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FBN Holdings, GTBank, Access Bank most traded stocks W/W

The Nigerian bourse ended the week cumulatively on a less impressive note.

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Nigerian banking stocks remain most liquid stocks, as investors gain N25.1 billion, DANGOTE CEMENT, OKOMUOIL and GUINNESS drag Nigerian Stock market down,  SEPLAT, GUINNESS, Breaks Nigerian Bourse Support Levels, Investors Lose N49 Billion  

The Nigerian bourse closed the trading session cumulatively bearish W/W, with the All Share Index dropping by 0.08% W/W, while market capitalization presently stands at N13.365 trillion.

  • A total turnover of 1.139 billion shares worth N12.692 billion in 17,109 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.226 billion shares valued at N10.842 billion that exchanged hands last week in 19,529 deals.
  • The Financial Services industry (measured by volume) led the activity chart with 870.300 million shares valued at N7.863 billion traded in 9,427 deals; thus contributing 76.43% and 61.95% to the total equity turnover volume and value respectively.
  • The Industrial Goods industry followed with 62.689 million shares worth N1.162 billion in 1,557 deals. In the third place was the ICT industry, with a turnover of 50.859 million shares worth N2.552 billion in 619 deals.
  • Trading in the top three equities, namely FBN Holdings Plc, Guaranty Trust Bank Plc, and Access Bank Plc. (measured by volume) accounted for 353.048 million shares worth N4.018 billion in 3,095 deals, contributing 31.00% and 31.66% to the total equity turnover volume and value respectively.
  • 32 equities appreciated at price during the week, higher than 23 equities in the previous week.
  • 31 equities depreciated in price, lower than 38 equities in the previous week, while 100 equities remained unchanged, lower than 102 equities recorded in the previous week.

READ: FUGAZ; Nigerian banks considered too big to fail

Top 10 gainers W/W

  • WAPIC INSURANCE PLC up 12.12% to close at N0.37
  • LEARN AFRICA PLC up 9.62% to close at N1.14
  • UNITY BANK PLC up 9.62% to close at N0.57
  • NEIMETH INTERNATIONAL PHARMACEUTICALS PLC up 9.55% to close at N1.95
  • IKEJA HOTEL PLC up 9.52% to close at N0.92
  • CAP PLC up 8.57% to close at N17.10
  • BERGER PAINTS PLC up 7.44% to close at N6.50
  • UNION BANK NIG.PLC up 7.00% to close at N5.35
  • CONSOLIDATED HALLMARK INSURANCE PLC up 6.90% to close at N0.31
  • PRESTIGE ASSURANCE PLC up 5.77% to close at N0.55

Explore the Nairametrics Research Website for Economic and Financial Data

Top 10 losers W/W

  • ASSOCIATED BUS COMPANY PLC down 16.67% to close at N0.30
  • NEM INSURANCE PLC down 9.78% to close at N2.03
  • TRIPPLE GEE AND COMPANY PLC down 9.09% to close at N0.40
  • UNIVERSITY PRESS PLC down 7.65% to close at N1.57
  • UNION DIAGNOSTIC & CLINICAL SERVICES PLC down 7.41 to close at N0.25
  • FCMB GROUP PLC down 6.36% to close at N2.06
  • CORNERSTONE INSURANCE PLC down 6.15% to close at N0.61
  • NIGERIAN AVIATION HANDLING COMPANY PLC down 6.10% to close at N2.00
  • NPF MICROFINANCE BANK PLC down 5.80% to close at N1.30
  • INTERNATIONAL BREWERIES PLC. down 5.71% to close at N3.30

READ: Tripple Gee: How a small company outlived its founder, 40 years and still counting

Outlook

The Nigerian bourse ended the week cumulatively on a less impressive note, amid Brent crude prices closing above $43/Barrel.

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  • It should be noted that prevailing macros, like the exponential growth in the COVID-19 caseloads across the world, dampened the resolve of foreign investors in taking a significant part in Nigeria’s stock market trading session, coupled with the prevalence of the dollar scarcity.
  • Buying pressure from notable financial brands, which include Union Bank, Unity Bank WAPIC, got neutralized by sell-offs recorded in FCMB, NEM, and International Breweries.
  • Nairmetrics envisages cautious buying, as market liquidity remains a growing concern among day traders.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading and Financial Market Analysis. Member of the Chartered Financial Analyst Society. You can follow Olumide on Twitter @tokunboadesina or email [email protected]

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Market Views

Google fired up, post strong advertising growth

Google fired up on all cylinders as high as 9% in after-hours trading as it smashed many stock analysts’ predictions.

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Google set to extend footprints with acquisition of smartwatch company, Fitbit  , Google wants to start banking with you ,Google partners Flutterwave to train 5,000 merchants, Google to pay Online publishers for high quality contents

Google parent company Alphabet was fired up on all cylinders. It gained as much as  9% in after-hours trading, after it smashed many stock analysts’ predictions for both revenue and earnings in its Q3 results, showing strong growth in ad revenue amid the ravaging COVID-19 virus attacks.

READ: Google to pay online publishers for high quality contents

READ: Oracle wins bid to acquire TikTok’s US operations after Microsoft offer was rejected

What you should know

Highlights of Q3 results

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  • Earnings per share: $16.40 vs $11.29 expected.
  • Revenue: $46.17 billion vs $42.90 billion expected.
  • Google Cloud: $3.44 billion vs. $3.32 billion expected.
  • YouTube ads: $5.04 billion vs. $4.39 billion expected.
  • Traffic acquisition costs (TAC): $8.17 billion vs. $7.66 billion expected.

READ: Biggest IPO: World’s biggest Fintech plans to raise $34 billion 

At the time of drafting this report, the world’s tech powerhouse, Google had a valuation of over a trillion-dollar and was trading at $1,567.24 with its Price/Earning Ratio standing at 32.91.

  • However, Google’s parent company disclosed its revenue from “Other Bets,” which includes its subsidiaries outside of Google like the self-driving car company Waymo and Life Sciences business – Verily, brought in $178 million compared to $155 million a year ago.
  • Meanwhile, Other Bets showed an operating loss of $1.10 billion, up from $941 million a year ago.

READ: Nike stocks post gains, women’s apparel division grow by 200%

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What they are saying
The top brass of Google including its CEO, Sundar Pichai, and Wall street’s Ruth Porat, CFO of Google, gave valuable insights on why the most popular search engine company performed extremely well.

“We had a strong quarter, consistent with the broader online environment,” said Sundar Pichai, Chief Executive Officer of Alphabet and Google.

“It’s also a testament to the deep investments we’ve made in AI and other technologies, to deliver services that people turn to for help, in moments big and small.

READ: BTC bounty: 69,000 Bitcoins worth $700 million waiting for you

Ruth Porat, Chief Financial Officer of Alphabet and Google, said,

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“Total revenues of $46.2 billion in the third quarter reflect broad-based growth led by an increase in advertiser spend in Search and YouTube, as well as continued strength in Google Cloud and Play.

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“We remain focused on making the right investments to support long-term sustainable value.”

READ: Presco Plc projects N24.53 billion turnover in Q4 2020

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Market Views

Apple drops 4%, iPhone sales slump

Apple stock dropped over 4% in extended trading – trading at $110.45.

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U.S stock futures trade flat, Apple regains $2 trillion market value, Apple iPhone 11, Tax battle: Apple challenges $14 billion court case , Apple to pay $500 million settlement in lawsuit over slow iPhones, Apple supplier Foxconn to reopen manufacturing base in China, Apple donates 10 million face masks to healthcare workers, App developers can now challenge Apple store guidelines 

Apple the world’s biggest tech company reported its Q4 earnings, showing its iPhone sales slumped more than 20% year-over-year – coupled with no guidance on future earnings led the stock to drop momentarily after results were released.

Also weighing down on Apple shares is the bias that the lack of fiscal Q1 2021 guidance from the world’s most valuable company, means that stock traders and global investors don’t get a hint at how Apple is performing, as regards sales of its iPhone 12 – which went on sale this month.

READ: Apple drops 2%, iphone 12 not exciting

What you should know

Here’s how Apple did versus analyst expectations via Refinitiv estimates:

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  • iPhone revenue: $26.44 billion vs. $27.93 billion estimated, down 20.7% YoY
  • EPS: 73 cents vs 70 cents estimated
  • Revenue: $64.7 billion vs $63.70 billion estimated, up 1% YoY
  • Mac revenue: $9.0 billion vs. $7.93 billion estimated, up 28% YoY
  • iPad revenue: $6.8 billion vs. $6.12 billion estimated, up 46% YoY
  • Services revenue: $14.55 billion vs. $14.08 billion estimated, up 16.3% YoY
  • Other Products revenue: $7.88 billion vs. $7.40 billion estimated, up 20.9% YoY
  • Gross margin: 38.2% vs. 38.1% estimated

At the time of writing this report, Apple stock dropped over 4% in extended trading – trading at $110.45. The company has a valuation hovering at about $1.972 trillion, making it the most valuable technology company on this planet.

READ: Nestle Nigeria: Rising cost slash profits

While Apple shares are falling amid the relatively impressive result, it recorded weak sales earning for Apple’s second most valuable market in China. Sales in greater China – which includes Taiwan, Hong Kong, plunged to $7.95 billion from $11.13 billion.

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What they are saying

Apple’s CEO, Tim Cook gave deep insights on his company’s product performance, as the Mac. services and iPad posted impressive gains amid the ravaging COVID-19 virus onslaughts.

“Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services,” said Tim Cook, Apple’s CEO.

READ: CAP Plc: Increase in investment income, others boost revenues

“Despite the ongoing impacts of COVID-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive.

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“From remote learning to the home office, Apple products have been a window to the world for users as the pandemic continues, and our teams have met the needs of this moment with creativity, passion, and the kinds of big ideas that only Apple can deliver.”

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Currencies

U.S dollar up, U.S GDP expands at record 33.1%

Investors selling out other G7 currencies and increasing their buying pressure on the U.S dollar.

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The US dollar remains king, U.S dollar gains against major currencies, America threatens China with sanctions., U.S dollar slumps against major currencies, investors become optimistic about global demand, U.S Dollar Stands Firm, Foreign Exchange Traders Remain Neutral 

The world’s safe-haven currency, the U.S dollar is enjoying a robust trading session, amid impressive data coming from the world’s largest economy, as investors are selling out other G7 currencies and increasing their buying pressure on the U.S dollar.

READ: U.S dollar drops, low U.S interest rates expected to persist for long

What we know

At the time of writing, the U.S dollar index – used to track the U.S dollar strength against 6 major currencies was up by 0.6%.

The world’s largest economy bounced incredibly well with a record – yet temporary surge of growth in Q3, as companies restarted and stimulus cash triggered more consumer spending – reversing fears coming from some quarters that the U.S economy was on the brink of collapsing amid surging COVID-19 crisis.

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Explore some Advanced Financial Calculators on Nairametrics

  • U.S GDP grew 7.4% from the prior period, a quarterly rise that equals an annualized pace of 33.1%, as seen from the U.S Commerce Department’s initial estimate released today.
  • The data beat leading economists’ estimates for a 32% increase, which was already well above prediction three months ago for an 18% surge. Personal spending fueled the surge in growth, climbing an annualized 40.7% – also a record, while business investment and housing also posted strong increases.

READ: Credit to Nigerian economy falls to N38.67 trillion

Quick fact

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The US Dollar Index tracks the American dollar against other major currencies such as the Japanese Yen, British Pound Sterling, Swedish Krona, the Euro, and more.

Individuals hoping to meet foreign exchange payment obligations, via dollar transactions to European countries, and Japan, would need fewer US dollars in meeting such obligations.

READ: Investors on rampage as Ethereum posts 10.3% gain

What they are saying

Stephen Innes, Chief Global Market Strategist at Axi, also spoke on key issues prevailing in the safe-haven currency market

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“The US dollar is trading a bit firmer today as European and US equities fall on concerns over rising COVID-19 cases on both sides of the Atlantic.

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“But it’s the laundry list of worries, be it pre-election caution, US Congress failure to launch (stimulus) or France and Germany lockdown concerns, risk aversion demand for the greenback is nothing new.

“Under these conditions, the US dollar tends to shine bright as the cleanest shirt in that dirty laundry list.”

Why the US dollar rallies higher

In spite of the world’s largest economy having a surge in COVID-19 caseloads, forex traders believe that the US recent data has now shown that the world’s largest economy is in good shape and recent price action showed an oversold signal in the past few days.

This means that any time the value of the safe-haven currency drops below the 93.00 support level, traders increase their long positions.

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