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#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

MTN Nigeria, GTBank, Zenith Bank drop amid profit-taking

The market breadth closed negative as BOCGAS led 15 Gainers as against 34 Losers topped by BUACEMENT at the end of today’s session.

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Nigerian Stocks suffered its first loss in 2020. The All Share index plunged by 1.83% to close at 40,396.14 index points as against the 2.18% gain recorded yesterday. Its Year-to-Date (YTD) returns currently stands at 0.31%.

  • Tuesday’s trading session turnover at the Nigerian Stock market however ended bullish as volume surged up by 119.73% as against a 70.18% drop recorded on Monday’s trading session. TRANSCORP, ZENITHBANK, and FCMB were the most active to boost market turnover.
  • LEARNAFRCA leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
  • The market breadth closed negative as BOCGAS led 15 Gainers as against 34 Losers topped by BUACEMENT at the end of today’s session – an unchanged performance when compared with the previous outlook.

Top gainers

  1. BOCGAS up 9.72% to close at N10.5
  2. ETERNA up 6.48% to close at N5.75
  3. AFRIPRUD up 5.47% to close at N6.75
  4. VITAFOAM up 2.34% to close at N8.75
  5. SEPLAT up 1.91% to close at N410

Top losers

  1. BUACEMENT down 5.88% to close at N80
  2. ZENITHBANK down 4.28% to close at N24.6
  3. GUARANTY down 2.84% to close at N32.55
  4. MTNN down 2.77% to close at N165.2
  5. OKOMUOIL down 1.10% to close at N90

Outlook

Nigerian bourse ended the last trading session on a negative note. NSE30 stocks like MTN Nigeria, GTBank, Zenith Bank dragged the Sub-Saharan based index lower as profit-taking was notable among blue-chip stocks.

  • Themoneymetrics however envisages cautious buying, as institutional investors reduce their long positions amid growing COVID-19 caseloads in Nigeria’s key international markets, particularly Europe, which contributes to about 40% of Nigeria’s crude oil shipment.
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STOCK MARKET

FCMB drops 10% in early trading

At about 10.55 am the tier-2 Banking stock was trading at N3.00 printing a decline of 9.91% at the Nigerian bourse.

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Nigeria’s leading tier-2 bank, First City Monument Bank (FCMB) recorded significant losses at the first trading session of 2020.

What you must know: At about 10.55 am, the tier-2 Banking stock was trading at N3.00, printing a decline of 9.91% at the Nigerian bourse.

However, it’s critical to note FCMB is still the best performing Nigerian bank stock with yearly returns at 70%.

What this means: The plunge in share price is largely attributed to growing concerns among investors on recent reports stating the Management of First City Monument Bank Limited (FCMB) had announced it is currently investigating the allegation involving its Managing Director, Adam Nuru.

This was according to an exclusive press release made available to Nairametrics and signed by the Head of Corporate Affairs, FCMB Group, Diran Olojo.

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STOCK MARKET

MTN CEO Designate, Karl Toriola acquires shares worth over N41 million

Karl Toriola acquired 253,982 ordinary shares of MTN Nigeria Plc, worth over N41 million.

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The CEO designate of Nigeria’s telecommunication behemoth, Karl Toriola , has acquired 253,982 ordinary shares of MTN Nigeria Plc, worth over N41 million.

This information was made available today, 4 January 2021 in a Notification of Share Dealing by Insiders, issued and signed by the Company Secretary, Mrs Uto Ukpanah.

According to the information disclosed by Mrs. Ukpanah, the CEO designate of MTN Nigeria PLC acquired 253,982 ordinary shares of the largest telecommunication company in Africa on 31 December 2020.

The purchase of the shares was made over a spread of three deals/transactions on the floor of the Nigerian Stock Exchange, at an average price pegged at N162.96, over the course of the transactions.

At this price, the total consideration for the 253,982 shares purchased by Mr. Toriola is put at N41,388,906.72

Why this matters

Dealings by insiders of listed companies are corporate actions to be disclosed, as required by the Nigerian Stock Exchange.

This is in compliance with the exchange policy on insider dealing, as the disclosure is key in the effort to ensure transparency and reinforce the trust of the investing public.

What this means

The purchase of the shares of MTN Nigeria Plc by Mr. Toriola shows the confidence the incoming CEO has in the fundamental strengths of the company, as well as the valuation of the company in 2021 and beyond, despite the stemming regulatory tensions spiked by the Federal Government, as the FG moves to profile all active mobile phone subscribers, which may affect the profit of the company which was pressured in 2020.

What you should know

  • It was reported that the Management of MTN Nigeria Communications Plc announced the appointment of Mr Karl Toriola as the CEO designate.
  • His appointment as the CEO will become effective 19 March 2021, providing enough time for an orderly handover by Mr Ferdinand Moolman, the current CEO.
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