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Stock Market

GTBank, Zenith Bank, MTN record gains, investors up by N50 billion

Market breadth closed positive as ETERNA led 22 Gainers, as against 12 Losers topped by ABCTRANS.

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gtbank, stock market, Bulls dominate Nigerian bourse ASI up 0.74%, Investors gain N77 billion., Crude oil bulls lose steam, as COVID-19 cases hit record high

Nigerian bourse ended Thursday’s trading session on a bullish note.

The All Share Index (ASI) gained by 0.38% to close at 25,520.97 points, as against the 0.28% drop recorded on Wednesday. Its Year-to-Date (YTD) returns currently stands at 4.92%. The Nigerian Stock Exchange Capitalization presently stands N13.313 billion. Investors gained N50.12 billion.

Nigerian Stock Exchange turnover was negative as volume dipped by 12.29% as against the 11.40% surge recorded on Wednesday. ZENITHBANK, FIDELITYBK, and MBENEFIT were the most active to boost market turnover.

SEPLAT leads the list of active stocks that recorded an impressive volume spike at the end of today’s session; followed closely by FIDSON

Market breadth closed positive as ETERNA led 22 Gainers, as against 12 Losers topped by ABCTRANS at the end of today’s session – an improved performance when compared with the previous outlook.

GTBank 728 x 90

Top gainers

  • CILEASING up 8.45% to close at N3.85
  • ACCESS up 3.85% to close at N6.75
  • ZENITHBANK up 3.35% to close at N16.95
  • GUARANTY up 1.85% to close at N24.75
  • MTNN up 0.42% to close at N120

Top losers

  • FCMB down 4.87% to close at N2.15
  • FIDSON down 4.52% to close at N3.8
  • CUSTODIAN down 3.03% to close atN4.8
  • SEPLAT down 2.50% to close at N390
  • AFRIPRUD down 1.83% to close at N4.3

Outlook

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Against headwinds, NSE30 Stocks paused hat-trick of trading session losses, as investors piled funds into MTN, GTBank, Zenith Bank, and Access Bank amid falling crude oil prices, and surging COVID-19 caseloads in Nigeria’s vital international markets.

However, in spite of the recent bullish run, Nairametrics remain concerned about the relatively low amount of institutional investors taking part in the Nigerian trading session in recent days, as market liquidity remains relatively thin, compared to the pre- COVID-19 period.

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

Dangote Cement posts a 52-week high, investors gain N224 billion

FLOUR MILL led 36 Gainers against 11 Losers topped by TRANSEXPR at the end of today’s session.

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Dangote Cement reveals share buyback plans, DANGOTE CEMENT records loses as ASI decline by 0.39%

The Nigerian Stock market kept its bullish momentum at mid week’s trading session. The All Share Index gained 1.25% to close at 34,769.00 points, as against +0.64% recorded yesterday. Investors daily gain stood at N223.8 billion.

  • Nigerian Stock Exchange capitalization now stands at N18.176 Billion. Its Year-to-Date (YTD) returns currently stands at +29.53%.
  • Nigerian bourse trading turnover on Wednesday finished fairly impressive as volume ticked up by 19.02%, as against -35.67% downtick recorded on Tuesday. TRANSCORP, ZENITHBANK, and ACCESS were the most active to boost market turnover.
  • MANSARD leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
  • The Market breadth closed positive as FLOURMILL led 36 Gainers as against 11 Losers topped by TRANSEXPR at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

  1. FLOURMILL up 9.84% to close at N27.9
  2. JBERGER up 6.94% to close at N18.5
  3. DANGSUGAR up 5.90% to close at N20.65
  4. DANGCEM up 2.60% to close at N205
  5. AIRTELAFRI up 1.90% to close at N535

Top losers

  1. TRANSEXPR down 9.38% to close at N0.87
  2. OANDO down 6.55% to close at N2.71
  3. INTBREW down 5.76% to close at N6.55
  4. CAP down 2.93% to close at N21.5
  5. UBN down 1.69% to close at N5.8

Outlook

Nigerian Stocks were fired up on all cylinders as the bulls increased their buying pressure across the market spectrum.

GTBank 728 x 90
  • Stock bulls were not short of good macros, as crude oil prices touched $48/barrel for the first time since March, coupled with recent macros coming from COVID-19 vaccine makers revealed the worse will soon be over.
  • Dangote Cement’s share price reached its 52 week high, amid significant buying pressure seen lately from institutional funds. Also, other NSE30 stocks pulled off notable gains.
  • Nairametrics recommends you seek the advice of a registered stockbroker when choosing stocks to buy, as recent price patterns show cyclic returns often prevail.

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Stock Market

U.S stocks fired up on Joe Biden’s pick for US Treasury post

At the close of trading at the New York Stock Exchange, the Dow Jones Industrial Average surged by 1.55% to hit a new all-time high.

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U.S Stocks set to surge higher, on hopes of a stimulus package deal, What Does The Circuit Breaker Tell Us

U.S. stocks were all fired up at its most recent trading session, amid high hopes on U.S President-Elect, Joe Biden’s smooth transition to power and its top pick for the post of U.S treasury, Janet Yellen, saw investors buying at record levels, leading the Dow 30 to reach its all-time high.

  • A significant number of gains were seen in the Basic Materials, Oil & Gas, and Financial sectors.
  • At the close of trading at the New York Stock Exchange, the Dow Jones Industrial Average surged by 1.55% to hit a new all-time high, while the S&P 500 index gained 1.63%, and the NASDAQ Composite index added 1.32%.
  • The best performers of the session on the Dow Jones Industrial Average were Chevron Corp, which rose 4.92% or 4.48 points to trade at 95.51 at the close.
  • Meanwhile, JPMorgan Chase & Co (NYSE: JPM) added 4.28% or 5.05 points to end at 122.92 and American Express Company was up 3.88% or 4.51 points to 120.60 in late trade.

What they are saying

Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics, hinted at key fundamentals presently pushing U.S stocks to record high:

“The Dow Jones index hit a symbolic milestone overnight, breaking through the 30,000 level. Market sentiment remains underpinned by the trio of successful vaccine trials announced in recent weeks, as well as, by the U.S. President’s decision after the close on Tuesday to co-operate with a transition of power to President-elect Joe Biden.

“Thanks to the multiple vaccines in the pipeline. ‘Joy to the World’ is ringing in earlier than expected as global investors are elated by the vaccine news.”

GTBank 728 x 90

What this means

Janet L. Yellen, a highly respected Economist, has been tipped to become the first female Treasury Secretary. This has apparently excited investors based on her impeccable records leading the U.S Federal Reserve, some years ago.

Bottom line

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Stock traders are simultaneously reveling in the drop in political existential risk premium now knowing the finishing touches on the U.S. election process will not devolve in mobocracy, as the U.S. General Services Administration acknowledged that Joe Biden can start his formal transition to the White House.

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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.

GTBank 728 x 90

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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