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Stock Market

Bulls keep Nigerian Stocks fired up W/W amid #EndSARS

Twenty-eight (28) equities appreciated at price during the week, lower than thirty-five (35) equities in the previous week.

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Nigerian bourse against all odds remained resilient last week, as it recorded impressive gains. The Nigerian All-Share Index and Market Capitalization both appreciated by 0.13% to close the week at 28,697.06 and N14.999 trillion respectively.

  • A total turnover of 1.505 billion shares worth N19.668 billion in 20,552 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.955 billion shares valued at N22.978 billion that exchanged hands last week in 22,844 deals.
  • The Financial Services industry (measured by volume) led the activity chart with 1.196 billion shares valued at N14.950 billion traded in 11,318 deals; thus contributing 79.47% and 76.01%to the total equity turnover volume and value respectively.
  • The Conglomerates Industry followed with 97.167 million shares worth N269.045 million in 516 deals. The third place was the Consumer Goods, with a turnover of 77.588 million shares worth N1.928 billion in 3,461 deals.
  • Trading in the top three equities namely Guaranty Trust Bank Plc, Access Bank Plc, and United Bank for Africa Plc (measured by volume) accounted for 633.527 million shares worth N10.006 billion in 3,887 deals, contributing 42.08% and 50.87% to the total equity turnover volume and value respectively.
  • Twenty-eight (28) equities appreciated at price during the week, lower than thirty-five (35) equities in the previous week. Thirty-five (35) equities depreciated in price, higher than twenty-three (23) equities in the previous week, while ninety-nine (99) equities remained unchanged, lower than one hundred and four (104) recorded in the previous week.

Top gainers

  1. INTERNATIONAL BREWERIES PLC. up 18.20% to close N6.30
  2. CUTIX PLC. up 17.28% to close N1.90
  3. NASCON ALLIED INDUSTRIES PLC up 10.00% to close N14.30
  4. JAPAUL OIL & MARITIME SERVICES PLC up 10.00% to close N0.22
  5. IKEJA HOTEL PLC up 9.90% to close N1.11
  6. CONOIL PLC up 9.72% to close N15.80
  7. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC up 6.49% to close N1.97
  8. LIVESTOCK FEEDS PLC. up 6.35% to close N0.67
  9. FIDSON HEALTHCARE PLC up 6.29% to close N3.72
  10. FLOUR MILLS NIG. PLC. up 6.24% to close N23.00

Top losers

  1. N NIG. FLOUR MILLS PLC. down 9.89% to close N4.19
  2. LINKAGE ASSURANCE PLC down 9.09% to close N0.40
  3. ETERNA PLC. down 8.98% to close N4.46
  4. REGENCY ASSURANCE PLC down 8.33% to close N0.22
  5. ROYAL EXCHANGE PLC. down 8.00% to close N0.23
  6. MAY & BAKER NIGERIA PLC. down 7.69% to close N3.00
  7. LASACO ASSURANCE PLC. down 7.14% to close N0.26
  8. ACADEMY PRESS PLC. down 6.90% to close N0.27
  9. CADBURY NIGERIA PLC. down 6.83% to close N7.50
  10. HONEYWELL FLOUR MILL PLC down 6.19% to close N0.91

Outlook

Nigerian Stocks remained resilient W/W amid EndSARS protest, falling oil prices W/W, and most importantly looting and destruction of properties carried out by hoodlums at Nigeria’s major economic hubs

  • Sequel to the carnage recorded at Nigerian urban areas the first two trading days of the week ended flat, as investors remained on the sidelines, and mid-week sessions saw investors losing over N100 billion.
  • However, the bulls strengthened their resolve and overturned previous losses recorded as many NSE30 Stocks exhibit good fundamentals and remained undervalued with respect to other Sub Sahara listed stocks, thereby leading to impressive gains across the market spectrum on Thursday and Friday’s trading sessions.
  • That said, Investor sentiments as measured by market breadth remains impressive amid relatively thin market liquidity that has become the norm since the COVID-19 pandemic took a hit on Africa’s largest economy.
  • Nairametrics, envisage cautious buying amid growing geopolitical uncertainty across Nigerian borders, which continue to put pressure on Nigeria’s major export earning product, crude oil..in spite of OPEC compliance effort in recent weeks.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

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Market Views

Bank stocks remain a buy amid uncertainty prevailing Nigeria’s economy

The All-Share Index and Market Capitalization depreciated by 2.57% to close the week at 34,136.82 and N17.838 trillion respectively.

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Investors flee Nigerian Stocks as FDI and FPI dips

Nigerian Stocks ended the previous week cumulatively on a bearish note.

What we know: The All-Share Index and Market Capitalization depreciated by 2.57% to close the week at 34,136.82 and N17.838 trillion respectively.

In the previous week, Nigerian Stocks had its bullish run halted arbitrarily on the bias that stock traders and investors intensified their profit, taking into account the significant amount of weak earnings recorded by Nigerian Banks.

It was unsurprising to see four Nigerian banks in the top 10 losers chart for the week, as investors fretted on such performance on the basis that Nigeria’s banking industry remains the most vibrant after Agriculture, Energy in Africa’s largest economy.

GTBank 728 x 90

That said, In the coming week stock traders are expected to be very cautious amid recent macros showing Africa’s largest economy has dipped into a recession in Q3 as oil production dropped to a four-year low.

Abdul-Rasheed Oshoma Momoh, Head of Capital Market in TRW Stockbrokers Ltd, in a phone chat interview with Nairametrics, said Nigerian markets are presently playing out like a ping pong ball the momentum has slowed down for now.

More of consolidation now as investors buy into good stocks that have a light at the end of the tunnel. (Zenith Bank, UBA, GTBank, First Bank, Access Bank) taking into consideration he doesn’t see any new highs now till 2021.

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Bottom- line: Profit taking is expected to remain at least in the near term, taking into consideration Nigeria is officially in a recession, meaning a lot needs to be done to get Africa’s biggest economy on its foot, as such development could trigger more profit-taking in spite of the positive trend playing relatively at Africa’s best-performing equity market.

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Stock Market

Weak earnings by banks halt Nigerian stocks upside

Twenty-one (21) equities appreciated at price during the week, lower than sixty-nine (69) equities in the previous week.

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Nigerian Stocks ended the week cumulatively on a bearish note.

The All-Share Index and Market Capitalization depreciated by 2.57% to close the week at 34,136.82 and N17.838 trillion respectively.

A total turnover of 11.400 billion shares worth N35.892 billion in 39,265 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 4.509 billion shares valued at N58.733 billion that exchanged hands last week in 47,140 deals.

  • The Construction/Real Estate industry (measured by volume) led the activity chart with 8.529billion shares valued at N6.055 billion traded in 438 deals; thus contributing 74.82% and16.87% to the total equity turnover volume and value respectively.
  • The Financial Services Industry followed with 1.991 billion shares worth N19.933 billion in 21,725 deals. The third place was the Conglomerates Industry, with a turnover of 423.702 million shares worthN526.698 million in 1,962 deals.
  • Trading in the top three equities namely UAC- Property Development Company Plc, Transnational Corporation of Nigeria Plc. and Jaiz Bank Plc. (measured by volume) accounted for 9.259 billion shares worth N6.639 billion in 1,958 deals, contributing 81.22% and 18.50%to the total equity turnover volume and value respectively.
  • Twenty-one (21) equities appreciated at price during the week, lower than sixty-nine (69) equities in the previous week. Fifty-five (55) equities depreciated in price, higher than twelve(12) equities in the previous week, while eighty-five (85) equities remained unchanged, higher than eighty (80) recorded in the previous week.

Top 10 gainers W/W

  1. B.O.C. GASES PLC. up 39.88% to close N 6.77
  2. TRIPPLE GEE AND COMPANY PLC. up 19.57% to close N0.55
  3. NEM INSURANCE PLC up 17.27% to close N2.58
  4. AIICO INSURANCE PLC. up 12.22% to close N1.01
  5. IKEJA HOTEL PLC up 10.00% to close N1.10
  6. LINKAGE ASSURANCE PLC up 10.00% to close N0.55
  7. CONOIL PLC up 9.45% to close N20.85
  8. UPDC REAL ESTATE INVESTMENT TRUST up 9.21% to close N4.15
  9. CORNERSTONE INSURANCE PLC up 6.90% to close N0.62
  10. CHAMPION BREW. PLC. up 6.00% to close N1.06

Top 10 losers W/W

GTBank 728 x 90
  1. CORONATION INSURANCE PLC down 21.15% to close N0.41
  2. OANDO PLC down 19.75% to close N3.21
  3. JAPAUL OIL & MARITIME SERVICES PLC down 18.18% to close N0.27
  4. TRANSNATIONAL CORPORATION OF NIGERIA down 13.04% to close N1.00
  5. FBN HOLDINGS PLC down 12.12% to close N7.25
  6. STERLING BANK PLC. down 11.93% to close N1.92
  7. NIGERIAN AVIATION HANDLING COMPANY PLC down 11.54 % to close N2.30
  8. FIDELITY BANK PLC down 11.42% to close N2.56
  9. FCMB GROUP PLC. down 11.40% to close N3.03

Outlook

Nigerian Stocks had its bullish run halted arbitrarily on the bias that Stock traders and investors intensified their profit, taking into account the significant amount of weak earnings recorded by Nigerian Banks.

  • It was unsurprising to see four Nigerian banks in the top 10 losers chart for the week, as investors fretted on such performance on the basis that Nigeria’s banking industry remains the most vibrant after Agriculture, Energy in Africa’s largest economy.
  • Nairametrics, envisages you would seek the advice of a certified stockbroker when choosing stocks to buy, as most Nigerian stocks often offer cyclic returns.

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Stock Market

Another Fidelity Bank Non-Executive Director purchases 1 million shares worth N2.75million

Another non-executive director of Fidelity Bank has purchased an additional 1,000,000 shares of the bank worth N2.75 million.

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Fidelity Bank non-Executive Director purchases 3.1 million shares

In what seems to be a growing optimism in the Bank’s future, another non-executive director of Fidelity Bank, Mr. Chidi Agbapu, has purchased an additional 1,000,000 shares of the bank worth N2.75 million.

This is according to an official notification by the bank, signed by its Secretary, Ezinwa Unuigboje, and seen by Nairametrics

What you should know

Nairametrics had earlier reported last week that a Non-Executive Director of the bank, Chief Charles Umolu, had purchased 3,138,000 additional shares worth N8.8 million.

Sequel to this, Mr. Chidi is the second Non-Executive Director of the bank to purchase additional shares of the bank over the past one week.

GTBank 728 x 90

The breakdown of the latest transaction revealed that Mr. Chidi acquired the additional 1,000,000 units of Fidelity Bank shares in two tranches of 500,000 shares, at an average share price of N2.75 per share. This puts the total consideration for the 1,000,000 shares purchased at N2.75 million.

Why it matters

The latest disclosure is in line with the Nigerian Stock Exchange Policy on insider dealing, aimed at ensuring transparency in the system.

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