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The global pandemic, Coronavirus now popularly referred to as Covid-19, has virtually afflicted many stock markets and devastated economies across the globe, whether developed or developing. However, this Covid-19 driven bear market has provided new opportunities for value investing among intelligent investors, which is as old as the stock market. Value investors look for juicy margins of safety in equity investment as a result of which they seek to buy value, while at the same time protecting their capital by avoiding poor decisions and market downturns. In summary, this is a situation when a stock is worth much more than its market value. Before the onset of this ravaging virus, the global markets carried a positive momentum into the New Year, amidst trade tensions between the world’s two largest economies- the U.S and China, a situation that had dominated market trends for most of 2019, and eased, following the signing of phase one trade deal by both parties. This was, nonet

Market Update for the Week Ended March 27 and Outlook for March 30-Apr 3 The mixed trading pattern and performance continued for the second week on the Nigerian Stock Exchange (NSE) with the benchmark All-Share index extending to the third successive week of decline on low transaction volume. This is happening amidst mixed sentiments as the number of Covid-19 cases in Nigeria rose to 81 by Saturday morning, while the global figure is around 23,000 deaths from 540,000 cases, making it a real threat to the already quaking global and domestic economies. Already, many central banks and governments are rolling out economic stimulus packages and measures to curtail the outbreak and mitigate the impacts of the virus on corporate organizations, businesses, and households. The mixed macroeconomic indices emanating from National Bureau of Statistics and Central Bank of Nigeria are clear indications of an already challenging economy, with inflation rate already hitting a 22-month high of

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Market Update for March 26 Volatility and mixed trading continued Thursday on the Nigerian Stock Exchange as the benchmark index closed marginally higher, halting the previous session’s loss on low volume traded that reflected the level of indecision among traders. There is also the effects of the remote trading, following the closure of the trading floor as a safety measure in the wake of the ravaging Coronavirus pandemic that has made governments shut down non-essential services across the globe. Many stockbroking firms and their clients, especially those that have not perfected the act of remote trading, are struggling to execute trades from remote platforms, due to either inefficiency of their platforms, or a failure to give real online trading education to their clients before now. The number of Coronavirus cases in Nigeria has increased to 65, with the world recording slightly above 500,000 cases and over 22,000 deaths to the virus that has so far devastated economies and

Nigeria’s Securities & Exchange Commission (SEC), last week published an exposure draft of its proposed rule on regulation of fund management products, which among others, seeks to plug loopholes in the regulation of that segment of the financial services sector. According to the exposure draft and subject to final approval, among others, “every fund/portfolio manager shall submit quarterly returns and annual reports in respect of such product, discretionary or non-discretionary portfolio/fund, in a form as determined by the commission.” The proposed rule and regulation, according to the commission is in line with its powers under Section 13(a) of the Investment and Securities Act 2007, which empowers the commission to regulate investments and securities business in Nigeria as defined in the Act. The Rule, it explained “has become essential to actively monitor the operation of CMO (Capital Market Operators) products including discretionary and non-discretionary funds/portf

Market Update for March 30 Panic selling again resurfaced on the Nigerian Stock Exchange on Monday as the key performance indicators closed lower on negative sentiment and low traded volume ahead of the 14-day lockdown of two states of Lagos and Ogun, as well as the Federal Capital Territory, Abuja, as part of measures to check the spread of the Coronavirus (Covid-19). Monday’s loss wiped out the previous sessions seems gains, amidst weak sentiment and indecision among players, which dampened the day’s performance as investors sold off positions in high cap stocks especially in the banking sector that recorded gains last week. The attempted recovery failed to follow through on the ravaging coronavirus that had upset stock markets and economies across the world. The loss also occurred on a day new cases of Covid-19 in Nigeria increased to 131, with a second death recorded also on Monday. The ongoing capital outflow from the emerging and frontier markets is due to the imminent

NSEASI buy 36% sell 64% volume index 0.97 MFI 32.34 Access buy 💯 volume index 0.90 MFI 36.86 Afrprud buy 20% sell 80% volume index 0.89 MFI 47.06 Aiico buy 💯 MFI 71.84 Cadbury buy 💯 volume index 3.25 MFI 23.74 Cap buy 💯 MFI 28.40 Caverton buy 0% MFI 60.32 Chams buy 💯 volume index 1.10 MFI 10.67 Chiplc buy 💯 volume index 0.89 MFI 12.64 Cileasing buy 0% volume index 1.15 MFI 47.48 Conoil buy 0% volume index 1.63 MFI 30.46 Courtville buy 💯 MFI 19.28 Custodian buy 💯 MFI 22.77 Cutix buy 💯 MFI 65.81 Dangflour buy 0% MFI 90.61 Dangsugar buy 0% MFI 35.25 Eti buy 42% sell 58% volume index 0.94 MFI 34.98 Fbnh buy 60% sell 40% volume index 1.15 MFI 31.04 Fcmb buy 63% sell 37% volume index 1.21 MFI 46.69 Fidelity buy 83% sell 17% volume index 1.28 MFI 45.12 Fidson buy 86% sell 14% volume index 3.70 MFI 15.70 Fmn buy 💯 MFI 56.16 Glaxo buy 70% sell 30% volume index 1.68 MFI 34.47 GT buy 63% sell 37% volume index 1.47 MFI 18.50 Honyflour buy 💯 MFI 46.44 Lasaco

Market Update for March 25 The power and role of technology in driving online stock trading was fully demonstrated at the midweek’s trading session with the Nigerian Stock Exchange (NSE) commenced remote trading as a measure to curtail the spread of the ravaging Coronavirus that is killing more stock markets and economies than people. The composite All-Share index closed lower on a volatile and mixed trading, halting the previous day’s gain on positive market breadth and lower traded volume. It is expected that, at this challenging period for the economy, the government and her economic managers would step up implementation of policies and measures already identified among those that can counter the effects of the pandemic. The news of stimulus packages and expected implementation in other nations of the world have started reflecting on their stock markets which just suffered huge losses as it rebounded with big gains in recent days trading. The leadership of the National Assembly me

NSEASI buy 29% sell 71% MFI 8.91 Access buy 💯 MFI 66.80 Afrprud buy 💯 MFI 63.51 Chams buy 💯 volume index 0.86 MFI 33.73 Eti buy 0% MFI 53.12 Fbnh buy 67% sell 33% MFI 20.53 Fcmb buy 20% sell 80% volume index 1.27 MFI 29.66 Fidelity buy 💯 MFI 36.29 Fidson buy 16% sell 84% volume index 2.19 MFI 75.60 Glaxo buy 0% volume index 2.29 MFI 52.92 GT buy 💯 MFI 50.44 Oando buy 75% sell 25% volume index 0.94 MFI 35.04 Stanbic buy 💯 volume index 1.46 MFI 65.81 Sterling buy 💯 volume index 2.27 MFI 19.14 Transcorp buy 💯 MFI 18.47 Uba buy 💯 MFI 28.43 Ubn buy 💯 volume index 1.81 MFI 26.75 Wapco buy 60% sell 40% volume index 2.28 MFI 24.77 Wapic buy 💯 MFI 3.33 Zenith buy 💯 MFI 35.56

•FG Cuts Customs Revenue Target By 37% To N943bn •Lagos To Get N10bn To Combat Coronavirus Spread The leadership of the National Assembly on Wednesday met heads of Federal Government Ministries, Department and Agencies to brainstorm on the impact of Coronavirus pandemic on the Nigerian economy. The meeting specifically touched on the planned review of the 2020 budget and Medium Term Expenditure Framework and Fiscal Strategy Paper passed late last year by the National Assembly. In his opening remarks, President of the Senate, Ahmad Lawan, who presided over the meeting, said an immediate review of the 2020 budget and Medium Term Expenditure Framework is imperative, particularly against the backdrop of the impact of the Coronavirus pandemic on the global economy. The meeting, which lasted almost four hours, according to Lawan, was summoned to “discuss the proposed review of the 2020 budget and the Medium Term Expenditure Framework.” If we have to review the budget itself, we have to con

NSEASI buy 44% sell 56% MFI 6.65 Access buy 0% volume index 2.15 MFI 61.09 Aiico buy 💯 MFI 28.25 Eti buy 0% volume index 3.14 MFI 46.42 Fbnh buy 0% MFI 19.77 Fcmb buy 0% MFI 34.93 Fidelity buy 78% sell 22% MFI 42.53 Glaxo buy 0% volume index 3.71 MFI 62.81 GT buy 27% sell 73% MFI 48.30 Jaiz buy 0% MFI 27.98 Lasaco buy 0% volume index 0.96 MFI 38.67 Lvstk buy 0% volume index 0.91 MFI 41.57 Nem buy 💯 MFI 11.26 Oando buy 💯 MFI 32.06 Sterling buy 0% MFI 12.84 Transcorp buy 💯 MFI 15.01 Uba buy 💯 MFI 26.02 Ucap buy 0% MFI 46.30 Wapco buy 💯 volume index 1.25 MFI 21.42 Wapic buy 💯 MFI 3.48 Wema buy 💯 MFI 40.84 Zenith buy 64% sell 36% MFI 32.09

Directors Propose N0.20 Dividend Per Share Directors of Fidelity Bank, on Monday, published its audited numbers for the full-year ended December 31, 2019, highlights of which that profit grew faster than gross earnings, following which shareholders would receive a dividend of 20 kobo per share, the highest in the history of the institution. This was helped in part by the N5.292bn credit loss reversal, compared to the N4.215bn credit loss expense reported for the year ended December 2018. Gross earnings for the period increased by 14.03% from N189.005bn in 2018, to N215.514bn, the lion’s share of which was the N97.398bn earned from its retail banking business segment; followed by N72.432bn from corporate banking, while investment banking contributed 45.685bn. Interest income climbed 18.65% from N153.685bn to N182.344bn, including other interest and similar income of N5.35bn, which rose from N3.769bn. Interest expense rose by 18.07% to N99.289bn, compared to the previous year’s N84.095

NSEASI buy 56% sell 44% volume index 0.76 MFI 12.31 Access buy 💯 volume index 1.88 MFI 56.54 Cadbury buy 0% volume index 2.90 MFI 20.69 Fbnh buy 33% sell 67% MFI 20.84 Fcmb buy 33% sell 67% volume index 1.49 MFI 34.85 Fidelity buy 60% sell 40% volume index 1.47 MFI 45.68 GT buy 15% sell 85% volume index 0.97 MFI 53.00 Lasaco buy 50% sell 50% volume index 2.20 MFI 35.67 Npf buy 💯 volume index 2.60 MFI 54.42 Oando buy 0% MFI 43.27 Sterling buy 💯 volume index 1.72 MFI 15.01 Transcorp buy 💯 volume index 0.73 MFI 19.49 Uba buy 0% MFI 28.68 Ucap buy 44% sell 56% MFI 25.50 Wapic buy 💯 MFI 2.39 Wema buy 💯 MFI 42.50 Zenith buy 67% sell 33% volume index 0.83 MFI 33.94

Market Update for March 24 The composite All-Share index of the Nigerian Stock Exchange had a mixed performance on Tuesday as seen in the trading patterns of bargain hunters, with medium and high cap stocks hitting new lower lows. They are therefore selling at a huge discount, considering their intrinsic values as the Coronavirus continue to take a toll on the global and domestic economy, even as the central bank and government continue to unfold a bouquet of stimulus package to mitigate the impact on the Nigerian economy. The market reacted favorably to this on Tuesday, following which the indicators closed higher on Tuesday in the midst of rising new cases of the virus outbreak in the country involving prominent government officials. In the midst of the wobbling economic situation and fear of the diseases triggering a major economic crisis, the Monetary Policy Committee while concluding its two-day meeting considered the continued rise in domestic prices; the glut in oil suppl

Market Update for March 26 Volatility and mixed trading continued Thursday on the Nigerian Stock Exchange as the benchmark index closed marginally higher, halting the previous session’s loss on low volume traded that reflected the level of indecision among traders. There is also the effects of the remote trading, following the closure of the trading floor as a safety measure in the wake of the ravaging Coronavirus pandemic that has made governments shut down non-essential services across the globe. Many stockbroking firms and their clients, especially those that have not perfected the act of remote trading, are struggling to execute trades from remote platforms, due to either inefficiency of their platforms, or a failure to give real online trading education to their clients before now. The number of Coronavirus cases in Nigeria has increased to 65, with the world recording slightly above 500,000 cases and over 22,000 deaths to the virus that has so far devastated eco

NSEASI buy 0% volume index 1.25 MFI 21.57 Access buy 57% sell 43% MFI 65.69 Afrprud buy 💯 MFI 21.86 Aiico buy 50% sell 50% volume index 1.59 MFI 46.04 Dangsugar buy 💯 volume index 1.24 MFI 36.15 Eti buy 💯 MFI 62.60 Fbnh buy 25% sell 75% volume index 0.73 MFI 26.98 Fcmb buy 💯 volume index 2.70 MFI 46.61 Fidelity buy 56% sell 44% volume index 2.60 MFI 56.12 Fmn buy 💯 volume index 1.09 MFI 34.51 GT buy 79% sell 21% volume index 1.26 MFI 52.09 Jaiz buy 💯 volume index 0.86 MFI 32.25 Lasaco buy 50% sell 50% volume index 0.91 MFI 30.64 Mansard buy 💯 volume index 1.11 MFI 45.67 Oando buy 24% sell 76% MFI 53.92 Sterling buy 💯 volume index 0.79 MFI 43.99 Transcorp buy 0% volume index 1.10 MFI 35.40 Uacn buy 💯 volume index 0.73 MFI 66.44 Uba buy 0% MFI 33.40 Ucap buy 0% MFI 42.29 Unity buy 💯 volume index 4.82 MFI 23.31 Wapic buy 0% volume index 11.83 MFI 3.04 Wema buy 💯 volume index 2.13 MFI 43.91 Zenith buy 0% volume index 1.35 MFI 42.28

Market Update for March 17 Nigeria’s stock market again moved lower for the second consecutive session on Tuesday, after a failed attempt to retrace up as revealed by the trading pattern and mixed sentiments, before pulling back on high selloffs in medium and large-cap companies like Dangote Cement, Chemical Allied Products and NASCON Allied. This pushed the Nigerian Stock Exchange All Share Index to yet another lower low, despite the improved buying interest among market players on mixed economic data on a day the National Bureau of Statistics released the country’s February Consumer Price Index showing that inflation climbed higher to 12.20% from 12.13% in January. As we observed on Monday and Tuesday, the panic selling in the market has slowed down even as the economic managers put measures in place to mitigate the negative impact of the Coronavirus (Covid-19). We recall that in the case of the global financial crisis, the NSE index started strains of panic in March 2008, a