By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.73 per cent loss on Wednesday, April 15, as a result of profit-taking.

This brought down the NASD Unlisted Security Index (NSI) by 28.31 points to 3,874.09 points from the preceding day’s 3,902.42 points, and crashed the market capitalisation by N16.95 billion to N2.317 trillion from N2.334 trillion.

The market was quite busy at midweek, with the volume of transactions rising by 809.3 per cent to 505,075 units from the 55,546 units recorded on Tuesday, as the value of trades surged 248.5 per cent to N28.9 million from N8.3 million, and the number of deals doubled by 100 per cent to 40 deals from the 20 deals executed a day earlier.

The most active equity by value on a year-to-date basis was Great Nigeria Insurance (GNI) Plc with the sale of 3.4 billion units worth N8.4 billion. The second spot was occupied by Central Securities Clearing System (CSCS) Plc after trading 58.5 million units for N3.9 billion, and the third position was taken by Okitipupa Plc with 27.6 million units traded for N1.8 billion.

GNI Plc also ended the day as the most traded equity by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, Resourcery Plc followed with 1.1 billion units sold for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.

There were three price gainers and three price decliners at the bourse yesterday.

On the gainers’ chart, FrieslandCampina Wamco Nigeria Plc appreciated by N9.00 to N99.00 per share from N90.00 per share, MRS Oil Plc advanced by N1.10 to N181.50 per unit from N180.40 per unit, and Industrial and General Insurance (IGI) added 1 Kobo to close at 63 Kobo per share versus 62 Kobo per share.

On the flip side, 11 Plc depreciated by N8.20 to N192.80 per unit from N201.00 per unit, CSCS Plc declined by N6.39 to N59.16 per share from N65.55 per share, and First Trust Mortgage Bank Plc fell by 2 Kobo to N2.30 per unit from N2.32 per unit.

By Aduragbemi Omiyale

Dangote Sugar Refinery Plc has been given the approval by shareholders to float a N500 billion rights issue to fund its strategic expansion, especially for its ambitious backward integration projects.

The sugar refiner obtained the authorisation for the fresh capital raise at the 20th Annual General Meeting (AGM) held on Wednesday in Lagos.

The chief executive of the company, Mr Thabo Mabe, informed investors that efforts are being made to secure approximately $1.3 billion needed to fulfil the commitment to achieving a production target of at least 600,000 tonnes annually by 2030.

“We have revised our strategic development plan to meet the 2030 objectives, leveraging the combined potential of DSR Numan Operation and Nasarawa Sugar Company Limited estates.

“This integrated plan targets substantial cane production of around 6.05 million tonnes across 45,000 hectares from both sites,” he said at the meeting.

He boasted that Dangote Sugar remains the sole producer of edible refined granulated white vitamin A fortified sugar, sourced from its backward integration site at Numan.

On his part, the chairman of Dangote Sugar, Mr Arnold Ekpe, said the backward integration initiative, themed Sugar for Nigeria, is a cornerstone of the company’s strategic vision.

“This initiative is expected to drive profitability and value creation, reduce import dependency, mitigate foreign exchange risks, generate employment, and support local farmers through the outgrower scheme.

“Our objective is to produce 1.5 million metric tonnes of sugar annually from domestically cultivated sugarcane. This involves developing approximately 45,000 hectares, with 2.7 million tonnes of cane earmarked for Numan and 3.35 million tonnes for Nasarawa. Achieving this goal requires substantial investments in land development and production capacity over the next five years,” Mr Ekpe added.

“With shareholder backing for the rights issue, we are in a strong position to bolster our balance sheet, setting the stage for future growth and profitability,” he stated.

Commenting on the organisation’s performance last year, he said, despite a challenging economic environment, revenue improved, though profitability was weighed down by a foreign exchange loss of N46.7 billion and additional finance costs totalling N128.6 billion.

However, he affirmed the company’s commitment to sustainable growth, positive impact, and enhanced profitability, saying that “we will continue optimising our operations, pursuing market expansion opportunities, and increasing our presence across the nation. Aligned with the Dangote Group’s Vision 2030, we are dedicated to investing in our workforce and technology to consistently deliver exceptional products and customer satisfaction.”

Speaking at the AGM, a shareholder, Mrs Bisi Bakare, commended Dangote Sugar for having the largest Sugarcane Outgrowers scheme in Nigeria, describing the scheme as a great boost to backward integration and the domestic economy. She also praised the board and management for navigating the company through the harsh operating business environment.

By Adedapo Adesanya

The Nigerian Naira maintained stability against the United States Dollar on Wednesday in the different segments of the foreign exchange (FX).

At the parallel market, the exchange rate of the Naira to the Dollar remained unchanged at N1,380/$1 at midweek, and also traded flat at the GTBank forex counter at N1,371/$1.

Also, the Naira was flat against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) at N1,343.74/$1.

However, it further gained N1.65 against the Pound Sterling in the official market to close at N1,822.92/£1  compared to the previous rate of N1,824.57/£1, and appreciated against the Euro by 43 Kobo to N1,585.08/€1 from N1,585.51/€1.

Data from the Central Bank of Nigeria (CBN) showed that interbank turnover at the Nigerian foreign exchange market declined to N114.347 million from N141.315 million.

The relative stability of the official spot rate suggests there is no significant demand for foreign payments.

The outlook for the Naira remains positive despite a sharp decline in foreign reserves, which now stand below $49 billion. Previously, gross external reserves had crossed $50 billion, the highest level seen since 2009.

The amount reduced as the central bank maintained its FX intervention policy to keep the Naira within an acceptable range.

A boost in oil prices and sustained reforms have considerably alleviated liquidity challenges that have long plagued the Nigerian economy, although it has yet to translate to households.

Meanwhile, the cryptocurrency market was bullish, driven largely by derivatives and leveraged positioning, with on-chain activity and daily active addresses still trending lower.

Cardano (ADA) rose 4.4 per cent to $0.2497, Ripple (XRP) jumped 3.9 per cent to $1.40, Dogecoin (DOGE) grew by 3.6 per cent to $0.0965, Solana (SOL) appreciated by 2.9 per cent to $85.38, Binance Coin (BNB) increased by 1.8 per cent to $625.16, Ethereum (ETH) soared 1.6 per cent to $2,356.04, Bitcoin (BTC) chalked up 1.5 per cent to sell at $75,035.47, and TRON (TRX) went up by 0.8 per cent to $0.3257, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.