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Nigerian Exchange Limited

Nigerian Equities Market Posts Gain for the First Time in Days

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stock bull - Investors King

Bargaining hunt in large-cap stocks bolstered the Nigerian Exchange Limited (NGX) to close in the green for the first time in days as 18 stocks gained.

Activity level rose on demand for bank stocks, Seplat, etc. During the trading hours of Tuesday, investors transacted 257,413,873 shares worth N2.343 billion in 4,410 deals compared to the 219,495,846 shares valued at N1.930 billion that were traded in 5,168 transactions on Monday.

Breaking down sectorial activity, the banking index appreciated by 173 basis points on renewed bargaining hunt for Zenith Bank, Jaiz Bank, UBA and Sterling Bank.

The oil and gas index also jumped 142 basis points on a 2.15% gain in Seplat and 1.25% gain in OANDO. The consumer goods index, however, shed 34 basis points on a 5.43%, 4.79%, 1.61% and 1.51% decline in NASCON, Honey Flour, Flour Mill and Guinness.

The industrial index lost 5bps on a 0.91% decline in WAPCO even with 8.86% and 5.85% gain in Meyer and Cutix.

Market value of listed equities appreciated by N49 billion from N25.169 trillion on Monday to N25.218 trillion on Tuesday. The NGX All-Share Index gained 89.52 index points to 46,777.37 index points.

The Exchange year-to-date return inched slightly higher to 9.51%. Despite the gain in NGX, 20 stocks closed in the red compared to 18 stocks that closed in the green. Suggesting that sentiment remained weak but investors are expected to start acquiring stocks weighed upon by the rout.

According to Vetiva Dealing and Brokerage, “Just as expected, we saw investors take advantage of the beaten-down prices especially in banking names like Zenith Bank and GTCO, as both stocks closed in the green today. We expect further cherry-picking of attractive counters across the board amid mixed market sentiments.”

Top Gainers 

Symbols Last Close Current Change %Change
MEYER N 0.79 N 0.86 0.07 8.86 %
REGALINS N 0.28 N 0.30 0.02 7.14 %
FTNCOCOA N 0.31 N 0.33 0.02 6.45 %
CUTIX N 2.05 N 2.17 0.12 5.85 %
CAVERTON N 1.26 N 1.33 0.07 5.56 %

Top Losers 

Symbols Last Close Current Change %Change
NPFMCRFBK N 2.49 N 2.25 -0.24 -9.64 %
LEARNAFRCA N 1.86 N 1.69 -0.17 -9.14 %
MULTIVERSE N 0.23 N 0.21 -0.02 -8.70 %
RTBRISCOE N 0.60 N 0.56 -0.04 -6.67 %
NASCON N 12.90 N 12.20 -0.70 -5.43 %

Top Trades

Symbols Volume Value
FIDELITYBK 67434403.00 230584427.74
TRANSCORP 40889402.00 41390334.59
WAPIC 18317554.00 7373008.23
GTCO 15274304.00 341232841.75
ACCESSCORP 14484497.00 141311161.40

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

Investors Lose N720bn in Midweek Sell-Offs

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Nigerian Exchange Limited - Investors King

Investors at the Nigerian Exchange Group lost N720 billion on Wednesday, the third consecutive day of bearish activity on the exchange.

The Exchange has now lost a combined N1.54 trillion in the last three days.

On Wednesday, the All-Share Index plummeted by 1.31% to 99,302.37 points while market capitalization dropped to N54.32 trillion. This downward spiral brought the year-to-date returns to 32.80%.

Market breadth remained negative with only five gainers compared to 52 decliners.

Notable gainers included PZ Cussons, Juli Plc, and Axa Mansard, while FCMB Group, Lafarge Africa, and Nigerian Breweries led the decliners with losses of 10% each.

Bearish sentiments spread across various sectors, particularly Banking, Insurance, and Consumer Goods, experiencing declines of 6.90%, 3.72%, and 1.20%, respectively.

The negative trend was fueled by sell-offs in prominent stocks like Sterling Financial Holdings, Wema Bank, and AccessCorp.

Despite improved trading volume and total deals, which rose by 41.28% and 15.40% respectively, the total traded value fell by 4.80% to N5.83 billion.

Transcorp Plc emerged as the most traded security by volume, while Zenith Bank led in traded value at N1 billion, indicating mixed sentiments among investors amidst market uncertainties.

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Nigerian Exchange Limited

FBN Holdings, Multiverse, MTN Nigeria Lead Losers on Nigerian Exchange

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Stock - Investors King

FBN Holdings, Multiverse, and MTN Nigeria emerged as the top losers on the Nigerian Exchange Limited (NGX) on Tuesday as market capitalisation dipped by N773 billion.

FBN Holdings, one of the most capitalized financial firms, declined by 10% to close at N30.60 per share.

This drop comes after the company had recently risen to prominence in the financial sector.

Multiverse, an active player in the industrial goods sector, also shed 10% to settle at N15.30 per share while MTN Nigeria saw its shares dip by 9.94% to N222.90 per share.

The downward trend in these key stocks contributed to the overall bearish performance of the Nigerian Exchange as the All-Share Index dipped by 1.39% and market capitalisation moderated to N55.04 trillion.

Market sentiment remained negative, with 27 losers outweighing 10 gainers, indicating widespread sell-offs across various sectors. Africa Prudential Plc, Omatek, and Juli Plc were among the few gainers.

Despite the challenges faced by these companies, market analysts remain cautiously optimistic about the prospects of the Nigerian Exchange.

They emphasize the importance of monitoring market dynamics and making informed investment decisions amidst the prevailing volatility.

As the Nigerian Exchange navigates through turbulent waters, investors are advised to exercise prudence and diligence in their investment strategies to mitigate risks and capitalize on potential opportunities that may arise in the market.

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Nigerian Exchange Limited

Nestle, Eterna, Fidson Drag Nigerian Exchange Down, Wiping Out N51bn

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stock bear - Investors King

The Nigerian Exchange (NGX) opened the week in the red as Nestle Plc, Eterna, and Fidson Healthcare Plc closed lower to wipe out a combined N51 billion from the market capitalization.

Nestle Plc shed 10 percent to close at N990 per share while Eterna and Fidson Healthcare Plc plummeted by 9.97 percent and 9.82 percent to settle at N15.80 and N15.15 per share, respectively.

At the close of trading, the All-Share Index (ASI) dipped by 0.09 per cent to 101,995.53 points and the NGX market capitalization fell to N55.81 trillion.

This downturn reflects investors’ concerns about the stability of these key companies amidst broader economic uncertainties.

Analysts had anticipated a bearish sentiment as investors sought guidance from economic policymakers and corporate earnings reports.

With the NGX struggling to find solid footing, investors remain cautious about their portfolio allocations, especially with rising fixed-income yields and impending monetary policy decisions.

The trading session saw a marginal increase in transaction volume, rising by 1.14 percent to 294.32 million units.

However, the value of transactions surged by 12 per cent to N6.72 billion, indicating intensified trading activity despite the overall market decline.

Also, the number of deals rose by 29 percent to 9,957, showcasing heightened market participation.

While the banking sector recorded a modest 1.35 percent gain, driven by increased interest in FBN Holdings, JaizBank, and Sterling Financial Holdings Plc, other sectors faced challenges.

The consumer goods and oil/gas sectors experienced notable declines, contributing to the overall negative sentiment.

As market participants await corporate earnings reports and the outcome of the Monetary Policy Committee meeting, the NGX remains susceptible to volatility, highlighting the need for cautious investment strategies in the current economic landscape.

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