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UBA, GTBank, Zenith Bank tumble, Bears take a grip on Nigerian Stocks

The market breadth index was negative with 25 losers against 13 gainers.

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Nigerian bourse closed negative on Thursday. The All Share index declined further by -0.25% to close at 34,968.94 from 35,056.82 points.

  • Year-to-date and market capitalization similarly dropped by -0.25% to settle at 30.40% and N18.27 trillion respectively.
  • A total volume of 289.3 million units of shares, valued at N7.34billion exchanged hands in 4,878 deals. UBA was the most traded shares by volume at 34.4 million units, while MTNN topped by value at N4.37billion.
  • The market breadth index was negative with 25 losers against 13 gainers. CADBURY (-5.43%) led the laggards today, while ARDOVA (+7.69%) was the top gainer.
  • The sectorial performance was mixed as the Banking, Insurance, and Consumer Goods indexes dipped -2.07%, -0.82%, and -0.20%, while the Oil & Gas gained +0.35%. The Industrial sector closed flat.

Top Gainers

  1. MTNN up 0.77% to close at N156.2
  2. ARDOVA up 7.69% to close at N14
  3. REDSTAREX up 4.00% to close at N3.38
  4. CUTIX up 5.56% to close at N1.9
  5. UPL up 4.26% to close at N1.47

Top Losers

  1. CADBURY down 5.43% to close at N8.7
  2. UBA down 5.20% to close at N8.2
  3. ZENITHBANK down 1.88% to close at N23.55
  4. FLOURMILL down 1.85% to close at N26.5
  5. GUARANTY down 1.47% to close at N33.6

Outlook

Nigerian stocks drifted lower at the fourth trading session of the week, as significant sell-offs seen in Nigerian tier -1 banks added pressure on the Nigerian All-Share Index.

  • Stock experts anticipate more consolidation moves as investors become more choosy on stocks to buy taking into consideration that experts don’t see any new highs now till next year.
  • That said, Nairametrics envisages cautious buying on the bias that stock traders are expected to be a bit wary amid recent macros prevailing at the Nigerian currency market.

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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Stock Market

CitiTrust Financial Services Limited invests N395.9 million in additional LivingTrust Mortgage shares

CitiTrust has invested an additional N395.9 million for the purchase of an additional 659.8 million units of Living Trust Mortgage Bank.

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COVID-19: Oyetola commends Cititrust Holdings for supporting Osun Govt

CitiTrust Financial Services Limited has disclosed that it has invested an additional N395.9 million for the purchase of an additional 659.8 million units of Living Trust Mortgage Bank (formerly known as Omoluabi Mortgage Bank) shares.

This is according to a disclosure signed by the firm’s secretary, Olabisi Fayombo, and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

The breakdown of the transaction revealed that a total of N359.9 million were spent for the purchase of an additional 659,750,000 units at N0.60 per share, and on two different occasions, i.e., 18th and 19th of January, 2021.

Recall that in 2019, CitiTrust Financial Services (CFS) Group Plc became the majority shareholder in LivingTrust Mortgage Bank, after investing heavily into the bank, preparing the stage for the bank to be more efficient and competitive.

What you should know:

  • Nairametrics earlier reported a much more improved revenue of N192 million for LivingTrust Mortgage Bank in its last reported financials-Q3, 2020.
  • In 2014, LivingTrust listed its shares on the Alternative Securities Market (ASeM) of the Nigerian Stock Exchange and thus became the first company to do so.
  • The transaction might be an indicator of increased investors’ confidence in the firm’s future and potentials.
  • LivingTrust Mortgage Bank shares closed trading for the week at N0.60

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Stock Market

UBA, WAPCO, NEM drop amid profit-taking 

Market sentiment, as measured by the market breadth, closed negative as 33 stocks lost, relative to 21 gainers.

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market's, Bears clawing down on the naira, hits N425 to $1

Nigerian stocks ended the week on a bearish note as the All Share Index declined further by -0.24% today to close at 41,001.99 from 41,099.15 index points.

  • Year-to-date and market capitalization similarly fell by -0.24% to settle at 1.82%, and N21.44 trillion respectively.
  • A total volume of 591.4 million units of shares, valued at N5.07 billion exchanged hands in 5,767 deals. TRANSCORP (-1.72%) was the most traded shares by volume at 169.2 million units, while ZENITHBANK topped by value at N681 million.
  • Market sentiment, as measured by the market breadth, closed negative as 33 stocks lost, relative to 21 gainers. LIVESTOCK (-10.00%) led the laggards today, while NCR (+9.86%) topped the gainers’ list.
  • With losses recorded in all sectors, except for the consumer goods sector which advanced by +0.06%, the NSE banking, oil & gas, industrials, and insurance sectors fell by 0.17%, 0.29%, 0.50%, and 7.93%, respectively.

READ: Bargain hunters propel Nigerian stocks up, investors gain N50 billion

Top gainers

  1. NCR up 9.86% to close at N3.12
  2. CUTIX up 9.71% to close at N2.26
  3. CHAMPION up 9.55% to close at N1.95
  4. REDSTAREX up 3.03% to close at N3.4
  5. FLOURMILL up 1.27% to close at N32

READ: Race to recapitalization catapult Insurance stocks to best performing asset class in Nigeria

Top losers

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  1. LIVESTOCK down 10.00% to close at N2.52
  2. MRS down 9.68% to close at N11.2
  3. NEM down 9.67% to close at N2.43
  4. WAPCO down 6.98% to close at N26
  5. UBA down 2.79% to close at N8.7

READ: Unilever Overseas Holdings acquires N352 million worth of shares of Nigerian subsidiary

Outlook

Nigerian stocks ended the last trading session on a bearish note amid profit-taking across the market spectrum.

  • Downtrend was driven by price depreciation in large and medium capitalized stocks amongst which are; MRS Oil Nigeria, WAPCO, Lafarge, NEM, and UBA.
  • That said, Nairametrics envisages cautious buying on the account that certain market indicators reveal investors are taking some of their gains across the market spectrum

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Stock Market

Unilever Overseas Holdings acquires N352 million worth of shares of Nigerian subsidiary

Over 27 million shares of Unilever Nigeria Plc has been acquired by Unilever Overseas Holdings.

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Quick take: Disappointing Q3 renews growth concerns, Unilever Nigeria Plc announces close period for 2020 Q1 unaudited financial accounts

Unilever Overseas Holdings, the parent company of Unilever Nigeria Plc, has acquired over 27 million shares of its Nigerian Subsidiary, worth N352,036,698.

This is according to a “Notification of Share Dealing by an Insider” signed by the Company Secretary, Abidemi Ademola, and published on the NSE website.

It is important to note that the notification is compliant with The Exchange’s policy on insider dealing.

The statement revealed that the parent company increased stakes in its Nigerian subsidiary with the acquisition of 27,079,746 additional units of the company’s shares, in a single transaction, at an average share price of N13 per share.

This puts the total consideration for the shares purchased by Unilever Overseas Holdings on the 11th of January 2021 at N352,036,698.

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Why this matters

  • Dealings by insiders of listed companies are corporate actions to be disclosed by the management of the company, this is in compliance with NSE’s policy on insider dealing, as the disclosure is key in the effort to ensure transparency and reinforce the trust of the investing public.
  • The purchase of the shares of Unilever Nigeria Plc further cements Unilever Overseas Holdings’ position as a substantial shareholder of the company.

What you should know

  • It is important to note that as of 30th September 2020, Unilever Overseas directly owned 74.03% of the 5,745,005,417 issued and fully paid shares of Unilever Nigeria Plc.
  • However, with the recent purchase, Uniliver Nigeria Plc is still compliant with the Free float requirement for the Main Board of the Nigerian Stock Exchange.

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