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Nigerian Stocks end in near stalemate despite gains from Stanbic, Zenith Bank, FCMB

The market breadth index was negative with 21 losers against 13 gainers, as ARDOVA (-8.65%) led the laggards today.

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Nigerian bourse closed relatively flat today, as the All-Share Index fell slightly by 0.04% to print at 35,021.26 points. Hence, year-to-date return and market capitalization settled at 14.48% and N18.3 trillion respectively.

  • A total volume of 283.0 million units of shares, valued at N3.42billion exchanged hands in 3,855 deals. FBNH was the most traded shares by volume at 40.7million units, while GUARANTY topped by value at N1.08billion.
  • The market breadth index was negative with 21 losers against 13 gainers. ARDOVA (-8.65%) led the laggards today, while UNITYBNK (+4.69%) was the top gainer.
  • The sectorial performance was tepid as the Insurance, Oil & Gas, Banking, and Consumer Goods indexes dipped -1.04%, -0.37%, -0.07%, and -0.03%, while the Industrial inched up by +0.10%.

Top gainers

  1. UNITYBNK up 4.69% to close at N0.67
  2. LIVESTOCK up 2.94% to close at N1.4
  3. FCMB up 2.67% to close at N3.08
  4. ZENITHBANK up 0.21% to close at N23.45
  5. STANBIC up 0.11% to close at N44.05

Top Losers

  1. ARDOVA down 8.65% to close at N13.2
  2. CHAMPION down 8.16% to close at N0.9
  3. FIDSON down 7.79% to close at N4.5
  4. NEIMETH down 5.14% to close at N2.4
  5. JBERGER down 0.54% to close at N18.4

Outlook

Nigerian Stocks ended the mid-week trading session on a slightly bearish note, amid falling oil prices prevailing at the U.S trading session. At the time of writing this report, Brent crude was trading below $49/barrel.

  • That said, significant gains seen from NSE30 Stocks that include Stanbic IBTC, Zenith Bank, FCMB couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among top pharmaceutical stocks and medium capitalized stocks.
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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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