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Seplat, Guinness, Nigerian Breweries Drag Stock Market Further Down

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Stock Market Continues its Downward Trend on Wednesday

The Nigerian Stock Exchange (NSE) declined further on Wednesday as several stocks closed in the red.

The NSE All-Share Index depreciated by 95.01 basis points from 24,750.06 basis points it closed on Tuesday to 24,655.05 bps on Wednesday.

While market capitalisation of listed equities declined by 0.38  percent or N5 billion from N12.91 trillion it recorded on Tuesday to N12.86 trillion on Wednesday.

Activity level was mixed on Wednesday as investors traded 189.253 million shares worth N1.917 billion in 3,364 transactions against the 167.95 million shares traded in 3,784 deals on Tuesday.

First Bank of Nigeria Holding led in terms of volume traded with 44,445,414 shares valued at N241.094 million. This was followed by Zenith Bank’s 21,345,619 shares worth N349.374 million.

Access Bank, Japaul Oil and UBA added 18,872,401, 10,837,862 and 9,693,091 valued at N124.611 million, N2.643 million and N61.079 million respectively.

Champion led the top gainers’ chart with 7.95 percent to settle at 95 kobo. AIICO followed with 6.67 percent to close at 96 kobo.

Nahco added 5.98 percent to close at N2.66 per share. Caverton and Zenith bank did 4.74 percent and 0.92 percent to settle at N1.99 per shares and N16.4 per shares, respectively.

On the other hand, PZ led losers with 10 percent decline to close at N4.05 per share. This was closely trailed by Seplat’s 9.98 percent depreciation to N386 per share. Glaxosmith lost 9.30 percent to close at N5.85 per unit share.

Guinness and Nigeria Breweries lost 9.09 percent and 3.61 percent to close at N15 and N34.7 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.

Stock Market

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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Weak Patronage Forces Prestige Assurance to Extend Offer Period for Rights Issue

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Prestige Assurance Extends Offer Period for Rights Issue

Prestige Assurance has extended the offer period for the rights issue of 13,635,796,006 ordinary shares of 50 Kobo each at 50 Kobo per share on the basis of Thirty-Eight (38) new ordinary shares for Fifteen (15) ordinary
Shares held.

The company disclosed this in a statement signed by Godstime Iwenekhai Head, Listings Regulation, Prestige Assurance Plc and forwarded to the Nigerian Stock Exchange (NSE) on Friday.

The decision to extend the offer period may not be unconnected to the drop in patronage due to the negative impacts of COVID-19 on Nigerians and slow economic growth.

It said “Prestige Assurance Plc – Extension of Offer Period for the Rights Issue of 13,635,796,006 Ordinary Shares of 50 Kobo Each at 50 Kobo Per Share on the Basis of Thirty-Eight (38) New Ordinary Shares for Fifteen (15) Ordinary Shares Held.”

“Further to our Market Bulletin of 10 August 2020 with reference number: NSE/RD/LRD/MB39/20/08/10, Dealing Members are hereby informed of the extension of the offer period of Prestige Assurance Plc’s Rights Issue of 13,635,796,006 ordinary shares of N0.50 each at N0.50 per share on the basis of thirtyeight (38) new ordinary shares for every fifteen (15) ordinary shares held as at the close of business on 31 January 2020 (the Offer).

“The Nigerian Stock Exchange has received a confirmation from the Securities and Exchange Commission to extend the offer period by two (2) weeks. With this extension, the Offer which was initially scheduled to close on Thursday, 17 September 2020 will now close on Wednesday, 30 September 2020.”

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Five Leading Health Care Companies Lost Over $65bn in Market Cap YTD

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Top Five Leading Health Care Companies More than $65bn in Market Value

Data presented by Buy Shares indicates that five selected leading public health care companies have cumulatively lost $65.59 billion in market capitalization. The slump is on a Year-to-Date basis.

Health care companies banking on coronavirus vaccine

Walgreens Boots Alliance is the biggest loser at $21.21billion. CVS Health is the second biggest loser at $20.81 billion followed by Cigna Corp at $13.88 billion.

From the research, Anthem Inc. market capitalization has plunged by $8.91 billion while Cardinal Health had the least loss at $0.78 billion.

Despite the widespread losses, UnitedHealth Group’s market capitalization gained by a massive $16.73 billion. Johnson & Johnson also gained by $3.97 billion during the period under review.

Although the health care sector has registered a decline in market capitalization, several factors might spark a resurgence. According to the research report:

“The health care companies are banking on a possible vaccine to make a rebound in the market. Currently, there are over 70 vaccines under development, and companies that emerge first are likely to benefit from that. For example, Johnson & Johnson’s positive change in market capitalization can be linked to the fact that the company is very active in vaccine searching. Additionally, the stock market is also depending on the vaccines to make a rebound. Positive news regarding the vaccine has seen other stocks make notable gains.”

The research also overviewed the Year-to-Date returns for the selected companies. AmerisourceBergen Corp has the biggest returns at 13.84% followed by UnitedHealth Group at 4.27%. Elsewhere, Walgreens Boots Alliance has the worst returns at -38.47%. CVS Health had the second-worst returns at -22.63%.

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