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Stock Market

MTN Nigeria, International Breweries drop, Profit-taking ticks up

Market breadth index was negative with 16 losers against 13 gainers.

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Global stocks sell-off persists as resurgence of COVID-19 frighten investors 

The Nigerian bourse as anticipated started the first trading session of the week on a negative note. The All-Share Index and Market Capitalization finished the day lower, losing 0.27% to close at 28,337.49 points and N14.81 trillion respectively.

  • A total volume of 369.1 million units of shares, valued at N5.06billion exchanged hands in 4,750 deals, as UBA finished as the most traded shares by volume of 95.0million units, while GUARANTY and ZENITH bank topped the market value list at N1.98billion and N944 million respectively.
  • NSE Insurance Index: Down by -1.78%, on price decline in MANSARD (-5.67) and REGALINS (-4.35%).
  • NSE Consumer Goods Index: Dipped by -0.91%, on INTBREW (-9.11%) and Flourmill (-4.55%) decrease.
  • NSE Industrial Index: Fell by -0.54%, due to sell-offs in BUACEMENT (-1.45%).
  • NSE Banking Index: slide -0.05%, on price decline in GUARANTY (-0.33%), and ZENITHBANK (-0.25%).
  • NSE Oil & Gas Index: Up +1.36%, on the back of the gains recorded in ETERNA (+9.92%) and SEPLAT (+2.44%)

Similarly, in today’s trade, the market breadth index was negative with 16 losers against 13 gainers. INTBREW (-9.11%) & FLOUR MILL (-4.55%) led the losers’ chart for the day, while ETERNA (+9.92%) and CUTIX (+4.65%) finished top gainers.

Top gainers

ETERNA up 9.92% to close at N3.99
CUTIX up4.65% to close at N1.8
SEPLAT up 2.44% to close at N420
FCMB up 2.21% to close at N2.31
ACCESS up 1.28% to close at N7.9

Top losers

GTBank 728 x 90

INTBREW down 9.11% to close at N4.29
FLOURMILL down 4.55% to close at N21
AFRIPRUD down 2.27% to close at N5.6
BUACEMENT down 1.45% to close at N40.9
MTNN down 0.36% to close at N140

Outlook

Nigerian bourse started the week trading south, amid falling crude oil prices. Significant selling pressure was seen in NSE30 stocks that include MTN Nigeria, International Breweries, and Flour mills.

GTBank 728 x 90

Michael Nwakalor, Macroeconomist at CardinalStone Research, in a phone chat interview with Nairametrics explained the bias most traders are having now

  • We expect to see mixed sentiments in the ASI this week.
  • Bargain hunting activities on continued expectations of suppressed fixed-income yields are likely to be punctuated by profit-taking over the week.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Member of the Chartered Financial Analyst Society. University of Pennsylvania: Power of Markets, IBM Enterprise Design Thinking. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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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

GTBank 728 x 90

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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Market Views

#EndSARS Bull return to Nigerian Stock Market amid Looting

The market breadth index was positive with 20 gainers against 10 losers.

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investors, Bulls gain momentum, as stimulus package lifts global financial markets, Bulls boost global financial market, gold hits 7 years high, Dangote, Tier-1 banks lead the bulls to close Nigerian stock market green

Nigerian bourse advanced today by 0.40%, to close at 28,563.87 points. The All Share Index was up by 0.40%, with the year-to-date return at +6.39% and market capitalization at N14.92 trillion. Investors gained N59.78 Billion.

  • A total volume of 311.3 million units of shares, valued at N469billion exchanged hands in 3,375deals. GUARANTY was the most traded shares by volume and value at 77.8million units and N2.33billion.
  • The market breadth index was positive with 20 gainers against 10 losers. UACN (+8.33%) led the gainer’s chart today, while GLAXOSMITH (-3.57%) topped the laggards.
  • All sectors were bearish – Insurance, Oil & Gas, Consumer Goods, and Banking were lowered by 0.93%, 0.07%, 0.06%, and 0.03%, respectively save for the Industrial sector index which appreciated by +0.15%.

Top gainers

  1. UACN up 8.33% to close at 8.33%
  2. STANBIC up 2.33% to close at 2.33%
  3. DANGSUGAR up 2.22% to close at N13.8
  4. WAPCO up 2.02% to close at N17.65
  5. MTNN up 1.45% to close at 1.45%

Top losers

  1. GLAXOSMITH down 3.57% to close at N5.4
  2. INTBREW down 2.95% to close at N6.25
  3. CAP down 1.07% to close at N18.5
  4. FBNH down 0.82% to close at N6.05
  5. ZENITHBANK down 0.72% to close at N20.65

 

Outlook

Nigerian bourse against all odds recorded impressive gains. The gain was recorded amid, falling crude oil prices, and significant records of looting at a number of Nigerian urban areas triggered by the ongoing political unrest in Nigeria.

  • Buying pressure from NSE30 stocks like MTN Nigeria, Stanbic IBTC Bank, Dangote Sugar, UACN lifted the All Share Index value upward.
    Investors maid the prevailing macro are repositioning their portfolio for Q3 earning results amid a drop in market liquidity at Thursday’s trading session.
  • Nairametrics, still envisage readers to be cautious about choosing stocks to buy, on reports coming from the Lagos Chamber of Commerce and Industry (LCCI) revealing Nigeria had lost more than N700 billion in economic value since the #EndSARS protests started a few weeks ago.

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ENDSARS

#EndSARS: NSE lost N113 billion Market Capitalization on Wednesday, October 21

The NSE Market Capitalization shed N113 billion from N14.983 trillion to N14.870 trillion on Wednesday

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CEO NSE, NSE lifts suspension on Omatek Ventures’ shares, NSE launches Comic Book to boost financial literacy, NSE goes public with 2.5 billion ordinary shares in unanimous vote by the members, NSE commemorates 2020 International Women’s Day and rings the bell for gender equality, COVID-19: NSE extends time for submission of financial statements, NSE PUBLISHES GUIDANCE TO FACILITATE EFFECTIVE VIRTUAL MEETINGS FOR STAKEHOLDERS AMIDST COVID-19, NSE Hosts First-Ever Digital Closing Gong Ceremony, NSE set to host financial leaders at upcoming webinar, NSE commemorates world investor week 2020

As at close of trading on Wednesday, the NSE Market Capitalization shed N113 billion from N14.983 trillion to N14.870 trillion.

The demand for Equities drastically reduced on the trading floor of the NSE, as the market reacted to the prevailing tensed security situation arising from the hijacked #EndSARS protests in Lagos, resulting in the loss of lives and vandalization of private and public owned properties.

READ: #EndSARS protests dampen market liquidity at Nigerian Stock Market

The lull in the market, undoubtedly, was not unconnected with the disposition of most investors, who rather than investing, showed more concern about the safety of their investments, as well as observing the government’s next line of action in handling the lingering security situation.

The NSE All-Share Index also declined by 0.75% from 28,665.82 points to 28,449.49 points.

GTBank 728 x 90

READ: #EndSARS: Those responsible for human rights violations must be held accountable – Canadian Govt

What they are saying

According to the Director-General of NECA, Mr. Timothy Olawale, “Protest is legal and a fundamentally guaranteed right of Nigerians to draw government’s attention to the need to take drastic action as regards reforms in all areas of our national life. However, it is important that the economy should not be brought to its knees in the process. The economy is in tatters, facing the threat of a second recession and unemployment rising to an unmanageable level, the need to stop the slide is not only urgent, but important. A consequential effect of the hindered capacity of businesses to function is the higher unemployment rate, further reduction in disposable income of those left in employment, heightened insecurity with the risk of hoodlums hijacking the peaceful protest among others.

READ: #EndSARS Protest has cost Nigeria N700 billion in 12 days – LCCI 

GTBank 728 x 90

The Lagos Chamber of Commerce and Industry (LCCI) estimated that the protests has cost the economy over N700 billion (about $1.8bn in losses). According to the President of LCCI, Mrs. Toki Mabogunje, her group was concerned about the negative impact of the development on business activities and said, “These actions have been at great cost to the economy and the welfare of Nigerian citizens. It should be noted that our economy is still reeling from the shocks of the COVID-19 pandemic and struggling to recover from its devastating effects.

Explore Data on the Nairametrics Research Website

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