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Market Views

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.

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

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Market Views

Nigerian stocks plunge, as WEMA, CHAMPION, MANSARD slump

The market breadth closed negative as LASACO led 17 Gainers as against 23 Losers topped by CHAMPION at the end of today’s session.

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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  

Nigerian stocks wrapped up the week on a bearish note after the benchmark index registered its third negative close in the last five sessions.

  • Sentiments notably picked up where they left off yesterday, as selloffs persisted in bellwether ticker – ZENITHBANK (-1.55%) as well as in Telco giant – MTN Nigeria (-3.28%).
  • The 74 basis points pullback recorded today kept the All Share Index return firmly rooted in the red and also lowering the Year date returns to -1.88%.
  • Save for the Oil and Gas (+0.25%) index lifted by sustained interest in OANDO (+2.99%), all other sectors closed in the negative territory.
  • The Insurance (-2.32%), Banking (-0.48%), Consumer Goods (-0.40%), and Industrial Goods (-0.19) indices declined following price dips in MANSARD (-5.36%), ZENITHBANK (-1.55%), INTBREW (-3.65%), and WAPCO (-2.94%) respectively.
  • The market breadth closed negative as LASACO led 17 Gainers as against 23 Losers topped by CHAMPION at the end of today’s session

Top gainers

  1. LASACO down 9.82% to close at N1.23
  2. MBENEFIT down 8.11% to close at N0.37
  3. COURTVILLE down 5.00% to close at N0.21
  4. OANDO down 2.99% to close at N3.45
  5. NAHCO down 2.70% to close at N2.28

Top losers

  1. WEMABANK down 10.00% to close at N0.63
  2. CHAMPION down 10.00% to close at N2.52
  3. SUNUASSUR down 9.59% to close at N0.66
  4. AFRIPRUD down 5.74% to close at N5.75
  5. MANSARD down 5.36% to close at N1.06

Outlook

Nigerian stocks ended the last trading session of the week on a bearish note amid profit-taking across the market spectrum.

  • Downtrend was driven by price depreciation medium capitalized stocks amongst which are; WEMA, CHAMPION, MANSARD.
  • That being said, Nairametrics envisages cautious buying on the account that certain market indicators reveal investors are taking some of their gains across the market spectrum.

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Financial Services

Jim Ovia is set to earn N9.58 billion in dividend for FY 2020

The highly revered banker is the single majority shareholder of Zenith Bank as he directly owns 3,546,199,395 units of the fast-rising bank stock.

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Jim Ovia: From a clerk to founder of Nigeria's most profitable bank

The founder and Chairman of Zenith Bank Plc, Mr. Jim Ovia is expected to earn a massive sum of N9.575 billion in dividend for the financial year ended December 2020

The highly revered banker is the single majority shareholder of Zenith Bank as he directly owns 3,546,199,395 units of the fast-rising bank stock out of the 31,396,493,787 ordinary shares available. This gives him an 11.29% direct interest in the Tier -1 bank.

It’s however important to note that such dividend is subject to a 10% withholding tax in Nigeria.

READ: Is Zenith Bank thriving on the strength of sound financial indices?

Recall that about a day ago, the Board of Directors of the bank in a statement released via the Nigerian Stock Exchange proposed a final dividend of N2.70, amounting to a total payout of N3.00 per share for the financial year 2020 (interim: N0.30).

This proposal reflects the past year’s robust performance and appears to signal that Zenith bank remains well-positioned to perform in the current financial year. However, there was a lower payout ratio at 40.9% compared to FY’19 (42.1%).

  • Key earnings drivers to the financial year performance under review were a 90 basis points drop in the cost of funds to 2.1%, which propelled net interest income (+12.2% YoY) and a 3.8x jump in revaluation gains to N43.4 billion.
  • These offset pressures from operating costs (the cost to income ratio rose 1.2ppts to 50.0%) and impairment charges (cost of risk rose 40basis points to 1.5%)

READ: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank

Described as the ‘Godfather of banking in Nigeria’ by Forbes Africa, Jim Ovia is quite popular for his business dexterity and leadership skills, especially in the banking sector.

His early interest in technology was the reason Zenith Bank became the first Nigerian company to have a functional website in 1995 and was able to smoothly migrate its operations from analog times to a digital era.

From a single branch in a residential building, Zenith Bank now has hundreds of branches all over Nigeria and several subsidiaries in other countries. The bank became a Public Limited Company in 2001 and was listed on the Nigeria Stock Exchange (NSE), and later on the London Stock Exchange (LSE).

On the 27th of April 2007, Zenith Bank Plc became the first Nigerian bank in 25 years to be licensed by the UK Financial Services Authority (FSA), giving rise to Zenith Bank UK Limited.

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