Tag: NGX

Breaking three consecutive sessions of losses, the Nigerian stock market rebounds by 0.17 per cent on Wednesday as investors improve interest in Tier-one banking stocks.

Gains in Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holding, amongst other advanced equities, were the primary drivers of the positive performance of the broader index.

Consequently, investors gained N95 billion or 0.17 per cent, as the Nigerian Exchange Ltd.(NGX) market capitalisation which opened at N56.126 trillion, closed at N56.221 trillion.

The All-Share Index also rose by 0.17 per cent or 168 points to close at 99,385.44, compared to 99,217.60 recorded on Tuesday.

As a result, the Year-To-Date (YTD) return rose to 32.91 per cent.

Market breadth also closed positive with 35 gainers and 23 losers on the floor of the Exchange.

Meanwhile, FTN Cocoa Processors led 34 advanced equities on the gainers’ table by 10 per cent to close at N1.54 per share, while Secure Electronic Technology Plc also led 12 declined equities by 10 per cent to close at 54k per share.

Analysis of the market activity showed that trade turnover settled 33.15 per cent lower than the previous session.

A total of 276.36 million shares valued at N4.12 billion in 7,597 deals were traded, compared to 361.57 million shares worth N6.16 billion in 8,511 deals posted in the previous session.

Also, Access Corporation led the activity chart in volume and value with 45.34 million shares worth N859.40 million.

The domestic bourse continued its downward trend on Tuesday as investors sold off banking, consumer and industrial stocks.

Consequently, Nigeria Exchange Ltd. (NGX) market capitalisation shed N49 billion or 0.09 per cent to close at N56.126 trillion, having opened at N56.175 trillion.

The All-Share Index also dropped 0.09 per cent or 87 points to close at 99,217.60, compared to 99,304.12 recorded on Monday.

As a result, the Year-To-Date (YTD) slipped to 32.69 per cent.

Sell pressures in Zenith Bank, United Bank For Africa (UBA), Access Corporation, Dangote Sugar, Honeywell Flour and Nigerian Breweries were the primary drivers of the market’s decline.

However, market breadth closed positive with 27 gainers and 23 losers on the floor of the Exchange.

On the gainers’ chart, Okomu Oil led with a 10 per cent gain to close at N291.50 per share.

John Holt trailed with a 9.79 per cent increase to close at N3.14, and Consolidated Hallmark Holdings gained 9.43 per cent to close at N1.74 per share.

Secure Electronic Technology Plc rose by 9.09 per cent to close at 60k, and Regency Alliance Insurance added 7.14 per cent to close at 45k per share.

Conversely, Oando led the losers’ chart, dropping 9.75 per cent to close at N12.50.

UPL followed with a 9.09 per cent decline to close at N2.50, and Academy lost 8 per cent to close at N1.84 per share.

Honeywell Flour declined by 7.94 per cent to close at N3.13, and UPDC Real Estate Investment Trust went down by 7.86 per cent to close at N1.29 per share.

Analysis of market activity showed that trade turnover settled 68.09 per cent lower than the previous session.

Investors traded 361.57 million shares valued at N6.16 billion in 8,511 transactions, compared to 973.62 million shares worth N19.32 billion in 9,941 deals posted in the previous session.

Transnational Corporation led the activity chart by volume with 47.51 million shares. GTCO followed with 37.85 million shares valued at N1.65 billion to lead the chart by value.

Veritas Kapital sold 34.95 million shares worth N31.38 million, FBN Holdings traded 27.40 million shares worth N548.26 million, and Access Corporation transacted 26.98 million shares worth N504.36 million.

The Nigerian stock market on Monday opened on a negative note, with performance indices dropping by 0.44 per cent.

Specifically, investors lost N248 billion or 0.44 per cent, as the market capitalisation, which opened at N56.423 trillion, closed at 56.175 trillion.

The All-Share Index also declined by 0.44 per cent or 439 points to close at 99,304.12, as against 99,743.05 posted on Friday.

Losses in Guaranty Trust Holding Company (GTCO), Zenith Bank,  FBN Holdings,  International Breweries, Oando Plc, Dangote Sugar, among other declined equities propelled the weakness in the market.

Market breadth closed negative with 26 losers and 20 gainers on the floor of the Exchange.

On the losers’ chart, International Breweries led by 44k to close at N3.96, Deap Capital Management and Trust Plc and Daar Communications followed by 5k each to close at 51k and 52k per share respectively.

Beta Glass lost five Naira to close at N53, while Oando declined by N1.10 to close at N13.85 per share.

On the other side, Secure Electronic Technology Plc led the gainers’ chart by 5k to close at 56k, while VDF Group trailed by four Naira to close at N44.60 per share.

John Holt gained 25k to close at N2.86, Thomas Wyatt rose by 20k to close at N2.30 and Transcorp Hotel added N8.40 to close at N98.40 per share.

Analysis of the market activity showed that trade turnover settled 70.24 per cent higher than the previous session.

A total of 973.62 million shares valued at N19.32 billion in 9,941 deals were transacted, compared to 617.22 million shares valued at N11.35 billion in 9,273 deals recorded in the previous session.

Meanwhile, FBN Holdings led the activity chart in volume and value with 627.64 million shares worth N13.45 billion, Beta Glass followed by 34.70 million shares valued at N1.9 billion.

Veritas Kapital Assurance sold 35.34 million shares worth N33.47 million, Chams traded 62.15 million shares valued at N60.3 million and AIICO Insurance transacted 24.30 million shares worth N23.24 million.

In a reaction, analysts at Cowry Asset Management Ltd., predicted ahead of the week that the local bourse will trade in mixed sentiment.

They said this would ride on the back of low valuation and portfolio repositioning for value stocks as investors continue to exhibit a wait-and-see approach.

The analysts advised market players and investors to trade in stocks of companies with sound fundamentals as trading volume patterns continue to

fluctuate.

According to them, the present market outlook suggests buying interest in some sectors and profit-taking in others, amid a wait-and-see attitude.

Losses in Teir-one banking stocks on Friday pushed the market indices into a negative terrain, making investors to lose N56 billion.

Specifically, sell-offs in the stocks of Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, Fidelity Bank,  Wema Bank, as well as Nestle and African Prudential, among other declined equities, brought the market performance down.

Accordingly, the market capitalisation which opened at N56.479 trillion, lost N56 billion or 0.10 per cent to close at N56.423 trillion.

Consequently, the All-Share Index lost 0.10 per cent or 100 points, to settle at 99,743.05, compared to 99,842.94 recorded in the previous session.

Market breadth also closed negative with 26 laggards and 23 leaders on the floor of the Exchange.

On the gainers’ log, International Breweries led by 10 per cent to close at N4.40, Thomas Wyatt followed by 9.95 per cent to close at N2.10, Chams gained 9.86 per cent to close at N2.34 per share.

Champion also rose by 9.83 per cent to close at N3.91, while John Holt advanced by 9.66 per cent to close at N2.61 per share.

Conversely, Multiverse led the losers’ log by 9.68 per cent to close at N11.20, RT Briscoe trailed by 7.46 per cent to close at 62k per share.

Sunu Assurances shed 6.25 per cent to close at N1.20, NEM Insurance declined by 5.95 per cent to close at N7.90 and Fidelity Bank dropped 4.81 per cent to close at N9.90 per share.

Meanwhile, analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 55.20 per cent.

Investors traded 617.22 million shares valued at N11.35 billion in 9,273 deals, as against 1.3 million shares valued at N25.33 billion in 8,364 deals that exchanged hands on Thursday.

FBN Holdings led the activity log in volume and value with 207.91 million shares worth N4.57 billion, GTCO followed by 58.55 million shares valued at N2.6 billion.

Veritas Kapital sold 57.59 million shares worth N55.20 million, AIICO Insurance traded 46.83 million shares valued at N45.17 million and Fidelity Bank transacted 38.44 million shares worth N392.17 million.

The Nigerian equity market on Monday opened the week on a positive note with a gain of 0.58 per cent.

Consequently, investors gained N324 billion or 0.58 per cent, as the market capitalisation which opened at N56.128 trillion, closed at N56.452 trillion.

The All-Share Index also closed 0.58 per cent or 573 points stronger to close at 99,793.71 as against 99,221.14 recorded on Friday.

As a result, the Year-To-Date (YTD) return rose to 33.46 per cent.

The market’s positive performance was primarily driven by gains in Seplat, Guaranty Trust Holding Company (GTCO) Zenith Bank, United Bank For Africa(UBA), Transcorp Hotel and Nigerian Breweries, among other advanced equities.

Market breadth closed positive with 30 gainers and 10 losers on the floor of the Exchange.

On the gainers’ chart, Flour Mill led by 10 per cent to close at N41.80 per share.

Total Energies followed closely by 9.98 per cent to close at N353.60 per share.

Access Corporation gained 9.86 per cent to close at N18.95, Chams rose by 9.74 per cent to close at N1.69, Veritas Kapital Assurance advanced by 9.52 per cent to close at 69k per share.

On the other side, eTranzact led the losers’ chart to close at N4.55, Daar Communications trailed at 9.52 per cent to close at 57k per share.

Champion lost 6.67 per cent to close at N2.80, Unity Bank shed 6.67 per cent to close at N1.12 and Wapic Insurance went down by 2.86 per cent to close at 68k per share.

Market analysis revealed that trade turnover settled higher relative to the previous session with the value of transactions up by 83.55 per cent.

A total of 963.54 million shares valued at N13.50 billion were exchanged in 8,657 deals, compared to 388.02 million shares valued at N7.35 billion exchanged in 7,106 deals.

Meanwhile, Fidelity Bank led the activity chart in volume and value with 605.26 million shares worth N6.03 billion, Access Corporation followed by 93.07 million shares valued at N1.74 billion.

UBA transacted 58.73 million shares worth N1.26 billion, Nigerian Breweries traded 45.26 million shares valued at N1.27 billion and Zenith Bank sold 16.08 million shares worth N539.55 million.

The Nigerian Exchange Ltd. (NGX) market capitalisation has gained N15.25 trillion in value in the first five months of the year, amidst domestic and global economic headwinds.

NGX, in a report made available on Thursday in Lagos, stated that the market attained the record following investors continous investment in fundamentally sound quoted companies on the bourse.

The Exchange said that N15.25 trillion market capitalisation growth was recorded amid the spate of rising insecurity, inflation, and hikes in the Central Bank of Nigeria’s (CBN’s) monetary policy rate, among other macroeconomic challenges and global uncertainty.

“Specifically, the overall market capitalisation closed May 2024 at N56.172 trillion, gaining N15.25 trillion or 37.28 per cent from N40.917 trillion, the stock market opened for trading this year.

“Consequently, the NGX All-Share Index increased to 99,300.38 basis points, about 24,526.61 or 32.8 per cent Year-To-Date (YTD) performance from 74,773.77 basis points it closed for trading in 2023,” the NGX said.

The Exchange noted that at 32.8 per cent growth in the major market index, the Nigerian stock market maintained its position as the most performing Exchange in Africa.

NGX said that it had enforced compliance, transparency and a market-friendly environment that continued to impact heavy participation in stock trading by both local and foreign investors.

The regulator said that since the beginning of the year, the stock market had witnessed an unprecedented rally and buying interest, especially in the industrial goods, oil and gas sector and consumer and sub-sector.

According to the Exchange, these sectors have continued to trigger massive bargain hunting in large company shares.

NGX said: “For instance, the NGX Industrial Index has gained 73.08 per cent YTD to 4,694.42 basis points as at May 2024, while the NGX Consumer Goods Index appreciated by 39.5 per cent to close at 1,564.19 basis points.

“The taking position in Dangote Cement Plc influenced the 73.08 per cent YTD growth in NGX Industrial Index.

“The stock price of Dangote Cement has appreciated to N656.70 per share as at May 2024, about 105.28 per cent growth from N319.9 per share the stock opened for trading this year.

“Among the top index performance was the NGX Oil/Gas Index which gained 24.07 per cent YTD performance to 1,294.16 basis points and the NGX Insurance Index which gained 14.17 per cent to close May 2024 at 367.23 basis points.

“Amid reforms in the banking sector, the NGX Banking Index dropped by 11.13 per cent to close May 2024 at 797.37 basis points as investors trade listed banking stocks with caution.”

Meanwhile, Capital market analysts hinged the positive performance  on mixed corporate first quarter ended March 2024 earnings by listed companies, the Federal Government’s reforms in the foreign exchange market and fuel subsidy removal.

Reacting, the Vice President of Highcap Securities Ltd., Mr David Adnori, stated that investors traded based on sentiment in the months under review.

Adonri stated that the emergence of President Bola Tinubu as president further energised the stock market since market participants had confidence in his ability to rejig the economy and implement economy-friendly policies.

Adonri expressed optimism that the stock market might maintain its positive momentum in the second quarter of the year 2024, against the backdrop of the banking sector’s recapitalisation that is expected to trigger investors buying rights issues from listed banks.

Also, Mr Tajudeen Olayinka, an investment banker and stockbroker, said that the drive by many investors to hedge against inflationary spirals put their buy interests in equity.

Olayinka explained that this is demonstrated by a simultaneous rise in interest rates and equity prices.

He stated that beyond this analogy, the economy is still grossly awash with the Former Governor of CBN, Mr Godwin Emefiele’s N30 trillion illegally printed for use during former President Muhammadu Buhari’s administration.

“So, there is excess liquidity in the system, chasing fewer profitable investment opportunities in the economy,” he said.

Meanwhile, amid the hike in the Monetary Policy Rate(MPR)to 26.25 per cent, capital market experts stated that its impact had created sentiment trading among investors who saw the fixed-income market as an alternative investment opportunity to hedge against double-digit inflation.

At a Monetary Policy Committee (MPC) meeting, the CBN Governor, Mr Olayemi Cardoso, stated that the key focus of the committee is to achieve price stability by effectively using tools available to the monetary authority to rein in inflation.

Nigeria’s headline inflation rate continued to climb to 33.69 per cent in April 2024, its highest since March 1996, up from 33.2 per cent in the prior month.

This marks the 16th consecutive month of acceleration in inflation, partly because of renewed weakness in the naira coupled with the removal of fuel subsidies.

Sell-offs in Tier-one banking stocks on Tuesday extended losses on the Nigerian Exchange Ltd. (NGX) stock market capitalisation by 0.07 per cent.

Notably, investors lost N38 billion or 0.07 per cent, as the market capitalisation which opened at N56.069 trillion, closed at N56.031 trillion.

The  All-Share Index also closed 0.07 per cent or  68 points lower to settle at 99,051.02, compared to 99,118.86 posted in the previous session.

Consequently, the Year-To-Date (YTD) return fell to 32.47 per cent.

Losses in Zenith Bank, FBN Holdings, United Bank For Africa(UBA), Fidelity, Wema Bank, Transnational Corporation, United Capital, among other declined equities underpinned the market’s weak performance.

In reaction, Analysts at United Capital Plc predicted mixed sentiments amongst investors to persist in the local equities market.

“On one hand, we expect pockets of buy-interests in the market, as market participants take positions in fundamentally sound stock given their low prices.

“Nevertheless, we still anticipate that the high returns in the fixed-income market will continue to negatively impact the equities market as investors switch,” the analysts added.

Meanwhile, the market breadth closed negative with 22 losers and 17 gainers on the floor of the Exchange.

On the losers’ table, Tantalizers led by 10 per cent to close at 45k, International Energy Insurance trailed by 9.71 per cent to close at N1.58 per share.

UPDC Real Estate Investment lost 9.70 per cent to close at N1.21, Unity Bank shed 9.42 per cent to close at N1.25 and Chams declined by 6.67 per cent to close at N1.40 per share.

Conversely, Nigeria Breweries led the gainers table by 10 per cent to close at N28.60, Presco Plc followed closely by 9.99 per cent to settle at N293.90 per share.

Oando Plc rose by 9.65 per cent to close at N14.20, RTBriscoe gained 9.62 per cent to close at 57k and Deap Capital Management and Trust Plc added 9.09 per cent to close at 48k per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 46.19 per cent.

A total of 347.39 million shares valued at N7.66 billion were exchanged in 8,122 deals, as against 349.59 million shares valued at N5.24 billion exchanged in 8,082 deals recorded in the previous session.

Veritas Kapital, again led the activity chart in volume with 59.17 million shares valued at N40.22 million, followed by Fidelity with 48.12 million shares worth N468.23 million.

Oando sold 27.96 million shares valued at N397.02 million, Unity Bank traded 20.53 million valued at N25.92 million and UBA transacted 19.78 million shares worth N418.86 million to lead the chart in value.

Trading on the Nigerian Exchange Ltd. (NGX) this week closed higher by 1.73 per cent, following investors’ increased demand for banking, insurance, consumer as well as oil and gas stocks.

Specifically, the All-Share Index and Market Capitalisation appreciated by 1.73 per cent to close the week at 99,300.38 and N56.172 trillion respectively, compared to 97,612.51 and N55.218 trillion recorded respectively last week.

This translated into N954 billion profit for equity investors.

Similarly, all other indices finished higher with the exception NGX Industrial Goods and NGX Growth which depreciated by 0.13 and 0.29 per cent respectively, while the NGX ASeM and NGX Sovereign Bond indices closed flat.

Investors rally for Seplat, Oando, Dangote Sugar, Guaranty Holding Company(GTCO), FBN Holdings, FCMB, United Bank For Africa(UBA), Consolidated Hallmark Holdings Ltd., Guinea Insurance, LASACO Assurance, among other advanced equities perpetuated the positive performace.

Meanwhile, investors turn around to insurance stocks was as a result of listed insurance companies’ strong year 2023 financial result released during the week, while seven of them proposed attractive dividend payouts.

Also, 45 equities appreciated in price during the week higher than 24 equities in the previous week.

25 equities depreciated in price lower than 53 in the previous week, while 84 equities remained unchanged, higher than 76 recorded in the previous week.

A total turnover of 2.189 billion shares worth N31.303 billion in 39,362 deals was traded this week by investors on the floor of the Exchange, in contrast to 1.986 billion shares valued at N40.715 billion exchanged in 38,487 deals traded last week.

The Financial Services Industry measured by volume led the activity chart with 1.914 billion shares valued at N23.922 billion traded in 21,717 deals; thus contributing 87.41 and 76.42 per cent to the total equity turnover volume and value respectively.

The Oil and Gas Industry followed with 55.349 million shares worth N3.093 billion in 2,109 deals.

The third place was the Agriculture Industry, with a turnover of 45.085 million shares worth N377.619 million in 1,615 deals.

Trading in the top three equities namely: Abbey Mortgage Bank Plc, Access Holdings Plc and Zenith Bank Plc, measured by volume accounted for 1.129 billion shares worth N14.914 billion in 6,494 deals.

This contributed 51.57 per cent and 47.64 per cent to the total equity turnover volume and value respectively.

Meanwhile, the gainers’ table was led by Fidelity Bank, Dangote Sugar Refinery Plc, Nascon Allied Industries Plc, FCMB Group Plc, and United Bank for Africa(UBA).

The losers’ table was led by C&I Leasing, NPF Microfinance Bank Plc, FTN Cocoa Processors, Learn Africa and FIDSON Healthcare Plc.

Additionally, in the week under review, the May 2024 Issue of the Federal Government of Nigeria (FGN) Bonds worth N464.12 billion was listed on the NGX on Thursday.

The details of the bond issued was: FGN May 2033 of 464.12 million units valued at N464.12 billion at a coupon rate of 19.89 per cent.

Reacting in its weekly outlook, analyst at Cowry Asset, said that looking ahead, the current bullish trend at the domestic bourse is expected to persist.

They predicted that this would be driven by profit-taking and portfolio rebalancing as the new trading month approaches.

“Market pullbacks are anticipated to enhance the index’s upward potential, supported by the ongoing dividend earnings season.

“However, we continue to advise investors to trade on companies’ stocks with sound fundamentals,” the analysts noted.