NSE Halts Decline to Gain 0.17 Percent on Wednesday
The Nigerian Stock Exchange (NSE) on Wednesday halted four consecutive losses on the back of Nestle, Flour Mills, Cadbury, Access Bank and Zenith Bank’s attractiveness.
Activities of investors boosted the market capitalisation by N21.9 billion to N13.027 trillion on Wednesday while the NSE All-Share Index expanded by 0.17 percent to settle at 24,972.89 basis points.
A total of 265.964 million shares valued at N2.708 billion were exchanged in 3,564 deals by investors during the trading hours.
In terms of volume traded, Guaranty Trust Bank was the most traded stock with 43.674 million shares valued at N1.026 billion. This was followed by UACN’s 41.199 million shares worth N288.659 million. FBNH, FCMB and Access banks added 35.370 million, 22.543 million and 15.347 million shares valued at N178.136 million, N38.799 million and N104.467 million.
Accordingly, Nestle led the top gainers’ table with 10 percent to close at N1094.5 per share. Cadbury followed with 6.67 percent to settle at N8 per share. Flour Mill, Access Bank and Zenith bank gained 4.35 percent, 1.48 percent and 0.31 percent to close at N20.4, N6.85 and N16.15 per share, respectively.
On the other hand, Seplat led losers with a 9.99 percent decline to close at N428.8 per share. Guaranty Trust Bank lost 2.54 percent to settle at N23 per share. Dangote Sugar, Fidson and Neimeth declined by 2.03 percent, 6.34 percent and 9.57 percent to close at N14.5 per share, N3.4 per share and N1.89 per share, respectively.
The bourse rebounded despite Nigeria’s inflation rate rising to 12.40 percent in May, further highlighting the nation’s precarious situation amid COVID-19 disruption.
Stocks on Nigerian Exchange Limited Sustains Gain on Tuesday
Listed stocks on the Nigerian Exchange Limited gained N36 billion on Tuesday to sustain Monday’s positive momentum.
The bourse All-Share Index rose by 0.18 percent from 39,312.74 index points on Monday to close at 39,382.96 index points on Tuesday. While the market value of listed equities expanded by N36 billion to settle at N20.527 trillion, up from N20.491 trillion recorded on Monday.
Investors traded 296.596 million shares valued at N3.362 billion in 4,265 transactions during the trading hours of Tuesday.
Meyer led gainers with N0.05 or 9.62 percent gain to close at N0.57 per share. This was followed by Presco with N6.90 or 9.58 percent gain as shown below.
Stock Market Snapshot
|EQUITY CAP||N 20,527,328,320,996.84|
|BOND CAP||N 17,216,586,380,738.50|
|ETF CAP||N 18,261,586,163.62|
Global Sell-off Should be a Reality Check for Investors: deVere CEO
Concerns about inflation that are rattling global stock markets on Tuesday should be used as a reality check for investors, says the CEO of one of the world’s largest financial advisory and fintech organizations.
The observation from Nigel Green, chief executive and founder of deVere Group comes as the pan-European Stoxx 600 index dropped 2.3%, with London’s FTSE 100 falling 2.4%.
Losses in Europe follow those in the Asia Pacific region. Hong Kong’s Hang Seng closed more than 2% lower and Japan’s Nikkei 225 ended the Tokyo trading session having shed more than 3%.
Meanwhile, U.S. futures are down across the board ahead of the opening bell in New York.
Mr Green says: “It is to be expected that there would be a jump in prices and supply shortages, in goods like chips and some commodities, as economies re-open and pent-up demand is unleashed by households, businesses and entire industries.
“We’re at a point of major readjustment following an unprecedented economic shock and this is fuelling concerns that rising inflation will trigger central banks to tighten monetary policy which will hit asset prices.
“It is this scenario that is rattling markets and triggering a global sell-off.”
He continues: “Tech shares are bearing the brunt of the sell-off, but this will also be used as an opportunity.
“With our daily lives becoming ever more digitalized – and at a staggering pace – tech will remain one of the mega-trends for investors for the foreseeable future.
“Savvy investors will be drawn to the massive growth that tech offers and this sell-off will used as a buying opportunity. Nobody seriously believes the future isn’t online.”
Therefore, says Mr Green, investors would be wise to be “selective” about the sell-off.
“With some of the heat being taken out of the markets, with some stocks way too high, they are likely to – perhaps more judiciously than before – move to capitalize on this dip.”
The deVere CEO concludes: “Of course, I don’t have a crystal ball, but history shows that stock markets typically rise over the longer-term.
“Therefore, in the near future, I predict many investors will be seeking out the buying opportunities that exist.”
Investors Jump on Union Bank of Nigeria’s Shares Amid Acquisition Rumour
Shares of Union Bank of Nigeria Plc, a leading financial institution in Nigeria, rose by 50 kobo or 9.26 percent on Monday following reports that Atlas Mara Limited, a 49.7 percent owner in the bank has been talking to investors to sell its stake.
Investors King had reported that Bloomberg sources claimed Atlas Mara Limited, a London Stock Exchange-listed pan-African banking group started by Mr. Bob Diamond is in talks with Zenith Bank, Access Bank and other investors across Africa to sell its holding in the bank.
Since the report became public investors have been acquiring shares of Union Bank in case Zenith Bank or Access Bank, one of the leading banks in the country, acquire it. Even the bank’s CEO, Godson Chukwuemeka Okonkwo, purchased an additional 2,431,917 ordinary shares of the bank on Thursday, according to the bank’s latest disclosure filing.
Union Bank of Nigeria was the third-highest gainer on Monday.
The Nigerian Exchange Limited gained N59.4 billion on Monday to close at N20.491 trillion on Monday.
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