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STOCK MARKET

#EndSARS: Nigerian stocks end neutral amid protests

The market breadth index was positive with 13 gainers against 11 losers.

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The Nigerian bourse closed flat today as the All Share Index remained at 28,344.33 points for the second consecutive trading.

A total volume of 342.1 million units of shares, valued at N5.03billion exchanged hands in 4,048 deals.

  • UBA was the most traded shares by volume at 92.8million units, while GUARANTY and ZENITHBANK topped the market value list at N1.84billion and N1.34billion respectively.
  • The market breadth index was positive with 13 gainers against 11 losers. ETERNA (+9.98%) led the gainer’s chart today, while GLAXOSMITH (-3.45%) topped the laggards.
  • NSE Banking Index: Down by -0.74%, due to sell-offs in GUARANTY (-1.67%), ACCESS (-1.27%), and ETI (-1.15%).
  • NSE Insurance Index: Depreciated by -0.45%, on price depreciation in AIICO (-3.57%).
  • NSE Oil & Gas Index: Fell by -0.29%.
  • NSE Consumer Goods Index: Up by +0.40% on buy-interests in GUINNESS (+3.23%), INTBREW (+3.19%), and PZ (+2.38%).
  • NSE Industrial Index: Improved by +0.30%, on the back of price appreciation recorded in WAPCO (+4.03%).

Top gainers
ETERNA up 9.98% to close at N5.29
WAPCO up 4.03% to close at N18.05
GUINNESS up 3.23% to close at N16
INTBREW up 3.19% to close at N4.85
VITAFOAM up 1.67% to close at N6.1

Top Losers
GLAXOSMITH down 3.45% to close at N5.6
FIDSON down 3.00% to close at N3.56
AFRIPRUD down 2.81% to close at N5.54
GUARANTY down 1.67% to close at N29.5
ACCESS down 1.27% to close at N7.75

What this means
Nigerian bourse ended the trading session neutral for 2 consecutive days, following oil prices and the U.S dollar rebounding up.

  • Unsurprisingly, trading activities were dampened amid the prevailing macro, showing that the protests for Nigerian police reforms by Nigerian youths have entered a critical phase.
  • The inflation rate surged to 13.71% (year-on-year) in September 2020, indicating a 0.49% point difference when compared to 13.22% recorded in August 2020. This weakened buying pressure in financial-based stocks.
  • Also, some leading western nations are beginning to report higher cases of COVID-19 infections, fueling serious speculations of imminent lockdown. This has dampened the resolve that global investors would increase their buying pressure at the biggest exchange of sub-Saharan Africa and weakened traders’ morale on Thursday.
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STOCK MARKET

NSE emerges world’s best, posts biggest daily gain in 5 years

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The Nigerian Stock Exchange (NSE) has emerged the best performing stock exchange in the world on Tuesday upon its Market capitalisation, Themoneymetrics reports.

Market capitalisation, which opened at N14.40 trillion, crossed the N15 trillion mark to close at N15.11 trillion as investors gained N949 billion.

The all-share index rose by 1,354.88 or 4.92 percent to close at 28,909.37 against 27,554.49 points on Monday, the biggest gain since April 1, 2015.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, MTN Nigeria Communication, Presco, Nigerian Breweries and Stanbic IBTC Holdings.

Consequently, the market breadth closed positive with 45 gainers compared with eight losers.

This is the 12th consecutive day that the market has closed in the green.

Cornerstone Insurance, International Breweries and Presco led the gainers’ chart in percentage terms, with 10 percent each, to close at 66k, N4.29 and N60.50 per share, respectively.

FBN Holdings followed with 9.91 percent to close at N6.10, while Northern Nigeria Flour Mills rose by 9.88 percent to close at N4.45 per share.

Dangote Cement gained 9.86 percent to close at N158.20, while Lafarge Africa appreciated by 9.69 percent to close at N17.55 per share.

Transactions in the shares of Zenith Bank topped the activity chart, accounting 135.69 million shares valued at N2.77 billion.

United Bank for Africa followed with 112.89 million shares worth N768.18 million, while FBN Holdings traded 89.91million shares valued at N544.41 million.

Access Bank sold 56.03 million shares worth N426.27 million, while Guaranty Trust Bank transacted 40.06 million shares valued at N1.22 billion.

Ambrose Omordion, the chief operating officer of InvestData Ltd., said that low interest and undervalued state of the stock market had triggered an inflow of funds to blue-chip and growth stocks in search of better return in a hyperinflation environment.

Omordion said the trend is likely to persist till third-quarter numbers started hitting the market.

The monetary policy committee of the Central Bank of Nigeria (CBN) reduced the monetary policy rate by 100 basis points at its September meeting which has resulted in lower interest rates.

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STOCK MARKET

MTN Nigeria, Dangote Cement stocks fired up, investors gain whopping N708 billion

The aggregate market value of all quoted equities rose from its opening value of N14.202 trillion to settle at N15.110 trillion.

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Nigerian Stocks continued its bullish run today for the 12th consecutive session, as increased bargain-hunting across the sectors netted N708.14 billion gains in today’s trading session. This brings the net capital gains in the three trading sessions in October to N1.085 trillion.

Consequently, the average year-to-date return improved to a whopping 7.62%.

  • The All Share Index appreciated by a remarkable 4.92% to cross 28,909.37 points from its opening index of 27,554.49 points. Also, the aggregate market value of all quoted equities rose from its opening value of N14.202 trillion to settle at N15.110 trillion.
  • Market turnover soared to 749.46 million shares valued at N9.49 billion in 8,075 deals. Transactions in the shares of Zenith Bank topped the activity chart with 135.69 million shares valued at N2.77 billion.
  • UBA followed with 112.88 million shares worth N768.1 million, while FBN traded 89.9 million shares valued at N544.4 million.
    Bullish sector performance buoyed the ASI as all sectoral indices closed positive.
  • With 45 gainers to 8 losers, all sectoral indices closed positive.
  • The NSE Banking Index led to a massive gain of 7.48%. The NSE Industrial and Consumer Goods Indices trailed appreciating by 5.46 and 2.95% respectively. The NSE Oil & Gas Index appreciated by 1.15% while the NSE Insurance Index finished with a 0.26% increase.
  • NSE Banking Index: Recorded an impressive 7.48% gain, on uptrend in FBNH (+9.91%), ZENITH (+9.47%), UBA (+9.30%), GTB (+6.03%) and STANBIC (+4.94%).
  • NSE Industrial Index: Up by +5.46%, on DANGCEM (+9.86%) and WAPCO (+9.69%) upturn.
  • NSE Consumer Goods Index: Gained 2.95%, on buy interest in NB (7.17%), GUINNESS (+6.00%), and DANGSUGAR (+4.55%)
  • NSE Oil & Gas Index: Appreciated by 1.15%, on the back of the gains in OANDO (+9.57%) and ARDOVA (+8.97%).
  • NSE Insurance Index: Improved by +0.26%, on price appreciation in CORNERSTONE (+10.00%)

Top gainers
PRESCO up 10.00% to close at N60.5
DANGCEM up 9.86% to close at N158.2
NB up 7.17% to close at N52.3
MTNN up 5.70% to close at N142
STANBIC up 4.94% to close at N42.5

Top losers
NPFMCRFBK down 8.76% to close at N1.25
WAPIC down 7.69% to close at N0.36
BERGER down 6.15% to close at N6.1
NEIMETH down 5.13% to close at N1.85
REDSTAREX down 1.52% to close at N3.25

Outlook

It is fair to say institutional investors are back at Sub Sahara’s biggest Exchange, printing impressive gains, as the Nigerian bourse market capitalization tilted above N15 trillion.

  • Unsurprisingly buying pressure was maintained in notable Nigerian Stocks, like MTN Nigeria, Dangote Cement, Nigerian Breweries, and Stanbic Bank
  • Market liquidity had also improved in the last few days as Institutional investors restrategize their portfolio investments for Q4, 2020.
    Its to seem stock traders are not short of positive macros now, as Nigeria’s major export, crude oil printed more than 3% gains to trade near $43/Barrel.
  • Themoneymetrics however envisages caution, among these impressive gains recorded in the past weeks, as Africa’s largest economy remains vulnerable via a report credited to Fitch Ratings buttressed the FX demand backlog and persistence in external vulnerability are adequately captured by the ‘B’ rating.
  • It should also be noted this bullish trend is not broad-based as only a few Nigerian Stocks across the spectrum have benefited from the rally.
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STOCK MARKET

NSE gains N350bn as market cap hits N14tn

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Business dealings on the floor of the Nigerian Stock Exchange closed last week on the positive trajectory as the NSE All-Share Index appreciated by 2.53 per cent to the close the week at 26,985.77, Themoneymetrics reports.

Similarly, market capitalisation appreciated by 2.55 per cent or N350bn to close the week at N14.11tn.

All other indices finished higher with the exception of NSE Consumer Goods, which depreciated by 0.75 per cent while NSE ASeM Index closed flat.

The market opened for four trading days this week as the Federal Government of Nigeria declared Thursday, October 1, 2020 a public holiday to mark the country’s 60th Independence Anniversary.

A total turnover of 1.53billion shares worth N16.90bn in 17,882 deals were traded last week by investors on the floor of the exchange, in contrast to a total of 1.57 billion shares valued at N20.56bn that exchanged hands the previous week in 18,396 deals.

The financial services industry (measured by volume) led the activity chart with 1.29 billion shares valued at N10.56bn traded in 10,046 deals, thus contributing 84.29 per cent and 62.49 per cent to the total equity turnover volume and value, respectively.

The conglomerates industry followed with 62.39 million shares worth N89.21m in 453 deals.

The third place was the industrial goods industry, with a turnover of 55.17 million shares worth N2.98bn in 1,752 deals.

Trading in the top three equities namely Zenith Bank Plc, Sterling Bank Plc and United Bank for Africa Plc. (measured by volume) accounted for 815.65 million shares worth N7.31bn in 4,461 deals, contributing 53.22 per cent and 43.26 per cent to the total equity turnover volume and value, respectively.

A total of 36 equities appreciated in price during the week, higher than 35 equities in the previous week.

Also, 15 equities depreciated in price, lower than 28 equities in the previous week, while 112 equities remained unchanged, higher than 100 equities recorded in the previous week

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