Economy
Stocks Lose N2bn as Investors Tread Carefully
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was not two-time fortunate as it succumbed to the authority of the bears on Thursday, a day after having a lucky escape from the claws of the devourers.
The stock market depreciated yesterday by a marginal 0.01 per cent on the back of a renewed profit-taking as investors awaited the release of the gross domestic product (DGP) figures.
The National Bureau of Statistics (NBS) eventually released the numbers, though hours after the market had closed for the day’s business. The stats office said Nigeria recorded an annual growth of 3.40 per cent, while the economic growth rate in the last quarter of 2021 was 3.98 per cent.
When the bourse closed for the session, the market capitalisation was down by N2 billion to N25.386 trillion from N25.384 trillion, while the All-Share Index (ASI) was down by 6.61 per cent to 47,102.64 points from 47,109.25 points.
Despite the loss, the performance of the sectors was positive as the insurance index rose by 0.54 per cent, the banking space grew by 0.36 per cent, the consumer goods counter appreciated by 0.22 per cent, the industrial goods sector improved by 0.11 per cent, while the energy index closed flat.
Business Post reports that investor sentiment was good yesterday as the market breadth closed positive with 17 depreciating equities and 32 appreciating equities led by RT Briscoe and Northern Nigerian Flour Mills, which gained 10.00 per cent each to settle at 55 kobo and N9.90 respectively.
Honeywell Flour appreciated by 9.91 per cent to trade at N3.66, SCOA Nigeria increased its value by 9.74 per cent to sell for N2.14, while Academy Press gained 9.40 per cent to quote at N1.63.
The heaviest price loser of the trading session was CWG as its value went down by 9.76 per cent to close at N1.11, Champion Breweries fell by 8.89 per cent to N2.05, Lasaco Assurance depreciated by 7.08 per cent to N1.05, Seplat depleted by 5.88 per cent to N800.00, while Courteville declined by 5.56 per cent to 51 kobo.
The most traded stock on Thursday was GTCO with a turnover of 130.1 million units valued at N3.4 billion, United Capital transacted 30.3 million units worth N333.4 million, Fidelity Bank exchanged 26.5 million units worth N79.2 million, Access Bank traded 16.3 million units valued at N169.1 million, while FCMB sold 14.3 million units worth N43.0 million.
At the close of trades, investors exchanged a total of 357.8 million shares worth N6.5 billion in 4,251 deals compared with the 318.3 million shares worth N8.3 billion transacted in 4,965 deals at the midweek session, indicating an increase in the trading volume by 12.41 per cent, a decrease in the trading value by 21.58 per cent and a decline in the number of deals by 14.38 per cent.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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