Stock Market
ECOBANK, UBA record gains, investors up by N45.3 billion
Nigerian Stock Exchange trading turnover closed green as volume moved up by +255.56%.

Published
6 months agoon

Nigerian bourse on Tuesday recorded impressive gains. The Nigerian All Share Index gained by 0.34% to close at 25,413.95 basis points as against +0.07% appreciation recorded on Monday. Its Year-to-Date (YTD) returns currently stands at -5.32%.
Nigerian Stock Market capitalization now stands at N13.258 trillion, as investors gained N45.29 billion
READ: Nigerian Bottling Company installs high-speed canning line at Ikeja Plant
Nigerian Stock Exchange trading turnover closed green as volume moved up by +255.56% as against +120.36% uptick recorded in the previous session. UAC-PROP, ACCESS, and GUARANTY were the most active to boost market turnover.
Market breadth closed positive as ETI led 27 gainers as against 9 losers topped by WAPIC at the end of today’s session – an unimproved performance when compared with the previous outlook.
READ: GTBank, First Bank emerge most traded stocks, as investors gain N77 billion
Top gainers
- ETI up 6.41% to close at N4.15
- NB up 5.41% to close at N39
- UBA up 4.80% to close at N6.55
- UACN up 4.39% to close at N5.95
- STANBIC up 1.25% to close at N36.5
Top losers
- UBN down 5.66% to close at N5
- PZ down 2.38% to close at N4.1
- MAYBAKER down 2.33%to close at N2.93
- FCMB down 2.27% to close at N2.15
- DANGCEM down 0.67% to close at N134
Outlook
Nigerian bourse continued its bullish run in spite of prevailing macros that include the surge of COVID-19 caseloads in emerged markets that serve as an important destination for Nigeria’s crude oil and relatively low volatility in the energy market.
Nairametrics envisage cautious buying in the near term as a significant amount of institutional investors remain on the sidelines.
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.


Consumer Goods
Sell-off of shares by investors extend Flourmillers loss on NSE to N25 billion
Nigerian Flour millers on NSE suffer a decline as wary investors offload shares.
Published
51 mins agoon
February 25, 2021
The sell-off of shares on the Nigerian Stock Exchange has triggered an N24.9 billion loss in the market capitalization of Flour Millers since the beginning of February, as wary investors offload.
It is important to note that the Nigerian Equity Market has been on the downward trend since the beginning of February, as wary investors sell off stakes in companies as the yields in the money market become attractive.
The results of this move led to a decline in the shares of companies listed on the Nigerian Stock Exchange, including a decline in the shares of Flour millers listed on the bourse.
A review of the performance of the stocks of these Flour millers on NSE revealed that the market capitalization of FLOUR MILLS, HONYFLOUR, and Northern Nigeria Flour Mills from the open of trade on February 1 till the close of trading activities on February 24 has declined from N154 billion to N129 billion.
How they have all performed
FlourMills has declined from N142.3 billion to N118.3 billion. However, the market cap of Honeywell Flour Mills has also declined, albeit marginally from N10.31 billion to N9.91 billion, while that of NNFM has declined from N1.72 billion to N1.25 billion. When added up, the three millers have lost N24.85 billion in market capitalization.
However, Flour Mills, the largest miller on NSE lost the most with N23.98 billion, as a percentage of market capitalization. Flour Mills is down by 16.85%.
Market activity
At the end of trading activities on the floor of the Nigerian Stock Exchange, the shares of Flour Mills declined by 6.9% to close at N28.85 per share, as investors sell off 5,029,161 ordinary shares of the company worth N143,009,264.10.
Shares of Honeywell at the close of trading activities today declined by 1.6%, while shares of Northern Nigeria Flour Mills remained unchanged at N7.02 per share.
The Consumer good index to which the Flour millers belong has fallen by 6.1% year since the beginning of February, compared to the Nigerian Stock Exchange All Share Index -5.17%.
Business
SEC denies knowledge of Oando shareholder’s court case
SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

Published
15 hours agoon
February 24, 2021
The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.
SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.
It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.
“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”
The attention of the Commission has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the FCT High Court against the Commission. Full Statement –> https://t.co/olT2FpxaEK
— SEC Nigeria (@SECNigeria) February 24, 2021
What you should know
- On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
- He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
- In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.
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