Economy
UBA, MTN Nigeria Take Charge as NGX Index Rises 1.45%
By Dipo Olowookere
The bullish momentum at the Nigerian Exchange (NGX) Limited continued on Tuesday with a further 1.45 per cent growth at the close of transactions by 2:30 pm.
This was influenced by sustained bargain-hunting activities by investors, implying an expression of confidence in local equities, which underwent selling pressure a few sessions ago after the Central Bank of Nigeria (CBN) raised the interest rate by 4.00 per cent to 22.75 per cent.
Traders showed strong interest in banking stocks, resulting in the index rising by 4.54 per cent when trading activities closed for the session.
The insurance sector grew by 0.98 per cent, the industrial goods counter appreciated by 0.18 per cent, and the energy space increased by 0.10 per cent, while the consumer goods sector witnessed profit-taking, resulting in a 0.37 per cent loss.
But this did not affect the outcome of the market, as the All-Share Index (ASI) soared by 1,479.60 points to 103,524.44 points from 102,044.84 points, and the cumulative value of bourse stretched by N837 billion to N58.534 trillion from N57.697 trillion.
Today, traders traded 565.8 million shares worth N14.2 billion in 11,519 deals compared with the 436.9 million shares valued at N17.1 billion transacted in 11,344 deals yesterday, representing a decline in the value of transactions by 17.00 per cent, and a jump in the volume of trades and the number of deals by 29.50 per cent and 1.54 per cent, respectively.
Unlike the preceding day, Transcorp was investors’ toast at the exchange on Tuesday after it traded 170.7 million equities valued at N3.1 billion, Access Holdings transacted 48.6 million shares worth N1.1 billion, GTCO exchanged 39.0 million stocks for N1.7 billion, Jaiz Bank sold 36.8 million shares for N72.5 million, and UBA traded 32.0 million equities valued at N796.2 million.
Business Post reports that investor sentiment remained strong during the session, with a positive market breadth index after 35 stocks ended on the gainers’ table and 14 stocks closed on the losers’ chart.
UBA gained 10.00 per cent to sell for N25.30, MTN Nigeria appreciated by 9.98 per cent to N243.50, Julius Berger advanced by 9.71 per cent to N61.00, Access Holdings surged by 9.51 per cent to N22.45, and Veritas Kapital moved up by 9.38 per cent to 70 Kobo.
On the other side of the coin, Tantalizers declined by 7.89 per cent to trade at 35 Kobo, NASCON slumped by 6.77 per cent to N53.70, Morison Industries deflated by 6.62 per cent to N1.41, C&I Leasing receded by 6.45 per cent to N3.48, and Cutix crashed by 6.30 per cent to N2.53.
By Dipo Olowookere
The Nigerian equity market showed no signs of slowing down, as it further appreciated by 1.30 per cent on Friday on the back of sustained buying pressure.
Unlike the preceding sessions, investor sentiment was bullish yesterday after the Nigerian Exchange (NGX) Limited ended with 43 price gainers and 26 price losers, implying a positive market breadth index, the first this week.
UPDC gained 10.00 per cent to close at N4.40, Academy Press also appreciated by 10.00 per cent to quote at N7.70, Haldane McCall improved by 9.97 per cent to N3.97, Zichis soared by 9.94 per cent to N15.60, and Wema Bank added 9.84 per cent to settle at N31.25.
Conversely, Meyer lost 9.92 per cent to sell for N16.80, Trans-Nationwide Express also crashed by 9.92 per cent to end at N7.90, C&I Leasing slipped by 8.53 per cent to N5.90, Omatek dipped by 7.34 per cent to N2.02, and eTranzact decreased by 5.28 per cent to N17.05.
When the bourse closed its doors to business, the All-Share Index (ASI) rose by 2,884.81 points to 225,722.49 points from 222,837.68 points, and the market capitalisation grew by N1.858 trillion to N145.335 trillion from N143.477 trillion.
A look at the activity chart showed that market participants transacted 627.6 million shares worth N44.5 billion in 55,232 deals during the trading day compared with the 667.9 million shares valued at N38.1 billion traded in 53,062 deals a day earlier.
This indicated that the volume of transactions went down by 6.03 per cent, the value of trades went up by 16.80 per cent, and the number of deals jumped by 4.09 per cent.
Access Holdings closed the session as investors’ toast, with a turnover of 75.6 million units worth N2.4 billion. UBA transacted 43.1 million units valued at N2.3 billion, Wema Bank exchanged 41.5 million units for N1.3 billion, Zenith Bank traded 38.4 million units valued at N5.2 billion, and Universal Insurance sold 29.5 million units for N35.9 million.
By Aduragbemi Omiyale
Mr Taiwo Oyedele has set some goals he intends to achieve as Nigeria’s Minister of Finance and Coordinating Minister of the Economy.
While taking over from his predecessor, Mr Wale Edun, on Thursday, the tax expert assured that he has no plans to overturn some of the reforms already put in place by the former occupier of the seat.
In a message on Friday, he emphasised that, “Our immediate task is to consolidate these gains, deepen ongoing reforms, and ensure they translate into tangible benefits for all Nigerians.”
He promised to ensure fiscal discipline by embracing transparent and prudent management of public resources, while also harmonising revenue administration, broadening the tax base, reducing the burden on the vulnerable population, and supporting economic growth.
Mr Oyedele further said his other strategic priorities include creating a predictable and investor-friendly environment anchored on policy coherence, consistency, and clarity; and aligning efforts across all tiers and institutions to maximise policy impact.
He also said efforts would be made to deepen collaboration with the private sector and other key stakeholders for data-driven policy design, co-implementation, and feedback for continuous improvement.
According to him, “Good policy design alone is not enough; success will be defined by execution. We are committed to disciplined implementation, accountability, and measurable results.”
“I look forward to working with colleagues across government, the private sector, and all Nigerians as we move from reform to result, accelerate growth and build a more stable, inclusive, and prosperous economy,” he stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn