Economy
University Press Witnesses 20.59% Rise in Stock Price
By Dipo Olowookere
The stock price of University Press Plc witnessed a 20.59 per cent rise on the floor of the Nigerian Exchange (NGX) last week.
In the four-day trading sessions, as a result of the public holiday observed on Friday, October 1, 2021, the value of the company’s equities closed at N1.23 in contrast to N1.02 it traded a week earlier.
The firm topped the gainers’ chart, which had 33 members last week, higher than 28 of the preceding week.
Dangote Cement appreciated in the week by 14.29 per cent to N280.00, Presco gained 9.93 per cent to sell for N80.25, Skyway Aviation rose by 9.88 per cent to N4.45, while Pharma Deko grew by 9.81 per cent to N2.35.
On the flip side, there were 22 price losers, lower than 23 of the earlier week and on top of the chart was Axa Mansard, which depreciated by 29.82 per cent to N2.33.
Julius Berger went down by 10.00 per cent to N24.30, Vanleer (Grief Nigeria) declined by 9.92 per cent to N5.45, Chams lost 8.70 per cent to 21 kobo, while Japaul decreased by 8.33 per cent to 44 kobo.
In the week, Business Post observed that a total of 100 equities traded flat, lower than 104 equities recorded in the previous week.
In the terms of the general outcome of the market, the All-Share Index (ASI) and the total value of shares on the exchange appreciated by 3.23 per cent and 3.57 per cent to close the week at 40,221.17 points and N20.956 trillion respectively.
Similarly, all other indices finished higher with the exception of the insurance index, which fell by 7.58 per cent, while the ASeM and growth indices closed flat.
In the week, a total of 2.2 billion shares worth N16.2 billion in 14,377 deals were traded by investors in contrast to the 1.3 billion shares worth N13.9 billion transacted in 16,745 deals a week earlier.
As usual, financial stocks were the most active with 778.4 million units valued at N5.6 billion traded in 7,183 deals, contributing 35.60 per cent and 34.55 per cent to the total trading volume and value respectively.
It was followed by services shares with a turnover of 775.7 million units valued at N2.9 billion transacted in 416 deals, while consumer goods equities recorded 448.7 million units worth N4.0 billion in 2,257 deals.
A breakdown showed that Transcorp Hotels, Honeywell Flour and FBN Holdings were the most traded stocks with 1.5 billion units valued at N6.9 billion in 1,017 deals, accounting for 68.33 per cent and 42.91 per cent of the total trading volume and value respectively.
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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