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Stock Investors Gain N174 Billion on Friday Following Rate Cut

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Stock Market Sustained Bullish Trend as Investors Jumped on Undervalued Stocks to Take Advantage of Rate Cut

The Nigerian Stock Exchange (NSE) sustained bullish trend on Friday following the Central Bank of Nigeria led-monetary committee decision to lower the interest rate by 100 basis points to 11.5 percent.

The bourse closed in the green to extend Thursday’s gain by 1.28 percent.

The market capitalisation of listed equities rose by N174 billion from N13.581 trillion recorded on Thursday to N13.755 trillion on Friday.

While the NSE All-Share Index gained 1.28 percent from 25,987.13 basis points it closed on Thursday to 26,319.34 basis points on Friday.

Investors traded 335.749 million shares worth N4.277 billion in 4.231 transactions on Friday, up from 359.307 million shares worth N3.873 billion traded in 3,576 transactions on Thursday.

The bourse rose following the reduction in the monetary policy rate to stimulate growth from within. The stocks of businesses responded positively as investors expected cheap loans to bolster activities of businesses and enhance productivity in the near-term.

This, coupled with the substantial dropped in prices of stocks due to COVID-19 and general weak macro fundamental increased the attractiveness of Nigerian stocks to local investors as seen in the past few days with executives from Banks and other listed companies buying stocks to take advantage of the expected increase in value when the result of rate cut start crystalising.

Sterling Bank led the most traded stocks on Friday with 79.578 million valued at N92.314 million. Followed by Zenith Bank with 50.748 million shares worth N878.624 million. See the details below.

Top Traded Stocks

Symbols Volume Value
STERLNBANK 79,577,954 N92,314,376.54
ZENITHBANK 50,747,803 N878,623,923.70
FBNH 34,216,127 N176,204,579.95
UBA 26,689,897 N163,149,250.95
ACCESS 22,222,171 N147,938,941.50

Top Gainers

Symbols Last Close Current Change %Change
NB N47.85 N52.55 4.7 9.82%
PRESCO N49.5 N53 3.5 7.07%
DANGCEM N135.9 N139 3.1 2.28%
STANBIC N39.1 N40.5 1.4 3.58%
FLOURMILL N20.15 N21.5 1.35 6.70%

Top Losers

Symbols Last Close Current Change %Change
NNFM N4.5 N4.05 -0.45 -10.00%
CADBURY N7.4 N7 -0.4 -5.41%
OANDO N2.25 N2.03 -0.22 -9.78%
DANGSUGAR N12.5 N12.3 -0.2 -1.60%
UACN N6.3 N6.1 -0.2 -3.17%

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Stock Market

Bank Stocks Top Charts Amid Strong Third Quarter Performance

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Zenith Bank

Bank stocks top both gainers’ and top traded stocks’ charts on Tuesday as investors at the Nigerian Stock Exchange continues to increase their holdings of banks’ stocks amid strong third-quarter financial results.

Zenith Bank led the most traded stocks for a second consecutive day on Tuesday following a declaration of  N509 billion gross earnings and N177 billion profit after tax in the first nine months of the year.

Investors traded 71,933,841 shares of Zenith Bank valued at N1,730,151,404.20 during the trading hours of Tuesday.

Transcorp, the only non-bank stock on the top five trades, followed Zenith Bank with 37,172,526 shares worth N32,853,263.27.

Guaranty Trust Bank Plc, Access Bank and United Bank for Africa (UBA) exchanged 30,003,182 units, 29,549,235 units and 29,332,033 units estimated at N1,022,126,997.60, N243,311,726.70 and N236,303,261.20, respectively.

Investors exchanged a total of 365.414 million shares valued at N4.692 billion in 6,325 deals on Tuesday to return the bourse to the green zone after two days of consecutive declines.

The Nigerian Stock Exchange market capitalisation rose by N114 billion from N17.829 trillion it closed on Monday to N17.943 trillion on Tuesday. While the NSE All-Share Index gained 220.82 index points or 0.06 percent to 34,349.56 index points it settled on Tuesday, up from 34,119.74 index points on Monday.

Stanbic IBTC Bank led gainers with N2.8 or 7.08 percent gain to finish the day at N42.35 per share. See the details below.

Top Trades 

Symbols Volume Value
ZENITHBANK 71,933,841 N1,730,151,404.20
TRANSCORP 37,172,526 N32,853,263.27
GUARANTY 30,003,182 N1,022,126,997.60
ACCESS 29,549,235 N243,311,726.70
UBA 29,332,033 N236,303,261.20

Top Gainers

Symbols Last Close Current Change %Change
STANBIC N39.55 N42.35 2.8 7.08%
UBA N7.7 N8.2 0.5 6.49%
ACCESS N7.9 N8.35 0.45 5.70%
FBNH N6.7 N7.15 0.45 6.72%
UBN N5.5 N5.9 0.4 7.27%

Top Losers

Symbols Last Close Current Change %Change
JBERGER N19 N17.3 -1.7 -8.95%
FIDSON N5.4 N4.87 -0.53 -9.81%
GUINNESS N18 N17.5 -0.5 -2.78%
ETERNA N4.61 N4.15 -0.46 -9.98%
UACN N7.95 N7.65 -0.3 -3.77%

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Insider Dealing: Paul Miyonmide Gbededo, MD Flour Mills, Purchased 1.95 Million Shares in Flour Mills

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flour mills posts 184% increase in PAT

In a disclosure statement filed with the Nigerian Stock Exchange, the management of Flour Mills of Nigeria Plc said Paul Miyonmide Gbededo, the Group Managing Director, purchased 1,949,839 shares in the company.

In a statement signed by Umolu Joseph, the Company Secretary and Director, Flour Mills of Nigeria, Gbededo bought the 1,948,839 shares at N28 per unit on November 17, 2020.

The Managing Director invested N54,567,492 in Flour Mills of Nigeria Plc in a move that suggested confidence in the future of the company.

The disclosure is in line with the Nigerian Security and Exchange Commission’s new policy on insider dealings. See the transaction details below.

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Insider Dealing: Chide Agbapu Buys 1 Million Shares in Fidelity Bank

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The management of Fidelity Bank on Friday said Mr. Chidi Agbapu, a non-executive director, bought 1,000,000 shares of Fidelity Bank Plc.

In line with the Nigerian Stock Exchange (NSE) disclosure policy, the lender said Agbapu purchased the shares in two different transactions on November 9, 2020.

According to a statement signed by Ezinwa Unuigboje, Company Secretary, Fidelity Bank, the shares were purchase in two deals of 500,000 units each at N2.75 per share. See the details below.

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