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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.

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

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

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ARDOVA PLC up 7.17% to close at N13.45

 

Top Losers

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

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

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Stock Market

Rising bond yields hit U.S stock markets

The fear of higher U.S. bond yields undermined riskier assets like U.S stocks and other global equities.

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U.S stocks

Resurgent worries about rising U.S. bond yields hit U.S stocks heavily at its most recent trading session. global investors are currently waiting anxiously on what the most powerful monetary policymaker, Jerome Powell will say on the risk of a rapid rise in long-term borrowing costs.

The fear of higher U.S. bond yields undermined riskier assets like U.S stocks and other global equities.

Stock traders are treading cautiously on a macro that revealed the Benchmark 10-year U.S. Treasuries surged to 1.477% as investors anticipate U.S. inflation could pick up as economic recovery gathers momentum driven by government stimulus and further progress in the rollout of COVID-19 vaccines.

Stock bears took a grip on the world’s biggest and most liquid equity markets as Healthcare, Technology, and Consumer Services sectors drifted lower

  • At the close in New York Stock Exchange, the Dow Jones Industrial Average plunged by 0.39%, while the S&P 500 index lost about 1.31%, and the NASDAQ Composite index dipped by 2.70%
  • Stocks that recorded significant losses outnumbered advancing ones on the New York Stock Exchange by 1717 to 1512 and 67 ended unchanged; on the Nasdaq Stock Exchange, 2152 fell and 1175 advanced, while 57 ended unchanged.

Stephen Innes, Chief Global Market Strategist at Axi in a note to Nairametrics spoke on the rationality behind the recent sell-offs observed in U.S equity markets

Innes said, “The sell-off in global fixed income markets is revving up again, spilling over to unseat equities and other relatively heavily positioned risk-sensitive assets.

“Chicago Federal Reserve Bank, President Evans today did not push back on the rise in yields. He said he does not see a risk of inflation rising too quickly and does not think the Fed will need to change the duration of QE purchases.

“To my mind, the only thing left that might influence the Fed’s decision-making process would be whether financial conditions were to tighten or markets were deemed dysfunctional.”

What to expect: That being said, some stock market experts however share the opinion that it seems too early to raise the alarm as financial conditions seem loose, Fed intervention’s hurdle is high and will be higher always when activity and inflation data come in very strong through Q2.

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Spotlight Stories

Bears take a grip on Nigerian stocks, investors lose N92 billion

The market breadth closed negative as SEPLAT led 16 Gainers as against 29 Losers topped by JAPAULOIL at the end of today’s session

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market's, Bears clawing down on the naira, hits N425 to $1

Nigerian bourse ended the mid-week trading session on a bearish note. The All Share Index plunged by 0.44% to close at 39,697.62 index points as against the -0.59% drop observed on Tuesday its Year-to-Date (YTD) returns currently stands at -1.86%.

Investors’ losses on Wednesday stood at N91.86 billion. The Nigerian Stock Exchange market capitalization stood at N20.7 billion

The market turnover closed positive as volume moved up by +9.78% as against the -59.08% downtick recorded in the previous session. ZENITHBANK, GUARANTY, and UCAP were the most active to boost market turnover.

The market breadth closed negative as SEPLAT led 16 Gainers as against 29 Losers topped by JAPAULOIL at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

  1. SEPLAT up 10.00% to close at N583
  2. AIICO up 5.22% to close at N1.21
  3. CORNERST up 5.17% to close at N0.61
  4. UAC-PROP up 5.00% to close at N0.84
  5. CUTIX up 4.21% to close at N2.23

Top losers

  1. JAPAULGOLD down 10.00% to close at N0.54
  2. NEM down 9.91% to close at N1.91
  3. CHAMPION down 9.76% to close at N1.85
  4. NPFMCRFBK down 9.47% to close at N1.72
  5. LINKASSURE down 8.93% to close at N0.51

Outlook

Nigerian stocks ended the mid-week trading session of the week on a negative note amid soaring oil prices prevailing at the U.S trading session.

  • Downtrend was driven by price depreciation medium and small capitalized stocks amongst which are; NEM, JAPAUL GOLD, CHAMPION.
  • Nairametrics expects intending buyers to seek the advice of certified stockbrokers.

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