Nigerian Tier-2 banks fired up, investors profit up N1 trillion W/W

Sixty-eight (68) equities appreciated at price during the week, higher than twenty-eight (28) equities in the previous week.

By Olumide Adesina

The Nigerian bourse ended the last trading week in October on an impressive note.

It was a four-day trading week as the Federal Government of Nigeria declared Thursday, 29th October as a public holiday to commemorate Eid-el-Maulud.

• The All-Share Index and Market Capitalization gained by 6.39% to close the week at 30,530.69 and N15.958 trillion respectively. Investors gained N958.41 billion W/W.
• Meanwhile, a total turnover of 1.909 billion shares worth N23.610 billion in 23,578 deals was traded this week by investors on the floor of the Exchange, compared to a total of 1.505 billion shares valued at N19.668 billion that exchanged hands last week in 20,552 deals.
• The Financial Services industry (measured by volume) led the activity chart with 1.478 billion shares valued at N15.576 billion in 12,546 deals. Thus, contributing 77.41% and 65.97% to the total equity turnover volume and value respectively.
• The Consumer Goods Industry followed with 131.788 million shares worth N2.613 billion in 4,112 deals. In third place was Industrial Goods, with a turnover of 83.526 million shares worth N3.573 billion in 1,818 deals.
• Trading in the top three equities is FBN Holding Plc, Zenith Bank Plc, and Access Bank Plc (measured by volume). They accounted for 576.514 million shares worth N6.791 billion in 4,652 deals, contributing 30.19% and 28.76% to the total equity turnover volume and value respectively.
• 68 equities appreciated in price during the week, higher than 28 equities in the previous week.
• 6 equities depreciated in price, lower than 35 equities in the previous week.
• 94 equities remained unchanged, lower than 99 recorded in the previous week.

Top gainers

1. PORTLAND PAINTS & PRODUCTS NIGERIA PLC, up 32.20% to close at N2.71
2. FCMB GROUP PLC, up 28.28% to close at N3.13
3. TRIPPLE GEE AND COMPANY PLC, up 27.78% to close at N0.46
4. STERLING BANK PLC, up 26.43% to close at N1.77
5. FIDELITY BANK PLC, up 24.26% to close at N2.51
6. ECOBANK TRANSNATIONAL INCORPORATED, up 24.18% to close at N5.65
7. LASACO ASSURANCE PLC, up 23.08% to close at N0.32
8. FLOUR MILLS NIG PLC, up 22.39% to close at N28.15
9. CUSTODIAN INVESTMENT PLC, up 21.00% to close at N6.05
10. NESTLE NIGERIA PLC, up 21.00% to close at N1421.70

Top Losers

1. MORISON INDUSTRIES PLC, down 10.00% to close at N0.54
2. PRESTIGE ASSURANCE PLC, down 10.00% to close at N0.54
3. CUTIX PLC, down 8.95% to close at N1.73
4. NASCON ALLIED INDUSTRIES PLC, down 8.39% to close at N13.10
5. OMATEK VENTURES PLC, down 7.69% to close at N0.24
6. CORNERSTONE INSURANCE PLC, down 3.33% to close at N0.58

Outlook

The Nigerian bourse ended its last trading week in October on a delightful note. Buying pressure was seen across the market spectrum, amid falling oil prices and the U.S dollar propelling higher.

• Nigerian Tier 2 Banks, which include Fidelity, FCMB, and Sterling Bank, became investors’ delight, as their recent price actions showed greater upside and admirable fundamentals when taking into consideration their P/E ratios.
• That said, Nairametrics recommends that you seek the advice of a seasoned stockbroker, on the basis that past performance of financial assets can’t guarantee their future performances.

Olumide Adesina

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading and Financial Market Analysis. Member of the Chartered Financial Analyst Society. You can follow Olumide on Twitter @tokunboadesina or email olumide.adesina@nairametrics.com.