Nigeria Stock Exchange closed the year 2018 on the low couldn't maintain the momentum of 2017. 2019 did not fair better due to the heightened political risk spurred by the general election. FPI and FDI could not keep faith with the Nigerian state then the exodus of forex through repatriation. Although the naira remain relatively stable in the course of the year compare to the precious year. For two consecutive years now, the ASI declined by 17.81% and 14.60% for 2018 and 2019 respectively.
The listing of MTNN and AIRTEL could not save the ASI from declining in 2019. Although the ASI closed on a negative note, it was not the same story for all the stocks listed on the Exchange.
Find below the top 10 gainers of 2019:
| TOP TEN GAINERS FOR 2019 |
| 31/12/2018 | 31/12/2019 | |
| Security | Close | Close | Change |
| DANGFLOUR | 6.85 | 22.4 | 227.01% |
| CORNERST | 0.2 | 0.45 | 125.00% |
| AGLEVENT | 0.27 | 0.6 | 122.22% |
| THOMASWY | 0.23 | 0.38 | 65.22% |
| CHAMS | 0.2 | 0.33 | 65.00% |
| CHIPLC | 0.38 | 0.6 | 57.89% |
| OMOMORBNK | 0.58 | 0.9 | 55.17% |
| MEYER | 0.59 | 0.91 | 54.24% |
| ROYALEX | 0.22 | 0.33 | 50.00% |
| ACCESS | 6.8 | 10 | 47.06% |
Find below the top 10 losers of 2019:
| TOP TEN LOSERS FOR 2019 |
| 31/12/2018 | 31/12/2019 | |
| Security | Close | Close | Change |
| INTBREW | 30.5 | 9.5 | -68.85% |
| GOLDINSURE | 0.5 | 0.2 | -60.00% |
| RESORTSAL | 0.5 | 0.2 | -60.00% |
| PZ | 12.1 | 5 | -58.68% |
| GUINNESS | 72 | 30 | -58.33% |
| GLAXOSMITH | 14.5 | 6.1 | -57.93% |
| ETI | 14 | 6.5 | -53.57% |
| CHAMPION | 1.99 | 0.95 | -52.26% |
| TOTAL | 203 | 105 | -48.28% |
| UAC-PROP | 1.91 | 1 | -47.64% |
Also we provide below is the 2019 Equity performance at a glance :
| 31/12/2018 | 31/12/2019 | |
| Security | Close | Close | Change |
| ABBEYBDS | 0.98 | 1 | 2.04% |
| ABCTRANS | 0.29 | 0.41 | 41.38% |
| ACADEMY | 0.5 | 0.35 | -30.00% |
| ACCESS | 6.8 | 10 | 47.06% |
| AFRINSURE | 0.2 | 0.2 | 0.00% |
| AFRIPRUD | 3.87 | 4.17 | 7.75% |
| AFROMEDIA | 0.5 | 0.31 | -38.00% |
| AGLEVENT | 0.27 | 0.6 | 122.22% |
| AIICO | 0.63 | 0.72 | 14.29% |
| AIRSERVICE | 7.9 | 7.05 | -10.76% |
| AIRTELAFRI | 359.4 | 328.7 | -8.54% |
| ALEX | 8.2 | 7.3 | -10.98% |
| ARBICO | 4.79 | 3.51 | -26.72% |
| ASOSAVINGS | 0.5 | 0.5 | 0.00% |
| AUSTINLAZ | 2.09 | 2.09 | 0.00% |
| BERGER | 8.6 | 7.3 | -15.12% |
| BETAGLAS | 68.3 | 53 | -22.40% |
| BOCGAS | 4.21 | 5.55 | 31.83% |
| CADBURY | 10 | 10 | 0.00% |
| CAP | 34.85 | 24 | -31.13% |
| CAPHOTEL | 3.1 | 2.7 | -12.90% |
| CAPOIL | 0.23 | 0.2 | -13.04% |
| CAVERTON | 1.92 | 2.65 | 38.02% |
| CCNN | 19.4 | 18.1 | -6.70% |
| CHAMPION | 1.99 | 0.95 | -52.26% |
| CHAMS | 0.2 | 0.33 | 65.00% |
| CHELLARAM | 3.08 | 3.08 | 0.00% |
| CHIPLC | 0.38 | 0.6 | 57.89% |
| CILEASING | 1.78 | 5.9 | 231.46% |
| CONOIL | 23.25 | 18.2 | -21.72% |
| CONTINSURE | 1.91 | 2.24 | 17.28% |
| CORNERST | 0.2 | 0.45 | 125.00% |
| COURTVILLE | 0.2 | 0.23 | 15.00% |
| CUSTODIAN | 5.65 | 6 | 6.19% |
| CUTIX | 1.64 | 1.31 | -20.12% |
| CWG | 2.54 | 2.29 | -9.84% |
| DAARCOMM | 0.4 | 0.33 | -17.50% |
| DANGCEM | 189.7 | 142 | -25.14% |
| DANGFLOUR | 6.85 | 22.4 | 227.01% |
| DANGSUGAR | 15.25 | 13.3 | -12.79% |
| DEAPCAP | 0.44 | 0.37 | -15.91% |
| DUNLOP | 0.2 | 0.2 | 0.00% |
| EKOCORP | 3.37 | 4.25 | 26.11% |
| ELLAHLAKES | 4.26 | 4.25 | -0.23% |
| ENAMELWA | 22.1 | 22.1 | 0.00% |
| ETERNA | 4.7 | 3.45 | -26.60% |
| ETI | 14 | 6.5 | -53.57% |
| ETRANZACT | 3.95 | 2.85 | -27.85% |
| EVANSMED | 0.5 | 0.5 | 0.00% |
| FBNH | 7.95 | 6.15 | -22.64% |
| FCMB | 1.89 | 1.8 | -4.76% |
| FIDELITYBK | 2.03 | 2.06 | 1.48% |
| FIDSON | 4.95 | 2.8 | -43.43% |
| FIRSTALUM | 0.36 | 0.4 | 11.11% |
| FLOURMILL | 23.1 | 19.75 | -14.50% |
| FO | 28.7 | 16.4 | -42.86% |
| FORTISMFB | 2.58 | 2.58 | 0.00% |
| FTNCOCOA | 0.2 | 0.2 | 0.00% |
| GLAXOSMITH | 14.5 | 6.1 | -57.93% |
| GOLDBREW | 0.89 | 0.89 | 0.00% |
| GOLDINSURE | 0.5 | 0.2 | -60.00% |
| GSPECPLC | 5.75 | 4.65 | -19.13% |
| GUARANTY | 34.45 | 29.05 | -15.67% |
| GUINEAINS | 0.23 | 0.2 | -13.04% |
| GUINNESS | 72 | 30 | -58.33% |
| HONYFLOUR | 1.28 | 1.03 | -19.53% |
| IKEJA HOTEL | 1.53 | 1.12 | -26.80% |
| INFINITY | 1.42 | 1.39 | -2.11% |
| INITSPLC | 0.67 | 0.7 | 4.48% |
| INTBREW | 30.5 | 9.5 | -68.85% |
| INTENEGINS | 0.38 | 0.38 | 0.00% |
| INTERLINK | 3.6 | 2.88 | -20.00% |
| JAIZBANK | 0.5 | 0.62 | 24.00% |
| JAPAULOIL | 0.21 | 0.2 | -4.76% |
| JBERGER | 20.1 | 19.9 | -1.00% |
| JOHNHOLT | 0.44 | 0.56 | 27.27% |
| JULI | 1.67 | 1.51 | -9.58% |
| LASACO | 0.3 | 0.26 | -13.33% |
| LAWUNION | 0.6 | 0.5 | -16.67% |
| LEARNAFRCA | 1.36 | 1.21 | -11.03% |
| LINKASSURE | 0.72 | 0.57 | -20.83% |
| LIVESTOCK | 0.49 | 0.5 | 2.04% |
| MANSARD | 1.83 | 1.98 | 8.20% |
| MAYBAKER | 2.45 | 2.1 | -14.29% |
| MBENEFIT | 0.21 | 0.2 | -4.76% |
| MCNICHOLS | 0.47 | 0.46 | -2.13% |
| MEDVIEWAIR | 2.05 | 1.78 | -13.17% |
| MEYER | 0.59 | 0.91 | 54.24% |
| MOBIL | 185.5 | 133.2 | -28.19% |
| MORISON | 0.55 | 0.46 | -16.36% |
| MRS | 25.7 | 13.8 | -46.30% |
| MTNN | 90 | 105 | 16.67% |
| MULTITREX | 0.36 | 0.36 | 0.00% |
| MULTIVERSE | 0.2 | 0.2 | 0.00% |
| NAHCO | 3.65 | 2.39 | -34.52% |
| NASCON | 18 | 12.5 | -30.56% |
| NB | 85.5 | 59 | -30.99% |
| NCR | 6 | 4.4 | -26.67% |
| NEIMETH | 0.78 | 0.61 | -21.79% |
| NEM | 2.7 | 2.4 | -11.11% |
| NESF | 552.2 | 552.2 | 0.00% |
| NESTLE | 1,485.00 | 1398 | -5.86% |
| NIGERINS | 0.24 | 0.2 | -16.67% |
| NNFM | 4.6 | 4 | -13.04% |
| NOTORE | 62.6 | 62.5 | -0.16% |
| NPFMCRFBK | 1.65 | 1.15 | -30.30% |
| NSLTECH | 0.2 | 0.2 | 0.00% |
| OANDO | 5 | 3.99 | -20.20% |
| OKOMUOIL | 76.2 | 55.7 | -26.90% |
| OMATEK | 0.5 | 0.5 | 0.00% |
| OMOMORBNK | 0.58 | 0.9 | 55.17% |
| PAINTCOM | 0.59 | 0.59 | 0.00% |
| PHARMADEKO | 1.5 | 1.35 | -10.00% |
| PORTPAINT | 2.52 | 2.1 | -16.67% |
| PREMBREW | 2.95 | 2.95 | 0.00% |
| PREMPAINT | 10.4 | 8.5 | -18.27% |
| PRESCO | 64 | 43 | -32.81% |
| PRESTIGE | 0.5 | 0.55 | 10.00% |
| PZ | 12.1 | 5 | -58.68% |
| RAK UNITY | 0.4 | 0.3 | -25.00% |
| REDSTAREX | 4.2 | 4.05 | -3.57% |
| REGALINS | 0.21 | 0.2 | -4.76% |
| RESORTSAL | 0.5 | 0.2 | -60.00% |
| ROADS | 6.6 | 6.6 | 0.00% |
| ROYALEX | 0.22 | 0.33 | 50.00% |
| RTBRISCOE | 0.38 | 0.22 | -42.11% |
| SCOA | 2.93 | 2.64 | -9.90% |
| SECURE ELECTRONIC | 0.2 | 0.2 | 0.00% |
| SEPLAT | 640 | 657 | 2.66% |
| SKYESHELTER | 95 | 95 | 0.00% |
| SMURFIT | 0.44 | 0.29 | -34.09% |
| SOVRENINS | 0.21 | 0.2 | -4.76% |
| STACO | 0.48 | 0.48 | 0.00% |
| STANBIC | 47.95 | 41 | -14.49% |
| STDINSURE | 0.2 | 0.2 | 0.00% |
| STERLNBANK | 1.9 | 1.99 | 4.74% |
| STUDPRESS | 1.99 | 1.99 | 0.00% |
| SUNUASUR | 0.2 | 0.2 | 0.00% |
| TANTALIZER | 0.2 | 0.2 | 0.00% |
| THOMASWY | 0.23 | 0.38 | 65.22% |
| TOTAL | 203 | 105 | -48.28% |
| TOURIST | 3.5 | 3.5 | 0.00% |
| TRANSCOHOT | 6.1 | 4.9 | -19.67% |
| TRANSCORP | 1.32 | 0.99 | -25.00% |
| TRANSEXPR | 0.65 | 0.92 | 41.54% |
| TRIPPLEG | 0.77 | 0.58 | -24.68% |
| UACN | 9.75 | 8.7 | -10.77% |
| UAC-PROP | 1.91 | 1 | -47.64% |
| UBA | 7.7 | 7.15 | -7.14% |
| UBN | 5.6 | 6 | 7.14% |
| UCAP | 2.82 | 2.4 | -14.89% |
| UHOMREIT | 45.2 | 45.2 | 0.00% |
| UNHOMES | 3.02 | 3.02 | 0.00% |
| UNIC | 0.2 | 0.2 | 0.00% |
| UNILEVER | 37 | 20.15 | -45.54% |
| UNIONDAC | 0.25 | 0.22 | -12.00% |
| UNIONDICON | 13.45 | 10.95 | -18.59% |
| UNITYBNK | 1.07 | 0.66 | -38.32% |
| UNIVINSURE | 0.2 | 0.2 | 0.00% |
| UPDCREIT | 6.6 | 4.25 | -35.61% |
| UPL | 2.18 | 1.35 | -38.07% |
| VALUEFUND | 103.2 | 103.2 | 0.00% |
| VANLEER | 9.1 | 9.1 | 0.00% |
| VERITASKAP | 0.23 | 0.2 | -13.04% |
| VITAFOAM | 4.4 | 4.4 | 0.00% |
| WAPCO | 12.45 | 14.5 | 16.47% |
| WAPIC | 0.42 | 0.33 | -21.43% |
| WEMABANK | 0.63 | 0.74 | 17.46% |
| ZENITHBANK | 23.05 | 18.6 | -19.31% |
A further analysis of the market performance revealed that a total of 98 losers were recorded in 2019, 35 Companies share prices remain unchanged while 36 Companies share prices appreciated. The 2019 Market Breadth of 62 was far in favor of the losers.
Year 2019 political uncertainty paved way for the dismal performance of the Market. The hope of a bullish second half was dashed by the economic policies inconsistency by the ruling All Progressive Congress (APC) party. The rising debt profile of the country and the difficulties in increasing revenue based brought about down grades of the country and reducing the possibility of fund for infrastructural investments.
The ruling party continue to real-out policies towards the end of the year, which we expect that the effect would be felt in 2020. Part of this was to bar domestic investors from treasury sales, at the same time the monetary and fiscal policies of keeping inflation low, and rate low in order to spur production with penalties dished out to banks to encourage them to lend money to the real sector and many other rate cuttings in the financial sector are expected to jump start the economy in 2020.
The insurance industry too are to complete their recapitalization process with the grace period now extended to December 2020, we expect more of them to survive. These is expected to make the insurance industry competitive and support economic growth initiatives of the government.
The passing of the 2020 budget in December which is adjudged a step in the right direction is expected to boast the perception of Nigeria and with election not coming up until 2023 we expect some short to medium term money to enter the country and some of them finding way to the Market.
For the Market, the regulators and the operators have come to terms with the reality that they needed to do more in order to bring back investors that were bartered in 2008 Market crash. They have to sell the innovation and the transformations that the market had experienced over this period. Although it may not be easy but it is worth it.
We hope the positives from all these policies translates to positive sentiments for the Market in 2020.
We at Investstock wishes you a wonderful year ahead in 2020!!!
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