The Nation Newspaper

Category: Equities

  • Equities lose N302b as politics scares investors

    Nigerian equities lost N302 billion in its first full-trading week of 2019, as heightened political activities continued to moderate investors’ appetite for the Nigerian stock market. The stock market had closed negative in six consecutive trading sessions out of the eight sessions so far in 2019.

    Market operators agreed that political risk has been a major moderating factor for the stock market, despite the attractive valuation of the Nigerian equities market. Most quoted stocks are trading now at their lowest prices in recent years.

    Chief Operating Officer, GTI Capital Limited, Mr Kehinde Hassan, said foreign investors, who account for half of transactions at the stock market, appeared to have placed a hold on their transactions due to the political transition.

    He noted that investors are always wary of political transition and electioneering period, especially in emerging markets, as no fund manager will want to be trapped in the event of a post-election crisis.

    “Our outlook for equities in the near-to-medium term remains conservative, in the absence of a near term positive catalyst and amidst brewing political concerns,” Cordros Capital stated in a weekend note on the Nigerian stock market.

    President Muhammadu Buhari of the ruling All Progressives Congress (APC) last week upped the ante with the launch of his Presidential Campaign Council while the Independent National Electoral Commission (INEC) released the voters’ register and step-by-step voting procedure for the February-March, 2019 general elections.

    The launch of the APC’s gubernatorial campaign in Lagos, Nigeria’s economic nerve centre last week, was  marred with violence, with journalists among the injured. The opposition Peoples Democratic Party (PDP) and its candidate, former Vice President Atiku Abubakar, have mounted vicious campaigns that often tend to question the neutrality and capacity of INEC. INEC has maintained its readiness to conduct a free and fair election.

    “We maintain a bearish outlook for the market in the near term as we expect the run on the market to persist till post-election stability is established,” Afrinvest Securities also stated in a weekend review of the Nigerian markets.

    Nigerian equities penultimate week, lost N295 billion in the first three consecutive trading sessions of 2019, bringing the total net loss this year to N597 billion. This implies average year-to-date decline of 5.09 per cent.

    Aggregate market value of all quoted equities closed weekend at N11.124 trillion as against its week’s opening value of N11.426 trillion, representing a loss of N302 billion. The All Share Index (ASI)-the main value-based index that tracks share prices at the Exchange, also declined correspondingly by 2.64 per cent from its opening index of 30,638.90 points to close at 29,830.70 points.

    Sectoral analysis showed a widespread sell pressure across the sectors with most indices closing negative. The NSE Insurance Index dropped by 7.0 per cent. The NSE Oil & Gas Index declined by 6.28 per cent. The NSE Consumer Goods Index depreciated by 3.56 per cent while the NSE Banking Index slipped by 0.91 per cent. However, the NSE Industrial Goods Index appreciated by 1.0 per cent.

    Total turnover stood at 1.27 billion shares worth N14.07 billion in 19,278 deals last week compared with 1.65 billion shares valued at N8.41 billion traded in 14,773 deals two weeks ago. The financial services sector remained the most active sector with 1.07 billion shares valued at N8.8 billion in 12,287 deals; representing 84.73 per cent and 62.49 per cent of the total equity turnover volume and value respectively. The conglomerates sector followed with 83.6 million shares worth N155.49 million in 750 deals while the consumer goods sector placed third with a turnover of 50.54 million shares worth N3.43 billion in 2,576 deals.

    The three most active stocks were Diamond Bank Plc, FBN Holdings Plc and Custodian Investment Plc. The three most active stocks accounted for 465.0 million shares worth N 2.04 billion in 2,448 deals, representing 36.75 per cent and 14.53 per cent of the total equity turnover volume and value respectively.

    Also traded during the week were a total of 15,288 units of Exchange Traded Products (ETPs) valued at N236,445.40 in four deals compared with a total of 395 units valued at N816,344.70 traded in 13 deals two weeks ago.

    In the sovereign debt market, a total of 17,996 units of Federal Government bonds valued at N18.43 million were traded in 10 deals compared with a total of 7,209 units valued at N6.96 million traded in eight deals two weeks ago.

    Pricing trend remained almost unchanged. There were 22 gainers last week, same as previous week while declining stocks dropped marginally from 45 to 44. Julius Berger Nigeria recorded the highest gain of 22.15 per cent to close the week at N28.40 while NEM Insurance recorded the highest loss of 33.46 per cent to close at N1.73 per share.

    Nigerian equities had closed 2018 with a net capital depreciation of N1.889 trillion as political risks, macroeconomic uncertainties and attractive yields in advanced economies kept investors nervous for the most part of the year. Benchmark indices showed average full-year decline of 17.81 per cent, contrary to most pundits’ projections and a slowdown on the record-setting gain of 42.3 per cent recorded in 2017.

    The ASI had closed 2018 at 31,430.50 points as against its year’s opening index of 38,243.19 points, representing a decline of 17.81 per cent. Aggregate market value of all quoted equities also dropped from its 2018’s opening value of N13.609 trillion to close the year at N11.721 trillion, a decrease of 13.88 per cent or N1.889 trillion. Adjusted for additional shares listed recently and in line with the ASI, the net capital depreciation could rise to N2.42 trillion.

    The performance of the stock market in 2018 was a reversal of the strong gain recorded in 2017, when equities posted average

  • Nigeria Mortgage Refinance Company lists N11b bond

    The Nigeria Mortgage Refinance Company (NMRC) has listed its N11 billion 13.80 per cent Series 2 Fixed Rate Bonds on the Nigerian Stock Exchange (NSE), paving the way for bondholders to trade on their investments.

    The N11 billion bond was part of NMRC’s N440 billion Medium Term Note Programme. NMRC had launched a high-stake capital raising plan to support its mandate.

    The NMRC is a private sector-driven mortgage refinancing company with the purpose of promoting home ownership for Nigerians while deepening the primary and secondary mortgage markets. Most of its shareholders are corporate institutions.

    NMRC was incorporated on June 24, 2013 and obtained its final operating license from the Central Bank of Nigeria on February 18, 2015. In July 2015, NMRC successfully issued a 15-year N8 billion Series 1 Bond under its then N140 billion medium term note programme, backed by an unconditional Federal Government of Nigeria guarantee.

    NMRC is listed on the NASD OTC Securities Exchange, the over-the-counter platform for trading in shares that are not listed on the Nigerian Stock Exchange (NSE).

    Head, Shared Services Division, Nigerian Stock Exchange (NSE), Mr. Bola Adeeko commended the NMRC for listing the bond on the NSE, assuring that the Exchange would support the company in the realisation of its mandate.

  • NSE lifts suspension as African Alliance Insurance loses N6.25b

    The Nigerian Stock Exchange (NSE) has lifted suspension  on trading in the shares of African Alliance Insurance Plc, ending 18-month suspension that made the company stagnant on the same price and without trading activities.

    The lifting of the suspension was sequel to the submission of relevant financial statements to the Exchange, including the audited report and accounts for the year ended December 31, 2017.

    The NSE on July 5, 2017 suspended trading in shares of African Alliance Insurance and 16 other companies for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or  three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

    Key extracts of the audited report and accounts for the year ended December 31, 2017 showed that African Alliance Insurance recorded net loss of N6.25 billion on gross premium of N7.63 billion in 2017 compared with net profit of N2.44 billion on gross premium written of N14.07 billion recorded in 2016.

    The management of the insurance company stated that the 46 per cent decline in gross premium written as well as 48 per cent reduction in net premium revenue and underwriting loss of N7.1 billion were due to the decision to downplay annuity business amid tough operating environment.

    The net loss of N6.25 billion, which was transferred to retained earnings, wiped off the shareholders’ funds of the company, leaving negative equities’ funds of N511.2 million. Total assets stood at N43.83 billion as against total liabilities of N44.34 billion in 2017 as against total assets of N45.65 billion and total liabilities of N40.2 billion in 2016.

    Incorporated as a private limited liability company in May 1960, African Alliance Insurance was the first indigenous insurance company to carry out the business of life assurance in Nigeria. In 2005, it also pioneered the sale of Takaful (Islamic Insurance) in Nigeria through a robust selection of Sharia compliant insurance and investment products. It also in 2005 went into a joint venture with First Securities Discount House Limited (FSDH) to set up Pension Alliance Limited (PAL), a licenced Pension Fund Administrator.

    The African Alliance Insurance Group included Axiom Air Limited, a cargo airline company, Frenchies Foods Nigeria Limited, a restaurant and catering company and Ghana Life Insurance Company Limited, a life company in Ghana. In the reporting year, the company voluntarily wound down African Alliance Realty Company Limited and Frenchies Foods Nigeria Limited.

  • NSE demotes Nigerian Breweries to medium stock

    The Nigerian Stock Exchange (NSE) yesterday relegated Nigerian Breweries from its special status of high-priced stock to medium-priced stock, after the leading brewers slipped below the requirement for continuing recognition as high-priced stock.

    In a circular, the Exchange indicated that the review of Nigerian Breweries price trade activity over the most recent six months provided the basis for the reclassification of the company from high-priced stock to medium-priced stock.

    The NSE classifies quoted companies into three categories-high-priced, medium-priced and low-priced stocks, based on their market price.

    The high-priced stocks consist of large-cap equities that are priced at N100 per share or above for at least four of the last six trading months, or new security listings that are priced at N100 or above at the time of listing on the Exchange.

    The medium-priced stocks  consist of medium-priced equities that are priced at N5 per share or above but less than N100 per share for at least four of the last six months, or new security listings that are priced at N5 per share or above but less than N100 per share at the time of listing on the Exchange.

    The low-priced stocks, where majority of listed companies fall, consist of equities that are priced at one kobo per share or above but below N5 per share for at least four of the last six months, or new security listings that are priced at one kobo per share or above but below N5 per share at the time of listing on the Exchange.

    As a medium-priced stock, stockbrokers would need 50,000 shares to move the share price of Nigerian Breweries as against 10,000 shares required for a high-priced stock. Also, the tick size for Nigerian Breweries has changed from 10 kobo to 5.0 kobo, implying that the company’s share price movement will be slower.

    Stocks under high-priced group shall have price change with minimum of 10,000 units; stocks under medium-priced group shall have price movement with a minimum of 50,000 units while stocks under low-priced group shall have price change with minimum volume of 100,000 units.

    According to the Exchange, Nigerian Breweries’ stock price dropped below the N100 threshold on August 31, 2018 and traded below N100 up till close of business on December 31, 2018. This indicated that Nigerian Breweries’ stock price has traded below N100 in the four out of the last six months.

  • CCNN poised for better returns, says Rabiu

    Chairman, Cement Company of Northern Nigeria (CCNN) Plc, Alhaji Abdul Samad Rabiu, has said the recent business combination between CCNN and Kalambaina Cement Company has positioned CCNN to deliver improved performance in the years ahead.

    Rabiu, founder and Chief Executive Officer of BUA Group, was honoured with beating of the closing gong yesterday at the Nigerian Stock Exchange (NSE) in commemoration of the successful completion of the CCNN-Kalambaina Cement merger. The listing of the shares of the expanded CCNN had lifted the company to 12th most capitalised company on the Exchange.

    Rabiu said the merger would serve to further boost efficiency, productivity, output and better returns for CCNN.

    “The opportunities within CCNN’s key markets and its export potential are almost endless. Situated just about 100km from Niger Republic and as the nearest cement plant to key markets in Northern Nigeria, the enlarged CCNN is now poised to compete effectively and serve those markets better at a lower cost with more energy efficiency through our use of coal,” Rabiu said.

    He said the company expects to remain the number one player in the northern regional market for the considerable future while building capacity for future demand.

    CCNN had listed 11.887 billion ordinary shares of 50 kobo each on the Daily Official List of the Exchange, raising the cement company’s total issued and fully paid up shares from 1.257 billion ordinary shares of 50 kobo each to 13.143 billion ordinary shares of 50 kobo each.

    CCNN and Kalambaina Cement Company- a wholly-owned subsidiary of BUA Cement Company Limited had merged to strengthen CCNN as North-West Nigeria’s largest cement company.  Both CCNN and Kalambaina Cement are based in Sokoto.

    CCNN has a 500,000 metric tonnes per annum cement plant while Kalambaina Cement has a 1.5 million metric tonnes per annum plant, making a combined capacity of 2.0 million metric tonnes per annum. Kalambaina Cement plant uses alternative fuel such as coal, heavy oils and gas and it is expected to help solve the power problem with limited downtime and further opportunities for growth and expansion.

    CCNN and Kalambaina Cement Company have related core investor. Damnaz Cement Company Limited holds 50.7 per cent majority equity stake in CCNN. Alhaji Abdul Samad Rabiu holds the majority equity stake in Damnaz while his company-BUA International Limited holds the remaining minority stake in Damnaz.

  • Stock Exchange suspends trading on Great Nigeria Insurance

    Authorities at the Nigerian Stock Exchange (NSE) yesterday placed full suspension on the shares of Great Nigeria Insurance (GNI) Plc, disallowing any further trading or price movement on the insurance company.

    The full suspension was sequel to the approval of the voluntary delisting of GNI, which had opted to revert to a private unquoted company.

    The NSE had recently approved application for voluntary delisting by GNI, after the insurance company insisted on delisting its shares from the Exchange. GNI had been struggling to meet the stringent corporate governance practices at the stock market. The insurance company subsequently sought for approval to delist its shares.

    As part of the delisting process, Insurance Resourcery and Consultancy Services Limited (IRCSL), which owns majority equity stake in the company, had offered to pay cash consideration of 50 kobo per share for every share surrendered by minority shareholders. The exit price of 50 kobo was based on the highest price of 50 at which GNI had traded in the last six months.

    The board of the company however assured that shareholders that intend to continue to be a member of an unlisted GNI shall be free to remain and they have no obligation to receive the exit consideration.

    In an explanatory statement on the proposed delisting, the board of the company noted that the voluntary delisting will shield it from any enforcement action that may arise as a result of the outstanding free float deficiency at the NSE.

    The board also noted that over the last five years, there has been little or no trading activity on the shares held by the minority shareholders, pointing out that shareholders were not benefiting from the continued listing as they were not getting any exit opportunity and their investments had been locked up and they found it difficult to dispose of their shareholding.

    The board added that the company has neither benefitted from the continuing listing as its shares continue to trade at a significant discount to the intrinsic value.

    The board of directors said the delisting will afford the company opportunity to further an imminent corporate restructuring exercise to take advantage of emerging opportunities, noting that the company may consider re-listing on the Exchange in the future if the market conditions are favourable.

    According to the company, the voluntary delisting will not occasion loss of business opportunities as there are similar unlisted insurance companies who are commanding significant share of the insurance market.

  • Abraaj, C & I Leasing in $10m debt-to-equity deal

    AbraaJ Investment Management Limited (AIML) has indicated its intention to convert its $10 million loan in C & I Leasing to equities in the Nigerian leasing company. The proposed conversion followed the 2018 maturity of the $10 million unsecured, coupon redeemable, convertible loan stock in C & I Leasing.

    C & I Leasing yesterday stated that representatives of Abraaj – managers of the Aureos Africa Fund, confirmed their intention to convert the loan stock to equity at a board of directors’ meeting of C & I Leasing held in December 2018.

    Managing Director, C & I Leasing Plc, Mr. Andrew Otike-Odibi, said the proposed debt-to-equity deal would be a positive deal for the company as it improves the capital structure of the company and helps position it favourably for additional capital raise from the market in first quarter 2019.

    C & I Leasing had in December 2018 announced its intention to restructure its issued and paid-up share capital by consolidating every four ordinary shares of 50 kobo each currently held into one new ordinary share of 50 kobo.

    The share capital reconstruction will see cancellation of 1.506 billion ordinary shares. The reconstruction will reduce C & I Leasing’s current outstanding share capital of 1.883 billion ordinary shares of 50 kobo each to 376.56 million ordinary shares of 50 kobo each. The qualification date for the share reconstruction was Wednesday, December 12, 2018. All existing C & I Leasing shares certificates became null and void on the qualification date and new share certificates in C & I Leasing would be issued to those shareholders whose names appear on the company’s register of members as at the close of business on the qualification date as approved by the court in the ratio of one ordinary share for every four ordinary shares previously held.

    The company stated that the purpose of the reconstruction was to allow the company to have enough unissued shares to accommodate the conversion of the Abraaj loan stock to ordinary shares and to raise additional capital through the capital market for business expansion.

    C & I Leasing has been in operation for more than two decades and has since evolved from being a simple finance leasing company licensed by the Central Bank of Nigeria in 1991 to becoming a diversified leasing and business service conglomerate providing support services to various indigenous and multinational organizations in West Africa.

    The group’s business includes fleet management, personnel outsourcing and marine services and it has operational offices in Lagos, Benin, Port-Harcourt, Calabar, Enugu and Abuja. C & I Leasing’s subsidiaries include Leasafric Ghana Limited and Epic International FZE Dubai.

     

  • Lufthansa divests from NAHCO as new major investor increases stake

    Lufthansa Commercial Holding GmbH, a major foreign investor in Nigerian Aviation Handling Company (NAHCO) Plc, has divested its entire equity stake in the Nigerian ground handling company. The divestment came barely six months after a new major investor, Godsmart Nigeria Limited, took over the company.

    In a regulatory filing yesterday, NAHCO confirmed that Lufthansa has transferred its entire equity stake of 97.45 million ordinary shares of 50 kobo each or 6.0 per cent equity stake to Godsmart, which had in July 2018 launched itself with the acquisition of 16.7 per cent to become the single largest shareholder in NAHCO.

    With the Lufthansa’s deal, Godsmart now holds 26.95 per cent, strengthening its position as the single largest shareholder.  Godsmart had in July 2018 purchased 16.7 per cent equity stake in the company through acquisition of shares from some divesting shareholders through the Nigerian Stock Exchange (NSE).

    Consequent upon the consummation of the transaction, the directors representing the divesting shareholders tendered their resignation from the board while the new investor nominated two new non-executive directors.

    One of the companies privatised by the Federal Government, NAHCO however has a large retail shareholders base of more than 80,000 shareholders.

    Mr Idris Yakubu, who had taken over as the managing director of NAHCO in November 2017 recently resigned his appointment. Yakubu had led NAHCO to its most impressive performance in recent period with third quarter results showing a double in the bottom-line.

    Key extracts of the interim report and accounts of NAHCO for the period ended September 30, 2018 showed that profit before tax doubled by 107 per cent to N731.8 million in third quarter 2018 as against N336 million recorded during the comparable period of 2017. Profit after tax also increased by 110 per cent from N287.4 million to N601.3 million. The company’s turnover had risen by 25 per cent to N7.25 billion.

    NAHCO, a diversified group with interests in aviation cargo, aircraft handling, passenger facilitation, crew transportation and aviation training, currently serves more than 35 airlines at 11 airports across Nigeria, with plans to expand operations to other African countries. It handles about 70 per cent of domestic and foreign airlines operating in Nigeria.

    Incorporated on December 6, 1979 as an aviation servicing company, NAHCO started operations in April 1979 with the commissioning of the Murtala Muhammed International Airport, Lagos. The Federal Government of Nigeria, through Federal Airports Authority of Nigeria (FAAN), initially held 60 per cent equity interest in the company while four foreign airlines – Air France, British Airways, Sabena and Lufthansa – shared the remaining 40 per cent in various ratios. In 2005, NAHCO was privatized and subsequently listed on the NSE in 2006.

     

  • SAHCO assures on long-term shareholder value

    The board of Skyway Aviation Handling Company (SAHCO) Plc has assured that the company would build on its impressive historic growth and provide investors with good returns in the years ahead.

    The board of the company stated that SAHCO plans to ride on the back of the success of its ongoing initial public offering (IPO) to further push its vision of becoming the leading provider of aviation handling services in the West African region.

    SAHCO is offering 406.074 million ordinary shares of 50 kobo each through an IPO at N4.65 per share.  Application list for the N1.89 billion IPO closes tomorrow, Wednesday, January 09, 2019. Meanwhile, 10 per cent of the shares being offered for sale will be reserved for staff of SAHCO under an Employee Stock Ownership Plan to be set up and administered by a Trustee.

    Minimum subscription to the IPO is 500 shares and thereafter in multiple of 100 shares. This implies that any Nigerian with N2, 325 will be able to be part of owners of the company, thus realizing one of the objectives of privatization of creating and distributing wealth to Nigerians. SAHCO was privatised by the Federal Government in 2009. Sifax Group acquired the entire share capital of the company but the Share Sale Purchase Agreement (SSPA) mandated the majority core investor to partially divest the shares of the company to the general Nigerian investing public.

    Chairman, Skyway Aviation Handling Company (SAHCO) Plc, Barrister Taiwo Afolabi, said the company’s future strategy is to create long term shareholder value through the profitable operation and expansion of its business into other West African markets with a vision to become the leading provider of passenger, ramp and cargo handling services in the West African region.

    “In order to achieve this objective, SAHCO seeks to pursue growth and opportunities consistent with its business operations by focusing on operational excellence and efficiency, enhanced service delivery, strategic partnerships and alliances that would enhance its capability both in the domestic market and globally as well as strategic investments among others,” Afolabi said.

    He noted that the since its privatization, SAHCO has grown consistently over the years from a turnover of N2.31 billion and total assets of N3.33 billion in 2009 to an annual turnover of N4.86 billion and total assets of N14.54 billion in 2017.

    According to him, following the implementation of a number of turnaround initiatives post-privatisation, SAHCO has built strong competence as one of the leading aviation ground handling companies in Nigeria growing its market share from 21 per cent in 2009 to more than 40 per cent in 2017.

    “This growth has been largely driven by SAHCO’s deliberate strategy to deepen its technical capacity required for the sector with significant investment in personnel development, purchase of modern equipment, infrastructural development and customer services, which has helped reposition the company to meet the expectations and needs of its clientele,” Afolabi said.

    He said the IPO opens up opportunities for Nigerians across the federation to be part of the privatization success noting that SAHCO is the leader in aviation cargo and Nigeria’s only ground handling company with affiliation with maritime cargo.

  • Equities lose N89b as sell pressure persists

    Nigerian equities reopened yesterday on the negative side, extending the continuing price depreciation to five consecutive trading sessions. With more than two decliners for every advancer, total market value of quoted shares on the Nigerian Stock Exchange (NSE) dropped by N89 billion, representing average decline of 0.78 per cent.

    The All Share Index (ASI)-the main index that tracks share prices at the NSE, declined from its opening index of 30,638.90 points to close yesterday at 30,400.28 points. Aggregate market value of all quoted shares at the NSE also dropped correspondingly from N11.426 trillion to close at N11.337 trillion. Average year-to-date return so far in 2019 worsened to -3.28 per cent.

    With 34 losers to 14 gainers, the market came under widespread sell pressure as investors appeared to be on flight to safety to fixed-income securities. The Federal Government yesterday opened applications for two savings bonds with coupon rate of 12.125 per cent and 13.125 per cent for the two-year and three-year bonds respectively.

    All sectoral indices closed negative with the exception of the NSE Industrial Goods Index, which inched up by 0.1 per cent. The NSE Consumer Goods Index dropped by 2.3 per cent. The NSE Banking Index declined by 0.9 per cent. The NSE Oil & Gas Index dipped by 0.7 per cent while the NSE Insurance Index slipped by 0.3 per cent.

    Nestle Nigeria, NSE’s highest-priced stock, led the decliners with a drop of N25 to close at N1,450. Total Nigeria followed with a drop of N2.80 to close at N200.20. MRS Oil and Unilever Nigeria declined by N2.55 each to close at N23.15 and N33.75 respectively. Okomu Oil declined by N2.40 to close at N77.60 while Flour Mills of Nigeria lost N2.15 to close at N19.70 per share.

    On the positive side, Stanbic IBTC Holdings led the gainers with a gain of 50 kobo to close at N47. Guaranty Trust Bank followed with a gain of 35 kobo to close at N33.85. Diamond Bank rose by 18 kobo to close at N1.98. Eterna added 10 kobo to close at N4.40 while Julius Berger Nigeria, FBN Holdings and Lafarge Africa chalked up 5.0 kobo each to close at N23.30, N7.50 and N11.35 respectively.

    Total turnover stood at 222.58 million shares worth N3.34 billion in 3,746 deals. Banking stocks dominated the activities chart. Diamond Bank was the most active stock with 77.68 million shares valued at N153.11 million. Zenith Bank followed with 19.75 million shares worth N430.1 million while FBN Holdings placed third with 10.82 million shares valued at N80.6 million.

    “We expect market performance to pick up mid-week due to bargain hunting in Bellwethers while maintaining a bearish outlook for the month as election uncertainties heighten,” Afrinvest Securities stated.

    Analysts at Cordros Capital reiterated their negative outlook for the equities market in the short to medium term, citing political concerns ahead of the 2019 elections and the absence of a positive market trigger.

    Analysts however agreed that positive macroeconomic fundamentals remain supportive of recovery in the long term.