MTN, Zenith, First Bank Drag Investors into the Red Zone
MTN Nigeria led losers on Thursday as market rout continues across the Nigerian Stock Market.
The market capitalisation of listed equities depreciated further by N1 billion from N12.86 trillion on Wednesday to N12.85 trillion on Thursday.
While the NSE All-Share Index dipped by 0.12 percent from 24,655.05 basis points on Wednesday to 24,625.24 on Thursday.
Investors traded 130.279 million shares valued at N1.624 billion in 3,413 transactions during the trading hours of Thursday. This was lower than the 189.253 million shares worth N1.917 billion that exchanged hands in 3,364 deals on Wednesday.
In terms of volume traded, Zenith Bank led with 18.953 million shares worth N308.379 million. Transcorp followed with 16.064 million shares worth N11.267 million.
First Bank of Nigeria Holding Plc recorded 9.932 million traded shares valued at N52.511 million on Thursday. Mbenefit and Guinness added 6.944 million shares and 6.427 million shares worth N1.506 million and N96.647 million, respectively.
Neimeth emerged top gainer with 9.65 percent profit to close at N1.25 per share. Wema Bank followed with a 9.09 percent gain to settle at 60 kobo.
Maybaker, ETI and FCMB added 3.09 percent, 2.13 percent and 1.67 percent to close at N3, N4.8 and N1.88 per share, respectively.
On the flip side, LinkAssure led losers in terms of percentage. Declined by 9.43 percent to settle 48 kobo a share. Livestock followed with 2.86 decline to close at 68 kobo per share.
Zenith Bank, First Bank and MTN Nigeria added 1.52 percent, 0.94 percent and 0.42 percent to close at N16.15 per share, N5.25 per share and N117.5 per share, respectively.
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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