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

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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%

 

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.

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United Capital Lists N10Billion Senior Unsecured Fixed Rate Series I Bonds

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United-capital

United Capital N10Billion Senior Unsecured Fixed Rate Series I Bonds

United Capital Plc on Tuesday announced it has listed N10Billion 5 Year 12.5 per cent Senior Unsecured Fixed Rate Series I Bonds Due 2025 Under the N30,000,000,000 Debt Issuance Programme.

In a statement released through the Nigerian Stock Exchange, the company said “United Capital Plc – Listing of United Capital Plc’s N10Billion 5 Year 12.5% Senior Unsecured Fixed Rate Series I Bonds Due 2025 Under the N30,000,000,000 Debt Issuance Programme.”

“Dealing Members are hereby notified that United Capital Plc’s N10Billion 5 Year 12.5% Senior Unsecured Fixed Rate Series I Bonds Due 2025 under the N30,000,000,000 Debt Issuance Programme were today Tuesday, 22 September 2020 listed on Daily Official List of The Nigerian Stock Exchange.”

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Nestlé S.A. Up Stake in Nestle Nigeria Plc to 66.3%

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Nestlé S.A. Switzerland Increased Stake in Nestle Nigeria Plc to 66.3%

Despite growing economic uncertainties amid a decline in economic productivity, Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has continued to up its ownership percentage in Nestle Nigeria.

Nestlé S.A, Switzerland now owned 66.3 percent of the Nigerian subsidiary.

This was after the company purchased additional shares of 229,697 units in Nestle Nigeria to bring the company’s total purchase from August 20 to date to 977,744 units.

Nestlé S.A has now spent a total sum of N1.17 billion to buy shares in three transactions in its Nigerian subsidiary in 22 days.

A break down of the transactions revealed that the purchase consideration for the 229,697 additional units of Nestlé Nigeria shares at an average price of N1,249.65 per unit is put at N287 million.

Experts said Nigerian shareholders were willing to sell because of the ongoing economic hardships being witnessed in the country.

The National Coordinator, PSAN, Boniface Okezie, said, “It is expected for the foreigners to take the holdings since Nigerian shareholders are offering to sell and no domestic investor has the ability to purchase.

“I don’t see it as a mission to take over the company; I believe it is a morale booster to the Nigerian company. The regulators are watching and they will react if they are crossing the threshold.”

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Nigerian Stock Exchange to Benefit From Low Valuations – Experts

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Stock Market to Benefit From Low Valuations – Experts

Investment experts have said the Nigerian Stock Exchange would benefit from low stock valuations despite the present mixed performance following sell pressure in banking stocks.

The experts hinged their analysis on the usual investors’ search for undervalued yields with strong fundamentals.

The NSE market capitalisation expanded by N14 billion last week but the All Share Index declined by 0.08 percent 25,572.57 basis points, highlighting the mixed performance of the Exchange amid growing economic uncertainties.

The analysts at Cordros Capital, in the review of the week performance, said the bourse could see a positive performance in the long run over compelling valuations while advising investors to exercise cautions when buying given current uncertainties.

They stated: “In the absence of a positive catalyst, and given the still uninspiring macro story, we guide investors to trade cautiously in the short term.

“However, we expect the market might benefit over the longer term on compelling valuations and as investors seek alpha-yielding opportunities in the face of negative real returns in the fixed income market.”

Experts at Afrinvest Securities, another Lagos-based investment banking company, said the new week would see investors taking profit, a situation they said could weigh on the Exchange and plunge stock value.

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