NSE All Shares Index: Dissecting The Highs and Lows

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Thursday, November 12, 2020,/9.45 AM/Proshare Research / Header Image Credit: UCAR Center

 

Proshare Nigeria Pvt. Ltd.


Investors in Nigeria's stock market in 2020 are finding it increasingly difficult to interpret price movements as market sentiments thump corporate fundamentals into the ground.

 

The excess of liquidity in the domestic money market, low yields in the fixed income market and bottlenecks in translating returns on domestic investment into foreign exchange have ganged up to put pressure on the local stock market, particularly the Nigerian Stock Exchange (NSE).

 

 The sea change in the direction of stock prices in part of Q2 and the whole of Q3 2020 reflect investors failing appetite for fixed income assets (with current yields between 0.3 and 0.5% for instruments maturing in November and December 2020) with flattening yields. Investors also appear to have bought into a notion of expanding economic recovery in the absence of a second wave of the coronavirus pandemic. The concept of a V-shaped recovery has added pep to investors previously languid attitude towards the local equities market. Indeed, analysts do not expect yields on fixed income assets to rise above 1% before 2022.

 

Banking sector's Highs and Lows-

All the banking sector stocks recorded share prices higher than their Year-lows, but the results were mixed when compared with Year-highs. Amongst the Thirteen (13) banking stocks considered Eleven (11) stocks recorded share prices lower than their Year-highs while Stanbic IBTC Bank and  Zenith Bank had share prices equal to their Year-high share prices.

 

FCMB +131.03%, Zenith Bank +128.97%, and GT Bank +108.96% recorded the highest percentage increase in share price change when compared with Year-low share prices. On the other hand, UBN -23.68%, Access Bank -23.28%, and ETI -22.5% recorded the highest percentage decline in share prices when compared with Year-high share prices.

 

Eleven (11) banking stocks recorded positive change in year-to-date share price movement while three (3) banks recorded negative year-to-date change in their share prices. The top three banks with a positive year-to-date change in share price were FCMB +81.08%, Fidelity Bank +35.61%, and Zenith Bank +31.72%. While the three banks that recorded negative year-to-date change in share prices were Access Bank -11.0%, ETI -4.62%, and UBN -3.33% (see Table 1 below).    

 

 

Table 1: Banking Sector

COMPANIES

Last Price

% Change

52 wk High

% Below High

52 wk Low

% Above Low

Ytd

UBN

5.8

1.75%

7.6

-23.68

4.7

23.40%

-3.33%

ACCESS

8.9

2.30%

11.6

-23.28

5.3

67.92%

-11.00%

ETI

6.2

3.33%

8

-22.5

3.9

58.97%

-4.62%

FBNH

7.1

0

7.7

-7.79

3.6

97.22%

15.45%

FCMB

3.35

-1.18%

3.39

-1.18

1.45

131.03%

81.08%

UBA

8.8

0

8.9

-1.12

4.4

100.00%

23.08%

FIDELITYBK

2.78

-1.07%

2.81

-1.07

1.53

81.70%

35.61%

GUARANTY

35

-0.71%

35.25

-0.71

16.75

108.96%

17.85%

STERLNBANK

2

0

2.23

-10.31

0.99

102.02%

0.50%

STANBIC

48

4.35%

48

0

23.85

101.26%

17.07%

ZENITHBANK

24.5

2.30%

24.5

0

10.7

128.97%

31.72%

UNITYBNK

0.66

0

0.8

-17.5

0.4

65.00%

3.13%

WEMABANK

0.75

8.70%

0.79

-5.06

0.44

70.45%

1.35%

SourceNSE, Proshare Research Data as of November 10, 2020.

 

Dark Oil; Finding Light in A Slick Market

Amongst the Eight (8) oil sector stocks considered, seven (7) recorded share prices higher than their Year-lows while MRS recorded a share price equal to its 52-week low. On the other hand, all oil sector stocks reviewed recorded lower share prices compared to their Year-highs except for Total Oil that posted a share price equal to its Year-high.

 

ETERNA +131.03%, OANDO +128.97%, and TOTAL +108.96% recorded the highest percentage increase in share price when compared with Year-low share price. On the other hand, SEPLAT -36.15%, OANDO -18.3%, and CONOIL -15.0% recorded the highest percentage decline in share price when compared with Year-high share price.

 

Four (4) of the oil sector stocks recorded positive change in year-to-date share prices while Four (4) oil stocks also recorded negative year-to-date change in their share prices. The four (4) oil stocks with positive year-to-date change in share prices were ETERNA OIL +111.72%, JAPAUL OIL +30.00%, MOBIL +28.47% and TOTAL +17.13%. While the four (4) oil stocks that recorded negative year-to-date change in share prices were SEPLAT -36.15%, MRS -18.63%, OANDO -18.3%, and CONOIL -3.51% (see Table 2 below).

 

Table 2: Oil Sector

Company

Last Price

% Change

52 wk High

% Below High

52 wk Low

% Above Low

Ytd

MRS

12.45

0

13.8

-9.78%

12.45

0.00

-18.63%

OANDO

3.26

9.76%

3.99

-18.30%

1.89

72.49

-18.30%

CONOIL

17.85

0

21

-15.00%

13.15

35.74

-3.51%

JAPAULOIL

0.26

8.33%

0.3

-13.33%

0.2

30.00

30.00%

MOBIL

190

0

213.9

-11.17%

133.2

42.64

28.47%

ETERNA

5.06

0.80%

5.29

-4.35%

1.8

181.11

111.72%

SEPLAT

420

0

657.8

-36.15%

282

48.94

-36.15%

TOTAL

129.9

0

129.9

0

79.1

64.22

17.13%

SourceNSE, Proshare Research Data as of November 10, 2020.

 

A Tale of Mixed Sentiments in the CG Sector

All the consumer goods (CG) stocks recorded share prices higher than their Year-lows but lower than their Year-highs. For example, Cadbury Plc recorded a share price of N9.7 higher than its Year-low of N4.95 but lower than its Year-high of N10.85. Also, Nestle Plc recorded a share price of N1,400 higher than its Year-low of N764.9 but lower than its Year-high of N1,469.9.

 

INTERNATIONAL BREWERIES +156.36%, CADBURY +88.89%, and FLOUR MILL +87.17% recorded the highest percentage increase in share price when compared with Year-low share price. On the other hand, GUINNESS -46.63%, UNILEVER-35.21%, and INTERNATIONAL BREWERIES -30.20% recorded the highest percentage decline in share price when compared with Year-high share price.

 

Two (2) of the consumer goods stocks recorded positive change in year-to-date share price while six (6) consumer goods stock recorded negative year-to-date change in the share price. The two (2) consumer goods stocks with a positive year-to-date change in share price were FLOUR MILL +44.42%, and HONEY WELL FLOUR +3.03%. While the six (6) consumer goods stocks that recorded negative year-to-date change in share price were GUINNESS -36.77%, UNILEVER -34.77%, INTBREW -25.79%, PZ -22.12%, CADBURY -11.37%, and NESTLE -4.76% (see Table 3 below).

 

Table 3: Consumer Goods (CG) Sector

Company

Last Price

% Change

52 wk High

% Below High

52 wk Low

% Above Low

Ytd

CADBURY

9.35

10%

10.85

-13.82

4.95

88.89%

-11.37%

HONYFLOUR

1.02

0

1.18

-13.56

0.83

22.89%

3.03%

NESTLE

1400

-1.53%

1469.9

-4.76

764.9

83.03%

-4.76%

UNILEVER

14.35

1.41%

22.15

-35.21

9.9

44.95%

-34.77%

INTBREW

7.05

2.17%

10.1

-30.20

2.75

156.36%

-25.79%

FLOURMILL

28.45

0

28.85

-1.39

15.2

87.17%

44.42%

GUINNESS

19

3.83%

35.6

-46.63

13

46.15%

-36.77%

PZ

4.4

-5.38%

6

-26.67

3.75

17.33%

-22.12%

SourceNSE, Proshare Research Data as of November 10, 2020.

 

The Healthy State of Health Stocks

All the health sector stocks recorded share prices higher than their Year-lows but lower than their Year-highs. For example, NEIMETH Plc recorded a share price of N2.2 higher than its Year-low N0.39 but lower than its Year-high of N2.57. Also, MAYBAKER Plc recorded a share price of N3.43 higher than its Year-low of N1.79 but lower than its Year-high of N3.45.

 

NEIMETH Plc +464.10%, MAYBAKER Plc +91.62%, and GLAXOSMITH +91.3% recorded the highest percentage increase in share price when compared with Year-low share price. On the other hand, GLAXOSMITH -23.26%, UNIONDAC -18.75%, and NEIMETH Plc -14.40% recorded the highest percentage decline in share price when compared with its Year-high share price.

 

All health stocks analysed recorded positive changes in year-to-date share prices, NEIMETH Plc +254.84%, MAYBAKER Plc +77.72%, GLAXOSMITH +8.20% (see Table 4).

 

Table 4: Health Sector

Last Price

% Change

52 wk High

% Below High

52 wk Low

% Above Low

Ytd (%)

NEIMETH

2.2

10

2.57

-14.40

0.39

464.10%

254.84%

MAYBAKER

3.43

-0.58

3.45

-0.58

1.79

91.62%

77.72%

GLAXOSMITH

6.6

10

8.6

-23.26

3.45

91.30%

8.20%

UNIONDAC

0.26

4

0.32

-18.75

0.2

30%

 

SourceNSE, Proshare Research Data as of November 10, 2020.

 

A Ray of Market Sunlight

As companies continue to release their results, investors would be interested in buying shares of companies with strong fundamentals and most likely to pay dividends. Investor's preference would likely be Tier 1 Banks, health stocks, industrial goods stock like Dangote Cement, BUA cement as well as countercyclical stocks such as Technology stocks, etc.



Proshare Nigeria Pvt. Ltd.



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