The Nigerian equity market closed today's trading
session on a bearish note as the NGX benchmark index declined by 0.4% to close
at 48,964.83 points. Consequently, the Year-to-date (YTD) return of the market
weakened to 14.1% from 15.1% the previous trading day.
Top gainers in today's trading session were led by
JAIZBANK (+9.2%), IKEJAHOTEL (+8.8%) and MULTIVERSE (+8.2%). However, NESTLE
(-10.0%), AFRIPRUD (-8.3%) and FCMB (-6.0%) posted as today's biggest losers.
The total volume and value traded gained 117.4% and 88.0% respectively to
220.8mn unit and ₦2.3bn.
On the sectorial breakdown, all indices under our
purview posted red save the Industrial Goods index which gained marginally
(0.0%). The biggest loser was the Consumer Goods sector which declined by
322bps, followed by the Insurance index which declined by 58bps. The Banking
sector declined by 15bps, and the Oil and Gas index declined by 3bps. We
attribute their losses to investors' selloffs in NESTLE (-10.0%), AIICO
(-5.5%), FCMB (-6.0%) and OANDO (-0.2%) respectively.
JAIZBANK PLC is a national bank in Nigeria with over
26,000 shareholders, it opened and closed today's trading session at 0.76 and
0.83 respectively. The company's price grew to 9.2% with volume and value
traded mounting to 85.1mn units and ₦65.1mn respectively.
Our analysis on the company's cash and cash
equivalents for the beginning and end of the year from 2017 to 2021 have proved
consistent increase. The cash and cash equivalent earned by the company at the
beginning of the year has grown by an average of 25.2% in the five years
period, meanwhile, the cash and cash equivalents issued at the end of the year
grew upwards in all years except 2019 when it declined by 88.8%, and later grew
by 1,657% in the next year.
Last year's fiscal report shows that JAIZBANK closed
the cash and cash equivalent at ₦69.8bn.
DAILY CURRENCY UPDATE
On daily currency updates, I&E and the parallel
market's prices closed at ₦436.37/US$1.00 and ₦725/US$1.00 respectively. The
current P2P Forex market price is ₦738.00/US$1.00. Nigeria's external reserves
is currently US$38.35bn.
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