The March 2020 Nigerian Capital Market Service Report - Proshare

Proshare

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;

  1. LAWUNION
  2. CORNERST; and
  3. AIICO

 

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

Infinity Trust Mortgage Bank Plc

31-Dec-19

30-Mar-20

05-Feb-20

2

Nigerian Breweries Plc

31-Dec-19

30-Mar-20

13-Feb-20

3

United Capital Plc

31-Dec-19

31-Mar-20

18-Feb-20

4

Austin Laz & Company Plc

31-Dec-19

31-Mar-20

20-Feb-20

5

Zenith Bank Plc

31-Dec-19

31-Mar-20

21-Feb-20

6

Dangote Cement Plc

31-Dec-19

31-Mar-20

26-Feb-20

7

Tantalizers Plc

31-Dec-19

31-Mar-20

27-Feb-20

8

Custodian Investment Plc

31-Dec-19

31-Mar-20

28-Feb-20

9

Transcorp Hotels Plc

31-Dec-19

31-Mar-20

28-Feb-20

10

Transnational Corporation of Nigeria Plc

31-Dec-19

31-Mar-20

28-Feb-20

11

United Bank for Africa Plc

31-Dec-19

31-Mar-20

28-Feb-20

12

MTN Communications Plc

31-Dec-19

31-Mar-20

28-Feb-20

13

Ardova Plc

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

Proshare Nigeria Pvt. Ltd.

 

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

Proshare Nigeria Pvt. Ltd.

 

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

 

Proshare Nigeria Pvt. Ltd.

 

Appendix 1: Listed Companies Performance in Q1 2020

S/No

Symbol

31-Dec-19

31-Mar-20

% Chg

1

LAWUNION

0.50

0.95

90.00%

2

EKOCORP

            4.25

6

41.18%

3

CORNERST

            0.45

0.6

33.33%

4

BETAGLAS

         53.80

70

30.11%

5

MORISON

0.50

0.6

20.00%

6

UNIONDAC

0.22

0.26

18.18%

7

LIVESTOCK

0.50

0.59

18.00%

8

MAYBAKER

1.93

2.14

10.88%

9

JBERGER

19.90

22.05

10.80%

10

UBN

6.00

6.6

10.00%

11

MOBIL

147.90

160.9

8.79%

12

FLOURMILL

19.70

21.25

7.87%

13

AIICO

            0.72

0.76

5.56%

14

CUTIX

             1.33

1.4

5.26%

15

CILEASING

            5.90

6.2

5.08%

16

ABBEYBDS

            1.00

1.05

5.00%

17

NAHCO

2.40

2.5

4.17%

18

BUACEMENT

         35.00

35.3

0.86%

19

AFRINSURE

           0.20

0.2

0.00%

20

AFROMEDIA

            0.34

0.34

0.00%

21

AIRTELAFRI

      298.90

298.9

0.00%

22

ALEX

            8.10

8.1

0.00%

23

ANINO

0.25

0.25

0.00%

24

ASOSAVINGS

            0.50

0.5

0.00%

25

CAPHOTEL

            2.75

2.75

0.00%

26

CAPOIL

0.2

0.2

0.00%

27

CHELLARAM

            2.78

2.78

0.00%

28

CWG

            2.54

2.54

0.00%

29

DUNLOP

           0.20

0.2

0.00%

30

ELLAHLAKES

            4.25

4.25

0.00%

31

ENAMELWA

          22.10

22.1

0.00%

32

ETRANZACT

            2.61

2.61

0.00%

33

EVANSMED

            0.50

0.5

0.00%

34

FTNCOCOA

0.20

0.2

0.00%

35

GOLDINSURE

0.20

0.2

0.00%

36

GSPECPLC

4.65

4.65

0.00%

37

GUINEAINS

0.20

0.2

0.00%

38

INITSPLC

0.7

0.7

0.00%

39

INTENEGINS

0.38

0.38

0.00%

40

JAPAULOIL

0.20

0.2

0.00%

41

JOHNHOLT

0.56

0.56

0.00%

42

JULI

1.51

1.51

0.00%

43

MBENEFIT

0.20

0.2

0.00%

44

MCNICHOLS

0.46

0.46

0.00%

45

MEDVIEWAIR

1.62

1.62

0.00%

46

MULTITREX

0.36

0.36

0.00%

47

MULTIVERSE

0.20

0.2

0.00%

48

NESF

552.20

552.2

0.00%

49

NIGERINS

0.20

0.2

0.00%

50

NIG-GERMAN

3.62

3.62

0.00%

51

NNFM

4.30

4.3

0.00%

52

NOTORE

62.50

62.5

0.00%

53

NPFMCRFBK

1.15

1.15

0.00%

54

NSLTECH

0.20

0.2

0.00%

55

OMOSAVBNK

0.55

0.55

0.00%

56

PHARMDEKO

1.50

1.5

0.00%

57

PORTPAINT

2.23

2.23

0.00%

58

PREMPAINTS

9.40

9.4

0.00%

59

PRESTIGE

0.55

0.55

0.00%

60

RAKUNITY

0.3

0.3

0.00%

61

REGALINS

0.20

0.2

0.00%

62

RESORTSAL

0.20

0.2

0.00%

63

ROADS

6.60

6.6

0.00%

64

SCOA

2.93

2.93

0.00%

65

SMURFIT

0.29

0.29

0.00%

66

SOVRENINS

0.20

0.2

0.00%

67

STACO

0.48

0.48

0.00%

68

STDINSURE

0.20

0.2

0.00%

69

STUDPRESS

1.99

1.99

0.00%

70

SUNUASSUR

0.20

0.2

0.00%

71

TANTALIZER

0.20

0.2

0.00%

72

UHOMREIT

40.70

40.7

0.00%

73

UNHOMES

3.02

3.02

0.00%

74

UNIC

0.20

0.2

0.00%

75

UNIVINSURE

0.20

0.2

0.00%

76

VANLEER

9.10

9.1

0.00%

77

VERITASKAP

0.20

0.2

0.00%

78

BERGER

            6.75

6.7

-0.74%

79

OKOMUOIL

55.60

55.05

-0.99%

80

HONYFLOUR

0.99

0.98

-1.01%

81

CUSTODIAN

           6.00

5.9

-1.67%

82

INFINITY

1.39

1.36

-2.16%

83

TRANSEXPR

0.92

0.9

-2.17%

84

AUSTINLAZ

           2.09

2.03

-2.87%

85

CAP

         24.00

23.2

-3.33%

86

VITAFOAM

4.40

4.25

-3.41%

87

RTBRISCOE

0.21

0.2

-4.76%

88

UAC-PROP

1.00

0.95

-5.00%

89

MEYER

0.54

0.5

-7.41%

90

AFRIPRUD

           4.00

3.7

-7.50%

91

THOMASWY

0.38

0.35

-7.89%

92

ACADEMY

            0.37

0.34

-8.11%

93

UCAP

2.40

2.2

-8.33%

94

DAARCOMM

            0.36

0.33

-8.33%

95

DANGCEM

       142.00

129.7

-8.66%

96

GOLDBREW

0.89

0.81

-8.99%

97

INTERLINK

3.20

2.91

-9.06%

98

TRIPPLEG

0.64

0.58

-9.38%

99

MRS

15.30

13.8

-9.80%

100

UNIONDICON

12.15

10.95

-9.88%

101

TOURIST

3.50

3.15

-10.00%

102

LEARNAFRCA

1.13

1

-11.50%

103

MANSARD

1.98

1.75

-11.62%

104

LASACO

0.25

0.22

-12.00%

105

COURTVILLE

            0.23

0.2

-13.04%

106

TOTAL

110.90

96.3

-13.17%

107

FIDELITYBK

            2.05

1.78

-13.17%

108

MTNN

105.00

90

-14.29%

109

NEM

2.42

2.07

-14.46%

110

CAVERTON

            2.67

2.25

-15.73%

111

CHAMPION

            0.95

0.8

-15.79%

112

GUINNESS

30.05

25.2

-16.14%

113

UACN

8.60

7.2

-16.28%

114

SEPLAT

657.80

544.5

-17.22%

115

DEAPCAP

           0.40

0.33

-17.50%

116

FIDSON

            3.10

2.54

-18.06%

117

TRANSCOHOT

4.90

4

-18.37%

118

ARBICO

             3.51

2.85

-18.80%

119

FCMB

            1.85

1.5

-18.92%

120

SKYESHELT

85.50

69.3

-18.95%

121

IKEJAHOTEL

1.12

0.9

-19.64%

122

PZ

5.65

4.4

-22.12%

123

ABCTRANS

            0.45

0.35

-22.22%

124

JAIZBANK

0.62

0.48

-22.58%

125

NEIMETH

0.62

0.48

-22.58%

126

LINKASSURE

0.53

0.41

-22.64%

127

UPL

1.28

0.99

-22.66%

128

HMARKINS

0.39

0.3

-23.08%

129

PRESCO

47.50

36.45

-23.26%

130

FO

18.10

13.8

-23.76%

131

BOCGAS

            5.50

4.05

-26.36%

132

WAPIC

0.34

0.25

-26.47%

133

GLAXOSMITH

6.10

4.4

-27.87%

134

CONOIL

          18.50

13.15

-28.92%

135

UBA

7.15

5

-30.07%

136

ETI

            6.50

4.45

-31.54%

137

OMATEK

0.50

0.34

-32.00%

138

WEMABANK

0.74

0.5

-32.43%

139

REDSTAREX

4.45

3

-32.58%

140

UPDCREIT

4.70

3.15

-32.98%

141

ROYALEX

0.30

0.2

-33.33%

142

TRANSCORP

0.99

0.66

-33.33%

143

CHAMS

            0.33

0.22

-33.33%

144

ETERNA

            3.60

2.39

-33.61%

145

DANGSUGAR

          13.60

9

-33.82%

146

NASCON

12.95

8.5

-34.36%

147

UNITYBNK

0.64

0.42

-34.38%

148

CADBURY

          10.55

6.8

-35.55%

149

FBNH

            6.15

3.95

-35.77%

150

ZENITHBANK

18.60

11.7

-37.10%

151

SKYAVN

4.19

2.63

-37.23%

152

WAPCO

15.30

9.2

-39.87%

153

GUARANTY

29.70

17.7

-40.40%

154

ACCESS

          10.00

5.95

-40.50%

155

STANBIC

41.00

24.3

-40.73%

156

STERLNBANK

1.99

1.15

-42.21%

157

NESTLE

1469.90

765

-47.96%

158

INTBREW

9.50

4.9

-48.42%

159

OANDO

3.99

2.05

-48.62%

160

UNILEVER

22.00

11

-50.00%

161

NCR

4.50

2

-55.56%

162

NB

59.00

25.26

-57.19%


Source: NSE
, Proshare Research

 

Proshare Nigeria Pvt. Ltd.


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 Proshare Nigeria Pvt. Ltd.

 

Proshare Nigeria Pvt. Ltd.

 

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