Friday, 30 September 2022


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.
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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