Nigeria: Local bourse dips further as UCAP leads top gainers
On Tuesday, the domestic equity market posted red as the NGX-ASI declined by 2.2% to 46,366.32 points. Consequently, the Year-to-date (YTD) return of the market weakened to 7.5% from 8.5% the previous trading day.
Top gainers in the market were led by UCAP (+9.7%), REGALINS (+8.3%) and SOVRENINS (+7.7%), while AIRTELAFRI (-10.0%), NB (-9.8%) and CWG (-8.6%) posted as today’s top losers.
For today’s trading activities, the total volume traded gained 205% to 420.1mn units and total value traded declined 16% to ₦3.6bn. CWG, GTCO and ZENITHBANK led the volume chart with 258.7mn units, 57.4mn units and 13.1mn units respectively. On the other hand, AIRTELAFRI, GTCO and ZENITHBANK led the value chart with ₦1.4bn, ₦1.1bn and ₦268.8mn respectively.
For indices under our purview, performance was more bullish as three indices gained and two indices declined.
The Industrial, Banking and Insurance indices gained 1.4%, 0.9% and 0.5% respectively. We attribute the gains to BUACEMENT (+4.0%), UNITYBNK (+4.6%) and REGALINS (+8.3%). On the other hand, the Consumer Goods and Oil and Gas indices declined by 1.1% and 0.3% respectively. The losses were largely attributed to investors’ selloffs in NB (-9.8%) and OANDO (-1.8%).
Quick Insight (Today’s top gainer)
Source: BRIU
United Capital Plc, an African financial and investment services group reported a 46.8% year-on-year increase in profit for fiscal year 2021, increasing from ₦7.8 billion in 2020 to ₦11.5 billion.
Profit for the fiscal year ended 2020 was ₦7.8 billion, up from ₦4.9 billion in 2019, representing a 57.1% increase year-on-year. The company’s profit after tax increased by 14.6% year-on-year to ₦4.9 billion in 2019, up from ₦4.3 billion in 2018.
Daily Currency Update
On daily currency updates, I&E and the parallel market’s prices closed at ₦441.25/US$1.00 and ₦742/US$1.00 respectively. The current P2P Forex market price is ₦745.89/US$1.00. Nigeria’s external reserves is currently US$37.88bn.
