Home Finance Losses in DANGCEM, FBNH, NBL dip share prices in Nigerian stock market

Losses in DANGCEM, FBNH, NBL dip share prices in Nigerian stock market

by Business News Report

The bearish sentiment persisted as sell-offs in DANGCEM (-5.5%), NIGERIAN BREWERIES (-6.4%) and FBNH (-2.3%) drove the All-Share Index southwards by 1.2% to 28,093.76 points. As a result, YTD return moderated to 4.7% while market capitalisation fell ₦174.4bn to ₦14.5tn. Activity level improved as volume and value traded advanced 37.4% and 40.7% to 350.2m units and ₦4.3bn respectively. The most active stocks by volume were ZENITH (98.1m units), FBNH (47.1m units) and FCMB (41.2m units) while ZENITH (₦1.9bn), GUARANTY (₦396.6m) and DANGCEM (₦340.3m) led by value.  

Performance across sectors was mixed although negatively skewed as 3 of 6 indices under our coverage lost. The Banking and Insurance indices gained, up 1.5% and 0.6%, buoyed by price appreciation in UBN (+9.9%), ACCESS (+3.9%) and LINKASSURE (+8.8%). On the flip side, the Oil & Gas (-2.2%) index declined the most, due to price depreciation in MOBIL (-9.9%) and CONOIL (-10.0%). Similarly, losses in DANGCEM (-5.5%), NIGERIAN BREWERIES (-6.4%) and NASCON (-10.0%) dragged the Industrial and Consumer Goods indices down 1.6% and 1.4% respectively. Lastly, the AFR-ICT index closed flat.

Investor sentiment as measured by market breadth (advance/decline ratio) improved to 0.9x from the 0.3x recorded in the previous trading session as 18 stocks advanced relative to 21 decliners. The best performers were UBN (+9.8%), LAWUNION (+9.5%) and CHIPLC (+9.1%) while CONOIL (-10.0%), NASCON (-10.0%) and MOBIL (-9.9%) led the laggards. We expect more corporate releases to influence investors’ appetite towards the market.

Highlights of Some Corporate Earnings Disclosures Announced Today:
Presco PLC
(Unaudited FY:2019): Revenue increased 6.9% Y-o-Y to ₦19.9bn; profit after tax (PAT) improved 22.3% Y-o-Y to ₦400.1m.

eTranzact International  PLC (Unaudited FY:2019): Revenue advanced 13.1% Y-o-Y to ₦6.7bn; PAT also fell 26.3% Y-o-Y to ₦2.4bn.

Infininty Trust Mortgage Bank PLC (Audited FY:2019): Gross Earnings up 37.5% Y-o-Y to ₦1.3bn; PAT increased 4.4% Y-o-Y to ₦400.1m.

FCMB Group PLC (Unaudited FY:2019): Gross Earnings up 5.3% Y-o-Y to ₦186.7bn; PAT increased 29.0% Y-o-Y to ₦21.7bn.

Cornerstone Insurance PLC (Unaudited FY:2019): Gross Premium up 12.9% Y-o-Y to ₦13.1bn; PAT fell 3.2% Y-o-Y to ₦3.7bn.

Market Statistics for Wednesday, 5th February 2020 

Market Cap (N’bn) 14,470.9
Market Cap (US$’bn) 40.2
NSE All-Share Index 28,093.76
Daily Performance % (1.2)
WTD Performance % (2.6)
MTD Performance % (2.6)
QTD Performance % 4.7
YTD Performance % 4.7
Daily Volume (Million) 350.2
Daily Value (N’bn) 4.3
Daily Value (US$’m) 11.9

Source: Afrinvest

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