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Nigerian Stock Exhange

Nigerian stocks rebound on surging demand for bank shares

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FBH Holdings, ETI, Champion Breweries and Access drove the rally, which was partly supported by an almost threefold leap in trade volume.

Nigerian stocks advanced 0.45 per cent on Tuesday, fully regaining all the grounds lost at the previous trading session, riding on the back of investors’ renewed interest in bank stocks.

FBH Holdings, ETI, Champion Breweries and Access drove the rally, which was partly supported by an almost threefold leap in trade volume.

Access, Nigeria’s biggest lender by asset announced a buyout of controlling interest in BancABC Botswana on Tuesday, the same day Raysun Nigeria Limited, the special purpose entity of Nigeria’s biggest beer-maker Nigerian Breweries proposed to fully acquire Uyo-based Champion Breweries, both developments strengthening their share prices.

Market breadth, an indicator of investors’ sentiment towards trade, was positive as 27 advancers were recorded compared to 13 losers.

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The all-share index climbed 183.19 points to 40,896.96. Similarly, market capitalisation rose N95.3 billion to N21.3 trillion at the end of trade.

Year to date, the index is up 1.56 per cent.

TOP FIVE GAINERS

Champion Breweries led gainers, appreciating by 10 per cent to close at N2.53. Cornerstone added up 9.80 per cent to end trade at N0.56. FBN Holdings went up by 9.79 per cent to N10.65. Sovereign Trust rose to N0.24, notching up 9.09 per cent in the process. Living Trust completed the top 5, climbing by 8.96 per cent to N0.73.

TOP FIVE LOSERS

Consolidated Hallmark was the worst performing stock, declining by 6.78 per cent to close at N0.55. Japaul Gold shed 6.25 per cent to close at N0.45. NEM fell to N2.02, losing 3.81 per cent. Ikeja Hotel dipped to N1.10, recording 3.51 per cent depreciation. Oando closed at N3.46, going down by 5.02 per cent.

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TOP FIVE TRADES

In all, 563.9 million shares estimated at N5.1 billion were traded in 4,253 deals.

FBN Holdings was the most active stock with 317.3 million units of its shares worth N3.3 billion traded in 616 deals. Champion Breweries shares of 49.9 million units, priced at N126.3 million exchanged hands in 28 transactions. ETI traded 38.1 million shares estimated at N269.2 million in 224 transactions. UBA traded 22.5 million shares valued at N181.4 million in 210 deals. Fidelity had 16.6 million shares valued at N43.4 million traded in 104 deals.

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Business & Finance

Nigerian shares halt 12-day rise as investors book profits

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The all-share index eased by 154.14 points to at 40,714, while market capitalisation scaled down to N21.2 trillion.

Nigerian shares settled 0.38 per cent lower on Monday in their first retreat since September 28 as investors moved to lock in profits following a rally in the last seven trading sessions.

The depression in stock valuation resulted mainly from sell-off in bellwether equities like BUA Cement, GTCO and beer-maker Nigerian Breweries.

Market breadth, a gauge of investors’ sentiment towards trade, closed in the negative after 18 laggards were reported compared to 17 gainers.

The all-share index eased by 154.14 points to at 40,714, while market capitalisation scaled down to N21.2 trillion.

Year to date, the index is up 1.1 per cent.

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TOP FIVE GAINERS

NEM led gainers, appreciating by 9.95 per cent to close at N2.10. Champion Breweries grew by 9.52 per cent to end trade at N2.30.

ETI went up by 9.52 per cent to N6.90. Royal Exchange rose to N0.62, notching up 8.77 per cent in the process. WAPCO traded up 4.93 per cent to N24.50.

TOP FIVE LOSERS

Learn Africa declined by 9.68 per cent to close at N1.40. Sovereign Trust shed 8.33 per cent to end trade at N0.22.

Nigerian Breweries fell to N46.50, losing 6.06 per cent in the process. AIICO slumped to N0.90, recording 5.26 per cent depreciation. UPL closed at N1.50, going down by 5.06 per cent.

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TOP FIVE TRADES

Altogether, 191.3 million shares estimated at N2.6 billion were traded in 4,395 deals.

FBN Holdings was the most active stock with 24.2 million of its shares worth N234.2 million traded in 365 deals. ETI traded 19.3 million shares priced at N130.4 million in 272 transactions.

Chams had 17.8 million shares valued at N4.2 million exchange hands in 51 deals. Zenith traded 12.2 million shares estimated at N300.7 million in 278 transactions. GTCO traded 12.1 million shares valued at N343.6 million in 288 deals.

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Nigerian Stock Exhange

Osinbajo clarifies views on exchange rate

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The statement said the vice president called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand which opened up irresistible opportunities for arbitrage and corruption.

Vice President Yemi Osinbajo has clarified the views he canvassed on naira exchange rate during the two-day retreat held by the federal government in Abuja.

Mr Osinbajo had made a presentation on the Economic Sustainability Plan (ESP) on Monday at the ministerial retreat at the State House Banquet Hall.

Naira currently trades at N414 at the official market against the U.S. dollar, and N570 at the parallel market.

“As for the exchange rate, I think we need to move our rates to [be] as reflective of the market as possible. This, in my own respective view, is the only way to improve supply,” the vice president said.

“We can’t get new dollars into the system, where the exchange rate is artificially low. And everyone knows how much our reserves can grow. I’m convinced that the demand management strategy currently being adopted by the CBN needs a rethink, and that is just my view.

“Anyway, all those are issues that when the CBN governor has time to address, he will be able to address in full.”

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He also lamented the lack of access to forex for the importation of systems and raw materials as one of the contributory factors of the current economic situation.

But in a statement on Tuesday, the media aide to the vice president, Laolu Akande, said he (Osinbajo) did not call for the devaluation of the Naira.

Mr Akande said the vice president advocated a forex policy that would curb arbitrage and corruption, offering Nigerians cheaper dollars.

“Our attention has been drawn to statements and reports in the media mis characterising as a call for devaluation, the view of the vice president that the Naira exchange rate was being kept artificially low.

“Osinbajo is not calling for the devaluation of the Naira; he has at all times argued against a willy-nilly devaluation of the Naira.

“For context, the vice president’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of whom simply turn round and sell to the parallel market at N570.

“It is stopping this huge arbitrage of over N160 per dollar that the vice president was talking about; such a massive difference discourages doing proper business, when selling the dollar can bring in 40 per cent profit,” he said.

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Mr Akande said the vice president called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand which opened up irresistible opportunities for arbitrage and corruption.

“It is a well-known fact that foreign investors and exporters have been complaining that they could not bring foreign exchange in at N410 and then have to purchase foreign exchange in the parallel market at N570 to meet their various needs on account of unavailability of foreign exchange.

“Only a more market reflective exchange rate would ameliorate this; with an increase in the supply of dollars, the rates will drop and the value of the Naira will improve.

“The real issue confronting the economy on this matter is how to improve the supply of foreign exchange, but this will not happen if we do not allow mechanisms like the importers and exporters window to work.

“If we allow this market mechanism to work as intended, we will find that the Naira will appreciate against the dollar as we restore confidence in the system,’’ he said.

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Nigerian Stock Exhange

Nigerian stock market opens October with N15bn gain

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Trading in the domestic stock market resumed on Monday bullish with a gain of 0.05 per cent on investors’ interest in Eterna and 22 others.

Precisely, the benchmark index rose by 21.88 points or 0.05 per cent to close at 40,243.05 from 40,221.17 achieved on Thursday.

Accordingly, month-to-date and year-to-date returns stood at 0.1 per cent and 0.1 per cent, respectively.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Eterna, United Capital, AXA Mansard Insurance, Pharm-Deko and FBN Holdings.

On market performance this week, United Capital Plc expected some profit-taking on the bourse amid last week’s rally.

The market breadth closed positive with 23 gainers against 14 losers.

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AXA Mansard Insurance led the gainers’ chart in percentage terms with 9.87 per cent to close at N2.56 per share.

Pharm-Deko followed with 9.79 per cent to close at N2.58, while University Press appreciated by 9.76 per cent to close at N1.35 per share.

Consolidated Hallmark Insurance went up by 8.77 per cent to close at 62k, while Courteville Business Solutions appreciated by 8.57 per cent to close at 38k per share.

On the other hand, Morison Industries led the losers’ chart in percentage terms by 10 per cent to close at N1.89 per share.

Northern Nigeria Flour Mills followed with a decline of 9.94 per cent to close at N7.70, while Veritas Kapital Assurance shed 8.70 per cent to close at 21k per share.

Cornerstone Insurance lost 8.62 per cent to close at 53k, while Jaiz Bank depreciated by five per cent to close at 57k per share.

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Transactions in the shares of Fidelity Bank topped the activity chart with 18.59 million shares valued at N46.77 million.

Guaranty Trust Holding Company followed with 18.27 million shares worth N512.42 million, while FBNH traded 18.15 million shares valued at N147.87 million.

Universal Insurance traded 15.48 million shares worth N3.23 million, while Champion Breweries transacted 14.19 million shares worth N29.09 million.

However, the total volume of trades dipped by 80.7 per cent to 202.36 million shares valued at N1.86 billion traded in 4,066 deals.

This was in contrast with 1.05 billion shares worth N7.42 billion exchanged in 3,752 deals recorded on Thursday.

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