Tag: equities

Nigerian equities traded on the positive side for the second consecutive trading session as bargain-hunting in large-cap stocks yesterday lifted the market to net capital gain of N53 billion.

With 19 gainers to 18 losers, the overall market situation was almost on a tit-for-tat but gains recorded by large-cap stocks such as Dangote Cement and Stanbic IBTC Holdings moderated the market position.

Benchmark indices at the Nigerian Stock Exchange (NSE) showed average gain of 0.47 per cent, representing net capital gain of N53 billion. The negative average year-to-date return improved correspondingly to -18.54 per cent.

The All Share Index (ASI)- the value-based common index that tracks share prices of all quoted companies, rose from its opening index of 31,007.25 points to close at 31,151.68 points. Aggregate market value of all quoted equities improved from its opening value of N11.320 trillion to close at N11.373 trillion.

However, most sectoral indices were negative, underlining the delicate balancing between bargain-hunting and selloff. The NSE Industrial Goods Index rode on the back of gain by Dangote Cement to appreciate by 0.8 per cent while the NSE Insurance Index followed with a gain of 0.6 per cent. On the other hand, the NSE Banking Index declined by 1.0 per cent. The NSE Oil & Gas Index depreciated by 0.6 per cent while the NSE Consumer Goods Index dipped by 0.18 per cent.

Analysts at Afrinvest Securities noted that the weakening investors’ sentiment yesterday showed that buying momentum was tapering, thus there could be negative performance in subsequent trading sessions.

Total turnover stood at 198.64 million shares valued at N2.31 billion in 2,845 deals. FBN Holdings was the most active stock with a turnover of 90.36 million shares valued at N689.82 million. Access Bank followed with 17.95 million shares worth N134.56 million while Diamond Bank placed third with 15.09 million shares valued at N12.82 million.

Dangote Cement led the gainers with a gain of N5 to close at N190. Stanbic IBTC Holdings followed with a gain of 95 kobo to close at N47.50 while Flour Mills of Nigeria added 85 kobo to close at N21 per share.

On the negative side, Seplat Petroleum Development Company led the losers with a drop of N15.10 to close at N598.90. Cement Company of Northern Nigeria followed with a loss of N1.75 to close at N16.25 while International Breweries declined by N1.30 to close at N29.45 per share.

Nigerian equities started the week with a strong rally as bargain-hunters sought to lock in positions in large-cap stocks that are trading around their recent lows.

With 27 gainers to five losers, the overall market situation at the equities market was bullish. The All Share Index (ASI)-the main value-based index that tracks prices of all quoted equities, appreciated by 0.51 per cent to close at 32,222.24 points as against its opening index of 32,058.28 points.

Aggregate market value of all quoted equities also rose correspondingly from its opening value of N11.704 trillion to close at N11.764 trillion, representing an increase of N60 billion. The average year-to-date return, though still negative, improved to -15.74 per cent.

Most sectoral indices closed on the upside. The NSE Consumer Goods Index rose by 1.4 per cent. The NSE Insurance Index appreciated by 0.8 per cent while the NSE Banking Index inched up by 0.4 per cent. However, the NSE Oil & Gas Index declined by 0.7 per cent while the NSE Industrial Goods Index closed flat.

Most investment pundits however remained cautious on the market outlook.

“Although (Monday) today’s bullish performance was largely on account of investor bargain hunting as well as a noticeable stronger investor sentiment, we expect performance this week to follow an undulating trend while maintaining our bearish outlook on the market,” Afrinvest Securities stated.

“We reiterate our negative outlook for the equities market in the short to medium term, amidst political concerns ahead of the 2019 elections, and the absence of a positive market trigger. However, positive macroeconomic fundamentals remain supportive of recovery in the long term,” Cordros Capital stated.

Nestle Nigeria led the gainers with a gain of N20 to close at N1,500. Nigerian Breweries followed with N2.20 to close at N85 while GlaxoSmithKline Consumer Nigeria added N1.20 to close at N13.25 per share.

On the negative side, Forte Oil led the losers with a drop of N1.60 to close at N19. Mutual Benefits Assurance, Union Diagnostics and Wapic Insurance declined by 2.0 kobo each to close at 23 kobo, 23 kobo and 40 kobo respectively while Diamond Bank slipped by one kobo to close at 89 kobo per share.

Total turnover stood at 148.10 million shares valued at N1.89 billion in 2,853 deals. Oando led activities chart with a turnover of 30.30 million shares valued at N154.24 million. Diamond Bank followed with 16.35 million shares worth N14.47 million while United Bank for Africa placed third with 12.85 million shares worth N100.19 million.

After a breather at the weekend, Nigerian equities reopened this week on the negative, losing N46 billion in five-hour trading session at the Nigerian Stock Exchange (NSE).

Benchmark indices at the stock market showed improved bargain-hunting for several stocks, but losses suffered by influential stocks in the financial services and consumer goods sectors depressed the overall market position.

The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, indicated average decline of 0.39 per cent, dropping from its opening index of 32,327.59 points to close at 32,201.98 points. Aggregate market value of all quoted equities closed negative at N11.756 trillion, representing a drop of N46 billion on the opening value of N11.802 trillion.

The decline depressed the average year-to-date return to -15.80 per cent.

“In the absence of a positive catalyst amidst political risks as the 2019 electoral cycle draws nearer and sustained emerging market weakness, we maintain our conservative outlook for the local bourse,” SCM Capital stated.

Nestle Nigeria led the 23-stock losers’ list with a loss of N20 to close at N1,350. Guinness Nigeria followed with a drop of N1.90 to close at N86. 11 Plc lost N1 to close at N179. Guaranty Trust Bank dropped by 80 kobo to close at N33.95. Stanbic IBTC Holdings lost 75 kobo to close at N41.50 while Nigerian Breweries and Red Star Express dipped by 50 kobo each to close at N92 and N4.95 respectively.

Total turnover stood at 160.67 million shares valued at N2.15 billion in 2,935 deals. Banking stocks dominated the activities chart. Access Bank was the most active stock with 24.01 million shares valued at N185.39 million. Guaranty Trust Bank trailed with 23.69 million shares worth N805.45 million while Skye Bank placed third with 15 million shares worth N9.3 million.

On the upside, Forte Oil led the 18-stock gainers’ list with a gain of N1.50 to close at N19. Access Bank followed with a gain of 30 kobo to close at N8.10. C & I Leasing rose by 25 kobo to N3.15. Zenith Bank chalked up 20 kobo to close at N20.25 while Flour Mills of Nigeria added 15 kobo to close at N19.15 per share.

Nigerian equities continued on the negative trend yesterday as the stock market reopened to large and open sell orders, which overwhelmed bargain-hunting activities.

Benchmark indices at the equities market indicated average decline of 1.25 per cent, equivalent to net capital depreciation of N155 billion within the five-hour trading session. The decline depressed the average year-to-date return for Nigerian equities to -12.11 per cent.

The All Share Index (ASI)-the main index that tracks share prices at the Nigerian Stock Exchange (NSE), slumped to 33,611.69 points, its lowest point in 15 months. The ASI had opened this week at 34,037.91 points.

Aggregate market value of all quoted equities dropped from its opening value of N12.426 trillion to close at N12.271 trillion.

With nearly two losers for every gainer, the negative overall market situation was due to widespread selloffs across the sectors, especially within the large-cap stocks in the consumer goods and banking sectors.

All sectoral indices closed in the red, underlining the market-wide bearishness. The NSE Consumer Goods Index declined by 3.7 per cent. The NSE Insurance Index dropped by 2.1 per cent. The NSE Banking Index dipped by 1.25 per cent. The NSE Oil and Gas Index declined by 0.52 per cent while the NSE Industrial Goods Index slipped by 0.001 per cent.

Consumer goods’ leader and NSE’s highest-priced stock, Nestle Nigeria led the 22-stock losers’ list with a loss of N145 to close at N1,355. Forte Oil followed with a drop of N1.95 to close at N19.05. Global Spectrum dropped by 60 kobo to close at N5.75. Guaranty Trust Bank lost 50 kobo to close at N34.50. Nigerian Breweries and Zenith Bank declined by 40 kobo each to close at N92.50 and N20.50 respectively while NEM Insurance dropped by 23 kobo to close at N3.08 per share.

On the positive side, Flour Mills of Nigeria led 10 other gainers with a gain of 50 kobo to close at N22. Custodian Investment rose by 10 kobo to close at N5.50. Honeywell Flour Mills and University Press appreciated by 8.0 kobo each to close at N1.52 and N2 respectively while FBN Holdings and NPF Microfinance Bank added 5.0 kobo each to close at N9.05 and N1.65 respectively.

Total turnover stood at 137.63 million shares valued at N1.36 billion in 3,104 deals. Diamond Bank was the most traded stock with 30.07 million shares worth N40.4 million. United Bank for Africa followed with a turnover of 16.66 million shares worth N130.87 million while Guaranty Trust Bank placed third with 11.25 million shares worth N390.94 million.

Market analysts were almost unanimous on the outlook for the market.  “We believe that today’s market performance reflects investors’ bearish outlook on the market as political risks remain heightened in addition to the continued absence of positive drivers. We, however, expect some bargain hunting to drive performance in the near term based on the availability of attractive stocks in the market,” Afrinvest Securities stated.

Analysts at SCM Capital Markets maintain their “conservative outlook for the market, in the absence of a positive catalyst amidst political risks as the 2019 electoral cycle draws nearer and sustained emerging market weakness”.

Nigerian equities snapped a five-day losing streak yesterday as bargain-hunting in the banking and oil and gas sectors rallied the market to a net capital gain of N35 billion.

Benchmark indices at the Nigerian Stock Exchange (NSE) showed average gain of 0.28 per cent, equivalent to net capital gain of N35 billion. The modest gain improved the negative average year-to-date return to -8.65 per cent.

The All Share Index (ASI)- the main value-based index that tracks share prices at the Exchange, rose from its opening index of 34,837.50 points to close at 34,933.68 points. Aggregate market value of all quoted equities also increased from its opening value of N12.718 trillion to close at N12.753 trillion.

The recovery was largely driven by gains recorded by large-cap banking stocks. The NSE Banking Index appreciated by 1.4 per cent. The NSE Oil and Gas Index inched up by 0.3 per cent while the NSE Industrial Goods Index closed flat. However, the NSE Consumer Goods Index dropped by 0.7 per cent while the NSE Insurance Index dipped by 0.3 per cent.

There were 23 gainers to 18 losers. Okomu Oil Palm led the gainers with a gain of N2.40 to close at N79.90. Guaranty Trust Bank followed with a gain of 55 kobo to close at N37.05. FBN Holdings rose by 30 kobo to close at N9.15. Custodian Investment added 24 kobo to close at N5.41. C & I Leasing rose by 22 kobo to close at N2.72 while Nigerian Aviation Handling Company and Oando chalked up 20 kobo each to close at N4 and N5.20 respectively.

On the downside, Nigerian Breweries led the losers with a drop of N2 to close at N93. PZ Cussons Nigeria followed with a loss of N1.50 to close at N13.50. UAC of Nigeria declined by 90 kobo to close at N11.20. Forte Oil lost 85 kobo to close at N19 while Fidson Healthcare declined by 60 kobo to close at N5.40 per share.

Total turnover stood at 240.46 million shares valued at N3.61 billion in 3,400 deals. United Bank for Africa was the most active stock with a turnover of 54.44 million shares worth N436.03 million. Access Bank followed with 38.45 million shares worth N359.44 million while Stanbic IBTC Holdings placed third with 35.23 million shares worth N1.68 billion.

Market pundits remained cautious on the outlook for the equities market. “Due to market sentiments today (Tuesday), we expect bargain hunting to be sustained in tomorrow (Wednesday)’s trading session. Nonetheless, we maintain a bearish outlook for the market in the near term,” Afrinvest Securities stated.

SCM Capital stated that it maintains its conservative outlook for the market, due to the absence of a positive catalyst amidst political uncertainty as the 2019 electoral cycle draws nearer.

Nigeria equities sustained steady but modest recovery across the markets as investors resumed from the Eid-ul-Kabir holiday to  strong appetite for large-cap stocks.

After declining to their lowest levels in nearly a year, benchmark indices at the equities market sprang to a recovery in the latter half of the week.

The All Share Index (ASI)-the main index that tracks share prices at the Nigerian Stock Exchange (NSE), rose by 0.45 per cent in the three-day trading session last week to close at 35,426.17 points as against its week’s opening index of 35,266.29 points. The Federal Government had declared a two-day holiday to celebrate Muslim’s main festival of Eid-ul-Kabir.

Aggregate market value of all quoted equities at the NSE also rose from its week’s opening value of N12.875 trillion to close the week at N12.933 trillion, representing net capital gain of N58 billion. The sustained recovery at the NSE helped to moderate the negative average year-to-date return for Nigerian equities to -7.37 per cent.

On the NASD OTC Securities Exchange Plc-the platform for trading in unlisted public companies, the NASD Unlisted Securities Index (NASD USI) rallied by 1.0 per cent to close the week at 698.78 points as against 692.47 points recorded as index-on-board for the week. Total market capitalisation of securities listed on the NASD appreciated by N1.55 billion to close the week at N470.17 billion compared with the week’s opening value of N468.62 billion.

The rally at the market however remained narrow with continuing large selloffs within the small and mid-cap stocks. At the NSE, three out of every four deals still closed at lower prices while two in every three deals on the NASD closed at discount. Most sectoral indices closed negative, underlining the widespread price depreciation across the sectors.

The positive overall market position was largely driven by bargain-hunting in Dangote Cement- Nigeria’s most capitalised quoted company and Africa’s largest cement producer, which rose by 6.82 per cent to close at N235.

The NSE 30 Index-which tracks 30 most capitalised stocks at the NSE, declined by 0.48 per cent last week. The NSE Banking Index dropped by 3.04 per cent. The NSE Consumer Goods Index depreciated by 2.18 per cent while the NSE Oil and Gas Index dipped by 0.23 per cent. However, the NSE Industrial Goods Index rode on the back of gains by Dangote Cement to post a week-on-week return of 1.96 per cent while the NSE Insurance Index rallied net average gain of 0.78 per cent.

There were 45 losers to 15 gainers at the NSE last week compared with 16 gainers and 56 losers recorded in the previous week. A total of 109 stocks closed flat last week as against 97 stocks that were unchanged in the previous week.

Newrest ASL Nigeria led the gainers, in terms of percentage gain, with a gain of 19.10 per cent to close at N5.30. Skye Bank followed with a gain of 18.75 per cent to close at N57 kobo. Veritas Kapital Assurance rose by 7.69 per cent to close at 28 kobo. FCMB Group rallied by 7.65 per cent. Dangote Cement rose by 6.82 per cent to close at N235 while Dangote Flour Mills appreciated by 6.49 per cent to close at N8.20 per share.

On the downside, Jaiz Bank led the table with a drop of 11.11 per cent to close at 48 kobo. Union Diagnostic & Clinical Services dropped by 10.34 per cent to close at 26 kobo. University Press lost 10 per cent to close at N2.07. Livestock Feeds declined by 9.84 per cent to close at N55 kobo. International Breweries depreciated by 9.09 per cent to close at N32 while Red Star Express dropped by 8.77 per cent to close at N5.20 per share.

Total turnover for the three-day trading session at the NSE stood at 968.95 million shares valued at N10.25 billion in 9,654 deals compared with 1.15 billion shares valued at N12.55 billion traded in 16,649 deals in the previous five-day trading week.

The financial services sector remained the dominant group with a turnover of 874.02 million shares valued at N7.67 billion in 6,029 deals; representing 90.2 per cent and 74.87 per cent of the total equity turnover volume and value respectively.

The consumer goods sector followed with a turnover of 26.82 million shares worth N1.62 billion in 1,476 deals while the oil and gas sector placed third with a turnover of 24.80 million shares worth N91.44 million in 752 deals.

The three most active stocks were United Bank for Africa Plc, NEM Insurance Plc and Zenith Bank Plc, which altogether, accounted for 503.96 million shares worth N4.63 billion in 1,992 deals, representing 52.01 per cent and 45.17 per cent of the total equity turnover volume and value respectively.

Also traded during the week were a total of 9,205 units of Exchange Traded Products (ETPs) valued at N201,119 in four deals, compared with a total of 1,793 units valued at N282,571.59 that was traded in nine deals penultimate week.

In the sovereign bond market, a total of 152,741 units of Federal Government Bond valued at N179.381 million were traded this week in 13 deals compared with a total of 2,647 units valued at N2.725 million transacted last week in 17 deals.

“Despite the positive performance for the week, we note that investor sentiment on bellwethers still remains weak and we believe this will further pressure the market in the coming week. Nevertheless, we expect appetite for penny stocks to stay upbeat as noticed this week,” Afrinvest Securities stated in a weekend note on the equities market.

“Our expectation for the next trading week is mixed. We expect slow but steady positive sentiment to return to the equity market as profit-taking by foreign and domestic investors dissipate. However, we encourage investors to trade cautiously in the short-to-medium term as the 2019 general election activities is expected to further weigh on the market in the coming months,” analysts at GTI Securities stated.

Analysts noted the possible negative impact of the tit-for-tat trade dispute between the United States of America and China on the global economy pointing out that the sparring could lead to inflationary effect across the global economy. This could moderate the 3.1 per cent World Bank 2018 global economic growth projection given the fact that both nations account for 49 per cent of global GDP.

Analysts also pointed out that there could be further decline in capital importation into the Nigerian economy as foreign portfolio investors seek to balance between interest rate increase in United States and Nigeria’s political risks as the 2019 elections draw near.

Meanwhile, four stocks were traded on the NASD during the week including Central Securities Clearing System (CSCS)    Plc, Afriland Properties, Friesland Campina Wamco Nigeria Plc and Mixta Real Estate Plc. CSCS was the most active with a turnover of 5.96 million shares valued at N69.07 million. Afriland followed with 10,000 shares valued at N7.2 million while WAMCO recorded 7,000 shares worth N33.65 million. CSCS was the only gainer with a gain of 12.86 per cent to close at N11.50. WAMCO dropped by 3.33 per cent to N144.13 while Afriland declined by 3.85 per cent to N2.50 per share.

Nigeria’s largest quoted company and most capitalised financial services institution led the stock market to a major recovery yesterday despite continuing selloffs within mid and small-cap companies.

More than two out of every three deals at the Nigerian Stock Exchange (NSE) were closed at discount as trading resumed after the Eid-ul-Kabir holiday, but gains by large-cap stocks in the cement and banking sectors lifted the equities market to its major positive close in many weeks.

With 25 losers to 11 gainers, gains by Dangote Cement Plc and Guaranty Trust Bank Plc boosted the overall market position. The All Share Index (ASI)-the main index that tracks share prices at the Exchange rose by 1.57 per cent from its opening value of 34,663.48 points to close at 35,206.16 points. Aggregate market value of all quoted equities increased by N198 billion to close at N12.853 trillion as against its opening value of N12.655 trillion.

The rally moderated the negative average year-to-date return to -7.94 per cent.

Dangote Cement-Nigeria’s most capitalised quoted company led the rally with a gain of N15 to close at N230. Guaranty Trust Bank-Nigeria’s most capitalised financial services company, followed with a gain of 85 kobo to close at N37.80. Dangote Flour Mills rose by 50 kobo to close at N8.20. Oando added 25 kobo to close at N5 while FBN Holdings inched up by 5.0 kobo to close at N9.65 per share.

Most sectoral indices closed positive, reflecting the weights of the large-cap stocks. The NSE Industrial Goods Index rose by 6.42 per cent. The NSE Oil and Gas Index rose by 0.10 per cent. On the other hand, the NSE Banking Index declined by 0.52 per cent.

Total turnover stood at 220.71 million shares valued at N2.53 billion in 3,287 deals. Union Bank of Nigeria led activities chart with a turnover of 54.33 million shares valued at N436.11 million. Zenith Bank followed with a turnover of 25.99 million shares worth N571.42 million while FBN Holdings placed third with a turnover of 14.19 million shares worth N138.64 million.

On the negative side, Total Nigeria led the losers with a drop of N5.40 to close at N177.60. Okomu Oil Palm declined by N3.35 to close at N71.20. Lafarge Africa dropped by N1.55 to close at N26.25. Ecobank Transnational Incorporated dipped by N1.30 to close at N19.20 while International Breweries lost N1.20 to close at N34 per share.

“In the interim, we expect sentiments to remain downbeat underpinned by continued apathy towards the market as the 2019 electoral cycle draws nearer amid sustained sells in emerging and frontier markets by offshore investors,” SCM Capital stated.

 

 

Nigerian equities reopened yesterday on a negative note as widespread selloffs within the large-cap stocks led the market to a net capital loss of N220 billion.

The All Share Index (ASI)-the main index that tracks share prices at the Nigerian Stock Exchange (NSE) dropped by 602.81 points, representing a loss of 1.71 per cent to close at 37,992.12 points. Aggregate market capitalisation of quoted equities also declined by N220 billion to close at N12.655 trillion.

The downturn was largely due to losses recorded by medium and large capitalised stocks,including Nigerian Breweries, Unilever Nigeria, Guaranty Trust Bank, PZ Cusson Nigeria and Zenith Bank.

Analysts at United Capital noted that “given that the second quarter, 2018 earnings season is closing out, we expect geopolitical events and policy changes to impact more on global equity Indexes.

“We also expect the market to remain largely downbeat in the local market due to a continued absence of bullish triggers,” United Capital stated.

There were two losers for every gainer.  Airline Services and Logistics led the 11-stock gainers’ list by 8.99 per cent to close at N4.85 per share. FCMB Groups followed with a gain of 5.88 per cent to close at N1.80, while Regency Insurance appreciated by 4.35 per cent to close at 24 kobo per share.

Also, Skye Bank went up by 4.17 per cent to close at 50 kobo and Lasaco Assurance rose by 3.23 per cent to close at 32 kobo per share.

On the other hand, UAC Property led the 22-stock losers’ list by 8.19 per cent to close at N1.57 per share. Honeywell Flour trailed with a loss of 7.59 per cent to close at N1.46, while Japaul Oil and Maritime Services shed 7.14 per cent to close at 26 kobo per share.

PZ Cussons dipped by 7.12 per cent to close at N13.05, while United Capital went down by 6.62 per cent, to close at N2.82 per share.

Also, total volume traded declined by 41.09 per cent to 220.5 million shares, valued at N3.19 billion, and exchanged in 3,054 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 42.72 million shares valued at N354.78 million. Zenith Bank traded 36.66 million shares worth N34.23 million and Access Bank transacted 32.69 million shares valued at N310.43 million.

Skye Bank followed with 18.32 million shares worth N9.16 million, while FBN Holdings traded 15.58 million shares valued at N151.56 million.