NIGERIAN STOCK MARKET WEEKLY RECAP MAY 20th-24th, 2024
EQUITY TURNOVER:
A total turnover of 1.986 billion shares worth N40.715 billion was traded during this week by investors on the floor of the Exchange.
This contrasts with the previous week’s total of 1.652 billion shares valued at N42.677 billion.
The Financial Services Industry led the activity chart, contributing 79.41% to the total equity turnover volume and 74.56% to the value. The top three equities traded were Ecobank Transnational Incorporated Plc, Access Holdings Plc, and United Bank for Africa Plc.
TOP GAINERS:
INTENEGINS: The stock gained 9.93%, closing at ₦1.55 per share.
CUTIX: It increased by 9.84%, closing at ₦3.35 per share.
JAIZBANK: The stock rose by 8.00%, closing at ₦2.16 per share.
SOVRENINS: It gained 7.69%, closing at ₦0.42 per share.
JAPAULGOLD: The stock appreciated by 7.47%, closing at ₦1.87 per share.
TOP LOSERS:
PZ: The stock declined by 10.00%, closing at ₦19.80 per share.
ETI (Ecobank Transnational Incorporated Plc): It dropped by 9.98%, closing at ₦21.65 per share.
FBNH (First Bank of Nigeria Holdings Plc): The stock decreased by 9.31%, closing at ₦20.45 per share.
CONHALLPLC (Consolidated Hallmark Insurance Plc): It fell by 8.70%, closing at ₦1.26 per share.
INTBREW (International Breweries Plc): The stock declined by 8.52%, closing at ₦3.65 per share.
TOP TRADING VOLUMES:
ETI (Ecobank Transnational Incorporated Plc): Traded 554,972,918 shares, valued at ₦12,015,166,877.00.
UBA (United Bank for Africa Plc): Traded 38,932,832 shares, valued at ₦743,993,726.85.
ZENITHBANK (Zenith Bank Plc): Traded 24,485,336 shares, valued at ₦738,323,165.051.
DAILY PRICE LIST (SELECTED COMPANIES):
ACCESSCORP (Access Bank Plc): Opened at ₦16.5, closed at ₦16.4, with a slight decline of 0.1%.
AFRIPRUD (African Prudential Plc): Closed at ₦6.95, gaining 0.15%.
CAPOIL (Capital Oil Plc): Remained unchanged at ₦0.2.
CONHALLPLC (Consolidated Hallmark Insurance Plc): Closed at ₦1.26, with a decrease of 0.12%.
TECHNOLOGY SECTOR:
INVESTMENTS IN RENEWABLE ENERGY:
Investors involved in Kano Electricity Distribution Company (KEDC) have expressed their intent to position it as the first Green DisCo in Africa.
The company plans to incorporate innovative elements such as embedded solar hybrid power plants, mini-grids, Energy Storage Systems (ESS), and power purchase agreements with clean energy generators.
ENERGY SECTOR:
GAS SUPPLY EXPANSION:
Three new gas plants are set to increase Nigeria’s gas supply by 25%.
This development aims to enhance energy availability and reliability in the country.
POWER GENERATION IN RURAL COMMUNITIES:
The Federal Government of Nigeria (FG) is working to generate 500MW of electricity in rural communities.
This initiative aims to improve access to electricity and promote economic growth in underserved areas.
OIL AND GAS INFRASTRUCTURE:
The Gbarain power plant is expected to be operational soon, according to the Niger Delta Power Holding Company (NDPHC). Most oil pipelines in Nigeria were built almost 70yrs ago and have outlived their lifespan.
NAIRA VERSUS DOLLAR EXCHANGE RATE:
The black market exchange rate for the US dollar to Naira on May 24th, 2024, was as follows:
Buying rate: ₦1,490.00 per US dollar
Selling rate: ₦1,510.00 per US dollar
The official exchange rate was ₦1,592.67 per US dollar.
FIXED INCOME AND TREASURY BILLS:
The Central Bank of Nigeria (CBN) conducted a treasury bill auction, raising N638.98 billion.
The 364-day treasury bills had a stop rate of 20.69%, suggesting a true yield of about 26.1%. High yields in the fixed income market contributed to the returns in Nigerian mutual funds during this period.
MUTUAL FUNDS PERFORMANCE:
Nigerian mutual funds recorded an average return of 10.76% in Q1 2024.
Ethical funds led the way with a yield of 30.89%. Balanced funds, equity-based funds, and high fixed income yields also contributed to the positive movement in mutual funds.
The total Net Asset Value (NAV) increased by 24.9%, reaching N2.54 trillion by the end of March 20244.
EQUITY TURNOVER:
A total turnover of 1.986 billion shares worth N40.715 billion was traded during this week by investors on the floor of the Exchange.
This contrasts with the previous week’s total of 1.652 billion shares valued at N42.677 billion.
The Financial Services Industry led the activity chart, contributing 79.41% to the total equity turnover volume and 74.56% to the value. The top three equities traded were Ecobank Transnational Incorporated Plc, Access Holdings Plc, and United Bank for Africa Plc.
TOP GAINERS:
INTENEGINS: The stock gained 9.93%, closing at ₦1.55 per share.
CUTIX: It increased by 9.84%, closing at ₦3.35 per share.
JAIZBANK: The stock rose by 8.00%, closing at ₦2.16 per share.
SOVRENINS: It gained 7.69%, closing at ₦0.42 per share.
JAPAULGOLD: The stock appreciated by 7.47%, closing at ₦1.87 per share.
TOP LOSERS:
PZ: The stock declined by 10.00%, closing at ₦19.80 per share.
ETI (Ecobank Transnational Incorporated Plc): It dropped by 9.98%, closing at ₦21.65 per share.
FBNH (First Bank of Nigeria Holdings Plc): The stock decreased by 9.31%, closing at ₦20.45 per share.
CONHALLPLC (Consolidated Hallmark Insurance Plc): It fell by 8.70%, closing at ₦1.26 per share.
INTBREW (International Breweries Plc): The stock declined by 8.52%, closing at ₦3.65 per share.
TOP TRADING VOLUMES:
ETI (Ecobank Transnational Incorporated Plc): Traded 554,972,918 shares, valued at ₦12,015,166,877.00.
UBA (United Bank for Africa Plc): Traded 38,932,832 shares, valued at ₦743,993,726.85.
ZENITHBANK (Zenith Bank Plc): Traded 24,485,336 shares, valued at ₦738,323,165.051.
DAILY PRICE LIST (SELECTED COMPANIES):
ACCESSCORP (Access Bank Plc): Opened at ₦16.5, closed at ₦16.4, with a slight decline of 0.1%.
AFRIPRUD (African Prudential Plc): Closed at ₦6.95, gaining 0.15%.
CAPOIL (Capital Oil Plc): Remained unchanged at ₦0.2.
CONHALLPLC (Consolidated Hallmark Insurance Plc): Closed at ₦1.26, with a decrease of 0.12%.
TECHNOLOGY SECTOR:
INVESTMENTS IN RENEWABLE ENERGY:
Investors involved in Kano Electricity Distribution Company (KEDC) have expressed their intent to position it as the first Green DisCo in Africa.
The company plans to incorporate innovative elements such as embedded solar hybrid power plants, mini-grids, Energy Storage Systems (ESS), and power purchase agreements with clean energy generators.
ENERGY SECTOR:
GAS SUPPLY EXPANSION:
Three new gas plants are set to increase Nigeria’s gas supply by 25%.
This development aims to enhance energy availability and reliability in the country.
POWER GENERATION IN RURAL COMMUNITIES:
The Federal Government of Nigeria (FG) is working to generate 500MW of electricity in rural communities.
This initiative aims to improve access to electricity and promote economic growth in underserved areas.
OIL AND GAS INFRASTRUCTURE:
The Gbarain power plant is expected to be operational soon, according to the Niger Delta Power Holding Company (NDPHC). Most oil pipelines in Nigeria were built almost 70yrs ago and have outlived their lifespan.
NAIRA VERSUS DOLLAR EXCHANGE RATE:
The black market exchange rate for the US dollar to Naira on May 24th, 2024, was as follows:
Buying rate: ₦1,490.00 per US dollar
Selling rate: ₦1,510.00 per US dollar
The official exchange rate was ₦1,592.67 per US dollar.
FIXED INCOME AND TREASURY BILLS:
The Central Bank of Nigeria (CBN) conducted a treasury bill auction, raising N638.98 billion.
The 364-day treasury bills had a stop rate of 20.69%, suggesting a true yield of about 26.1%. High yields in the fixed income market contributed to the returns in Nigerian mutual funds during this period.
MUTUAL FUNDS PERFORMANCE:
Nigerian mutual funds recorded an average return of 10.76% in Q1 2024.
Ethical funds led the way with a yield of 30.89%. Balanced funds, equity-based funds, and high fixed income yields also contributed to the positive movement in mutual funds.
The total Net Asset Value (NAV) increased by 24.9%, reaching N2.54 trillion by the end of March 20244.