FBN Holdings, Fidelity & Zenith Banks Top Total Volumes Traded

Forty seven (47) equities appreciated in price during the week, higher than thirty nine (39) of the previous week. Twenty (20) equities depreciated in price, lower than twenty three (23) equities of the previous week, while one hundred and five (105) equities remained unchanged lower than one hundred and nine (109) equities recorded in the preceding week.

A total turnover of 3.316 billion shares worth ₦36.451 billion in 29,771 deals were traded this week by investors on the floor of the exchange in contrast to a total of 14.257 billion shares valued at ₦35.056 billion that exchanged hands last week in 17,379 deals. The Financial Services Industry (measured by volume and value respectively. The Conglomerates Industry followed with 247.639 million shares worth ₦1.330 billion in 1,333 deals. The third placed was occupied by Consumer Goods Industry with a turnover of 185.560 million shares worth ₦5.976 billion in 3,137 deals. FBN Holdings, Fidelity & Zenith Banks led the most volumes list with a whooping 958.742million shares worth 11.355billion in 6,765 deals, contributing 28.91% and 31.5% to the total equity turnover volume and value respectively.

First Bank Holdings Plc led the gainers list with a 26.33% change that represents a ₦1.88k appreciation rising from an open of ₦7.14k to a close of ₦9.02k at the close of the week on Friday. Total Nigeria Plc led the losers list with a -5.39% loss that represents a ₦-12.99k loss opening at ₦241 closing on Friday at ₦228.01k

Union Bank Plc listed an additional volume of 51,299,322 ordinary shares of 50k each to the official list of the exchange as at 4th December 2017. This additional shares arose from the Bank’s Long Term Transformation Incentive Plan (“LTTIP”). These additional shares now brings the total paid up shares of the Bank from 51,299,322 to 16,987,105,793

Flour Mills of Nigeria Plc through its Stockbrokers Stanbic IBTC Stockbrokers Limited submitted and application to the Nigeria Stock Exchange for approval and listing of a Rights Issue 1,476,142,418 ordinary shares of 50k each at 27 per share on the basis of 9 new ordinary shares for every 16 ordinary shares held. The Exchange set the Qualification for the Rights issue for today the 8th December 2017.

 

Kelvin Emmanuel

About Kelvin Emmanuel

The Oil producing Angola in the Southern part of Africa faces what Nigeria faced 12months ago; a distortion in its exchange rate with a difference between the official markets and the parallel black markets. One dollar through the official window buys you 166 kwanza, while one dollar through the black market buys you 400 kwanza. Nigeria faced the same challenge 12months ago, when the distortion between the official and black markets was as much as the official markets trading at 306 with the parallel market ranging from 450 through to 510. The Central Bank Governor of Angola, Jose de Massano Junior announced in Luanda “We will stop having a fixed foreign exchange, we will adopt a floating regime of foreign exchange”. Angola faces exactly the same challenges and has been applying the exact same responses to an exchange rate crisis like using its foreign reserves that was sitting at $26bn to defend the currency kwanza, with no success so far, even though the external reserves has dropped to $14bn. Angola relies on Oil receipts for 80% of its government revenue, 90% of its inflow and 50% of its GDP. Angola is a $194bn economy that has been growing at an average of 10% on the back of rising oil prices since 2002 when its 27 year old civil war that started in 1975 ended. The state national oil company Sonangol reports that it produces up to 1.8m barrels of crude oil daily, however the government that until now has being led by the family dynasty Jose Eduardo dos Santos until recently when succession saw power transferred to Joao Lourenco, reports that the oil price rout in 2015/2016 that saw prices drop to as low as $28 per barrel caused ripples across the economic structures of the government, upsetting government revenues, its ability to fund its budget, capital project funding, foreign direct investments into the economy as a result of a currency crisis that was driven by the widening of gap between the official and street window of the kwanza, that until now has been pegged in a fixed exchange rate regime to the US Dollar.