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MTN, Guinness, Zenith Decline as Stock Market Gained N61bn

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MTN, Guinness, Zenith Lead Losers as Stock Market Gains N61bn

The Nigerian Stock Exchange (NSE) rebounded on Wednesday as positive sentiment fueled renewed interest in the market following days of bearish trends.

The market capitalisation of listed equities expanded by N61 billion from N12.769 trillion it closed on Tuesday to N12.830 trillion on Wednesday. While the NSE All-Share Index gained 0.47 percent from 24,595.05 basis points attained on Tuesday to close at 24,479.22 bps on Wednesday.

However, activity level was low as investors traded 198.011 million shares valued at N1.036 billion in 3,772 deals during the trading hours of Wednesday. This was lower than the 280.667 million shares worth N3.138 billion that were exchanged in 4,464 transactions on Tuesday.

In terms of volume traded, WAPIC led with 30.278 million shares valued at N11.196 million. This was followed by 22.787 million shares worth N79.677 million from UPDCREIT.

UBA, Transcorp and Chams added 20.201 million shares, 19.380 million shares and 11.653 million shares valued at N123.511 million, N12.758 million and N2.589 million, respectively.

Top Gainers

BUA Cement led top gainers with N3.3 or 8.53 percent gain to close at N42 per share. Cadbury came second with 65 kobo or 9.63 percent profit to settle at N7.4 percent per share.

This renewed bullish trend included WAPCO that added 50 kobo or 5 percent to close at N10.5 per share. Sterling Bank and Pz appreciated by 12 kobo 0r 9.60 percent and 1 kobo or 2.50 percent to close at N1.37 per share and N4.1 per share, respectively.

Top Losers

MTN Nigeria led top losers with N1.50 or 1.28 percent decline to close at N116 per share. This decline continues as Guinness and Zenith Bank depreciated by 50 kobo or 3.45 percent and 40 or 2.48 percent to call it a day at N14 per share and N15.7 per share, respectively.

Flour Mills and Dangote Sugar added 35 kobo or 1.84 percent and 30 kobo or 2.50 percent decline to the table to close at N18.65 per share and N11.7 per share, respectively.

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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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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Stock Market Cap Appreciates by N14 Billion this week as NSE All-Share Index Dips

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Stock Market Gained by N14 Billion this week Amid Economic Uncertainties

The market value of the Nigerian Stock Exchange expanded by N14 billion this week despite weak market sentiment amid growing economic uncertainties.

Investors traded a total turnover of 1.139 billion shares worth N12.692 billion in 17,109 deals during the week, against a total of 1.226 billion shares valued at N10.842 billion that exchanged hands in 19,529 deals in the previous week.

The sectoral performance showed the Financial Services industry led activity chart in terms of volume traded with 870.300 million shares valued at N7.863 billion traded in 9,427 deals, therefore, contributing 76.43 percent and 61.95 percent to the total equity turnover volume and value, respectively.

The Industrial Goods industry followed with 62.689 million shares worth N1.162 billion in 1,557 deals. The third place was the ICT industry, with a turnover of 50.859 million shares worth N2.552 billion in 619 deals.

Trading in the top three equities namely FBN Holdings Plc, Guaranty Trust Bank Plc and Access Bank Plc. (measured by volume) accounted for 353.048 million shares worth N4.018 billion in 3,095 deals, contributing 31.00% and 31.66% to the total equity turnover volume and value respectively.

A break down of the week activities showed investors traded 257,027,926 shares valued at N3,320,061,770 in 3,567 deals on Monday, September 14, 2020. While 245,139,497 shares worth N3,013,027,933 exchanged hands in 3,597 transactions on Tuesday of the same week.

Investors traded 211,816,446 shares valued at N2,417,710,834; 231,201,739 shares worth N2,095,227,478 and 193,495,274 shares valued at N1,845,658,982 in 3,651, 3,360 and 2,934 deals on Wednesday, Thursday and Friday, respectively.

The market capitalisation of listed equities appreciated by 0.10 percent or N14 billion from N13.351 trillion last week to N13.365 trillion this week.

While NSE All-Share Index depreciated by 0.08 percent or 19.38 basis points from 25,591.95bps last week to 25,572.57bps this week.

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