Economy
NGX Gains 0.37% as Investors Mop up Honeywell Flour, Nestle, Others
By Dipo Olowookere
The positive momentum seen at the Nigerian Exchange (NGX) Limited in the past few sessions was sustained on Thursday as the platform closed higher by 0.37 per cent.
This was buoyed by renewed appetite for Nigerian stocks, especially by offshore investors, who feel that the equities are currently undervalued.
Honeywell Flour ended the trading session as the best-performing stock, gaining 10.00 per cent to settle at N16.50, just as Nestle Nigeria chalked up 10.00 per cent to close at N1331.00.
Further, Beta Glass appreciated by 9.98 per cent to quote at N213.70, NPF Microfinance Bank gained 9.81 per cent to finish at N2.35, and Neimeth advanced by 9.77 per cent to N3.37.
The worst-performing stock for the day was Multiverse, which tumbled by 9.64 per cent to trade at N8.90, Coronation Insurance went down by 4.74 per cent to N2.01, Lasaco Assurance depreciated by 4.53 per cent to N2.32, May and Baker lost 3.82 per cent to sell for N12.60, and AIICO Insurance slipped by 3.61 per cent to N1.60.
At the close of transactions, 36 shares ended on the gainers’ table and 23 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
The consumer goods industry rose by 1.16 per cent during the session, the banking space increased by 0.20 per cent, the industrial goods index jumped by 0.18 per cent, and the commodity counter grew by 0.15 per cent, while the energy sector lost 0.18 per cent, with the insurance sector closing flat.
When the closing gong was beaten by 2:30 pm, the All-Share Index (ASI) was up by 408.31 points to 109,467.64 points from 109,059.33 points and the market capitalisation moved up by N257 billion to N68.801 trillion from N68.544 trillion.
Investors bought and sold 716.1 million equities worth N13.7 billion in 14,559 deals yesterday compared with the 531.2 million equities valued at N19.8 billion transacted in 14,870 deals at midweek, indicating a rise in the trading volume by 34.78 per cent, and a shortfall in the trading value and number of deals by 30.81 per cent and 2.09 per cent apiece.
FCMB topped the activity chart with the sale of 273.0 million stocks for N2.6 billion, Fidelity Bank transacted 43.5 million shares valued at N896.7 million, Caverton exchanged 35.1 million equities worth N144.7 million, AIICO Insurance traded 33.9 million shares for N54.3 million, and FTN Cocoa sold 26.4 million equities worth N63.3 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further suffered a 0.64 per cent decline on Thursday as the bears tightened their grip on the bourse.
For the second straight session, all the key sectors of Customs Street pointed south, with the energy counter down by 5.22 per cent. The insurance index slumped by 2.59 per cent, the banking space depreciated by 0.28 per cent, and the consumer goods segment moderated by 0.06 per cent, while the industrial goods sector was flat, though with a marginal fall.
As a result, the All-Share Index (ASI) contracted by 1,493.71 points to 233,580.83 points from 235,074.54 points, and the market capitalisation retreated by N959 billion to N149.888 trillion from N150.847 trillion.
Investor sentiment remained weak after a negative market breadth index, as there were 21 price gainers and 34 price losers.
Aradel and Deap Capital went down by 10.00 per cent each to N1,575.00 and N4.05, respectively. Trans-Nationwide Express fell by 9.90 per cent to N3.64, Regency Alliance slipped by 9.57 per cent to N85 Kobo, and C&I Leasing dipped by 9.48 per cent to N28.12.
Conversely, Red Star Express grew by 9.60 per cent to N24.55, Legend Internet expanded by 9.09 per cent to N6.00, Neimeth appreciated by 7.10 per cent to N8.30, Abbey Mortgage Bank rose by 5.45 per cent to N8.70, and Ellah Lakes improved by 4.65 per cent to N9.00.
Yesterday, market participants traded 393.7 million equities valued at N19.2 billion in 45,813 deals compared with the 488.1 million equities worth N20.9 billion transacted in 46,239 deals recorded a day earlier, implying a shortfall in the trading volume, value, and number of deals by 19.34 per cent, 8.13 per cent, and 0.92 per cent, respectively.
The most active stock for the session was Access Holdings with a turnover of 39.1 million units worth N896.2 million, Chams traded 24.5 million units valued at N96.5 million, Fidelity Bank sold 24.1 million units for N436.9 million, Sterling Holdings exchanged 23.8 million units valued at N182.2 million, and Zenith Bank transacted 18.9 million units worth N2.1 billion.
By Adedapo Adesanya
The Naira recorded a marginal gain of 43 Kobo or 0.03 per cent against the United States Dollar on Wednesday, June 25, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to sell for N1,380.11/$1 compared with the previous day’s N1,380.54/$1.
However, the Nigerian currency lost N3.21 against the Pound Sterling in the official market during the session to close at N1,818.84/£1, in contrast to Wednesday’s exchange rate of N1,815.63/£1, and against the Euro, it fell by N3.21 to trade at N1,566.84/€1 versus midweek’s value of N1,563.63/€1.
In the same vein, the Nigerian Naira depreciated against the Dollar at the GTBank FX deck yesterday by N3 to sell for N1,383/$1 compared with the preceding session’s value of N1,380/$1, and at the black market window, it remained unchanged at N1,395/$1.
Interbank FX turnover at the NFEM window surged by about 56 per cent day-on-day to close at $195.371 million from $125.588 million reported on Wednesday, according to data from the Central Bank of Nigeria (CBN).
The Naira continues to feel the impact of rising FX payments and a strong US Dollar amid a sharp slowdown in forex market interventions by the central bank, with more than six weeks of no support for the local currency.
Nigeria’s foreign reserves increased further to $51.142 billion, while oil prices continue to be held in the $70 range by developments in the geopolitical scene.
Meanwhile, in the cryptocurrency market, Bitcoin sank below $60,000 as more than $1 billion in crypto positions were liquidated over the past 24 hours, with longs accounting for $842 million of the damage. About 148,500 traders were wiped out. The largest single position was a $38 million bitcoin-dollar bet on Hyperliquid. It led at $489 million in liquidations and dropped 2.8 per cent to sell at $59,862.61.
Ethereum (ETH) crashed by 5.5 per cent to $1,554.57, Ripple (XRP) declined by 4.8 per cent to $1.03, Cardano (ADA) fell by 4.3 per cent to $0.1433, Dogecoin (DOGE) dropped 3.4 per cent to sell at $0.0745, TRON (TRX) slid 2.2 per cent to $0.3215, Binance Coin (BNB) slumped by 1.8 per cent to $561.34, and Solana (SOL) dipped by 0.3 per cent to $62.94, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), commonly known as petrol, has been cut down by N50 to N1,125 per litre from N1,175 per litre by Dangote Petroleum Refinery.
The refinery confirmed this development via a statement on Thursday to newsmen.
Dangote Refinery described this downward review of the product’s price as a reflection of its ongoing commitment to ensuring price stability, improving affordability, and supporting Nigeria’s energy security objectives.
It further said it underscores its responsiveness to prevailing market conditions and its efforts to pass on cost efficiencies to downstream partners and consumers.
In the statement, the company said it remains focused on its broader mission of contributing to economic growth, enhancing fuel availability, and fostering a more competitive and sustainable petroleum sector in Nigeria.
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