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Market Views

Access Bank, First Bank up, investors gain N747 billion W/W

Fifty-three (53) equities appreciated at price during the week, higher than thirty-six (36) equities in the previous week.

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nIGERIAN STOCK EXCHANGE, STOCK MARKET, MARKET CAPITALIZATION

The All-Share Index and Market Capitalization both appreciated by 5.30% to close the week at 28,415.31 and N14.852 trillion respectively. Investors gained 747.19 billion.

Explore Data on the Nairametrics Research Website

  • A total turnover of 3.140 billion shares worth N35.372 billion in 35,099 deals was traded this week by investors on the floor of the Exchange, in contrast with a total of 1.532 billion shares valued at N16.901 billion that exchanged hands last week in 17,882 deals.
  • The Financial Services industry (measured by volume) led the activity chart with 2.325 billion shares valued at N25.816 billion traded in 21,306 deals; thus contributing 74.05% and 72.99% to the total equity turnover volume and value respectively.
  • The Oil and Gas industry followed with 200.567 million shares worth N1.012 billion in 1,977 deals.
  • The third place was the Industrial Goods industry, with a turnover of 149.200 million shares worth N3.631 billion in 2,991 deals.
  • Trading in the top three equities namely Zenith Bank Plc, FBN Holdings Plc, and United Bank for Africa Plc. (measured by volume) accounted for 1.236 billion shares worth N15.724 billion in 9,774 deals, contributing 39.36% and 44.45% to the total equity turnover volume and value respectively.
  • Fifty-three (53) equities appreciated at price during the week, higher than thirty-six (36) equities in the previous week.
  • Fourteen (14) equities depreciated in price, lower than fifteen (15) equities in the previous week, while ninety-six (96) equities remained unchanged, lower than one hundred and twelve (112) recorded in the previous week.

READ: MOBIL, DANGOTE CEMENT record gains, as market liquidity increases by 120%

Top gainers

  • ETERNA PLC. up 32.48% to close at N3.63
  • INTERNATIONAL BREWERIES PLC. up 21.03% to close at N4.72
  • AFRICA PRUDENTIAL PLC up 20.63% to close at N5.73
  • TRANS-NATIONWIDE EXPRESS PLC. up 19.48% to close at N0.92
  • FBN HOLDINGS PLC up 19.23% to close at N6.20
  • ACCESS BANK PLC. up 16.42% to close at N7.80
  • GLAXO SMITHKLINE CONSUMER NIG. PLC. up 16.00% to close at N5.80
  • NASCON ALLIED INDUSTRIES PLC up 15.87% to close at N12.05
  • LINKAGE ASSURANCE PLC up 15.79% to close at N0.44
  • NIG. FLOUR MILLS PLC. up 14.81% to close at N4.65

READ: GUINNESS, NB, SEPLAT, AIRTEL, UNILEVER record impressive gains, investors gain N82.46 billion WoW

Top losers

  • UACN PROPERTY DEVELOPMENT COMPANY PLC down 11.96% to close at N0.81
  • TRIPPLE GEE AND COMPANY PLC. down 10.00% to close at N0.36
  • DEAP CAPITAL MANAGEMENT & TRUST PLC down 10.00% to close at N0.27
  • ACADEMY PRESS PLC. down 6.90% to close at N0.27
  • CONOIL PLC down 5.57% to close at N14.40
  • LAW UNION AND ROCK INS. PLC. down 5.17% to close at N1.10
  • JAIZ BANK PLC down 4.84% to close at N0.59
  • CHAMS PLC down 4.76% to close at N0.20
  • UNION DIAGNOSTIC & CLINICAL SERVICES PLC down 4.00% to close at N0.24
  • OANDO PLC down 2.62% to close at N2.23

READ: GTBANK, UBA, ZENITH BANK record gains, as investors gain N18.2 billion

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Outlook

Nigerian bourse recorded impressive gains in the week amid growing political uncertainty across Nigeria’s borders

  • Nigeria’s major export earning asset, crude oil printed higher as Hurricane storm threatened 17% of America’s crude oil supplies, thereby trading at $43/Barrel.
  • Significant buying pressures from Nigeria’s notable stocks rallied investors inflows W/W, as institutional investors took advantage of decent stocks that were trading relatively at a discounted level.
  • On the macro level, Nigeria’s 2021 budget revealed plans to finance the deficit with flows from new borrowings (N4.28 trillion), privatization proceeds (N205.15 billion), and drawdowns from multilateral and bilateral loans secured for specific projects and programs (N709.69 billion).
  • Nairametrics expects you to seek the counsel of a certified Stockbroker when choosing stocks to buy, as Nigerian Stocks often exhibit cyclic returns.

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

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

Ant Group has begun the process of a concurrent initial public offering in what could mark one of the biggest IPOs of 2020.

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

The world’s payment juggernaut, Ant Group, is hoping to raise $34.5 billion in its dual initial public offering (IPO) after setting the price for its shares today, making it the biggest listing of all in modern history, in a report credited to CNBC news.

The Chinese financial powerhouse had earlier disclosed previously that it would divide its stock issuance equally across Chinese major stock exchanges, which include Shanghai and Hong Kong, issuing 1.67 billion new shares at each of those exchanges.

READ: Square buys $50 million worth of Bitcoins

READ: Airtel announces share price today as pre-IPO interest hits $200 million

READ: This report explains why Nigerians are bent on leaving the country

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Ant Group’s Shanghai-listed shares will be quoted at 68.8 yuan each. The issuing of 1.67 billion shares would raise 114.94 billion yuan or $17.23 billion.

  • The Hong Kong-listed shares have been priced at 80 Hong Kong dollars each, raising 133.65 billion Hong Kong dollars or $17.24 billion.
  • The listing would produce a return of at least $34.5 billion, as the figure could go higher if the so-called over-allotment option is exercised, depending on demand.
  • It would make it the largest initial public offer of recent memory, putting it ahead of previous record-holder Saudi Aramco, which raised about $29 billion.

READ: MTN may rake in $600 million from Jumia’s planned listing

READ: Jack Ma’s fintech firm is set for IPO, signalling prospects for Nigerian fintechs

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READ: Gold futures drops to $1727.80 as America, China tension deepens

What you should know

Ant Group, formerly known as Ant Financial and Alipay, is an affiliate company of the popularly known e-commerce company Alibaba.

  • Ant Group remains the world’s most valuable FinTech company, and most valuable unicorn company, with a target valuation of over US$280 billion.
  • The group owns China’s largest digital payment platform, Alipay, which serves over one billion users and 80 million merchants, with total payment volume (TPV) transaction reaching RMB118 trillion in June 2020.

Explore Data on the Nairametrics Research Website

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Cryptocurrency

Crypto experts reveal their favourite Cryptos 

Nairametrics decided to seek the opinion of crypto experts on what Crypto they would consider investing in.

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Crypto experts reveal their favourite Cryptos 

In the crypto-verse, Nigeria remains one of the fastest-growing and lucrative markets for crypto traders and global investors to be in. 

Data retrieved from a Chainalysis report ranked Nigeria as the eighth (out of 154 countries) in its 2019-2020 global adoption index. Africa’s largest economy is first among other African countries in peer-to-peer payments (moving $139 million in the past year). 

READ: 7 key takeaways from Facebook’s Cryptocurrency, Libra

READ: Crypto deal: Google joins EOS community

The increased usage by many young, educated Nigerians is often attributed to the high bureaucratic processes by many commercial banks for transfers, not forgetting stringent cash control mechanisms set by the Nigerian Central bank in controlling cash flows. Crypto provides low-fee remittances and an alternative way to preserve and grow wealth. 

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Nairametrics decided to seek the opinions of crypto experts on what cryptos they would consider investing in, apart from the known flagship crypto Bitcoin. Their responses were as insightful as they were diverse, ranging from popularly known altcoins to some new ones. 

READ: Harvest: Crypto that gives interest on your Bitcoin

READ: Bitcoin robbers transfer stolen BTCs worth $13.2 million

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Clement Hugbo – Founder and CEO at Crevatal Technologies 

“As volatile and unpredictable as cryptocurrencies are, they are still one of the best investments to get right on and it’s never too late. 

READ: OmiseGO, a small digital coin up, 150% in less than 30 days, as Bitcoin fails to break $10,000

5 Cryptocurrencies I will advise to invest in at this time are: 

  1. Binancecoin, BNB 
  2. Ethereum, ETH
  3. Bundle token (coming soon)
  4. PhoenixDAO, PHNX
  5. Uniswap, UNI.

I chose these tokens because they not only have infrastructures and working products to back their assets, but they play deeply within the DeFi ecosystem which currently is the future of money.  

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READ: Over $500 million dollars worth of Bitcoins withdrawn from BitMEX

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While Binance is the largest cryptocurrency exchange in the world and has diverse use cases for its token, it recently launched its own Smart chain, bringing DeFi possibilities and flexibilities to more developers and communities. Bundle token will be Africa’s Binance coin as its use cases are diverse, being a partnering project with Binance. PhoenixDAO has diverse products like staking dApps, DAO, events and so much more, with brands using her protocols for products development. 

Ethereum, being the mother of smart contracts and Tokenization, has diverse use cases by devs and communities in the ecosystem.  

READ: Ethereum miners earning more than their Bitcoin rivals

Lastly, Uniswap is the mother of DeFi and decentralization, enabling traders to transact in a permissionless and decentralized platform, completely excluding their parties.  

My choices are based on the consistent use cases of these tokens and their relevance to creating lasting solutions in the Blockchain ecosystem.”

READ: Fastest growing cryptocurrency, Compound (COMP) up over 143% in 24 hours

Henry Muna – Founder & CEO, Muna Wallet 

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“USDN (Neutrino USD) is an algorithmic stablecoin soft-pegged to the US Dollar and collateralized by WAVES. 

The stable exchange rate is maintained using an advanced stability algorithm. 

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USDN offers 10-15% annual percentage returns without the risk of liquidation. 

It leverages the staking reward system of the Waves monetary policy and LPoS consensus algorithm. Staking rewards are distributed according to your contribution to the network with additional USDN.  

READ: Chainlink: Most valuable DeFi crypto is attracting investors again, gains over 8%

Its asset is available on Waves and Ethereum blockchain, with staking services available on MunaWaves.exchangeKucoin, and any Etheruem wallet. 

1 USDN = 1 USD; it lets traders hedge against market volatility. 

USDN staking is governed by a smart contract, not by a central authority. 

Neutrino’s smart contract resilience is verified by Beosin (Chengdu LianAn) Technology Co. Ltd.”

READ: Binance offers DeFi coders $100,000; DeFi market value hits $8 billion

David Effiiong (Davizoe) – National community director at Bitfxt Technology 

Ethereum: It’s a blockchain that allows decentralized applications to be built on. 

Dapps are decentralized applications without censorship which give people freedom. People are building games, and social media platforms on it because of its scalability. 

On ethereum, smart contracts are built also; it acts as the middle man. 

READ: Ethereum whales on the rise, as Ether hits $420

EOS: EOS is a blockchain network that is more scalable and allows Dapps, and smart contracts to be built. The transaction on this blockchain is less than 5 secs, and on Eos.io you can build several blockchains on it. 

The recent mind-blowing announcement is the partnership of Google with EOS; this shows its scalability. 

READ: Crypto: UniSwap gives each owner over $2,000

BitDeFi (BFi): It’s a decentralized finance (DeFi) token that brings the banking system on the blockchain. 

BFi is just 200,000 max supplies and 50% will be burnt because it uses a burning mechanism which makes it a deflationary token. I can boldly say it’s 100k in max supply because of 50% burning away. 

BitDeFi allows you to perform all bank use cases like savings, investment, loan, capital rendering, and many more. 

20,000 of BFi will be available for the next 5 –10yrs and it’s a community token which allows banking to be decentralized.”

READ: Ethereum transaction fees drop by 80%

Charles Okaformbah – Blockchain Solutions Architect 

“Asides Ethereum, from a protocol pov, and value that DAO tokens seem to garner in the long run, I would advise traders to look at Polkadot’s DOT.  

Currently sitting in the top 10 of coinmarketcap, with one of its founders being Gavin Wood (cofounders of Ethereum), it’s a cross-chain protocol that connects several chains together in a single network, allowing them to process transactions in parallel and exchange data between chains with security guarantees.  

READ: Fate of $2.3 billion worth of Bitcoins in Limbo

It’s been in development for years now and the DOT token is majorly used as a governance token. 

Another project from a utility pov would be Kittiefight’s KTY (full disclosure, I’m a team member). Online Betting generates massive tonnes of revenue for its stakeholders.  

What if that revenue is shared with a community of users who participate in the funding of each game’s jackpot via a DeFi backed algorithm? Not only that, KTY serves as a utility token for in-game activities. Currently, Kittiefight is rated 8 in the Top 10 DeFi lending platform by coinmarketcap.” 

 

Bottomline

It’s fair to say that the crypto experts interviewed were not short on selecting different altcoins that serve as alternatives to Bitcoin.  

That said, crypto experts are also taking advantage of altcoins and their prevalence for high price swings. As the old financial saying goes, volatility is king, on the basis that volatility provides a great way to increase one’s holdings and potentially make some good profits. 

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Market Views

GTBank, Dangote Cement keep Bulls roaring high

Market breadth closed positive as NASCON led 20 Gainers as against 6 Losers topped by NNFM at the end of today’s session.

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Nigerian stock market ended its last trading session on an impressive note. The All Share Index gained 0.47% to close at 28,697.06 points as against +0.40% appreciation recorded on Thursday.

Nigerian Stock Exchange market capitalization now stands at N14.99 Trillion. Its Year-to-Date (YTD) returns currently stands at +6.91%.

  • However, the Nigerian bourse trading turnover fell short of expectation as volume moved dipped by 9.11% as against -4.67% downtick recorded on Thursday. ACCESS, GUARANTY, and UBA were the most active to boost market turnover.
  • AFRINSURE leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
  • Market breadth closed positive as NASCON led 20 Gainers as against 6 Losers topped by NNFM at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

  1. NASCON up 10.00% to close at N14.3
  2. PZ up 7.32% to close at N4.4
  3. ZENITHBANK up 1.69% to close at N21
  4. GUARANTY up 1.50% to close at N30.45
  5. DANGCEM up 0.67% to close at N151

Top losers

  1. NNFM down 9.89% to close at N4.19
  2. NPFMCRFBK down 4.29% to close at N1.34
  3. HONYFLOUR down 4.21% to close at N0.91
  4. UNIONDAC down 3.70% to close at N0.26
  5. VITAFOAM down 3.23% to close at N6

Outlook

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Nigerian bourse continued its bullish run amid a shutdown of economic activities at Nigeria’s economic nerve center Lagos and Rivers amid ongoing curfew put in place in order to calm hostilities prevalent in some areas.

  • Bulls seem to be rallying high amid soaring crude oil prices, and high buying pressure noticed in some Nigerian blue-chip stocks like Dangote Cement and GTBank.
  • However, Nairametrics expects you to seek the advice of a certified stockbroker when choosing stocks to buy, as some of these stocks exhibit cyclic returns in principle.

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