Tag: Nigerian Stock Exchange (NSE)

The Nigerian Stock Exchange (NSE) has urged investors to trade with caution on the shares of 13 companies for failing to submit financial statements without any explanation.

The News Agency of Nigeria (NAN) reports that the affected companies include Aso Savings and Loans, Deap Capital Management & Trust, DN Tyre & Rubber, FTN Cocoa and Goldlink Insurance.

Others are International Energy Insurance, Medview Airline, Resort Savings & Loans, Staco Insurance, Standard Alliance Insurance, UNIC Diversified Holdings, Union Dicon Salt and Union Homes Savings and Loans.

The exchange in a statement by Mr Godstime Iwenekhai, Head, Listings Regulation Department, said the defaulting companies failed to meet regulatory deadlines for the submission of their financial statements without any explanation.

The statement said defaulting companies failed to comply with the Exchange’s directives set forth in the Deficiency Filing Notice (DFN) issued to them.

“Investors are advised to trade with caution on the securities of these companies in the absence of up to date financial information on them,” said the Exchnage.

The NSE warned that it may suspend trading on the shares of the companies if they fail to comply with extant rules within the specified period.

According to the statement, the deadline for submission of the unaudited financial statement of the companies became due on June 29, being the extended due date as granted by the Exchange.

“By virtue of non-filing of the unaudited report by the due date, the companies violated extant rules at the NSE which provide that every company shall file its unaudited quarterly accounts not later than 30 calendar days after the relevant quarter,” it said.

It noted that companies were required to publish the financials within five business days after the date of filing, in at least two national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication.

The rules also required that an electronic copy of the interim financial publication shall be filed with the Exchange on the same day as the newspaper publication.

It said the NSE issued deficiency filing notice to the companies notifying them of their violations and mandated them to make public disclosure regarding the violation, the reasons for the violation and possible date for publication of the outstanding financial statement.

According to the Exchange, the defaulting companies failed to comply with the directives in the DFN.

The statement said the Exchange would continue to engage with these companies on the need to comply with post listing requirements.

It, however, warned that it may take additional steps if they failed to comply and file their unaudited financial statements within 90-day cure period by Sept. 27, 2020.

The Exchange said it would send to the aforelisted companies a “Second Filing Deficiency Notification” within two business days after Sept. 27 and suspend trading in the companies’ securities. (NAN)

Investors on the Nigerian Stock Exchange (NSE) on Friday staked N2.23 billion on 211.62 million shares transacted in 3,957 deals.

This was in contrast with a turnover of 201.48 million shares valued at N3.36 billion transacted in 3,381 deals on Thursday, indicating an increase of 5.03 per cent.

A breakdown of the activity chart indicated that the banking stocks remained the toast of investors.

Specifically, Guaranty Trust Bank was the most active stock, accounting for 51.39 million shares worth N977.59 million.

FBN Holdings came second transacting 25.72 million shares valued at N111.97 million, while Access Bank traded 22.51 million shares worth N140.62 million.

FTN Cocoa sold 16.96 million shares valued at N3.39 million, while United Bank for Africa traded 12.02 million shares worth N71.56 million.

The All-Share Index rose by 128.59 points or 0.57 per cent to 22,599.38 from 22,470.79 posted on Thursday.

Also, the market capitalisation which opened at N11.710 trillion appreciated by N67 billion or 0.57 per cent to close at N11.777 trillion.

MTN Nigeria led the gainers’ table, increasing by N4 to close at N104 per share.

Cadbury followed with a gain of 55k to close at N7.45, while Guaranty Trust Bank added 40k to close at N19.30 per share.

Union Bank of Nigeria garnered 30k to close at N6.80, while UPDC REITS also rose by 30k to close at N3.40 per share.

On the other hand, CAP recorded the highest price loss, dropping by N2.30 to close at N20.90 per share.

Dangote Cement trailed with N1.50 to close at N130, while UACN was down by 55k to close at N6.20 per share.

C &I Leasing dipped 50k to close at N5.10, while Lafarge Africa depreciated by 20k to close at N11.50 per share. (NAN)

The Nigerian equities market maintined upward trend on Wednesday with the market capitalisation growing further by N77 billion following renewed interest in high capitalised stocks.

The market capitalisation which opened at N10.905 trillion rose by N77 billion or 0.71 per cent to close at N10.982 trillion.

Similarly, the All-Share Index increased by 148.07 points, representing a growth of 0.71 per cent to close at 21,073.26, against 20,925.19 on Tuesday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Lafarge Africa, Dangote Sugar Refinery, Stanbic IBTC Holdings, Flour Mills and Ecobank Transnational Incorporated (ETI).

Analysts at Afrinvest Limited said, “We do not expect to see a sustained bullish run, although investors have continued to seek bargain hunting opportunities.”

Market breadth closed positive with 25 gainers in contrast with eight losers.

ETI and Ikeja Hotel led the gainers’ chart in percentage terms with 10 per cent each, to close at N4.40 and 99k per share, respectively.

Wema Bank followed with a gain of 9.80 per cent to close at 56k per share.

Lafarge Africa rose by 9.77 per cent to close at N11.80, while Dangote Sugar Refinery appreciated by 9.55 per cent to close at N9.75 per share.

On the other hand, Union Diagnostics and Skyway Aviation Handling Company led the losers’ chart in percentage terms by 10 per cent each, to close at 27k and N2.16 per share, respectively.

Ardova followed with a decline of 9.64 per cent to close at N11.25 per share.

GlaxoSmithKline lost 9.38 per cent to close at N4.35, while Courteville Business Solutions shed 9.09 per cent to close at 20k per share.

In spite of the rise in market indices, the total volume of shares traded declined by 76.02 per cent, with an exchange of 346.41 million shares worth N5.22 billion traded in 4,660 deals.

This was in contrast with 1.44 billion shares valued at N5.57 billion exchanged in 4,647 deals on Tuesday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 102.24 million shares valued at N1.4 billion.

FBN Holdings followed with 64.707 million shares worth N289.32 million, while Zenith Bank traded 30.294 million shares valued at N395.41 million.

Lafarge Africa sold 27.92 million shares worth N329.43 million, while Fidelity Bank transacted 24.93 million shares valued at N51.07 million. (NAN)

Activities opened on the Nigerian Stock Exchange (NSE) for the week on a bearish posture with the market capitalisation losing N222 billion in about six hours of tradimg.

Specifically, the market capitalisation which opened for the week on Monday at N10.993 trillion shed N222 billion or 2.02 per cent to close at N10.771 trillion.

In the same vein, the All-Share Index dipped 425.24 points or 2.02 per cent to close at 20,669.38 compared with 21,094.62 achieved on Friday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat, Dangote Cement, BUA Cement, BOC Gases Nigeria and Nigerian Aviation Handling Company (NAHCO).

This week, analysts at United Capital Plc expected sentiment for stocks to remain broadly tepid, with renewed interests anticipated on select blue-chip stocks, as discerning investors continue to take advantage of the current market valuation.

Cutix, Learn Africa and NAHCO led the losers’ chart in percentage terms dropping by 10 per cent each, to close at N1.26, 90k and N2.34, per share, respectively.

Seplat followed with a decline of 9.99 per cent to close at N490.10, while BUA Cement lost 9.92 per cent to close at N31.80 per share.

BOC Gases depreciated by 9.88 per cent to close at N3.65 and Academy Press declined by 8.82 per cent to close at 31k, per share.

On the other hand, Access Bank topped the gainers’ table in percentage terms, improving by9.92 per cent, to close at N6.65 per share.

AIICO Insurance followed with a gain of 9.59 per cent to close at 80k, while Lafarge Africa appreciated by 9.50 per cent to close at N9.80 per share.

Wema Bank grew by 8.51 per cent to close at 51k, while Fidelity Bank rose by 8.28 per cent to close at N1.83 per share.

The total volume of traded increased by 42.98 per cent as investors bought and sold 336.43 million shares valued at N4.13 billion exchanged in 4,184 deals.

This was in contrast with 235.29 million shares worth N2.98 billion traded in 3,988 deals on Friday.

Transactions in the shares of FBN Holdings topped the activity chart with 98.62 million shares valued at N393.42 million.

Guaranty Trust Bank followed with 55.66 million shares worth N1.003 billion, while Zenith Bank traded 32.53 million shares valued at N392.77 million.

FCMB Group sold 27.15 million shares worth N40.63 million, while Fidelity Bank sold 23.61 million shares valued at N41.75 million. (NAN)

The Nigerian equities market closed Thursday trading on upward trend, appreciating by 0.10 per cent, amid Dangote Cement gain.

Specifically, the All-Share Index (ASI) inched by 20.66 points or 0.10 per cent to close at 21,121.20 against 21,100.54 on Wednesday.

Similarly, the market capitalisation rose by N11 billion or 0.10 per cent to close at N11.007 trillion compared with N10.996 trillion on Wednesday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Flour Mills, Glaxo SmithKline, Livestock Feeds and Union Diagnostic.

Market analysts attributed the market performance to cautious trading by investors due to Coronavirus pandemic across the globe which may force the world into another round of recession.

They noted that Nigerian investors were not left out with the crude oil currently selling below the Federal Government’s revised budget benchmark of $30 per barrel.

A breakdown of the price movement chart shows that Dangote Cement led the gainers’ pack in percentage terms, gaining 9.93 per cent to close at N128.40 per share.

Livestock Feeds followed with a gain 9.38 per cent to close at 70k, while Glaxo SmithKline appreciated by 9.09 per cent to close at N4.80 per share.

Flour Mills improved by 5.48 per cent to close at N20.20, while Union Diagnostic appreciated by four per cent to close at 26k per share.

On the other hand, Nigerian Breweries led the losers’ chart in percentage terms, declining by 9.27 per cent, to close at N24.80 per share.

Honeywell trailed 8.16 per cent to close at 90k, while International Breweries lost 6.54 to close at N5 per share.

MTN Nigeria shed 5.69 per cent to close at N92.80, while FBN Holdings depreciated by 5.13 per cent to close at N3.70 per share.

Also, the total volume of shares traded increased by 65.38 per cent as investors bought and sold 255.59 million shares worth N2.86 billion traded in 4,418 deals.

This was in contrast with 154.55 million shares valued at N1.76 billion exchanged in 3,415 deals on Wednesday.

Transactions in the shares of Zenith Bank topped the activity chart with 100.83 million shares worth N1.11 billion.

Guaranty Trust Bank followed with 34.18 million shares valued at N595.98 million, while FBN Holdings sold 28.96 million shares worth N109.24 million.

Transcorp accounted for 13.43 million shares valued at N8.09 million, while United Bank for Africa transacted 13.38 million shares worth N65.63 million. (NAN)

The Nigerian Stock Exchange (NSE) market indicators on Tuesday recorded further depreciation, dropping by 0.14 per cent.

Specifically, the All-Share Index which opened at 21,330.79 lost 30.32 points or 0.14 per cent to close at 21,300.47.

Similarly, the market capitalisation dipped N16 billion or 0.14 per cent to close at N11.100 trillion compared with N11.116 trillion posted on Monday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, UACN, Guaranty Trust Bank, Lafarge Africa and Access Bank.

Analysts at Afrinvest Limited said, “We expect the bearish sentiment to continue, however, there exists bargain hunting opportunities in the equities market.”

Also, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that market outlook would remain unstable during the lockdown period and beyond due to high volatility in developed and developing markets.

Omordion noted that bouquet of stimulus packages had failed to uplift the market.

“This is because there is no clear road map for implementing these fiscal and monetary measures to ensure that they are devoid of the usual bottlenecks”, he said.

Market breadth closed negative with nine gainers in contrast with 11 losers.

Jaiz Bank led the losers’ chart in percentage terms, with a loss of 9.43 per cent, to close at 48k per share.

Ikeja Hotel came second with 9.09 per cent to close at 90k, while Courteville dipped 4.76 per cent to close at 20k per share.

Sterling Bank trailed with 4.17 to close at N1.15, while Transcorp shed 2.94 per cent to close at 66k per share.

On the other hand, GlaxoSmithKline recorded the highest to lead the gainers’ pack in percentage terms, gaining 10 per cent, to close at N4.40 per share.

May and Baker followed with a 9.74 per cent gain to close at N2.14, while NEM Insurance rose by 9.52 per cent to close N2.07 per share.

Wema Bank rose by 6.38 per cent to close at 50k, while Unilever increased by 4.76 per cent to close at N11 per share.

Transactions in the shares of Sterling Bank topped the activity chart with 303.46 million shares valued at N348.75 million.

Zenith Bank followed with 29.65 million shares worth N350.397 million, while Guaranty Trust Bank traded 16.87 million shares valued at N301.16 million.

United Bank for Africa accounted for 14.49 million shares worth N72.58 million, while FCMB Group transacted 9.65 million shares valued at N14.41 million.

In all, investors staked N1.72 billion on 422.01 million shares exchanged in 3,448 deals.

This was against 466.91 million shares worth N1.93 billion achieved in 3,659 deals on Monday. (NAN)

The Nigerian Stock Exchange (NSE) has assured investors of seamless trading during the 14 days lockdown to stem the spread of coronavirus in the country.

The exchange gave the assurance in a statement issued in Lagos by Mr Olumide Orojimi, Head, Corporate Communications.

Orojimi said the exchange would sustain remote trading activities at normal hours and days in line with the guidance provided by the World Federation of Exchanges.

The Federal Government has announced restriction of all movements in Lagos and Ogun States as well Abuja for an initial period of 14 days.

He noted that the exchange was very supportive of the steps aimed at flattening the rising curve of COVID-19 cases in Nigeria.

“Since the outbreak of this pandemic, financial markets, particularly the capital markets around the world, have seen levels of volatility that are only comparable to the global financial crisis of 2007/2008.

“To maintain the integrity of our market and in order for us to continue to stimulate economic growth, we activated our business continuity plan on March 23.

“Through this activation, we have: continued trading during normal hours and days by providing remote trading access for Dealing Member Firms.

“The ability of our financial and money markets to continue to operate during this crisis is a testament to a well-functioning economy,” he said.

Orojimi said that the Minister of Finance and the Governor of the Central Bank of Nigeria had received presidential approval to include the financial system and money markets in the list of exempted services from the lockdown.

“Given this new pronouncement, we will sustain our remote trading activities at normal hours and days, in line with the guidance provided by the World Federation of Exchanges.

“To comply with government directive, we have activated the second phase of our business continuity plan that will see our essential staff move into a secured accommodation close to our offices with adequate arrangements for healthcare and other matters necessary to their wellbeing.

“Access to our offices will be restricted to these essential staff who will ensure smooth remote trading and provide remote technical support to Dealing Members.

“We will also continue to provide remote access to listed companies and issuers during this period.

“While we hope for a quick end to this pandemic, we encourage everyone to maintain precautions, take responsibility for others by observing social distancing and practicing personal hygiene.

“Most importantly, we advise that you comply with guidelines issued by relevant health agencies of government towards curtailing the spread of the virus in our beloved country,” he said. (NAN)

Trading on the Nigerian equity market returned to negative territory on Wednesday with 0.05 per cent dip or losses in MTN Nigeria and six other stocks.

Consequently, the All-Share Index dropped 11.68 points or 0.05 per cent to 21,729.48 compared with 21,741.16 recorded on Tuesday.

Also, the market capitalisation dipped N6 billion or 0.05 per cent to close lower at N11.323 trillion against N11.329 trillion on Tuesday.

The Exchange has commenced full remote trading following the raging COVID-19 in the country.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which were-Total Nigeria, MTN Nigeria, Africa Prudential, FCMB Group and GlaxoSmithKline.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said market players were still interpreting the outcome of the Monetary Policy Committee (MPC) meeting.

“We expect mixed performance to continue, as market players interpret the outcome of MPC and expected impact of the stimulus package on the economy,” Omordion stated.

He added that the postponement of Annual General Meetings (AGMs) due to coronavirus was taking toll on the market.

Total Nigeria led the losers’ chart in percentage terms, dropping by 10 per cent to close at N96.30 per share.

Africa Prudential followed with 9.87 per cent to close at N3.47, while Jaiz Bank declined by 8.16 per cent to close at 45k per share.

FCMB Group depreciated by 3.85 per cent to close at N1.50 and MTN Nigeria declined by 2.91 per cent to close at N100, per share.

Conversely, Cutix recorded led the gainers’ chart in percentage terms, gaining 10 per cent, to close at N1.32 per share.

Cadbury followed with a gain of 9.71 per cent to close at N5.65, while Neimeth, Prestige Assurance, Union Diagnostic, United Bank for Africa and Wapic Insurance appreciated by 9.09 per cent each to close at 48k, 60k, 24k, N4.80 and 24k per share.

PZ improved by 8.64 per cent to close at N4.40, while Wema Bank appreciated by 8.33 per cent to close at 52k per share.

Similarly, the volume of shares traded declined by 29.27 per cent as investors bought and sold 233.47 million shares worth N2.24 billion in 3,874 deals.

This was against 330.10 million shares valued at N3.57 billion transacted in 4,561 deals on Tuesday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 49.68 million shares valued at N847.78 million.

Zenith Bank followed with 44.70 million shares worth N522.19 million, while Access Bank accou Ted for 44.18 million shares valued at N250.26 million.

UBA sold 23.25 million shares worth N109.897 million, while FBN Holdings traded 18.57 million shares valued at N74.66 million. (NAN)

The domestic equities market closed update on Tuesday with a growth of 0.19 per cent just as the Monetary Policy Committee (MPC) retained all rates in spite of the COVID-19 pandemic.

MPC at the end of its two-day policy meeting, unanimously voted to leave key monetary policy rates unchanged.

They retained Monetary Policy Rate (MPR) at 13.5 per cent; maintained the asymmetric corridor around the MPR at +200/-500bps; hold Cash Reserves Ratio (CRR) at 27.5 per cent; and keep liquidity ratio at 30.0 per cent.

This is in a bid to assess the impact of the recent policy pronouncements made by the Central Bank of Nigeria (CBN) to combat the negative impact of COVID-19 outbreak on the Nigerian economy.

The All Share Index (ASI) increased by 40.18 points or 0.19 per cent to close at 21,741.16.

Also, the market capitalisation improved by N21 billion or 0.19 per cent to close at N11.329 trillion compared with N11.308 achieved on Monday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC, Chemical and Allied Products, Custodian Investment, Zenith Bank and Skyway Aviation Handling Company.

Market breath closed positive with 19 gainers and 10 losers.

NPF Micro Finance Bank led the gainers’ table in percentage terms, growing by 9.52 per cent to close at N1.15 per share.

Stanbic IBTC Holdings followed with a gain 9.43 per cent to close at N26.10, while Transcorp appreciated by 8.93 per cent to close at 61k per share.

Jaiz Bank grew by 8.89 per cent to close at 49k, while Skyway Aviation Handling Company appreciated by 8.66 per cent to close at N2.51 per share.

Conversely, Caverton led the losers’ chart in percentage terms by 10 per cent, to close at N2.25 per share.

Conoil followed with a decline of 9.93 per cent to close at N13.15, while NASCON went down by 9.57 per cent to close at N8.50 per share.

Ecobank Transnational Incorporated shed 8.99 per cent to close at N4.05, while Cadbury depreciated by 8.85 per cent to close at N5.15 per share.

However, the total volume traded decreased by 28.9 per cent to 330.10 million shares, worth N3.57 billion, and traded in 4,561 deals.

Guaranty Trust Bank emerged the most activity stock, accounting for 78.89 million shares valued at N1.32 billion.

Zenith Bank followed with 77.91 million shares worth N852.87 million, while Access Bank traded 36.03 million shares worth N198.35 million.

FBN Holdings traded 24.71 million shares valued at N96.35 million, while United Bank for Africa transacted 18.81 million shares worth N84.36 million.

In all, a total of 330.10 million shares valued at N3.57 billion were exchanged by investors in 4,561 deals.

This was in contrast with a turnover of 464.36 million shares worth N3.87 billion achieved in 5,883 deals on Monday. (NAN)