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Friday, April 03, 2020 03:00 PM / Research@proshareng.com / Header Image Credit: EcoGraphics
Nigerian Stock
Market closed the month of March 2020 in red as market
witnessed intense sell pressure during the month under review. The NSEASI
dipped by -18.75% as against -9.11% loss recorded in the month of February
2020 while the NASD USI closed southwards with -1.10% loss recorded
at the end of the month under review as against +0.26% loss in
February 2020.
Furthermore, the NSEASI ended Q1 2020 in the negative territory with -20.65% loss recorded as against -1.24% loss in Q1 2019 while the NASD USI closed the quarter southwards with -0.69% loss recorded as against +2.31% gain in Q1 2019.
It is pertinent to state that the -20.65% loss recorded in Q1 2020 exceeds the -14.60% loss reported in 2019 and -17.81% loss in year 2018 respectively. The huge drop cannot be disconnected
from the high level of uncertainty created by the outbreak of the COVID-19
which is now a global pandemic.
On market development, regulation and investors
protection, the Securities and Exchange Commission issued an exposure
of its proposed new rules on crowdfunding to the rules and regulations of the Commission.
Comments and inputs are expected to be forwarded to the commission.
Also, the Nigerian Stock Exchange, due to the COVID-19 outbreak, has
granted listed companies a sixty (60) day grace period for the submission of
their Audited Financial Statements for the year ended 31 December 2019 (AFS),
which are due to The Exchange on
Monday, 30 March 2020. This become necessary due to the disruption by COVID-19
Data Breakdown
A review of the data on Gainers to Losers at the end of Q1 2020
reflected that eighteen (18) gainers to eighty-five (85) losers were recorded
as against thirty-four (34) gainers to ninety-eight (98) losers at the end of
year 2019. Fifty-nine (59) stocks were unchanged as at Q1 2020 as against
thirty-two in 2019. See Appendix below
Out of the 18 gainers recorded, UBN is the only banking stock that made the list while three (3) insurance
stocks made the list and they are;
X-Compliance: Early Filers of 2019 Audited Financial
Statements
The Nigerian Stock Exchange in a circular to the market announcing the extension of Time to File Audited
Financial Statement for the Year Ended 31 December 2019 stated thus:
'The Exchange understands that some of the internal governance, auditing and other procedures and processes of listed companies may have been disrupted by COVID-19. Therefore, The Exchange is granting listed companies a sixty (60) day grace period for the submission of their Audited Financial Statements for the year ended 31 December 2019 (AFS), which are due to The Exchange on Monday, 30 March 2020.'
A review of the NSE X-Compliance Report showed that only thirteen (13)
listed entities with 31 December 2019 year end reporting date have filed their
Audited Financial Statements. See table below
SN |
Company |
Year End |
Due Date |
Date Filed |
1 |
31-Dec-19 |
30-Mar-20 |
05-Feb-20 |
|
2 |
31-Dec-19 |
30-Mar-20 |
13-Feb-20 |
|
3 |
31-Dec-19 |
31-Mar-20 |
18-Feb-20 |
|
4 |
31-Dec-19 |
31-Mar-20 |
20-Feb-20 |
|
5 |
31-Dec-19 |
31-Mar-20 |
21-Feb-20 |
|
6 |
31-Dec-19 |
31-Mar-20 |
26-Feb-20 |
|
7 |
31-Dec-19 |
31-Mar-20 |
27-Feb-20 |
|
8 |
31-Dec-19 |
31-Mar-20 |
28-Feb-20 |
|
9 |
31-Dec-19 |
31-Mar-20 |
28-Feb-20 |
|
10 |
31-Dec-19 |
31-Mar-20 |
28-Feb-20 |
|
11 |
31-Dec-19 |
31-Mar-20 |
28-Feb-20 |
|
12 |
31-Dec-19 |
31-Mar-20 |
28-Feb-20 |
|
13 |
31-Dec-19 |
31-Mar-20 |
28-Feb-20 |
|
Source: NSE X-Compliance
Report, Proshare Research |
Listings by IPO and Introduction
The market
has, so far, witnessed no IPO in year 2020 and 2019 while just one (1) IPO was
witnessed all through the year 2018.
In total,
only four (4) entities have been listed via IPO in the last eleven (11) years;
all four (4) companies recorded negative returns as HONYFLOUR recorded the highest negative return with -88.47%
decline recorded while SEPLAT recorded the least decline with -6.92% decline
recorded. No positive traction has been achieved via IPO listing over an eleven
(11) year period.
Table 1: Entities Listed by IPO on the NSE In The
Last 11 Years
In the last eleven (11) years, eighteen (18) entities
have taken advantage of the listing by introduction route, the latest being BUA
Cement Plc.
Table 2: Entities Listed by Introduction on the
NSE In The Last 11 Years
A review of
the performance of the eighteen (18) companies listed in the last eleven (11)
years reflected that 11% or two (2) of such companies recorded positive
returns, 72% or thirteen (13) of such companies recorded negative
returns while three (3) of such companies which were listed in 2019, 2018 and
2014 respectively remained flat (No Change in Price) at their listing prices as
at March 31, 2020.
MEDVIEWAIR recorded
the highest positive return of +8.00%, while AFRINSURE recorded
the highest negative return of -94.55%. DANGCEM, the most capitalised listed stock as at March 31,
2020 has so far recorded -3.93% negative returns to date.
In this edition of The Nigerian Capital Market Service Report, we continue the updates of our data section with latest figures on Economic indicators & Upcoming Events in the market and economy. This is to ensure that we deliver a comprehensive capital market service report that helps cover and track innovations, developments as well as service issues in the market effectively.
In all,
the March 2020 SSS Quality Report is a snapshot and aide
memoire of developments in our market - tracking milestones that the investing
public should be aware of. Do feel free to share your opinions/observations and
feedback with us vide research@proshareng.com
Thank you.
For: Analyst Editorial Board
Reshu BAGGA
CEO, The Analyst
Appendix 1: Listed Companies Performance in Q1 2020
S/No |
Symbol |
31-Dec-19 |
31-Mar-20 |
% Chg |
1 |
0.50 |
0.95 |
90.00% |
|
2 |
4.25 |
6 |
41.18% |
|
3 |
0.45 |
0.6 |
33.33% |
|
4 |
53.80 |
70 |
30.11% |
|
5 |
0.50 |
0.6 |
20.00% |
|
6 |
0.22 |
0.26 |
18.18% |
|
7 |
0.50 |
0.59 |
18.00% |
|
8 |
1.93 |
2.14 |
10.88% |
|
9 |
19.90 |
22.05 |
10.80% |
|
10 |
6.00 |
6.6 |
10.00% |
|
11 |
147.90 |
160.9 |
8.79% |
|
12 |
19.70 |
21.25 |
7.87% |
|
13 |
0.72 |
0.76 |
5.56% |
|
14 |
1.33 |
1.4 |
5.26% |
|
15 |
5.90 |
6.2 |
5.08% |
|
16 |
1.00 |
1.05 |
5.00% |
|
17 |
2.40 |
2.5 |
4.17% |
|
18 |
35.00 |
35.3 |
0.86% |
|
19 |
0.20 |
0.2 |
0.00% |
|
20 |
0.34 |
0.34 |
0.00% |
|
21 |
298.90
|
298.9 |
0.00% |
|
22 |
8.10 |
8.1 |
0.00% |
|
23 |
0.25 |
0.25 |
0.00% |
|
24 |
0.50 |
0.5 |
0.00% |
|
25 |
2.75 |
2.75 |
0.00% |
|
26 |
0.2 |
0.2 |
0.00% |
|
27 |
2.78 |
2.78 |
0.00% |
|
28 |
2.54 |
2.54 |
0.00% |
|
29 |
0.20 |
0.2 |
0.00% |
|
30 |
4.25 |
4.25 |
0.00% |
|
31 |
22.10 |
22.1 |
0.00% |
|
32 |
2.61 |
2.61 |
0.00% |
|
33 |
0.50 |
0.5 |
0.00% |
|
34 |
0.20 |
0.2 |
0.00% |
|
35 |
0.20 |
0.2 |
0.00% |
|
36 |
4.65 |
4.65 |
0.00% |
|
37 |
0.20 |
0.2 |
0.00% |
|
38 |
0.7 |
0.7 |
0.00% |
|
39 |
0.38 |
0.38 |
0.00% |
|
40 |
0.20 |
0.2 |
0.00% |
|
41 |
0.56 |
0.56 |
0.00% |
|
42 |
1.51 |
1.51 |
0.00% |
|
43 |
0.20 |
0.2 |
0.00% |
|
44 |
0.46 |
0.46 |
0.00% |
|
45 |
1.62 |
1.62 |
0.00% |
|
46 |
0.36 |
0.36 |
0.00% |
|
47 |
0.20 |
0.2 |
0.00% |
|
48 |
552.20 |
552.2 |
0.00% |
|
49 |
0.20 |
0.2 |
0.00% |
|
50 |
3.62 |
3.62 |
0.00% |
|
51 |
4.30 |
4.3 |
0.00% |
|
52 |
62.50 |
62.5 |
0.00% |
|
53 |
1.15 |
1.15 |
0.00% |
|
54 |
0.20 |
0.2 |
0.00% |
|
55 |
0.55 |
0.55 |
0.00% |
|
56 |
1.50 |
1.5 |
0.00% |
|
57 |
2.23 |
2.23 |
0.00% |
|
58 |
9.40 |
9.4 |
0.00% |
|
59 |
0.55 |
0.55 |
0.00% |
|
60 |
0.3 |
0.3 |
0.00% |
|
61 |
0.20 |
0.2 |
0.00% |
|
62 |
0.20 |
0.2 |
0.00% |
|
63 |
6.60 |
6.6 |
0.00% |
|
64 |
2.93 |
2.93 |
0.00% |
|
65 |
0.29 |
0.29 |
0.00% |
|
66 |
0.20 |
0.2 |
0.00% |
|
67 |
0.48 |
0.48 |
0.00% |
|
68 |
0.20 |
0.2 |
0.00% |
|
69 |
1.99 |
1.99 |
0.00% |
|
70 |
0.20 |
0.2 |
0.00% |
|
71 |
0.20 |
0.2 |
0.00% |
|
72 |
40.70 |
40.7 |
0.00% |
|
73 |
3.02 |
3.02 |
0.00% |
|
74 |
0.20 |
0.2 |
0.00% |
|
75 |
0.20 |
0.2 |
0.00% |
|
76 |
9.10 |
9.1 |
0.00% |
|
77 |
0.20 |
0.2 |
0.00% |
|
78 |
6.75 |
6.7 |
-0.74% |
|
79 |
55.60 |
55.05 |
-0.99% |
|
80 |
0.99 |
0.98 |
-1.01% |
|
81 |
6.00 |
5.9 |
-1.67% |
|
82 |
1.39 |
1.36 |
-2.16% |
|
83 |
0.92 |
0.9 |
-2.17% |
|
84 |
2.09 |
2.03 |
-2.87% |
|
85 |
24.00 |
23.2 |
-3.33% |
|
86 |
4.40 |
4.25 |
-3.41% |
|
87 |
0.21 |
0.2 |
-4.76% |
|
88 |
1.00 |
0.95 |
-5.00% |
|
89 |
0.54 |
0.5 |
-7.41% |
|
90 |
4.00 |
3.7 |
-7.50% |
|
91 |
0.38 |
0.35 |
-7.89% |
|
92 |
0.37 |
0.34 |
-8.11% |
|
93 |
2.40 |
2.2 |
-8.33% |
|
94 |
0.36 |
0.33 |
-8.33% |
|
95 |
142.00 |
129.7 |
-8.66% |
|
96 |
0.89 |
0.81 |
-8.99% |
|
97 |
3.20 |
2.91 |
-9.06% |
|
98 |
0.64 |
0.58 |
-9.38% |
|
99 |
15.30 |
13.8 |
-9.80% |
|
100 |
12.15 |
10.95 |
-9.88% |
|
101 |
3.50 |
3.15 |
-10.00% |
|
102 |
1.13 |
1 |
-11.50% |
|
103 |
1.98 |
1.75 |
-11.62% |
|
104 |
0.25 |
0.22 |
-12.00% |
|
105 |
0.23 |
0.2 |
-13.04% |
|
106 |
110.90 |
96.3 |
-13.17% |
|
107 |
2.05 |
1.78 |
-13.17% |
|
108 |
105.00 |
90 |
-14.29% |
|
109 |
2.42 |
2.07 |
-14.46% |
|
110 |
2.67 |
2.25 |
-15.73% |
|
111 |
0.95 |
0.8 |
-15.79% |
|
112 |
30.05 |
25.2 |
-16.14% |
|
113 |
8.60 |
7.2 |
-16.28% |
|
114 |
657.80 |
544.5 |
-17.22% |
|
115 |
0.40 |
0.33 |
-17.50% |
|
116 |
3.10 |
2.54 |
-18.06% |
|
117 |
4.90 |
4 |
-18.37% |
|
118 |
3.51 |
2.85 |
-18.80% |
|
119 |
1.85 |
1.5 |
-18.92% |
|
120 |
85.50 |
69.3 |
-18.95% |
|
121 |
1.12 |
0.9 |
-19.64% |
|
122 |
5.65 |
4.4 |
-22.12% |
|
123 |
0.45 |
0.35 |
-22.22% |
|
124 |
0.62 |
0.48 |
-22.58% |
|
125 |
0.62 |
0.48 |
-22.58% |
|
126 |
0.53 |
0.41 |
-22.64% |
|
127 |
1.28 |
0.99 |
-22.66% |
|
128 |
0.39 |
0.3 |
-23.08% |
|
129 |
47.50 |
36.45 |
-23.26% |
|
130 |
18.10 |
13.8 |
-23.76% |
|
131 |
5.50 |
4.05 |
-26.36% |
|
132 |
0.34 |
0.25 |
-26.47% |
|
133 |
6.10 |
4.4 |
-27.87% |
|
134 |
18.50 |
13.15 |
-28.92% |
|
135 |
7.15 |
5 |
-30.07% |
|
136 |
6.50 |
4.45 |
-31.54% |
|
137 |
0.50 |
0.34 |
-32.00% |
|
138 |
0.74 |
0.5 |
-32.43% |
|
139 |
4.45 |
3 |
-32.58% |
|
140 |
4.70 |
3.15 |
-32.98% |
|
141 |
0.30 |
0.2 |
-33.33% |
|
142 |
0.99 |
0.66 |
-33.33% |
|
143 |
0.33 |
0.22 |
-33.33% |
|
144 |
3.60 |
2.39 |
-33.61% |
|
145 |
13.60 |
9 |
-33.82% |
|
146 |
12.95 |
8.5 |
-34.36% |
|
147 |
0.64 |
0.42 |
-34.38% |
|
148 |
10.55 |
6.8 |
-35.55% |
|
149 |
6.15 |
3.95 |
-35.77% |
|
150 |
18.60 |
11.7 |
-37.10% |
|
151 |
4.19 |
2.63 |
-37.23% |
|
152 |
15.30 |
9.2 |
-39.87% |
|
153 |
29.70 |
17.7 |
-40.40% |
|
154 |
10.00 |
5.95 |
-40.50% |
|
155 |
41.00 |
24.3 |
-40.73% |
|
156 |
1.99 |
1.15 |
-42.21% |
|
157 |
1469.90 |
765 |
-47.96% |
|
158 |
9.50 |
4.9 |
-48.42% |
|
159 |
3.99 |
2.05 |
-48.62% |
|
160 |
22.00 |
11 |
-50.00% |
|
161 |
4.50 |
2 |
-55.56% |
|
162 |
59.00 |
25.26 |
-57.19% |
Source: NSE, Proshare Research
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