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Spotlight Stories

Bears & Bulls battle at Nigerian stock market amid strong gains in Julius Berger

Investor sentiment as measured by market breadth was negative with 22 decliners and 18 advancers.

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

Nigerian stocks ended the mid-week trading session on a near stalemate. The All-share index retreated lower by 0.07% today to 40,465.32 index points.

Year-to-date return and market capitalization settled at 0.49% and N21.16 trillion respectively.

  • Across coverage sectors, the performance was mostly negative as most tracked indices finished south. The NSE consumer goods, banking, and industrial fell by 0.07%, 0.24%, and 0.80% respectively. On the flip side, the oil & gas and insurance indices gained 0.20% and 1.92% respectively.
  • Investor sentiment as measured by market breadth was negative with 22 decliners and 18 advancers. BETAGLASS (-9.75%) led the laggards today, while JBERGER (+9.73%) finished top gainer.

Top gainers

  1. JBERGER up 9.73% to close at N20.3
  2. LIVINGTRUST up 9.68% to close at N0.68
  3. HONYFLOUR up 9.60% to close at N1.37
  4. CORNERST up 9.26% to close at N0.59
  5. UPDCREIT up 7.41% to close at N5.8

Top losers

  1. BETAGLAS down 9.75% to close at N50
  2. JAPAULGOLD down 8.86% to close at N0.72
  3. FIDSON down 8.55% to close at N5.35
  4. CHIPLC down 7.89% to close at N0.35
  5. VITAFOAM down 7.56% to close at N7.95

Outlook

The stock market ended the mid-week 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 below $63.76/barrel.

  • That being said, significant gains seen from some decent stocks couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among a number of medium capitalized stocks.
  • Nairametrics envisages cautious buying, on the sentiments that recent price action suggests further market correction in the near term, however, stock traders anticipate the bullish run is still in play for the long term.

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. He is a Member of the Chartered Financial Analyst Society.

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Coronavirus

COVID-19 Update in Nigeria

On the 1st of March 2021, 360 new confirmed cases and 8 deaths were recorded in Nigeria

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Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 156,017 confirmed cases.

On the 1st of March 2021, 360 new confirmed cases and 8 deaths were recorded in Nigeria.

To date, 156,017 cases have been confirmed, 133,904 cases have been discharged and 1,915 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.54 million tests have been carried out as of March 1st, 2021 compared to 1.49 million tests a day earlier.

COVID-19 Case Updates- 1st March 2021,

  • Total Number of Cases – 156,017
  • Total Number Discharged – 134,489
  • Total Deaths – 1,915
  • Total Tests Carried out – 1,544,008

According to the NCDC, the 360 new cases are reported from 19 states- Lagos (120), Edo (38), Kaduna (25), FCT (23), Imo (23), Delta (19), Akwa Ibom (17), Plateau (17) Rivers (16) Nasarawa (15), Kwara (13), Oyo (9), Ogun (8), Bauchi (4), Osun (4), Kano (3), Kebbi (3), Niger (2) and Katsina (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 55,848, followed by Abuja (19,234), Plateau (8,894), Kaduna (8,513),  Oyo (6,734), Rivers (6,494), Edo (4,590), Ogun (4,396), Kano (3,753), Ondo (2,983), Kwara (2,931), Delta (2,576), Osun (2,433), Nasarawa (2,227), Gombe (2,051), Katsina (2,030), Enugu (2,003), Ebonyi (1,864), Anambra (1,726), and Abia (1,520).

Akwa Ibom has recorded 1,518 cases, Imo (1,497), Borno (1,276), Bauchi (1,228), Benue (1,188), Niger (915), Taraba (804), Ekiti (802), Bayelsa (769), Sokoto (769), Adamawa (762), Jigawa (496), Kebbi (377), Cross River (324), Yobe (268), Zamfara (219), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

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Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

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On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

 

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Nigerian stocks begin March bullish, UACN, BUACEMENT, AIICO rally high

UACN (+6.67%) led the gainer’s chart today, while NASCON (-9.97%) was the top loser.

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Nigerian stocks ended the first trading session of the week positive. The All Share Index improved by 0.33% to close at 39,931.63 index points.

Year-to-date return and market capitalization settled at -0.84% and N20.89 trillion, respectively.

  • Investor sentiment as measured by the market breadth was however negative today, weaker at 0.70x on 17 advancers and 24 decliners.
  • A total volume of 543.9 million units of shares, valued at N1.88 billion exchanged hands in 4,673 deals.
  • The most traded stocks by volume were WEMABANK (369.67 million units) and ZENITHBANK (20.61 million units), while both also topped value by (N529 million) for ZENITH BANK and (N240.32 million) for WEMABANK.
  • UACN (+6.67%) led the gainer’s chart today, while NASCON (-9.97%) was the top loser.

Top gainers

  1. UACN up 6.67% to close at N8
  2. AIICO up 5.22% to close at N1.21
  3. VERITASKAP up 5.00% to close at N0.21
  4. BUACEMENT up 3.82% to close at N74.75
  5. NEIMETH up 2.73% to close at N1.88

Top losers

  1. NASCON down 9.97% to close at N14.45
  2. CHAMPION down 9.92% to close at N2.27
  3. PZ down 9.43% to close at N4.8
  4. LASACO down 8.94% to close at N1.12
  5. SOVRENINS down 7.41% to close at N0.25

Outlook

Nigerian bourse ended the first trading session of March on a bullish note amid earning results trickling in.

  • Price appreciation in BUACEMENT (+3.82%), UBA (+2.73%) and ZENITHBANK (+1.38%) moved the NSE industrial and banking index up by 1.47% and 0.25%.
  • Nairametrics, however, envisages caution in selecting stocks, as market indicators show growing uncertainty in the coming days.

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