The Nation Newspaper

Tag: equities

  • Equities open second half with N120b loss

    Nigerian equities reopened for the second half of 2018 on a negative note as market-wide portfolio rebalancing shaved off N120 billion from market values of quoted companies. Equities had started the second half of 2017 also with a similar loss of N120 billion.

    Against the background of a flat performance in the first half, equities traded mostly at discount yesterday at the Nigerian Stock Exchange (NSE) with average decline of 0.9 per cent, equivalent to net capital depreciation of N120 billion within the five-hour trading session.

    The All Share Index (ASI)-the benchmark index for Nigerian equities declined from its opening index of 38,278.55 points to close at 37,946.92 points. Aggregate market value of all quoted equities also dropped from its opening value of N13.866 trillion to close at N13.746 trillion. Average year-to-date return stood at -0.8 per cent.

    With 21 losers to 16 gainers, most sectoral indices also closed in the red. The NSE Industrial Goods Index declined by 1.0 per cent. The NSE Banking Index dipped by 1.0 per cent. The NSE Consumer Goods Index slipped by 0.1 per cent while the NSE Insurance Index declined by 0.1 per cent. However, the NSE Oil & Gas Index rallied by 0.8 per cent.

    “While small to mid cap stocks have enjoyed bargain hunting from short-term investors, we continue to observe bearish sentiments on bellwethers. Hence, we expect overall market performance to be bearish in subsequent sessions while emphasizing that valuations remain attractive for entry by long-term investors,” Afrinvest Securities stated.

    Dangote Cement- NSE’s most capitalised company, led the losers with a drop of N4.90 to close at N224.10. Forte Oil followed with a loss of N3.20 to close at N29.65. Nigerian Breweries declined by N1.10 to close at N113.10. Guaranty Trust Bank lost 50 kobo to close at N40 while Zenith Bank declined by 40 kobo to close at N24.60 per share.

    On the upside, 11, formerly Mobil Oil Nigeria led the gainers with a gain of N16.90 to close at N199.90. Guinness Nigeria rose by N1.30 to close at N99.05. Flour Mills of Nigeria chalked up 80 kobo to close at N32.80. Julius Berger of Nigeria added 55 kobo to close at N28.05 while C & I Leasing and Oando rose by 20 kobo each to close at N2.27 and N6.60 respectively.

    Turnover volume and value dropped by 47.9 per cent and 68.2 per cent respectively with the exchange of 244.5 million shares valued at N1.9 billion. Banking stocks dominated the top activities chart. Sterling Bank was the most active with a turnover of 100.35 million shares worth N138.5 million. FBN Holdings followed with 23.7 million shares valued at N251.11 million while Wema Bank placed third with 16.9 million shares valued at N12.4 million.

  • ‘Uncertain time for equities over election risks’

    Preparations for the 2019 general elections would have pronounced impact on the Nigerian equities market, Vetiva Research has said.

    In its Second Half  2018 Outlook Report on the Nigerian economy, key sectors and capital markets, Vetiva Research predicted that average full-year return for Nigerian equities in 2018 will be between -5 per cent and +5 per cent.

    The investment firm however reiterated its positive outlook on the Nigerian equities in the medium to long-term, noting that Nigerian equities have considerable underlying value.

    “Comparable multiples with peers suggest the Nigerian equity market remains undervalued. We maintain a strongly positive post-election outlook on Nigerian equities,” Vetiva stated.

    The report pointed out that the Nigerian economy had underperformed initial expectations following a slowdown in Agriculture and persistent weakness in services.

    The report indicated that pre-election activities will steer the economic environment for the rest of the year, with election spending boosting the economy but also inducing greater inflationary pressure.

    The report stated that despite an improving macroeconomic environment and a semblance of policy stability, Nigeria’s financial markets would likely be steered by the fallout of electoral activities and rising global interest rates.

    Head, Vetiva Research, Olalekan Olabode  that the Vetiva economic growth forecast for the year had been cut to 1.9 per cent  from 2.4 per cent. Apart from these sectors, he highlighted concerns around the oil sector.

    According to him, the dimmer picture begins with the oil sector as infrastructure integrity issues prevent Nigeria from producing at capacity whilst oil prices are expected to trend slightly lower in second half of 2018 on the back of rising global output.

    Chief Economist of Vetiva Capital, Michael Famoroti  highlighted that there are uncertain times ahead.

    “Impending elections are also likely to induce greater economic uncertainty and distract policy and governance at the tail-end of the year, neither of which is positive for confidence or investment,”  Famoroti said.

    He said late budget passage, pre-election spending, and food price pressure could induce higher inflation at year-end.

    Vetiva Research also revisited its top “10 High Conviction Stocks” presented at the beginning of the year, which represent key stocks on the Nigerian Stock Exchange (NSE) that are expected to outperform the market by year-end.

    The report noted that high conviction stocks have so far outperformed the broad market index by 1.5 per cent on a market cap-weighted basis and 7.0 per cent in simple average returns, and maintain these stocks as key picks for 2018.

  • Equities lose N37b as investors slow down on blue chips

    The profit-taking trend at the Nigerian equities market continued for the second consecutive trading session yesterday as investors made last-minute trades for ahead of the Muslim’s Eid-ul-Fitri. The Federal Government had declared Friday June 15 and Monday June 18, 2018 as public holiday to celebrate the Muslim’s festival that marks the end of a month-long compulsory fasting period.

    The two main indices at the Nigerian Stock Exchange (NSE) showed average loss of 0.27 per cent, equivalent to net capital depreciation of N37 billion. The sustained decline shaved the average return for Nigerian equities so far this year to 1.79 per cent.

    The All Share Index (ASI)-the main index for Nigerian equities declined from its opening index of 39,031.72 points to close at 38,928.02 points. Aggregate market value of all quoted equities dropped from its opening value of N14.139 trillion to close at N14.102 trillion.

    With nearly two gainers for every loser, the negative overall market position was mainly due to selloffs in large-cap stocks in the oil and gas, manufacturing and banking sectors.

    Seplat Petroleum Development Company led the 17-stock losers’ list with a drop of N14.10 to close at N754.90. Nigerian Breweries followed with a loss of N5 to close at N110. Presco lost N1.70 to close at N72. International Breweries declined by 45 kobo to close at N41.30 while Zenith Bank dropped by 35 kobo to close at N26.40 per share.

    On the positive side, Okomu Oil Palm led 27 other gainers with a gain of N8.40 to close at N90.40. Nascon Allied Industries followed with a gain of 95 kobo to close at N23.15. Stanbic IBTC Holdings rose by 50 kobo to close at N49. Dangote Sugar Refinery added 40 kobo to close at N19.40 while Eterna chalked up 30 kobo to close at N6.30 per share.

    The total volume traded declined by 26.26 per cent to 336.62 million shares valued at N5.25 billion in 3,667 deals. Transactions in the shares of United Capital topped the activity chart with 101.63 million shares valued at N327.68 billion. United Bank for Africa followed with 66.1 million shares worth N720.8 million. Diamond Bank traded 20.21 million shares valued at N31.64 million. Guaranty Trust Bank traded 14.24 million shares valued at N587.3 million while Transnational Corporation of Nigeria recorded a turnover of 13.78 million shares worth N20.48 million.

  • Equities reopen with N63b gain

    The Nigerian equities market reopened yesterday with a strong rally as bargain-hunters shifted demand to financial services and fast moving consumer goods stocks. Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average gain of 0.45 per cent, equivalent to net capital gain of N63 billion.

    The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, rose from its opening index of 38,669.23 points to close at 38,844.32 points. Aggregate market value of all quoted equities also increased correspondingly from its opening value of N14.008 trillion to close at N14.071 trillion. Average year-to-date return improved to 1.57 per cent.

    Sectoral indices showed that the positive overall market position was largely driven by gains in the financial services and fast moving consumer goods sectors. The NSE Banking Index appreciated by 1.1 per cent. The NSE Insurance Index and NSE Consumer Goods Index rose by 0.4 per cent each. On the downside, the NSE Industrial Goods Index dropped by 0.9 per cent while the NSE Oil & Gas Index dipped by 0.1 per cent.

    There were 30 gainers against 20 losers. Presco led the gainers with a gain of N3.35 to close at N73.70. Nascon Allied Industries followed with a gain of N1.60 to close at N24. Nigerian Breweries added N1 to close at N118. Flour Mills of Nigeria appreciated by 60 kobo to close at N33. Guaranty Trust Bank rose by 45 kobo to close at N41.60 while FBN Holdings and Stanbic IBTC Holdings added 30 kobo each to close at N10.85 and N48.50 respectively.

    Total turnover stood at 603.17 million shares valu3d at N3.89 billion in 3,832 deals. Ikeja Hotel led the activities chart with a turnover of 279.64 million shares valued at N705 million. United Capital followed with 79.13 million shares worth N253.97 million while Africa Prudential recorded a turnover of 56.77 million shares worth N242.91 million.

    On the downside, Lafarge Africa led the losers with a drop of 75 to close at N39.05. Berger Paints declined by 45 kobo to close at N8.55. Eterna dropped by 31 kobo to close at N6.25. BOC Gases lost 22 kobo to close at N4.21 while Cement Company of Northern Nigeria, Dangote Sugar Refinery and Ikeja Hotel dropped by 10 kobo each to close at N26.50, N19.90 and N2.53 respectively.

    Most analysts expected the market to remain on the upbeat. “We expect the positive performance to be sustained in the subsequent trading sessions as investors continue to hunt for bargain opportunities,” Afrinvest Securities stated.

    Analysts at SCM Capital said they expected “sentiment to remain upbeat on account of continuous bargain-hunting”.

  • Equities sustain recovery with N329b gain

    Nigerian equities sustain a two-day consecutive rally yesterday with a net capital gain of N329 billion as investors stepped up demand for shares that had witnessed considerable decline in recent period. With more than two gainers for every loser, equities recorded average gain of 2.46 per cent, reducing the negative average year-to-date return to -1.02 per cent.

    The All Share Index (ASI)-the benchmark index at the Nigerian Stock Exchange (NSE) rose from its opening index of 36,947.10 points to close at 37,854.92 points. Aggregate market value of all quoted equities increased from N13.383 trillion to close at N13.712 trillion.

    Most sectoral indices closed on the upside as bargain-hunters sought to lock in positions from banking sector to industrial and commercial goods sectors. The NSE Industrial Goods Index and NSE Banking Index rose by 3.2 per cent each. The NSE Consumer Goods Index appreciated by 2.7 per cent the NSE Insurance Index inched up by 0.2 per cent. On the downside, the NSE Oil & Gas Index declined by 0.6 per cent.

    Nigerian Breweries led the gainers with a gain of N5.30 to close at N111.30. Dangote Cement rose by N5 to close at N228. Okomu Oil Palm appreciated by N4 to close at N84. International Breweries added N3 to close at N42 while Lafarge Africa chalked up N1.65 to close at N34.75 per share.

    On the downside, Total Nigeria led the losers with a loss of N8.70 to close at N193.30. Presco declined by 90 kobo to close at N70.35. UAC of Nigeria dropped by 70 kobo to close at N14. Ecobank Transnational Incorporated dropped by 10 kobo to close at N19 while NPF Microfinance Bank lost 6.0 kobo to close at N1.69 per share.

    Total turnover stood at 339.68 million shares valued at N5.96 billion in 4,436 deals. Access Bank was the most active stock with a turnover of 133.07 million shares valued at N1.42 billion. Guaranty Trust Bank followed with a turnover of 39.32 million shares worth N1.62 billion while United Bank for Africa placed third with a turnover of 23.23 million shares worth N258.47 million.

    “In line with our expectations, today (Tuesday)’s performance was largely driven by bargain hunting in large cap value stocks and we believe this will remain a key driver in the near term,” Afrinvest Securities stated.

    Analysts at SCM Capital stated that the current sentiment will most likely persist today as overall market valuation remains cheap.

     

  • Equities lose N125b in opening trades

    Nigerian equities opened this week to a massive selloff as investors sought to resize their portfolios in consideration for current corporate earnings and prospective risk-return values. With nearly three losers for every gainer, a widespread sell pressure shaved off N125 billion from the market value of quoted equities at the Nigerian stock market.

    Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average decline of 0.84 per cent for the five-hour trading session yesterday, representing net capital depreciation of N125 billion. The decline cut the average return by investors in Nigerian equities so far this year to 6.37 per cent.

    Aggregate market value of all quoted equities at the NSE dropped from the opening value of N14.860 trillion to close at N14.735 trillion. The All Share Index (ASI)-the value-based index that tracks share prices at the Exchange, also declined correspondingly from 41,022.31 points to close at 40,677.61 points.

    The momentum of activities also slowed down below average with the exchange of 218.77 million shares valued at N2.23 billion in 4,109 deals.

    With 31 losers to 11 gainers, all sectoral indices closed negative with the exception of the NSE Oil and Gas Index, which rose marginally by 0.01 per cent. The NSE Insurance Index declined by 1.7 per cent. The NSE Consumer Goods Index dropped by 1.6 per cent. The NSE Banking Index declined by 0.4 per cent while the NSE Industrial Goods Index dipped by 0.2 per cent.

    Nigeria’s highest-priced stock-Nestle Nigeria, led the losers with a drop of N50 to close at N1,530. Okomu Oil Palm followed with a loss of N4.50 to close at N85.50. Nigerian Breweries declined by N2.50 to close at N122. Dangote Cement dropped by N1.50 to close at N243.50. Oando declined by 40 kobo to close at N7.75. Ecobank Transnational Incorporated dropped by 35 kobo to close at N20.70 while UAC of Nigeria lost 30 kobo to close at N16.70 per share.

    On the positive side, Caverton Offshore Support Group led the gainers with a gain of 13 kobo to close at N2.74. Fidson Healthcare followed with a gain of 11 kobo to close at N5.49. Cutix rose by 10 kobo to close at N3.15. FCMB Group added 9.0 kobo to close at N2.63 while Eterna chalked up 7.0 kobo to close at N7 per share.

    United Bank for Africa was the most active stock with a turnover of 60.44 million shares valued at N706.64 million. FCMB Group followed with a turnover of 17.51 million shares worth N45.73 million while Sovereign Insurance placed third with a turnover of 12.44 million shares worth N2.49 million.

    Most analysts said the steep decline has further opened up bargain opportunities for discerning investors.

    “Despite today (Monday)’s bearish performance, we maintain our bullish outlook for the market hinged on the existence of bargain hunting opportunities in large and mid-cap stocks,” Afrinvest Securities stated.

    Analysts at Cordros Capital stated that the “outlook for the equities market remains positive”, citing strengthening macroeconomic fundamentals.

    “In the interim, we see a mixed sentiment albeit with a bearish bias. However, we maintain that the current valuation provides attractive entry opportunity,” SCM Capital stated.

  • Foreign investors’ Q1 stakes on equities up by 80.9%

    Foreign investors almost doubled their stakes on equities in the first quarter.

    Foreign Portfolio Investors (FPIs) report for the first quarter ended March 31 showed that transactions by foreign investors grew by 80.9 per cent to N381.82 billion in first quarter compared with N211.06 billion recorded in corresponding period last year.

    The latest update on FPI transactions showed that foreign investors  invested more in equities than they were taking out. While domestic investors remained the larger bloc of investors, FPIs have increased over the past three months.

    The report by the Nigerian Stock Exchange (NSE) showed positive net foreign inflows of N30.88 billion compared with a negative net foreign investment position of N86.36 billion in the first quarter of last year.

    The report obtained at the weekend indicated that foreign inflows and outflows rose to N206.35 billion and N175.47 billion in first quarter, indicating a positive net foreign investment position of N30.9 billion. Total foreign inflow and outflow of N62.35 billion and N148.71 billion were recorded in comparable period of 2017, which left the country with net FPI deficit of N86.36 billion.

    The report used two key indicators-inflow and outflow to gauge foreign investors’mood and participation in the stock market as a barometer for the economy. Foreign portfolio investment outflow includes sales transactions or liquidation of equity portfolio investments through the stock market while inflow includes purchase transactions on the NSE.

    The report is regarded as a credible gauge of FPI as it coordinates data from nearly all active investment bankers and stockbrokers.

    Monthly analysis showed a positive trend in net foreign investment inflow in the first quarter of the year. Foreign inflow totalled N91.75 billion in January as against outflow of N74.64 billion. Foreign inflow and outflow stood at N44.89 billion and N38.33 billion in February while foreign inflow and outflow recovered hit N69.71 billion and N62.50 billion last month.

    On the aggregate, total foreign transactions stood at N166.39 billion in January, dipped to N83.22 billion in February and rose by 59 per cent to N132.21 billion in March.

    Total transactions at the equities market in first quarter stood at N878.97 billion compared with N454.48 billion recorded in first quarter 2017. Domestic investors had accounted for N497.15 billion in first quarter as against N243.42 billion last year.

    Yearly, the report showed that since 2011, foreign transactions consistently outperformed domestic transactions. However, domestic transactions marginally outperformed foreign transactions in 2016 and 2017, accounting for 52 per cent of the total transaction value last year.

    There has also been a significant recovery in the pattern of transactions. Foreign transactions which had totalled N1.539 trillion in 2014, declined to N518 billion in 2016, but increased significantly by 133 per cent to N1.208 trillion last year, accounting for about 48 per cent of total transactions in 2017. Annualised, the first quarter performance indicates that the market is on course to reach within the 2014 range.

    Eleven-year analysis showed that domestic transactions decreased by 62.46 per cent from N3.56 trillion in 2007 to N1.335 trillion in 2017. However, the performance in 2017 represented a significant increase of 111 per cent when compared with N634 billion recorded in 2016.

    Chartered Institute of Stockbrokers (CIS) former president and Vice Chairman/Chief Executive Officer, Capital Assets Limited, Mr. Ariyo Olushekun, said the latest FPI report indicates confidence in the  economy and the capital market.

    According to him, the positive trading position of the FPI shows that foreign investors see value in the economy and the stock market, since investors trade for value.

    “This should further encourage domestic investors to take advantage of the opportunities in the capital market. Despite the political situation, I think our economy is on a stronger footing, and that’s what the foreign investors have shown by looking ahead and taking positions,” Olushekun said.

     

  • Equities set for rebound as bargain-hunting picks up

    Nigerian equities appeared set for a rebound in the next trading sessions as investors seemed to be shifting from profit-taking to bargain-hunting. Nigerian equities had traded in recent weeks largely on the downtrend, depressed by profit-taking transactions that sought to monetise gains made in the early weeks of the year.

    Nigerian equities closed March 2018 with a month-on-month net capital depreciation of N557 billion, and followed this with a loss of N234 billion in the first trading session of April 2018. The momentum of bargain-hunting however picked up yesterday, although the market remained down with a net loss of N39 billion.

    Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average day-on-day decline of 0.26 per cent, equivalent to net capital depreciation of N39 billion. The average year-to-date return slipped to 6.77 per cent.

    With 18 gainers against 26 losers and increased level of activities, most analysts expected a rebound in the overall market position, citing the attractive share prices.

    “Following two consecutive days of decline, we do not rule out the possibility of a rebound in performance driven by bargain hunting in subsequent trading session,” Afrinvest Securities stated.

    Analysts at Cordros Capital noted that despite extended weakness, “strengthening macroeconomic fundamentals, as well as relatively softer prices in value stocks, continue to point to likelihood of gains on the bourse”.

    The All Share Index (ASI)-the benchmark pricing index at the NSE, declined from its opening index of 40,855.64 points to close at 40,749.86 points. Aggregate market value of all quoted equities also dropped from its opening value of N14.759 trillion to close at N14.720 trillion.

    Most sectoral indices closed negative. The NSE Banking Index declined by 0.9 per cent. The NSE Insurance Index dropped by 0.6 per cent while the NSE Consumer Goods Index dipped by 0.3 per cent. On the positive side, the NSE Industrial Goods Index improved by 0.6 per cent while the NSE Oil & Gas Index inched up by 0.1 per cent.

    Zenith Bank led the losers with a loss of N2.45 to close at N27.35. Mobil Oil Nigeria followed with a loss of N2 to close at N183. Dangote Flour Mills lost N1.45 to close at N13.75. Ecobank Transnational Incorporated declined by 65 kobo to close at N16.35. Flour Mills of Nigeria and Nascon Allied Industries dropped by 50 kobo each to close at N36.80 and N21 respectively while Eterna declined by 31 kobo to close at N6.01 per share.

    On the positive side, Forte Oil led the gainers with a gain of N1.10 to close at N41.90. Stanbic IBTC Holdings followed with a gain of N1 to close at N49. Guaranty Trust Bank rose by 90 kobo to close at N44.30. Access Bank and Lafarge Africa added 55 kobo to close at N11.80 and N44 while Union Bank of Nigeria rose by 25 kobo to close at N6.95 per share.

    Total turnover stood at 401.41 million shares valued at N6.77 billion in 5,370 deals. FBN Holdings was the most active stock with a turnover of 70.76 million shares valued at N863.58 million. Zenith Bank followed with a turnover of N61.23 million shares worth N1.67 billion while Fidelity Bank placed third with 43.70 million shares worth N109.84 million.

    “Despite the current bearish theme, we do not rule out the possibility of a rebound in performance driven by bargain hunting in badly beaten counters,” SCM Capital stated.

  • Equities lose N506b amid global downtrend

    The Nigerian equities market was dominated by considerable sell-offs last week as major corporate earnings failed to stimulate the market.

    Benchmark indices at the Nigerian Stock Exchange (NSE) showed average week-on-week decline of 2.85 per cent while aggregate market value of all quoted equities dropped by N506 billion.

    The decline in overall market capitalisation was partly due to the delisting of Seven-Up Bottling Company during the week. Adjusted for the delisting, net capital depreciation last week stood at N441.98 billion.

    With more than two losers for every gainer, the release of corporate earnings reports by Nigeria’s two largest banks – Guaranty Trust Bank and Zenith Bank Plc and other reports by large-cap stocks such as Stanbic IBTC Holdings and Nascon Allied Industries failed to excite investors.

    Aggregate market value of all quoted equities dropped from the week’s opening value of N15.508 trillion to close the week at N15.002 trillion. The All Share Index (ASI)-the main value-based index that tracks price changes at the NSE declined from the week’s index-on-board of 43,167.86 points to close weekend at 41,935.93 points. The sustained decline depressed the average year-to-date return to a single digit of 9.66 per cent.

    All sectoral indices and group stock trackers closed in the red with the exception of the NSE Insurance Index, which rose marginally by 0.25 per cent. The NSE 30 Index-which tracks the 30 most capitalised companies, posted a negative week-on-week return of -3.41 per cent. The NSE Banking Index recorded the worst performance with a drop of 8.35 per cent. The NSE Corporate Governance Index declined by 4.26 per cent. The NSE Consumer Goods Index dropped by 1.59 per cent. The NSE Oil and Gas Index dipped by 1.64 per cent while the NSE Industrial Goods Index slipped by 0.24 per cent.

    The performance of the Nigerian equities market broadly reflected the global downtrend at the equities market. United States of America’s benchmark S & P 500 Index dropped by 1.4 per cent. United Kingdom’s FTSE ASI declined by 1.1 per cent. France’s CAC 40 Index slipped by 0.2 per cent. Russia’s RTS Index dropped by 3.9 per cent. China’s Shanghai Composite Index indicated average loss of 1.1 per cent while South Africa’s FTSE ASI dropped by 1.8 per cent.

    Total turnover at the Nigerian equities market stood at 2.444 billion shares worth N36.665 billion in 26,712 deals as against a total of 3.079 billion shares valued at N39.990 billion traded in 23,086 deals two weeks ago. The financial services sector led the activity chart with 2.044 billion shares valued at N26.330 billion traded in 16,788 deals; thus contributing 83.61 per cent and 71.81 per cent to the total equity turnover volume and value respectively. The consumer goods sector followed with 168.973 million shares worth N8.111 billion in 4,927 deals. The third place was occupied by oil and gas sector with a turnover of 94.742 million shares worth N825.871 million in 1,641 deals.

    Banks dominated the top activities chart with the trio of FBN Holdings Plc, Zenith International Bank Plc and Fidelity Bank Plc emerging the most active stocks with total turnover of 1.084 billion shares worth N17.852 billion in 7,074 deals, contributing 44.34 per cent and 48.69 per cent to the total equity turnover volume and value respectively.

    Also traded during the week were a total of 1.889 million units of Exchange Traded Products (ETPs) valued at N10.512 million in four deals, compared with a total of 50,547 units valued at N4.593 million traded in 12 deals in the previous week.

    In the Federal Government debt segment, a total of 40,566 units of Federal Government bonds valued at N44.313 million were traded last week in 29 deals compared with a total of 6,574 units valued at N6.332 million traded in 31 deals two weeks ago.

    Pricing trend analysis showed that there were 25 gainers against 60 losers last week as against 45 gainers and 40 losers recorded in the previous week. Japaul Oil & Maritime Services, which had led the rally in recent weeks, topped the losers’ list, in percentage terms, with a drop of 30.9 per cent to close at 67 kobo. Fidelity Bank followed with a drop of 22.5 per cent to close at N2.31 while Unity Bank declined by 21.5 per cent to close at N1.35 per share.

    On the positive side, Associated Bus Company recorded the highest gain of 14.3 per cent to close at 48 kobo. John Holt followed with a gain of 12.5 per cent to close at 54 kobo while NEM Insurance rose by 11.6 per cent to close at N2.70 per share.

     

     

  • Equities record marginal recovery

    After initial loss of N105 billion that started the week, Nigerian equities recovered yesterday with a marginal gain of N6 billion. With more losers than gainers, considerable rally within the high-cap stocks boosted the overall market position.

    Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose from its opening value of N15.403 trillion to close at N15.409 trillion. The All Share Index (ASI) rose by 0.04 per cent to close at 43,073.45 points as against 43,056.51 points recorded on Monday. The average year-to-date return inched up to 12.63 per cent.

    The positive overall market position was driven mainly by gains recorded by large-cap stocks such as Dangote Cement, Cadbury Nigeria, Flour Mills of Nigeria, Guinness Nigeria and Nestle Nigeria.

    Most sectoral indices closed on the upside. The NSE Insurance Index rose by 1.3 per cent. The NSE Oil & Gas Index appreciated by 0.9 per cent while the NSE Industrial Goods Index inched up by 0.7 per cent. However, the NSE Banking Index declined by 0.8 per cent while the NSE Consumer Goods Index dipped by 0.4 per cent.

    Total turnover stood at 407.9 million shares valued at N6 billion in 5,247 deals. Zenith Bank was the most active stock with a turnover of 70.26 million shares valued at N2.19 billion. FBN Holdings followed with a turnover of 53.02 million shares worth N605.31 million while AXA Mansard Insurance placed third with 50.36million shares valued at N137.48 million.

    There were 26 gainers to 39 losers. Nestle Nigeria was the highest gainer with a gain of N20 to close at N1,400. 11, formerly Mobil Oil Nigeria, rose by N8.70 to close at N183.70 while Dangote Cement added N3.40 to close at N268.40.

    Unilever Nigeria led the losers with a drop of N3 to close at N57.80. GlaxoSmithKline Consumer Nigeria lost N1.10 to close at N20.90 while Dangote Sugar Refinery dropped by N1.05 to close at N22.30 per share.

    “Although performance was largely flattish, we expect investors’ reactions to full-year 2017 earnings to drive market performance in the near term,” Afrinvest Securities stated.