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Markets

DANGOTE, BUACEMENT weigh on Nigerian stocks, despite gains from Zenith Bank, GTBank

BUACEMENT (-6.42%) and DANGCEM (-3.42%) were the major drivers of the plunge, despite the latter’s announcement of an N16/share dividend.

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Nigerian stocks record worst quarterly drop since 2009
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The Nigerian bourse ended the last trading session of the week on a bearish note.

The All Share Index plunged by 1.37% to close at 38,382.39 index points as against the +0.54% gain recorded on Thursday. Its Year-to-Date (YTD) returns currently stand at -4.69%.

  • On the sectoral front, the Industrial Goods (-4.40%) and the Oil and Gas (-0.22%) sectors closed lower on losses in BUACEMENT (-6.42%) and OANDO (-4.39%).
  • Conversely, the Banking (+2.80%), Insurance (+0.94%), and Consumer Goods (+0.08%) sectors closed higher on gains in ZENITHBANK (+2.27%), AIICO (+3.33%), and NASCON (-2.76%
  • The market breadth closed positive as IKEJAHOTEL led 25 Gainers as against 11 Losers topped by LASACO at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

  1. IKEJAHOTEL up 10.00% to close at N1.1
  2. ETERNA up 9.84% to close at N5.58
  3. UCAP up 7.37% to close at N5.1
  4. UBN up 4.95% to close at N5.3
  5. AFRIPRUD up 4.90% to close at N5.35

Top Losers

  1. LASACO down 6.92% to close at N1.21
  2. BUACEMENT down 6.42% to close at N69.95
  3. NEIMETH down 6.32% to close at N1.78
  4. COURTVILLE down 4.76% to close at N0.2
  5. OANDO down 4.39% to close at N3.05

Outlook

The All Share Index wrapped up a turbulent week on a daunting note, shedding a gaping 1.37% in Friday’s session.

BUACEMENT (-6.42%) and DANGCEM (-3.42%) were the major drivers of the plunge, despite the latter’s announcement of a N16/share dividend recommendation by the board to its shareholders.

Nairametrics advises investors to trade stocks that exhibit good fundamentals amid growing geopolitical uncertainties in key international markets.

SSKOHN
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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

Bulls enjoy slight victory at the NSE

The NSE ASI saw a bullish move supporting Wednesday’s gains and showing bullish dominance since the start of the week.

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The Nigerian Stock Exchange market posted gains at the end of the trading session today, making it the fourth day of a bullish run. The All-Share Index increased by +0.01% to close at 39,131.80 from 39,128.34 index points. CUTIX made the top of the gainers list.

  • Nigerian Stock Exchange market value currently stands at NGN 20.48Tr. Its Year-to-Date (YTD) returns currently stands at – 83%.
  • The market closed in profit as CUTIX led 17 Gainers, and 15 Losers topped by EKOCORP with a slightly bullish movement by the NSE ASI.

Top gainers

  1. CUTIX up +7.00% to close at N2.14
  2. PZ up +6.93% to close at N5.40
  3. LINKASSURE up +5.00% to close at N0.84
  4. COURTVILLE up +4.35% to close at N0.24
  5. OANDO up +3.96% to close at N3.15

Top losers

  1. 1. EKOCORP down -10.00% to close at N5.40
  2. SUNUASSUR down -9.09% to close at N0.60
  3. HONYFLOUR down -8.45% to close at N1.30
  4. SOVRENINS down -8.00% to close at N0.23
  5. UNITYBNK down -6.78% to close at N0.55

Outlook

The NSE ASI saw a bullish move supporting Wednesday’s gains and showing bullish dominance since the start of the week.  However, the following stocks are on our watchlist: PZ, Guaranty, Access bank, STANBIC, HONYFLOUR, GUINNESS and Flourmills.

  • Nairametrics advises cautious participation in the stock market in this era of growing uncertainties.

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Markets

The NSE Banking Index plunges as Zenith Bank dips

The NSE Banking Index trended bearish at the end of the trading session today; 5 gains were posted opposing 3 losses and 2 stalemates.

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The NSE Banking Index trended bearish at the end of the trading session today; 5 gains were posted opposing 3 losses and 2 stalemates. The Index finished in the red with a loss of -0.04% pushing the Index point down to 357.76 from 357.89

UBA topped the gainers with a +2.07% increase. Technical analysis showed that UBA share price saw a noticeable upward trend from the start of the trading session pushing the price from its previous day’s close of N7.25 to N7.40.

Wema bank also posted gains of +1.75% pushing the price from the previous day’s close of N0.57 to N0.59 at today’s close of market. Wema Bank technical analysis shows a slightly correlated trend with that of UBA for today’s trading session.

EcoBank saw a +1.01% gain at the end of the trading session today. Price was moved from its previous gains of N4.95 to N5.00 showing a N0.05 increase that was sufficient enough to earn EcoBank 4th place on the gainers’ side at the end of the trading session today.

Access Bank escaped the bear’s claws with a +0.67% profit at the end of the trading session, technical analysis shows massive consolidation today before price moved from N7.50 to N7.55.

GTBank was also saved after posting a profit of 0.16% pushing the price to N31.30 from its previous N31.25.

Fidelity Bank held top spots on the losing side of today’s trading session with a noticeable decline from -1.77% pushing the price downwards from N2.26 to N2.22.

Jaiz Bank saw a noticeable bearish turn of -1.59% holding the price at N0.62 from N0.63.

Zenith Bank was next to feel the claws of the bear as it took a hit of -1.35% pushing price downwards from N2.30 to N2.00. Union Bank and Sterling Bank both saw a stalemate at the end of the trading session today to hold at N5.00 and N1.60 respectively.

SSKOHN

Outlook

  • Market sentiments indicate that tomorrow might see a bullish recovery with 6 gainers being opposed to 3 losers and 3 stalemates.
  • Nairametrics advises cautious participation in the market amid growing uncertainties.

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