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Nigerian Exchange Limited

Dangote Cement, AIICO, Others Drag on Equities Market

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BUA Cement stock - Investors King

The Nigerian equities market shed N280 billion on Thursday as stocks of Dangote Cement, Nem Insurance Plc, AIICO and others closed in the red.

Activity level at the Exchange dropped compared to Wednesday. Investors transacted 279,441,158 shares worth N2.763 billion in 4,582 deals during the trading hours of Thursday, against 328,997,020 shares valued at N4.817 billion that exchanged hands in 4,219 transactions on Wednesday.

Breaking down performance across sectors, the Nigerian Exchange Limited (NGX) banking index rose by 108 basis points (bps) on appreciation in Ecobank (+9.63%), United Bank for Africa (+0.61%), and Zenith Bank (+0.39%). Jaiz Bank (-4.29%) and Sterling Bank (-3.64%) lost points.

The NGX consumer good index also gained 177bps on  10.00% surged in the valued of Guinness, Intbrew (+10.00%), Unilever (+7.28%), PZ (+2.94%), Honey Flour (+2.65%), NB (+2.43%) and Cadbury (+2.33%). Flour Mills (-0.17%) lost points.

However, the NGX oil and gas index shed 48bps on Ardova (-4.96%) and Oando (-2.13%). But Seplat gained points after advancing by +0.13%. The NGX Industrial index lost 325bps largely due to Dangote Cement’s 8.53% decline, Nigeria’s most capitalised listed company. Cutix, BUA Cement and WAPCO, however, posted 4.17%, 2.87% and 1.19% gains, respectively.

The market value of listed equities shed N280 billion to close at N24.793 trillion, down from a record-high of N25.073 trillion it closed on Wednesday. NGX All-Share index depreciated by 1.12 percent from 46,529.99 index points on Wednesday to 46,009.23 index points on Thursday.

The bourse closed in red despite 26 stocks gaining points against 18 stocks that lost points.  This was because of the decline in Dangote Cement.  The year-to-date exchange moderated to  7.71 percent. See the details of top gainers and losers below.

Top Gainers

Symbols Last Close Current Change %Change
GUINNESS N 42.50 N 46.75 4.25 10.00 %
INTBREW N 5.00 N 5.50 0.50 10.00 %
ETI N 10.90 N 11.95 1.05 9.63 %
PRESTIGE N 0.42 N 0.46 0.04 9.52 %
UNILEVER N 13.05 N 14.00 0.95 7.28 %

Top Losers

Symbols Last Close Current Change %Change
NEM N 3.50 N 3.20 -0.30 -8.57 %
DANGCEM N 284.90 N 260.60 -24.30 -8.53 %
AIICO N 0.80 N 0.76 -0.04 -5.00 %
ARDOVA N 13.10 N 12.45 -0.65 -4.96 %
MULTIVERSE N 0.21 N 0.20 -0.01 -4.76 %

Top Trades

Symbols Volume Value
UPDCREIT 46355317.00 181873198.75
COURTVILLE 36082363.00 21320802.86
TRANSCORP 16885893.00 18247336.54
GTCO 16046104.00 409659547.55
MULTIVERSE 10737673.00 2201006.33

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 Stock Market Dips Again, All-Share Index Falls to 97,978.02

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In yet another day of bearish activity, the Nigerian stock market dipped as the All-Share Index fell to 97,978.02 basis points.

The decline, underpinned by losses recorded in key stocks such as Skyway Aviation Handling, NEM Insurance, and others, amounted to a loss of N84 billion in market capitalization.

The trading session saw the prevalence of bearish sentiment with more decliners (28) than gainers (17) on the Nigerian Exchange.

Skyway Aviation Handling led the pack of losers, experiencing a significant 9.80% decline to close at N20.70 per share. Following closely, NEM Insurance stocks shed 9.47% to close at N7.65, while FTNCocoa lost 9.35% to close at N1.26 per share.

The overall market performance reflected a 0.15% decrease, with the market capitalization also declining by 0.15% to N55.424 trillion.

Despite the downward trend, there was a marginal increase in the number of deals, growing by 6.35% to 7,852, while the trading volume surged by 16.5% to 316.453 million traded shares.

United Bank for Africa (UBA) led the volume chart with 50,316,438 units traded in 788 deals, while Julius Berger emerged as the most traded security by value, amounting to N1.47 billion in 303 deals.

Sectoral performance varied, with three out of five sectors ending in the red zone. The banking sector fell by 1.42%, while the consumer goods sector experienced a slight decline of 0.05%.

However, the oil and gas sector managed to gain 0.72%, and the industrial goods sector remained unchanged.

The recent downturn in the Nigerian stock market follows a series of losses, indicating sustained bearish sentiment among investors.

Concerns over inflation, energy prices, and exchange rate instability continue to weigh on market sentiment, prompting cautious trading activities.

While some sectors managed to record gains, overall market performance remains subdued, reflecting the prevailing economic challenges.

Investors are closely monitoring developments in both local and global markets for signals of potential market recovery or further downturns.

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Nigerian Exchange Limited

Nigerian Equity Market Sheds N89bn Amid Rate Hike Fallout

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Nigerian Exchange Limited - Investors King

The Nigerian equity market dipped by N89 billion on Wednesday following the Central Bank of Nigeria’s decision to hike interest rates.

Both the all-share index and market capitalization plunged by 0.16 percent to 98,128.00 basis points and N55.509 trillion, respectively.

This downturn caused the market’s year-to-date return to moderate to 31.23 percent, reflecting the impact of the MPC’s decision on investor sentiment.

Among the top gainers at the close of trading were Tantaliser, Wapic, Omatek, Julius Berger, and Wapco. Conversely, TIP, Multiverse, Cornerst, and Deapcap led the laggards, showcasing the uneven performance across different sectors.

Accesscorp emerged as the most traded stock by volume, with 35.57 million units traded in 606 deals, while GTCO took the lead as the most traded security by value, amounting to N1.35 billion in 403 deals.

The market’s sectoral performance was also mixed, with two out of five sectors closing positively, two closing negatively, and one remaining flat.

The banking and insurance sectors experienced losses of 2.01 percent and 0.87 percent, respectively, due to portfolio rebalancing by investors following the MPC’s decision.

In contrast, the oil and gas sector remained unchanged, while the industrial and consumer goods sectors saw marginal increases of 0.18 percent and 0.02 percent, respectively.

Analysts from Meristem expressed their outlook, anticipating continued lackluster sentiment in the equities market following the MPC’s contractionary stance.

However, they also expect buying interest to surface in stocks trading at attractive entry points, particularly as the sell-off pressure in the banking sector is projected to ease in the near term.

The market’s reaction underscores the sensitivity of investors to monetary policy decisions and highlights the importance of closely monitoring regulatory actions for their impact on market dynamics and investment strategies.

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Nigerian Exchange Limited

Nestle Nigeria Leads Gainers as Equities Market Appreciates 0.11% Despite MPC Decisions

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Nigerian Exchange Limited - Investors King

Nigeria’s equities market managed to close on a positive note despite the cautious sentiments lingering after the Monetary Policy Committee (MPC) decisions.

Nestle Nigeria Plc emerged as the star performer, leading the gainers’ chart and driving the market’s appreciation by 0.11%.

The market capitalisation gained N61 billion, the highest gain since the beginning of the week.

This upward momentum was fueled by increased investor interest, particularly in Nestle Nigeria Plc, Berger Paints Plc, and other penny stocks like Royal Exchange Plc.

Investors displayed confidence in Nestle Nigeria Plc, making bullish moves ahead of its annual meeting scheduled for the following day.

This optimism translated into substantial buy-side activities, contributing significantly to the overall positive performance of the market.

Despite the outcomes of the two-day MPC meeting, where the Central Bank of Nigeria (CBN) intensified tightening measures to combat inflation, investors remained undeterred.

The MPC’s decision to raise the policy rate by 150 basis points (bps) to 26.25% and retain other monetary policy parameters did not dampen investor enthusiasm.

Shares of key players like GTCO, Access Holdings, UBA, Transcorp, and Jaiz Bank were actively traded, reflecting the heightened activity in the market. In a total of 7,228 deals, investors exchanged 222,899,152 shares valued at N5.148 billion.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation both witnessed an uptick from the previous trading day’s lows, closing at 98,285.33 points and N55.597 trillion respectively.

Nestle Nigeria Plc saw a notable increase from N820 to N900, marking a substantial gain of N80 or 9.76%.

Berger Paints also experienced a positive trajectory, rising from N13.55 to N14.90, adding N1.35 or 9.96% to its value.

Similarly, Royal Exchange, a penny stock, saw an increase from 56 kobo to 60 kobo, reflecting a gain of 4 kobo or 7.14%.

The market’s ability to close in positive territory on Tuesday further bolstered the year-to-date (YtD) return, which now stands at an impressive 31.44%.

Despite the uncertainties surrounding MPC decisions and macroeconomic concerns, investor optimism and strategic investments continue to drive Nigeria’s equities market forward, showcasing resilience in the face of challenges.

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