JAN 23, 2018: RALLY OVER AT THE NIGERIAN STOCK EXCHANGE?

Is the honeymoon over at the Nigerian stock exchange? Is the market heading back to its old grind of up today, down tomorrow?

Today January 23, 2018, for the second day the All share index closed down, thus at best punctuating the coaster ride of sorts since the beginning of the year.

The ASI dropped by 1.16% to 44,389.85 thus even going down faster when compared to the 0.4% drop recorded yesterday, Monday to start week 4.

Agreed, the first punctuation of the upwards ride occurred on January 18 as the ASI slipped 0.08% to 44,848.74 from 44,885.24. But it did recover from that to hit new high of 45,092.83 on Friday.

If the honeymoon is over, then it is likely to have happened rather early because crude oil prices are still high enough to continue to boost the Nigerian economy, particularly foreign reserves for a while.

But then it could also be a byproduct of the weakness in the market itself being an emerging one in which price swings in some major equities point the way for the whole market.

In a way the market itself was clearly bearish with only 14 price gains as against 43 drops. Of course, it did matter that Dangote Cement went down N4 or 1.47% per share behind 11 PLC (Mobil oil of yore) leading N7 or 3.24% per share drop..

Top % losers were two with drops just short of  double digit. Pacing in this regard was Fidelity bank, down N0.36 of 9.16% per share. It opened the day at N3.75 then eased to close at N3.57 per share compared to N3.93 yesterday.

A G Leventis followed the Fidelity % lead down with 9.09% or N0.07 per share drop.

The gainers, on the other hand were led by Skye bank in % terms; up 9.93% or N0.14 per share as it closed the day at N1.55 after hitting day low of N1.48.

It was followed by Caverton Offshore with 9.84% or N0.24 per share rise and Unity bank up 9.23% or N0.12 per share.

But Seplat Petroleum led Naira gains with N9.99 or 1.48% top up followed by Unilever Nigeria, up N2.21 or 5% per share and Nigerian Breweries with N2 of 1.4% increase.

Seplat opened the day at N679.5 then closed at day high of N685 per share compared to N675.01 the previous day.

It also looked like daily offloads in Transcorp and some banks have run their course. Unlike recent days Transcorp recorded 258 deals for only 43.399m units worth N94.28m.

But new offloads surfaced in Skye Bank in which leading 150.37m shares changed hands in 440 deals worth N226.77m and in FBN Holdings which witnessed day high 1147 deals for 104.16m shares worth N1360.58m.  

Hence, it was only number of deals that rose to 8927 from 8572 yesterday while traded volume tumbled from giddy 4.486bn to 737.86m and traded value also declined to N7.67bn from N15.9bn yesterday.

Zenith bank and GTB like FBN recorded deals for above N1bn each as in leafing N1.442bn in 611 deals involving 27.86m shares for GTB and N1.39bn in 559 deals for 43.3m shares in Zenith.

Comments

Post a Comment

Popular posts from this blog

2018: TWO BLOWS TO UNITED CAPITAL PLC.

When a child who in a previous examination scored 80%, comes home with a new report in which he now scores 67.2%, the parents have a right to sit him down and ask how come. So it must be between Nigeria's United Capital Plc and its discerning shareholders since the release of the company's 2018 audited figures. In 2018, all said and done, says the annual report, United Capital ended with 67.2 % profit margin compared to 80.2% in 2017. How come? What comes across from the figures was that the company received 2 blows to the jugular in 2018: Sharp drops in Investment income and fair value gain. Investment income dropped by 10.8% to N4422.8m from N4965.2m while fair value on financial assets plunged by 79.7% to N6.173m from 2017's N30.387m. In view of both drops, the group's gross earnings grew by only 33.9% to N9259.4m despite strong growths in net trading income, and net operating income leap to N757.5m from N143.5m  Other income streams ended with single digit increase....
Read more

KENYA AUCTIONS Ksh 13.84bn Treasury Bonds.

The Central Bank of Kenya (CBK) will from Tuesday December 18 to 27th 2018_ auction Ksh 13.84bn worth of fixed income Treasury Bonds with issue date December 17, 2018. According to official statement from the Director of Financial Markets Irene Njiru on Monday December 17, auction will continue throughout the stated period or close once the target money to be raised is reached, whichever comes first. Bid value will be paid for at most by 2pm December 31, 2018 while auction results will be made public on December 28, 2018 after the scheduled closing date. The bonds are being issued at 12.502% fixed interest at an adjusted average price of Ksh 100.468 for Ksh 100 bond. However, price payable after auction results publication will be average of successful bid prices based and allotment will be on first come first served basis. Meanwhile, the monetary operations and debt management department has released the interest payment schedule for 13 Treasury Bonds due January and February 2019. Th...
Read more

NAIROBI SE's HIGH PRICED EQUITIES.

In the wake of Nigeria's high priced quoted companies posted in this blog a while ago, Henates took a look to at Nairobi Securities Exchange June 23 official list to identify its high priced equities and the outcome was interesting too. Of the 66 companies quoted on the market by June 23, 15 or 22.7% were valued averagely at above 30 times nominal value. A word of caution though: There are two clear differences between the Nigerian stock market list and that of Nairobi: In the Nigerian one most listed companies have par or nominal value of N0.50 as is there is an implied agreement on this. On the other hand, at Nairobi most of the equities do not share common par value, they differ greatly. Then another thing, Nigerian equities are not valued below par, Nairobi ones can and many are so valued. Of the top 15 high priced equities at the Nairobi market, Safaricom topped with because by June 23, at 23.25 Ksh average price, it was valued 465 times its nominal value of just 0.0...
Read more