The Nigerian equity market declined 0.4% as the
benchmark index closed at 49,370.62 points. Consequently, the Year-To-Date
(YTD) return of the market weakened to 15.6% from 16.0% the previous trading
day.
Across market indices under our purview, there was
mixed performance as three indices posted green while two indices posted red.
The Banking, Insurance and Consumer Goods indices gained 23bps, 13bps and 6bps
respectively. We attribute the gains to buyers interest in JAIZBANK (+5.9%),
AIICO (+3.6%) and DANGSUGAR (+1.8%). Furthermore, the Industrial Goods and Oil
and Gas indices declined by 32bps and 15bps respectively, and their losses can
be attributed to investors selloffs in WAPCO (-4.0%) and ARDOVA (-2.7%).
Top gainers in today's trading session were led by
JAIZBANK (+5.9%), AIICO (+3.6%) and ACADEMY (+1.2%), while UPL (-9.9%), IMG
(-9.7%) and JAPAULGOLD (-9.4%) emerged as today's biggest losers.
For today's trading activities, the total volume and
value traded declined by 10.0% and 38.6% to 132.2mn to ₦1.6bn respectively.
FBNH, ACCESSCORP and UBA led the volume chart with 37.7mn units, 15.4mn units,
and 9.3mn units respectively. On the other hand, FBNH, GTCO and ZENITHBANK led
the value chart by ₦418.6mn, ₦181.2mn and ₦155.1mn respectively.
Quick Insights
Jaiz Bank has produced outstanding results over the
past couple of years, clearly showing the company's goal to becoming one of the
most profitable banks in Nigeria. The bank’s fiscal year report showed a 32.1%
increase in its total income from N15.8 billion in 2020 to N20.9 billion in
2021. In prior years, the bank's total income also showed an upward trend of
216.8% in 2014, 52.4% in 2015, 8.9% in 2016, 34.2% in 2017, 5.7% in 2018, 72.9%
in 2019, 34.0% in 2020, and 32.1% in 2021.
In similar fashion, total expenditures for the years
in discussion increased year-on-year, rising by 27.2% from N2.0 billion in
2013, 35.6% from N2.6 billion in 2014, 30.2% from N3.5 billion in 2015, 18.4%
from N4.6 billion in 2016, 14.0% from N5.4 billion in 2017, 38.8% from N6.1
billion in 2018, 13.8% from N8.6 billion in 2019, and 31.6% from N9.7 billion
in 2020.
Daily
Currency Updates
On daily currency update, I&E and the parallel
market's prices closed at ₦429.38US$1.00 and ₦680/US$1.00 respectively. The
current P2P Forex market price is ₦682.90/US$1.00. Nigeria's external reserves
closed at US$38.90bn.
Weekly
Recap
In this week's trading session, the Nigerian Equities
market experienced a mixed performance as two indices gained while three
indices posted green week-to-date (WTD). The local bourse closed at 49,370.62
points as against opening at 49,546.38 points, with WTD and MTD declined by
59bps and 198bps respectively. Moreover, the Year-to-Date (YTD) return of the
market gained 15.58% or 1,558bps. The market's capitalisation closed at N26.6
trillion losing about 160 billion. We attribute the losses to investors'
sell-offs during the week's trade, especially in Insurance (-1.4%), Consumer
Goods (-1.0%) and the Oil and Gas (0.8%) sectors respectively.
Furthermore, BusinessDay Research and Intelligence
Unit (BRIU) findings show the opening and closing values of the following
sectors under our purview; Banking index (386.35open – 387.22close), Insurance
index (173.72open – 173.95close), Consumer Goods index (601.57open –
601.91close), Oil and Gas index (553.49open – 552.68close), and Industrial
Goods index (1,853.93open – 1,847.98close).
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