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Nigerian Stock Exchange Weekly News: Stock Investors Gain N747 Billion Last Week




Nigerian Stock Exchange Gained N747 Billion Last Week to Close at N14.852 Trillion

Stock investors made N747 billion last week as Nigerian Stock Exchange market capitalisation rose above N15 trillion before pulling back to N14.852 trillion on Friday.

Investors traded 3.140 billion shares worth N35.372 billion in 35,099 deals during the week, against a total of 1.532 billion shares valued at N16.901 billion that were traded in 17,882 deals in the previous week.

In terms of volume traded, the financial services sector led with 2.325 billion shares worth N25.816 billion that exchanged hands in 21,306 transactions. The sector contributed 74.05 percent and 72.99 percent to the total equity turnover volume and value, respectively.

The oil and gas sector came second with 200.567 million shares valued at N1.012 billion in 1,977 transactions. Industrial goods sector came third with a turnover of 149.200 million shares valued at N3.631 billion in 2,991 deals.

The top three most traded equities during the week were Zenith Bank Plc, FBN Holdings Plc and United Bank for Africa Plc. The three accounted for a combined 1.236 billion shares worth N15.724 billion exchanged in 9,774 deals and contributed 39.36 percent and 44.45 percent to the total equity turnover volume and value, respectively.

The Nigerian Stock Exchange Market Capitalisation rose by N747 billion or 5.30 percent from N14.105 trillion recorded in the previous week to N14.852 trillion last week, while the Nigerian Stock Exchange Index gained 1,429.54 basis points or 5.30 percent from 26,985.77 bps achieved in the previous week to 28,415.31 bps last week.

Nigerian Stock Exchange year-to-date gain stood at 5.86 percent and 5.90 percent in October and this ongoing quarter.

Top Gainers and Losers in the Nigerian Stock Market

Below are top ten gainers and losers on the Nigerian Stock Exchange last week.

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

Stock Market

Conoil Declares N1.39 Billion Dividend for 2019 Financial Year




Conoil to Pay Shareholders N1.39 Billion Dividend for 2019 Financial Year

Conoil Plc has approved N1.39 billion dividend payment for its shareholders for the 2019 financial year.

In a statement released by the company on Sunday, shareholders of the company would get a dividend of 200 kobo per 50 kobo ordinary share.

At the virtual 50th Annual General Meeting held on Friday in Lagos, the shareholders agreed unanimously in the commendation for the board and management for the company’s performance and consistency in the payment of dividends.

Conoil grew profit before tax by 10.4 percent to N2.83 billion in the 2019 financial year while profit for the expanded by 9.8 percent to N1.97 billion during the same period.

The oil marketer also grew total assets by 4.4 percent to N63.6 billion while interest expense declined by 26 percent to N1.1 billion during the 2019 financial year.

Addressing shareholders of the company, Mike Adenuga Jr., the Chairman, Conoil Plc, said the strong performance was in line with the promise made to shareholders regarding better execution of value-added products and services.

The chairman said the oil company has set an ambitious growth strategy, driven by broad market penetration and innovation, for the next five years.

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Zimbabwe Government Introduces US Dollar Stock Exchange to Lure Investors



Zimbabwe Introduces US Dollar Based Stock Exchange Market to Lure Foreign Investors

The Government of Zimbabwe has introduced US dollar based Stock Exchange market to lure global investors to the embattled economy.

The new stock exchange known as Victoria Falls Stock Exchange is a subsidiary of the Harare-based Zimbabwe Stock Exchange (ZSE) and will commence trading on Monday, according to the state-run Herald newspaper.

According to the Minister of Finance, Zimbabwe, Mthuli Ncube, The new Exchange based in northwestern Victoria Falls, the country’s premier tourism destination – marked “the foundation stone” for building the town into an “offshore financial hub”.

He said “We saw an opportunity to work with the ZSE in creating a global platform for the trading of stocks in foreign currency, and to do it in a way that promotes foreign investment into Zimbabwe.

The finance minister said the new bourse will cater mainly for mining conglomerates and giant international corporates such as insurance giant Old Mutual.

Zimbabwe continues to struggle with low foreign exchange amid worst economic crisis in more than a decade.

President Emmerson Mnangagwa, who came into power through military coup in 2017, blames the current economic crisis on unnamed “detractors” and Western-imposed sanctions.

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Stock Market

Nigerian Stock Exchange Gains Slightly this Week Despite Unrest



Stock Investors

Stock Market Gained N19 Billion this Week Despite Unrest

The Nigerian Stock Exchange appreciated by N19 billion this week despite the #EndSARS protest that grounded business activities in major cities.

Investors traded a total turnover of 1.505 billion shares worth N19.668 billion in 20,552 deals during the week, against a total of 1.955 billion shares valued at N22.978 billion that exchanged hands last week in 22,844 deals.

In terms of volume traded, the Financial Services industry led the activity chart with 1.196 billion shares valued at N14.950 billion traded in 11,318 deals; thus contributing 79.47 percent and 76.01 percent to the total equity turnover volume and value respectively.

The Conglomerates industry followed with 97.167 million shares worth N269.045 million in 516 deals.

In third place was the Consumer Goods, with a turnover of 77.588 million shares worth N1.928 billion in 3,461 deals.

Trading in the top three equities was Guaranty Trust Bank Plc, Access Bank Plc and United Bank for Africa Plc. The three accounted for 633.527 million shares worth N10.006 billion in 3,887 deals, together they contributed 42.08 percent and 50.87 percent to the total equity turnover volume and value, respectively.

The Nigerian Stock Exchange Market Capitalisation expanded by 0.13 percent or N19 billion during the week from N14.980 trillion last week to N14.999 trillion this week.

The NSE All-Share Index also gained 0.13 percent or 37.61 basis points from 28,659.45 bps it closed last week to 28,697.06 bps this week.

The index year-to-date return rose to 6.91 percent when the quarter-to-date has risen by 6.95 percent.

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