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Increase in Zenith Bank shares, others drive equities market by 0.86% wow



By Kayode Tokede

The Nigerian Stock Exchange (NSE) All-Share Index and Market Capitalization both appreciated by 0.86 per cent to close week-on-week (wow) at 28,659.45 basis points and N14.980 trillion respectively.

Activities last week declined from the levels seen in recent weeks with the value of trades falling 35 per cent w/w.

The market struggled to find direction, closing broadly flat in four of five sessions during last week. However, late gains on last Friday drove the market to a fourth-consecutive weekly gain.

Notably, investors’ interest in Zenith Bank (+7.8 per cent), WAPCO (+10.9 per cent), and UBA (+5.9 per cent) drove the benchmark higher.

The equities market I its Month-till-Date (MtD) and Year-till-Date (YTD) return for the index grew to 6.8per cent respectively.

The Banking (+2.9 per cent) index topped the sectoral charts, followed by the Oil & Gas (+2.4 per cent), Consumer Goods (+1.9 per cent), and Industrial Goods (+0.2 per cent) indices. The Insurance (-0.7 per cent) index was the sole loser.

Other indices finished higher with the exception of NSE Insurance which depreciated by0.68 per cent while the NSE ASeM Index closed flat.

A total turnover of 1.955 billion shares worth N22.978 billion in 22,844 deals were traded in the week by investors on the floor of the Exchange, in contrast to a total of 3.140 billion shares valued at N35.372 billion that exchanged hands last week in 35,099 deals.

The Financial Services industry (measured by volume) led the activity chart with 1.648 billion shares valued at N18.824 billion traded in 13,050 deals; thus contributing 84.29 per cent and 81.92 per cent to the total equity turnover volume and value respectively.

The Conglomerates industry followed with 99.313 million shares worth N87.823 million in 553 deals. The third place was the Consumer Goods, with a turnover of 60.570 million shares worth N991.189 million in 3,269 deals.

Trading in the top-three equities namely United Bank for Africa Plc, Guaranty Trust Bank Plc and Zenith Bank Plc. (measured by volume) accounted for 885.515 million shares worth N15.881 billion in 6,308 deals, contributing 45.30 per cent and 69.11 per cent to the total equity turnover volume and value respectively.

A total of 35 equities appreciated in price during the week, lower than 53 equities in the previous week. 23 equities depreciated in price, higher than 14 equities in the previous week, while 104 equities remained unchanged, higher than 96 recorded in the previous week.

A total of 701,543 units of ETPs valued at N6.051 billion were traded this week in 44 deals compared with a total of 1.051 million units valued at N4.847 billion transacted last week in 33 deals.

A total of 19,475 units of Bonds valued at N23.752 million were traded this week in five deals compared with a total of 79,691 units valued at N108.241 million transacted last week in 23 deals.

“We expect the market to continue to benefit as domestic investors seek alpha-yielding opportunities in the face of increasingly negative real returns in the fixed income market.

“However, we advise investors to trade in only fundamentally justified stocks as the weak macro environment remains a significant headwind for listed companies, analysts at Cordros capital explained.

capital market

Ecobank declares N182.92bn PAT in Q3 2023



Ecobank Transnational Incorporated, has recorded a profit of N182.92 billion in its third quarter 2023 results.

According to the results posted on the Nigerian Exchange Limited (NGX) website, the Bank announced a 59 percent gross earnings growth in Q3 2023 Results.

The Gross earnings also grew by 59 percent from N761.30 billion to N1.211 trillion.

According to the results, profit before tax stood at N262.17 billion.

Meanwhile in its second quarter results Pre-tax profit increased to N92.52 billion from N56.89 billion profit in Q2 2022.

The increase in second-quarter profits helped its half-year profit before tax to rise by 38 percent to N150.31 billion compared to N108.96 billion in the same period last year.

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capital market

Market capitalisation gains N44.16bn as NGX ASI advances by 0.11%



Since the recent announcement of recapitalisation by the Central Bank of Nigeria Governor, the market had continued to see a rise in investment moves amongst banks thereby boosting the market capitalisation of the NGX.

As at yesterday’s trading, the NGX Market CAP recorded a gain of N44.16billion in Naira terms while the NGX All-Share Index (ASI) advanced by 0.11 percent.

Compared to the previous day’s gain of 0.34 percent, which closed at 71,284.56 basis points, the NGXASI now stands at 39.25 percent.

The total volume of stocks traded also advanced by 49.77 percent to close at N540.09 million, valued at N10.24 billion and traded in 6,516 deals. GTCO was the most traded stock by volume and value, with N67.23 million and N2.60 billion units traded.

At the close of trading, the market recorded 25 gainers, 31 losers, and 55 unchanged. NNFM topped the gainers list, while NSLTECH topped the list of losers.

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capital market

Naira hits N831.47/$1 in official market



The Nigerian naira appreciated against the dollar on Wednesday, 29th November 2023, closing at N831.47/$1 at the official market.

The positive trajectory aligns with expectations among experts, who anticipated that the Central Bank of Nigeria’s (CBN) recent initiative to clear a portion of its FX backlog would boost confidence in the currency.

The domestic currency appreciated 6.06 percent to close at N831.47 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.

This represents an N50.41 gain or a 6.06 percent increase in the local currency compared to the N841.14 it closed on Tuesday.

The intraday high recorded was N1159/$1, while the intraday low was N700/$1, representing a wide spread of N459/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $140.35 million, representing a 18.88 percent growth compared to the previous day.

However, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.26 percent, quoted at N1160/$1, while peer-to-peer traders quoted around N1159.47/$1.

The Central Bank of Nigeria (CBN) has said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.

The apex bank also disclosed that it has set up foreign exchange frameworks to address the FX issues.

Governor of the CBN, Yemi Cardoso, disclosed this on Friday at the bankers’ dinner in Lagos.

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