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Dangote Cement, Nigerian Breweries drop, investors lose N46 billion

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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 stock exchange closed today’s closed on a negative note. The All Share Index dropped by 0.31% to settle at 28,546.22 index points. Also, the aggregate market value of all quoted equities dipped from its opening value of N14.966 trillion to settle at N14.920 trillion.

  • Consequently, the Year-to-date return currently stands at 6.37%.
  • A total volume of 569.3 million units of shares, valued at N4.91billion exchanged hands in 6,101 deals, as ETERNA (+10.00%) finished the most traded shares by volume at 112.3million units, while ZENITHBANK (+2.81%) topped the market value list at N1.50billion.
  • Market breadth was inverse of the broad index as 26 stocks advanced against 17 decliners. ETERNA & UNILEVER led the gainers’ chart for the day, while NB & CONOIL finished top losers.
  • Across sectors, two of the five indexes under our coverage gained. Price appreciation in ETI (+8.54%), FCMB (+5.71%), and ACCESS (+4.64%) moved the NSE Banking index up by 2.88%, while the NSE Insurance followed to gain 1.29%.
  • On the flip side, the Industrial, Consumer Goods, and Oil & Gas indexes dipped by -2.72%, 1.30%, and -0.53% respectively, on the back of price shed in DANGCEM (-4.75%), NB (-7.07), CONOIL (-5.57%) and ARDOVA (-2.73%).

Top gainers

  • UNILEVER up 9.76% to close at N13.5
  • ETI up 8.54% to close at N4.45
  • GUARANTY up 3.23% to close at N32
  • ZENITHBANK up 2.81% to close at N20.1
  • AIRTELAFRI up 2.50% to close at N410.2

Top losers

  • NB down 7.07% to close at N48.6
  • CONOIL down 5.57% to close at N14.4
  • DANGCEM down 4.75% to close at N150.5
  • ARDOVA down 2.73% to close at N12.45
  • BUACEMENT down 0.84% to close at N41.4

Outlook

Nigerian bourse recorded its second losses in 14 trading days amid Bullish gains recorded in the crude oil market, as Brent crude price edge closer to $43/Barrel.

  • Selling pressure among Nigerian top capitalized stocks neutralized impressive showing by Nigerian banks, as Nigerian bourse market capitalization dipped below N15 trillion
  • Nairametrics remain neutral on market direction in the midterm over growing concern about Nigeria’s debt, as it came to the limelight recently when the Lagos Chamber of Commerce and Industry disclosed the growing level of Nigeria’s debt was unsustainable in view of the dwindling oil production and such debt might hit N34 trillion by the year-end.

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.

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Spotlight Stories

Japaul Gold slumps by 30%, after rallying to 52-week high of N1.67 on Monday

Japaul Gold stocks slumped by as much as 30%, as investors sell off shares of the rebranded company.

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Japaul Gold stocks slump by as much as 30% in three trading sessions, as investors on NSE continue to sell off shares of the rebranded Gold exploration and mining company, after rallying by 146% in 11 days.

It is important to note that the shares of the rebranded and restructured company with a new focus on Gold exploration as its new name suggests, rallied to a record 52-week high of N1.67 on Monday, as buying pressures moved year-to-date gains to 169.4% at mid-day.

However, profit-taking activities by investors saw the shares of the company dip by 15% from N1.67 to close the market on Monday 25 kobo lower at N1.42.

A preview of the performance of the shares of the company by Nairametrics at the close of trade on the exchange today revealed that Japaul shares slumped by 30.5% from its 52-week record high price of N1.67, which was recorded on Monday 18th January 2020, to N1.16 at the close of trade on the exchange today.

Read Also: Dangote Cement gains ₦273 billion on NSE since release of its 2020 Q3 report

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What you should know

  • The drastic decline in the company’s share price was triggered by a huge sell-off by investors, as many consider the shares of the company to be overvalued at the current price.
  • In line with this, Japaul share price recorded significant decline for the third consecutive day, with the share price of the rebranded company closing at N1.16, after 4.51 million shares of the company exchanged hands in 60 deals worth over N5.2 million.

What to expect

A decline in the shares of the company is expected tomorrow as over N28.9 million units of the company’s shares, worth N33.5 million were offered today at N1.16 without a single bid.

Japaul stock

This suggests that investors will likely offer the shares of the company at a lower price tomorrow to avoid being trapped, as the shares of the company continue to shed value. 

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CEO, CFO purchase additional 1.28 million units of United Capital Plc shares

The CEO of United Capital Plc has purchased additional 3,154,295 units of the firm’s shares in the last three months.

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The Chief Executive Officer of United Capital Plc, Mr Peter Ashade, alongside the Chief Finance Officer, Mr Shedrack Onakpoma have jointly purchased an additional 1.28 million units of the firm’s shares.

This is according to two separate disclosures (Ashade and Onakpoma), both signed by the firm’s secretary, Leo Okafor, sent to the Nigerian Stock Exchange platform and seen by Nairametrics.

From the disclosures, Nairametrics gathered that both transactions are worth a combined total of N6.81 million and were effected on 19th of January 2021.

READ: Peace Mass Transit acquires 55.82% ordinary shares of C&I Leasing Plc

Key highlights

The breakdown of the recent transactions showed that;

Specta
  • The CEO, Mr Peter Ashade purchased an additional 1,054,295 units (84% of the total units purchased) at N5.29 per share, totalling N5,577,220.55
  • In the same vein, Mr Shedrack Onakpoma (CFO) purchased an additional 230,000 units (18% of the total units purchased) at N5.35 per unit, totalling N1,230,500.
  • A combined N6, 807,720.55 was spent by both the CEO and CFO in the recent deal, for the purchase of an additional 1,284,295 units.

READ: Group Executive Director, others acquire over 3.5 million shares of United Capital Plc

What you should know

The CEO of United Capital Plc had purchased 1,000,000 units of the firm’s share 2 days ago, as reported by Nairametrics.

  • In lieu of this, the recent deal raises the total number of shares purchased by the CEO in the last three months to 3,154,295 units.
  • In addition, Nairametrics learnt that the CEO has spent a combined total of N19, 296,020.55 in all transactions for the period under review.
  • As at the time of writing this, the shares of United Capital Plc currently trades at N5.40, up by 0.93%.
  • The transactions might be a pointer to the fact that the management anticipates an optimistic outlook and strong believe in the firm potentials.

READ: United Capital Plc raises N15 billion through Commercial Paper

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Bargain hunters propel Nigerian stocks up, investors gain N50 billion

The market breadth closed positive as NNFM led 55 Gainers as against 14 Losers topped by MANSARD at the end of today’s session

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Closed Period, Investors' demand for Nigerian stocks climb, as portfolio investment gains N223.4 billion

Nigerian Stocks ended the mid-week trading session on a bullish note. The All Share Index gained by 0.23% to close at 41,051.63 index points as against the -0.07% drop recorded on Tuesday.

  • Nigerian Stock Exchange market value now stands at N21.5 trillion. Its Year-to-Date (YTD) returns currently stands at +2.18%. Investors gained N50.3 billion.
  • Nigerian bourse trading turnover ended positively as volume ticked up by 23.74% as against the 28.91% plunge recorded on Tuesday. MBENEFIT, TRANSCORP, and STERLNBANK were the most active to boost market turnover.
  • The market breadth closed positive as NNFM led 55 Gainers as against 14 Losers topped by MANSARD at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

  1. NNFM up 10.00% to close at N8.8
  2. BOCGAS up 9.80% to close at N15.12
  3. ARDOVA up 9.72% to close at N19.75
  4. WAPCO up 8.16% to close at N26.5
  5. FLOURMILL up 1.56% to close at N32.5

Top losers

  1. MANSARD down 10.00% to close at N1.53
  2. JAPAULGOLD down 9.38% to close at N1.16
  3. CUTIX down 5.50% to close at N2.06
  4. GUARANTY down 2.07% to close at N33.05
  5. AFRIPRUD down 1.41% to close at N7

Outlook

Nigerian stocks recorded gains at the third trading session of the week, as investors increased their buying pressure, especially buying from dips across the market spectrum.

Specta
  • Nigerian’s crude, at the time of writing, sold at $56/barrel and helped in boosting the Nigerian central bank dollar cash inflows taking to account that crude oil remains Nigeria’s major cash cow.
  • However, Nairametrics, envisages cautious buying, amid stringent capital controls set in place by Nigeria’s Apex bank could trigger lower Foreign Portfolio participation in the long term.

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