Economy
Nigerian Stocks Attract N108.8bn from Domestic, Offshore Investors in Five Days
By Dipo Olowookere
About N108.8 billion was attracted by Nigerian stocks last week from both local and offshore investors through the trading of 2.157 billion shares in 51,556 deals.
These transactions, executed on the floor of the Nigerian Exchange (NGX) Limited in five days, were higher than the 1.882 billion equities valued at N34.149 billion traded in the preceding week in 48,464 deals.
The trades were buoyed by traders’ appetite for Transcorp, Transcorp Power and UBA, which accounted for 1.056 billion stocks worth N78.770 billion in 12,167 deals, contributing 48.97 per cent and 72.38 per cent to the total trading volume and value, respectively.
Business Post reports that the financial services industry dominated the activity chart in the week with 899.483 million shares valued at N15.778 billion in 20,278 deals, contributing 41.70 per cent and 14.50 per cent to the total trading volume and value apiece.
The conglomerates counter followed with 736.973 million equities worth N12.902 billion in 4,996 deals, while the utilities sector posted a turnover of 208.511 million stocks valued at N65.746 billion in 5,602 deals.
Transcorp Power was the best-performing equity with a price appreciation of 46.38 per cent to N351.30, Juli gained 32.53 per cent to trade at N4.97, International Energy Insurance rose by 20.85 per cent to N1.68, Transcorp advanced by 19.05 per cent to N17.00, and PZ Cussons grew by 18.52 per cent to N40.00.
On the flip side, Guinness Nigeria closed the week as the worst-performing stock after it fell by 17.55 per cent to N42.05, Ecobank depreciated by 17.01 per cent to N20.00, NEM Insurance dropped 16.67 per cent to N5.50, FTN Cocoa declined by 16.36 per cent to N1.38, and Chams lost 15.97 per cent to N2.00.
In the week, 22 equities appreciated in price versus 27 equities of the previous week. 56 shares depreciated in price versus 54 shares a week earlier, and 76 stocks closed flat versus 72 stocks of the preceding week.
As for the index movement, the All-Share Index (ASI) and the market capitalisation appreciated by 2.61 per cent and 6.03 per cent to 101,330.85 points and N57.293 trillion, respectively.
Similarly, all other indices finished higher except the banking, insurance, AFR Bank Value, MERI Growth, MERI Value, consumer goods and sovereign bond indices, which collapsed by 1.40 per cent, 5.22 per cent, 3.39 per cent, 1.80 per cent, 1.86 per cent, 1.21 per cent, and 3.06 per cent, respectively.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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