The release of earnings results for the 2018 financial year by listed companies failed to lift Nigeria’s stock market last week, rather the market dipped further by 2.45 percent to settle at 31,142.72 points.
That drove the return of the Nigerian Stock Exchange back to the negative territory of -0.92 percent after the close of business on Friday, causing investors to lose over N291 billion of their wealth to the rout.
In spite of the bearish performance at the Lagos bourse, eighteen companies could deliver value to their shareholders, forty-five firms were caught in the flood of losses recorded in four of the five trading days, while one hundred and five equities remained unchanged during the week.
Cap Plc led the gainers’ chart for the week, recording 10 percent to close at N37.40. The company was closely followed by McNichols, which rose 9.62 percent to close at 57 kobo; Royal Exchange increased by 9.37 percent to 35 kobo; Cadbury, 9.09 percent to N12; UAC-Prop, 7.14 percent to N1.95; Neimeth, 4.69 percent to 67 kobo; while Mutual Benefits gained 4.35 percent to close at 24 kobo.
Nem Insurance garnered 4.17 percent to settle at N2.50; Consolidated Hallmark Insurance, 3.57 percent to 29 kobo; while Nascon Allied appreciated by 3.50 percent to N20.70.
On the flipside, Africa Prudential was the biggest loser for the week, dropping 20.83 percent to close at N3.80. FCMB trailed with 12.74 percent loss to N1.85; Zenith, 11.82 percent to N22; International Breweries, 10.93 percent N24.05.
Wema Bank’s market value slumped by 10.47 last week to settle at 77 kobo. Unity Bank and Jaiz Bank dipped 10 percent to close at 81 kobo and 54 kobo, respectively, while Learn Africa, which opened at N1.45 lost 9.66 percent, bringing its share price lower to N1.31.
Similarly, UPDC Real Estate plunged 9.24 percent to N5.40 and Transcorp Hotels declined by 9.24 to N5.40.
During the week, FBN Holdings, Zenith Bank and Diamond Bank Plc were the most traded stocks, accounting for 551.865 million shares worth N6.60 billion in 3,116 deals and contributing 49.60 percent and 49.03 percent to the total equity turnover volume and value respectively.
Both Access Bank and United Bank for Africa (UBA) released their 2018 financial results during the week. The tier-one lender grew its gross earnings by 15.17 percent to N528.7 billion, pre-tax profit increased by 32 percent to N10319 billion, while profit after tax surged 58 percent to N94.98 billion.
UBA on the other side could only grow its gross earnings by 7.04 percent, its profit before tax rose by 1.37 percent to N106.77 billion, while it recorded a paltry growth of 1.37 percent in its post-tax profit to N78.61 billion.
