Nigerian Stock Exchange Sustains Growth
The Nigerian Stock Exchange extended its bullish run this week as investors’ confidence grew on the back of international flights resumption and forex sale by the Central Bank of Nigeria to the bureau de change operators across the nation.
Investors traded a total of 2.209 billion shares valued at N10.957 billion in 18,013 transactions during the week, more than the 1.072 billion shares worth N7.384 billion traded in 16,684 transactions in the previous week.
A sectoral analysis showed that for the first time in a long time, the construction/real estate sector led in terms of volume traded with 954.529 million shares valued at N681.392 million in 218 deals. Therefore, contributed 43.21 percent and 6.22 percent to the total equity turnover volume and value, respectively.
The financial services sector came second for the first time in recent months with 889.888 million shares worth N6.538 billion traded in 10,107 transactions.
The conglomerates sector came third with a turnover of 209.437 million shares worth N579.990 million in 677 deals.
The top three traded equities in terms of volume traded were UACN- Property Development Company Plc, Zenith Bank Plc and LASACO Assurance Plc, the accounted for 1.229 billion shares worth N3.243 billion in 2,148 deals, contributing 55.61 per cent and 29.60 per cent to the total equity turnover volume and value, respectively.
The market capitalisation of listed equities rose by N155 billion from N13.203 trillion in the previous week to N13.358 trillion. While the NSE All-Share Index gained 296.27 basis points or 1.17 percent from 25,309.37 bps last week to 25,605.64 bps.
The bourse total year-to-date decline moderated to -4.61 percent. Also, the quarter to date gains expanded to 4.60 percent while September profit stood at 1.10 percent.
Royal Exchange Plc, Cornerstone Insurance, Union Diagnostic and Clinical Services led the week with 26.92 percent, 17.86 percent and 12.50 percent gain, 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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