLIDATED HALLMARK INSURANCE PLC down 8.16% to close at N0.45

LASACO ASSURANCE PLC. down 7.69% to close at N0.24

NEIMETH INTERNATIONAL PHARMACEUTICALS PLC down 6.67% to close at N1.40

BUA CEMENT PLC down 5.91% to close at N39.00

STERLING BANK PLC. down 5.60% to close at N1.18

 

Outlook

Nigerian bourse against headwinds closed the week on a positive note, despite growing concerns on the resurgence of the rampaging COVID-19 virus, that has continually disrupted the global financial market. This is in addition to Nigeria’s major export, Brent Crude closing downwards at the end of the week, and a rise in Nigeria’s inflation by 12.56%.

Nairametrics, however, envisages, cautious buying of stocks as many institutional investors, including FPIs remain on the sidelines, resulting in low liquidity recorded recently in the Nigerian stock market.

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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Stock Market

Flour Mills’ GMD acquires shares worth ₦54.6 million

Paul Miyonmide Gbedebo has acquired 1,949,839 additional units of Flour Mills Nigeria Plc, worth ₦54.6 million.

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Flour Mills of Nigeria Plc, 2018 FY: Flour Mills’ shareholders unanimously endorse N4.92 billion dividend , FMN redeems N1 billion pledge to CACOVID relief fund, donates $1.5 million worth of medical supplies

Flour Mills Nigeria Plc (FMN) has notified the Nigerian Stock Exchange that its Group Managing Director, Paul Miyonmide Gbedebo, has acquired 1,949,839 additional units of Flour Mills Nigeria Plc’s shares, worth ₦54.6 million.

In line with the Nigerian Stock Exchange policy on insider dealing, the formal disclosure was made by the Group’s Secretary, Mr. Joseph Umolu.

According to the disclosure, Mr. Gbedebo acquired the additional shares in a single transaction, at an average share price of ₦28.00 per share, on November 17th 2020.

This put the total consideration for the shares purchased by the Managing Director at ₦54,595,492.00

At the end of trading activities today, November 24 2020, shares of Flour Mills Nigeria Plc closed at ₦25.40. This price, however, is 49.41% higher than its 52-week low of ₦17.00.

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Why this matters

Dealings by insiders of listed companies are corporate actions to be disclosed, as required by the Nigerian Stock Exchange to aid transparency.

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Stock Market

First Bank, UBA, Stanbic jumpstart Nigerian stocks

STANBIC led 25 Gainers as against 16 Losers topped by ETERNA at the end of today’s session.

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Global stocks sell-off persists as resurgence of COVID-19 frighten investors 

Nigerian bourse ended Tuesday’s trading session on a positive note. The All Share index gained 0.64% to close at 34,340.56 points as against the 0.04%  drop recorded on Monday. Its Year-to-Date (YTD) returns currently stands at +27.94%.

  • Nigerian Stocks trading turnover cumulatively tanked lower, as trading volume dipped by 35.67% as against +64.69% uptick recorded on Monday. ZENITH BANK, TRANSCORP and GUARANTY were the most active to boost market turnover.
  • The market breadth closed positive as STANBIC led 25 Gainers as against 16 Losers topped by ETERNA at the end of today’s session – an improved performance when compared with the previous outlook.
  • CILEASING leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.

Top gainers

  1. STANBIC up 7.08% to close at N42.35
  2. UBA up 6.49% to close at N8.2
  3. ACCESS up 5.70% to close at N8.35
  4. FBNH up 6.72% to close at N7.15
  5. UPDCREIT up 9.64% to close at N4.55

Top losers

  1. ETERNA down 9.98% to close at N4.15
  2. FIDSON down 9.81% to close at N4.87
  3. JBERGER down 8.95% to close at N17.3
  4. UACN down 3.77% to close at N7.65
  5. GUINNESS down 2.78% to close at N17.5

Outlook

Nigerian Stocks soared higher at the second trading session of the week, coupled with Africa’s largest exporting earning product, crude oil reaching its highest level since March.

  • Significant buying pressure from Nigerian tier-1 banks which include First Bank, UBA, Stanbic, rallied Nigerian Stocks north, on the bias showing Nigeria’s apex bank in its just-concluded monetary policy meeting retained the monetary policy rate and cash reserve ratio.
  • Nairametrics envisages cautious buying amid reports that still show COVID-19 pandemic will remain on the major headlines, at least in the near term.

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Market Views

Tesla up 500% in 2020, near $500 billion market value

The tech powerhouse is now less than $6 billion short of approaching the $500 billion market value.

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Tesla up 500% in 2020, near $500 billion market value, Survey unveils Elon Musk as the most inspirational leader in tech 

Tesla, the electric car automaker, has gained 500% in 2020 and has become by far the world’s most valuable automaker in the world, despite it producing far less than Volkswagen, Toyota, or General Motors.

The tech powerhouse is now less than $6 billion short of approaching the $500 billion market value, and extending its surge since reports struck Wall Street on Tesla making its S&P 500 debut on December 21, forcing index funds to buy billions of dollars of its share.

READ: U.S stock futures trade flat, Apple regains $2 trillion market value

Unsurprisingly, it became global investors’ choice amid its recent price action rising by 6% – showing a gain of over 6%. Tesla Inc. extended its rally at the most recent trading session ahead of its December debut in the S&P 500 (SPX), as it is now worth a market value of $494 billion.

READ: Nigeria spends N1.08 trillion to import used cars and motorbikes in one year 

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Its market capitalization is higher than the Gross Domestic Product (GDP) of any African country, Nigeria – $448.1billion, South Africa – $351.4billion, Egypt – $303.2billion, Algeria – $169.98billion, Morocco – $118.7billion, Ethiopia – $96.12billion, Kenya – $95.5 billion, Angola – $94.6 billion, Ghana – $66.9 billion, Tanzania – $63.2 billion.

READ: Dangote Cement, Nigerian Breweries drop, investors lose N46 billion

What you should know

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Now worth $494 billion, Tesla will increase the concentration of heavyweight companies within the S&P 500. It will be the 7th most valuable company within the index, just behind Berkshire Hathaway and ahead of Visa Inc., according to Refinitiv data.

READ: Crypto: UniSwap gives each owner over $2,000

  • About a fifth of the car company’s shares is owned by its Chief Executive, Elon Musk and other insiders.
  • The S&P 500 is weighted by the number of companies’ stocks available on the stock market.
  • The car company’s influence within the benchmark will be slightly reduced, putting it in 8 positions, just behind Johnson & Johnson, with an equivalent of about 1% of the S&P 500 index.

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