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Stock Market

Nigerian stocks end near stalemate, despite gains from Nestle, Airtel, Dangote

A total volume of 568million units of shares, valued at N7.32billion exchanged hands in 8,928 deals.

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Bulls Win Grand Slam in Nigeria's stock market

Nigerian bourse ended Monday’s trading session near a stalemate, as the All Share Index dropped slightly by 0.04% to close at 34,121.78 points. Thus, the YTD performance currently stands at 27.56%.

A total volume of 568million units of shares, valued at N7.32billion exchanged hands in 8,928 deals. ZENITHBANK was the most traded shares by volume and valued at 79.7million units and N1.91billion.

  • Market sentiment was negative, as market breadth came in at 9.2x  with 46 decliners and 5 advancers.
  • The sectorial performance was bearish as Banking, Consumer Goods, Insurance, Oil & Gas were down by 4.72%, 2.07%, 2.07%, and 1.62% respectively, while the Industrial index closed as the lone gainer, up by +2.72%.

Sector performance

  • NSE Banking Index: Down by -4.72%, on sell-offs in WEMABANK (-9.09%), ACCESS (-8.14%), UBA (-6.10%), and ZENITHBANK (-5.66%).
  • NSE Consumer Goods Index: Fell by -2.07%, due to sustained losses in GUINNESS (-9.55%), PZ (-9.43%), and FLOURMILL (-8.43%).
  • NSE Insurance Index: Dipped by -2.07%, on price decline in CUSTODIAN (-10.00%), CHIPLC (-9.38%), and LINKASSURE (-9.09%).
  • NSE Oil & Gas Index: Dipped by -1.62%, as ARDOVA (-10.00%) and OANDO (-9.97%) declined in price.
  • NSE Industrial Index: Up by +2.72% due to the price appreciation in BUACEMENT (+4.77%) and DANGCEM (+3.42%)

Top gainers

  1. AIRTELAFRI up 5.00% to close at N500
  2. BUACEMENT up 4.77% to close at N53.45
  3. DANGCEM up 3.42% to close at N193.2
  4. NESTLE up 1.82% to close at N1400
  5. NEM up 0.78% to close at N2.6

Top Losers

  1. ARDOVA down 10.00% to close at N13.5
  2. WAPCO down 10.00% to close at N22.05
  3. GUINNESS down 9.55% to close at N18
  4. FLOURMILL down 8.47% to close at N25.4
  5. STANBIC down 8.02% to close at N39.55

Outlook

Nigerian Stocks began the first trading session on a slightly bearish note, amid soaring oil prices prevailing at the U.S trading session. At the time of writing this report, Brent crude was trading above $45/barrel.

  • That said, significant gains seen from NSE30 Stocks that include Nestle, Airtel, Dangote, BUACement couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among top brewery stocks and medium capitalized stocks.
  • Nairametrics envisage cautious buying, on the sentiments that recent price action shows further market correction in the near term, however, stock traders anticipate the bullish run is still in play for the long term.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Markets

Tesla plunges as GameStop posts gains   

Stocks took a drive on Monday with Nasdaq plunging (-0.98%) at the end of the trading session.

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Stocks took a drive on Monday with Nasdaq plunging (-0.98%) at the end of the trading session. The S&P 500 decreased by (-0.53%) and the Dow made a gain of (-0.36%). After a Tesla vehicle suspected to be without a driver crashed into a tree north of Houston on Saturday, killing two passengers, the electric-car maker’s stock fell 3.4%.

The stock had the greatest negative impact on the S&P 500 and Nasdaq Composite Indexes. Tesla’s stock price was weighted down by an 8.4% plunge in bitcoin over the weekend, in which it has a stake.

The yield on 10-year Treasuries was at 1.58%, after falling six base points in the U.S. trading session.

  • The stock of GameStop Corp soared 6.3% after the announcement of its CEO’s resignation.
  • Nvidia’s stock fell 3.5% after the UK government announced it would investigate the national security ramifications of Nvidia’s $40 billion acquisition of British chip designer ARM Holdings, creating doubts about the transaction.

Top gainers  

  1. Harley-Davidson up 9.68% to close at $44.29
  2. Albemarle up 3.60% to close at $157.50
  3. Morgan Stanley up 1.83% to close at $80.03
  4. Charles Schwab up 1.76% to close at $65.88
  5. Bank of NY Mellon up 1.61% to close at $46.81

Top losers

  1. Altria down -6.17% to close at $49.08
  2. Arconic down -6.07% to close at $26.02
  3. Synopsys down -3.88% to close at $250.64
  4. Cadence Design down -3.61% to close at $141.94
  5. Broadcom down -3.51% to close at $462.00

Outlook

  • As bitcoin suffered a beating over the weekend, crypto stocks like Riot Blockchain and Marathon Digital both fell more than 8%. Bitcoin was down 0.7% at the time of writing.
  • Speculators are expecting a recovery as the market opens today.
  • Nairametrics, however, advises cautious buying in this era of growing uncertainties.

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Markets

UACN and FCMB advance as WAPIC drops

Predictions of the dominance of consumer goods and the banking sector were affirmed with the presence of UACN and FCMB in the top 5 gainers.

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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 Stock Exchange market posted gains at the end of the trading session today. The All-Share Index increased by +0.08% to close at 38,840.31 from 38,808.01 index points. UACN sits atop the Gainers list.

  • The Nigerian Stock Exchange market value currently stands at NGN 20.32Tr. Its Year-to-Date (YTD) returns currently stands at – 3.55%.
  • The market closed in profit as UACN led 15 Gainers, and WAPIC was top among 14 Losers with a noticeable bullish movement by the NSE ASI.

Top gainers

1. UACN up +10.00% to close at N11.00

2. FCMB up +9.77% to close at N2.92

3. UPL up +9.35% to close at N1.17

4. NNFM up +9.35% to close at N5.85

5. HONYFLOUR up +9.24% to close at N1.30

Top losers

1. WAPIC down -8.70% to close at N0.42

2. FTNCOCOA down -8.00% to close at N0.46

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3. UNITYBNK down -7.81% to close at N0.59

4. UAC-PROP down -5.06% to close at N0.75

5. JAPAULGOLD down -4.76% to close at N0.60

Stanbic 728 x 90

Outlook

The NSE ASI saw a bullish move supporting last Friday’s gains. Predictions of the dominance of consumer goods and the banking sector were affirmed with the presence of UACN and FCMB in the top 5 gainers. However, the following stocks are on our watchlist: Zenith Bank Plc, Guaranty, Access bank, STANBIC, HONYFLOUR, GUINNESS and Flourmills.

  • Nairametric, however, advises cautious participation in the stock market in this era of growing uncertainties.

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