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Dangote Cement, Vitafoam, UACN, Others Drag Down Stock Market on Monday

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Nigerian Exchange Limited - Investors King

Investors Lose N35 Billion on Monday as Dangote Cement, Vitafoam, Others Close in Red

The Nigerian Stock Exchange (NSE) returned to bearish on Monday following a decline in the value of stocks of Dangote Cement, Vita Foam, UACN and others.

The market capitalisation of listed equities declined by N35 billion to N13.111 trillion on Monday, down from N13.146 trillion it closed on Friday.

While the NSE All-Share Index dipped by 0.27 percent from 25,199.84 basis points it closed on Friday to settle at 25,132.67 bps.

Investors traded 161.231 million shares valued at N1.846 billion in 3,597 transactions during the trading hours of Monday.

This is coming few days after the National Bureau of Statistics (NBS) reported that Nigeria’s unemployment rate rose to 27.1 percent or 21.8 million people between the third quarter of 2018 and the second quarter of 2020.

The surged in jobless rate amid broad-based economic uncertainties, especially after the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said the nation is likely to slide into second economic recession in the third quarter of the year given the numbers of weak economic fundamentals and the drop in revenue generation, weighed on the bourse.

At the Exchange on Monday, MTN Nigeria led top gainers with N2.3 gain, while Julius Berger followed with N1.45 gain. Unilever, Ardova and Dangote Sugar added N1.25, N1.2 and 40 kobo, respectively. See the details below.

Top Trades

Symbols Volume Value
GUARANTY 19,033,258 N472,192,007.20
ZENITHBANK 18,600,812 N311,497,167.30
STERLNBANK 14,329,668 N16,746,549.55
FBNH 12,707,928 N63,817,752.45
INTBREW 11,237,744 N31,108,405.45

Top Gainers

Symbols Last Close Current Change %Change
MTNN N115.5 N117.8 2.3 1.99%
JBERGER N15.05 N16.5 1.45 9.63%
UNILEVER N12.5 N13.75 1.25 10.00%
ARDOVA N12.75 N13.95 1.2 9.41%
DANGSUGAR N11.9 N12.3 0.4 3.36%

Top Losers

Symbols Last Close Current Change %Change
DANGCEM N136 N135 -1 -0.74%
VITAFOAM N5.75 N5.45 -0.3 -5.22%
UACN N6 N5.85 -0.15 -2.50%
INTBREW N2.85 N2.75 -0.1 -3.51%
UCAP N3.16 N3.1 -0.06 -1.90%

 

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Nigerian Exchange Limited

Nigerian Stocks Open Week with 0.17% Gain, Banking Sector Leads Market Rally

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Nigerian Exchange Limited - Investors King

Nigerian stocks commenced the week on a positive note as the Exchange gained 0.17% in Monday’s trading session, with the banking sector spearheading the market rally.

The positive close pushed this year’s return to date to 33.34%, one of the highest in the world at the moment.

Analysts attributed the market’s positive momentum to increased investor interest in banking, insurance and industrial goods stocks.

This surge in buying activity follows recent widespread selloffs in the banking sector, presenting attractive opportunities for bargain hunters.

According to Vetiva Research analysts, the banking space witnessed significant bargain-hunting activity, indicating renewed confidence in the sector after previous weeks of sell-offs.

This sentiment propelled the overall market performance, with expectations of mixed trading sessions in the coming days as first-quarter earnings reports start to trickle in.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalization reflected the market’s upward trajectory, appreciating from 99,539.75 points and N56.296 trillion respectively to 99,665.05 points and N56.367 trillion.

In total, investors exchanged 306,620,144 shares worth N5.300 billion in 8,298 deals.

Despite the positive market sentiment, analysts from Lagos-based United Capital Research cautioned that activities in the fixed income market could continue to deter equities investments.

However, they highlighted the potential for bargain-hunting activities, particularly in the banking sector, amidst the recent bearish trend.

Overall, the Nigerian equities market’s resilient performance underscores investor confidence and optimism, driven by strategic sectoral investments and expectations of improved corporate earnings.

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Nigerian Exchange Limited

Nigeria’s Market Falls 1.09% Amid Decline in Key Sectors

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Nigerian Exchange Limited - Investors King

Nigeria’s stock market closed the trading week ended Friday, April 12, with a decline of 1.09% following a downturn influenced by notable drops in the banking, insurance, and consumer goods sectors.

This shift resulted in a loss of about N638 billion for investors during the two-day trading week, which was shortened due to public holidays for Eid Mubarak.

The Nigerian Exchange Limited’s (NGX) All-Share Index (ASI) decreased from an opening high of 103,437.67 points to 102,314.56 points.

Meanwhile, market capitalization also dropped from N58.498 trillion to N57.860 trillion over the review period.

The market’s month-to-date (MtD) performance fell by 2.15%, and the year-to-date (YtD) return is now at 36.83%.

Futureview research analysts had previously forecasted a mixed performance in the equities market as investors adjusted their positions in anticipation of upcoming corporate actions and dividend payouts.

The analysts also predicted a possible shift in focus towards the fixed income market, which could influence short-term investment decisions.

While the market faced challenges this week, analysts expect a resurgence of buying interest driven by upcoming corporate actions and earnings reports, attracting investors looking to benefit from dividend payments.

Their recommendation to investors is to consider investing in high-quality stocks with strong fundamentals for potential returns.

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Dividends

Zenith Bank to Pay N109.88bn Dividends to Shareholders for 2023

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Zenith Bank - Investors King

Zenith Bank, one of Nigeria’s leading financial institutions, is set to distribute dividends totaling N109.88 billion to its shareholders for the 2023 financial year.

The announcement was made as part of the bank’s annual report filed with the Nigerian Exchange Limited on Monday.

The dividends amount to N4.00 per share. This includes a final dividend of N3.50 per share and an interim dividend of N0.50 per share paid earlier in the year.

The proposed dividends are subject to approval by shareholders at the next Annual General Meeting (AGM) and are payable from the retained earnings accounts as of December 31, 2023.

Throughout the fiscal year, Zenith Bank’s gross earnings surged by 125.50 percent to N2.13 trillion compared to N945 billion in the previous year.

The increase in gross earnings contributed to the bank’s impressive profit after tax, which increased to N676.91 billion, an increase from N223.91 billion recorded in 2022.

This positive performance was driven by the increase in interest and similar income, which rose to N1.14 trillion from N540 billion.

However, the bank experienced a decline in net income on fees and commission, dropping to N109.31 billion from N132.79 billion in 2022, indicating a 17.68 percent decrease.

This decline was attributed to an increase in fees and commission expenses, which grew to N68.21 billion from N24.42 billion in the previous year.

Also, Zenith Bank disclosed various operational expenses incurred during the year, including insurance premiums paid to Zenith General Insurance Limited and Prudential Zenith, as well as payments for information technology services rendered by Cyberspace Network.

 

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