UBA, MTN, Boosts Nigerian Equities Market to 0.74% Gain

January 13, 2020

By Paschal IJEH

Lagos (INVESTADVOCATE)-Shares of Africa’s global lender, United Bank for Africa Plc, MTN Nigeria Plc and other bellwether stocks drove the Nigerian equities market upwards with a rise of 0.74 percent to close at 29,633.58 points, thus beginning the third week of year 2020 on a positive note.

InvestmentOne report says market breadth index was negative with 21 losers compared to 16 gainers.

According to the report, MTN Nigeria emerged the topmost gainer with a gain of +10.00 percent, while food and beverage producer, Cadbury Nigeria Plc led the losers’ chart with a loss of -9.95 percent

InvestmentOne says tier one lender, Access Bank Plc with a loss of -2.37 percent was the most actively traded stock with about 63 million units of shares worth about N682 million.

In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index lost 3.17 percent due to sell-offs in the shares of newly listed Bua Cement Plc which lost by -4.88 percent, while Lafarge Cement Wapco Nigeria Plc declined -2.60 percent.

Similarly, the NSE Consumer Goods index dipped by 0.42 percent, on the back of the losses in the shares of Cadbury Nigeria Plc which plunged -9.95 percent, while soap and detergent manufacturer, Unilever Nigeria Plc depreciated -5.26 percent.

In the same vein, the NSE Banking index shed 0.70 percent as result of the declines in the shares of top tier lenders, Access Bank Plc and Guaranty Trust Bank Plc; both dropped -2.31 and -1.41 percent apiece, while Zenith Bank Plc and Fidelity Bank also moved to negative territory to record -0.69 percent and -0.44 percent losses respectively.

On the positive side, the NSE Oil & Gas index gained 0.07 percent, on the back of the increase in the shares of oil marketing major, Oando Plc which appreciated by +2.60 percent.

Performance of key stocks 

S/N

Stock

Current Price (N)

1-day change (%)

Week to date change (%)

1

ACCESS

10.55

-2.31%

-2.31%

2

DANGCEM

172.00

0.00%

0.00%

3

FBNH

7.25

-5.23%

-5.23%

4

FIDELITYBK

2.25

-0.44%

-0.44%

5

GUARANTY

31.50

-1.41%

-1.41%

6

MTNN

127.60

10.00%

10.00%

7

UBA

8.70

3.57%

3.57%

8

SEPLAT

588.00

-0.25%

-0.25%

9

ZENITHBANK

21.70

-0.69%

-0.69%

10

OKOMUOIL

66.00

0.00%

0.00%

Source: InvestmentOne Report

“The equities market closed up today as result of the buy interest in MTNN. We still maintain our view that investors should take positions in quality names with a medium to long time investment horizon as prices remain attractive at current levels,” the InvestmentOne report said.

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