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Overwhelmed by Tumbling oil prices, COVID-19, NSE losses N329bn

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NGX: Market capitalisation drops by 17bn
…As Access Bank, Conoil, Cornerstone, Fidelity, NAHCO Lead Losers’ Table ***

 The persistent fall in global oil prices and rising cases of COVID-19 may have overwhelmed the Nigerian Stock Exchange (NSE) market, in which capitalization opened on Monday with a whopping loss of N329 billion.

The market capitalisation which opened at N13.694 trillion shed N329 billion to close at N13.365 trillion.

Also, the All-Share Index (ASI) decreased by 632.07 points or 2.41 per cent to close at 25,647.54 against 26,279.61 on Friday, the largest decline since Sept. 12, 2019.

Consequently, the Month-to-Date return loss stood at 2.2 per cent, as Year-to-Date loss also increased to 4.5 per cent.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Nigerian Breweries, Stanbic IBTC Holdings, Guaranty Trust Bank, Zenith Bank and Conoil.

Analysts at Afrinvest Limited stated that “With the widespread of COVID-19 inducing a four-year low in global crude oil prices, we believe the dark clouds are gathering.

“As such, we expect investors to remain risk-averse toward the equities market in the near term, although there is headroom for bargain hunting activities due to cheap valuation of stocks and the local bourse relative to peers.”

Market breadth closed negative, with only one gainer against 39 losers.

Access Bank, Conoil, Cornerstone Insurance, Fidelity Bank, Nigerian Aviation Handling Company, Oando, Stanbic IBTC Holdings, United Capital and Unilever Nigeria led the losers’ chart by 10 per cent each,  to close at N7.65, N16.20, 45 kobo, N1.80, N2.25, N2.43, N31.50, N2.34 and N11.70, per share, respectively.

Also read:  NSE: Market capitalisation sustains growth with N6bn

Vitafoam Nigeria and Guaranty Trust Bank followed with a decline of 9.96 per cent each,  to close at N4.07 and N22.15 per share respectively.

Nigerian Breweries lost 9.93 per cent to close at N36.75 per share.

On the other hand, Consolidated Hallmark Insurance was the only gainer growing by 7.14 per cent to close at 30k per share.

Similarly, the total volume of shares traded dropped by 48.6 per cent with an exchange of 185.65 million shares valued  N1.83 billion,  traded in 2,690 deals.

This was in contrast with a turnover of 361.11 million shares worth N4.28 billion traded in 4,602 deals on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 53.51 million shares worth N907.08 million.

Transcorp came second with 23.06 million shares worth N18.004 million, while Guaranty Trust Bank accounted for 15.21 million shares valued  N336.81 million.

Skyway Aviation Handling Company traded 8.37 million shares worth N19.59 million, while Law Union and Rock Insurance sold 6.87 million shares valued N6.69 million.

Banking & Finance

Investors Lose N132bn As Dangote Sugar, PZ Cussons Nigeria lead Losers table

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Investors Lose N132bn As Dangote Sugar, PZ Cussons Nigeria lead Losers table

The stock market recorded a downturn, resulting in a loss of N132 billion in investors’ wealth on the Nigerian Exchange Ltd. (NGX).

This negative trend was primarily driven by sell-offs in Tier-one banking stocks, such as Zenith Bank, FBN Holdings, and United Bank of Africa.

Apart from Tier-one banking stocks, Wema Bank, Sterling Bank, FCMB, Dangote Sugar, and PZ Cussons, among others pulled down the market on a negative note.

Consequently, the market capitalisation of the NGX declined to N55.132 trillion from N55.264 trillion, marking a decrease of N132 billion.

The All-Share Index also dropped by 0.24 per cent, losing 235 points to settle at 97,473.98 from an opening of 97,708.74.

Year-to-date (YTD) figures fell to 30.36 per cent, reflecting the overall negative sentiment prevailing in the market.

However, the market breadth closed positive with 22 gainers and 20 losers.

LearnAfrica and Tantalizers led the gainers’ table by 10 per cent each, closing at N3.63 and 55k per share, respectively.

McNichols Plc followed closely with a gain of 9.89 per cent, while Regency Alliance Insurance and Cutix advanced by 9.38 per cent and 8.33 per cent, respectively.

On the flip side, Dangote Sugar, PZ Cussons Nigeria, and The Initiates Plc experienced the biggest losses, each dropping by 10 per cent to close at N40.50, N22.50, and N2.25 per share, respectively.

NEM and Caverton also saw significant declines of 9.66 per cent and 9.55 per cent, respectively, closing at N9.35 and N1.24 per share.

The trade turnover settled 48.90 per cent lower than the previous session.

A total of 306.60 million shares valued at N5.81 billion were transacted in 7,951 deals, in contrast to 439.10 million shares valued at N11.38 billion in 8,607 deals traded on Monday.

Access Corporation led the activity chart in volume with 33.23 million shares valued at N575.59 million.

GTCO followed to lead the chart in value chart with 32.25 million shares worth N1.36 billion.

Nigerian Breweries sold 27.46 million shares worth N631.76 million and UBA traded 22.52 million shares valued at N519.50 million.

Also, Royal Exchange Plc transacted 19.46 million shares worth N10.18 million. 

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Banking & Finance

Sell-offs In Airtel, Others Drag Market Capitalisation Down By N500bn

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Investors Lose N132bn As Dangote Sugar, PZ Cussons Nigeria lead Losers table

 …Airtel Africa leads the losers’ table!

Opening the week, the Nigerian Exchange Ltd. (NGX) market capitalisation on Monday dropped by 0.89 per cent to close at N55.823 trillion.

Specifically, the market capitalisation declined by N500 billion or 0.89 per cent to close at N55.823 trillion as against N56.323 trillion recorded on Friday.

The All-Share Index, which opened at 99,587.25, also shed 0.89 per cent or 884 points to close at 98,703.68.

As a result, the Year-To-Date (YTD) slipped to 32 per cent.

Sell-offs in Airtel Africa, Transnational Corporation, Stanbic, Nigerian Breweries and Nigerian Aviation Handling Company(NAHCO), among other declined equities, pulled the market down.

However, market breadth closed positive with 39 gainers and 18 losers on the floor of the Exchange.

On the gainers’ table, Cornerstone Insurance and Guinea Insurance led by 10 per cent each to close at N1.98 and 33k per share, respectively.

NASCON and Oando Plc rose by 9.94 per cent each to close at N47 and N9.95, while Wema Bank went up by 9.24 per cent to close at N7.55 per share respectively.

On the other hand, Airtel Africa led the losers’ table by 10 per cent to close at N1,980, and Berger Paints trailed by 9.85 per cent to close at N12.35 per share.

Industrial & Medical Gases shed 9.82 per cent to close at N12.40, International Energy Insurance dropped 9.35 per cent to close at N1.26, while International Breweries declined by 9 per cent to close at N4.35 per share.

Also, the analysis of the market activities showed that trade turnover was higher than the previous session, with the value of transactions up by 26.10 per cent.

Investors traded a total of 421.73 million shares valued at N8.95 billion in 10,624 deals, compared to 446.57 million shares valued at N7.10 billion, exchanged in 9,297 deals posted in the previous session.

Access Corporation led the activity chart in volume and value with 98.24 million shares worth N1.76 billion, United Bank of Africa(UBA), followed by 40.39 million shares valued at N1.07 billion.

Guaranty Trust Holding Company (GTCO) sold 35.90 million shares valued at N1.49 billion, while Universal Insurance transacted 30.39 million shares worth N11.39 million.

Also, Zenith Bank traded 26.90 million shares worth N982.15 million.

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Banking & Finance

MTN, Zenith, FBN Stocks Lift Market Capitalisation By N196bn

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Investors Lose N132bn As Dangote Sugar, PZ Cussons Nigeria lead Losers table

 …Dangote Sugar leads the Losers Table 

Renewed demand for MTN Nigeria, alongside Zenith Bank and FBN Holdings, among other leading stocks on Tuesday, pulled the Nigerian Exchange Ltd. (NGX) market capitalisation up by 0.35 per cent.

Recovering from previous session losses, the market capitalisation, which opened at N55.357 trillion, gained N196 billion or 0.35 per cent, to close at N55.553 trillion.

Consequently, the All-Share Index rose by 0.35 per cent or 346 points to close at 98,225.63, in contrast to 97,879.94 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 31.36 per cent.

Market breadth also closed positive with 28 gainers and 18 losers on the floor of the Exchange.

On the gainers’ table, CAP Plc, LearnAfrica, Nigeria Aviation Handling Company and UACN led by 10 per cent each to close at N28.60, N3.30, N36.30 and N14.85 per share, respectively.

Conoil followed closely by 9.96 per cent to close at N99.95 per share.

On the other side, Dangote Sugar led the losers’ table by 9.95 per cent to close at N38.90, and Computer Warehouse Group trailed by 9.85 per cent to close at N5.05 per share.

Vitafoam Nigeria shed 9.81 per cent to close at N17, Honeywell Flour declined by 9.74 per cent to close at N3.15 and UPL lost 9.60 per cent to close at N2.26 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 193.52 per cent.

A total of 552.21 million shares valued at N14.92 billion were exchanged in 9,350 deals, as against 277.24 million shares valued at N5.08 billion, exchanged in 8,714 deals traded previously.

GTCO led the activity chart in volume and value with 245.46 million shares worth N7.95 billion, FBN Holdings followed by 45.47 million shares valued at N1.09 billion.

Access Corporation transacted 42.87 million shares valued at N727.96 million, Transnational Corporation sold 36.08 million shares worth N502.35 million and United Bank of Africa(UBA) traded 22.45 million shares worth N537.74 million.

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