Economy

47 Stocks Crash NSE by 0.99% as Neimeth Sheds 40.08% Last Week

Published

5 years ago

22/06/2020

By Dipo Olowookere

One of the healthcare shares on the Nigerian Stock Exchange (NSE), Neimeth International Pharmaceuticals Plc, seems to have ended its honeymoon at the market.

The stock, which has enjoyed a geometric growth in the past few weeks, moving from 40 kobo per unit in March 2020 to N2.57 per share in June 2020, recording 542.5 percent appreciation in three months, led the losers’ chart of 47 members last week. In the previous week, the exchange reported 31 decliners.

Neimeth lost 40.08 percent or N1.03 per share to close for the week at N1.54 per unit after opening at N2.57 per share. The reason for the decline was because investors were booking profit and this watered down its value at the market.

NPF Microfinance Bank followed with a loss of 25.13 percent to sell at N1.40 per unit, with Prestige Assurance falling by 18.57 percent to trade at 57 kobo per share.

In addition, AIICO Insurance declined by 15.25 percent to quote at N1.00 per share, while UAC Property went down by 12.50 percent to close at 91 kobo per unit.

In the week, there were 14 price risers, lower than the 37 of the preceding week, with Honeywell topping the chart with a 17.39 percent growth to finish at N1.08 per share.

Nestle Nigeria gained 10.00 percent to end at N1,094.50 per unit, Cutix also appreciated by 10.00 percent to sell at N1.76 per share, Red Star Express improved by 9.09 percent to N3.60 per unit, while Cornerstone Insurance grew by 7.84 percent to 55 kobo per unit.

Business Post reports that the All-Share Index (ASI) and market capitalisation both depreciated by in the week by 0.99 percent to close at 24,826.75 points and N12.951 trillion.

All other indices finished lower with the exception of the main board, NSE MERI Growth, consumer goods, NSE Lotus II and industrial goods indices, which appreciated by 1.00 percent, 1.42 percent, 1.81 percent, 1.01 percent and 2.24 percent respectively, while the ASeM counter closed flat.

On the activity log, a total turnover of 1.1 billion shares worth N10.1 billion exchanged hands in 19,576 deals in contrast to the 1.1 billion stocks valued at N9.9 billion traded a week earlier in 16,616 deals.

A breakdown down of the transactions showed that the financial services sector dominated the market with 736.3 million units worth N5.5 billion traded in 9,776 deals, contributing 70.13 percent and 54.04 percent to the total equity turnover volume and value respectively.

The conglomerates space followed with 69.5 million shares valued at N334.5 million in 471 deals, while the consumer goods industry occupied the third place with a turnover of 66.4 million shares worth N1.4 billion in 3,130 deals.

A further analysis revealed that GTBank, FBN Holdings and FCMB were the most attractive to market participants in the week.

The three financial stocks accounted for 316.3 million shares worth N3.4 billion traded in 2,983 deals, contributing 30.13 percent and 33.08 percent to the total equity turnover volume and value respectively.

Economy

NASD OTC Bourse Declines Further by 0.16%

Published

5 hours ago

22/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.16 per cent decline on Tuesday, January 21, extending its loss this week to two.

This further depleted the market capitalisation of the alternative stock exchange by N1.65 billion at the close of transactions to N1.071 trillion from the N1.073 trillion it closed in the preceding session.

In the same vein, the NASD Unlisted Security Index (NSI) slid by 4.79 points to wrap the session at 3,100.33 points compared with 3,105.12 points recorded in the previous session.

The bourse ended with two price losers yesterday led by Geo Fluids Plc, which gave up 32 Kobo to trade at N4.38 per share versus Monday’s closing price of N4.70 per share and FrieslandCampina Wamco Nigeria Plc, which depreciated by 15 Kobo to close at N39.50 per unit compared with the previous day’s N39.65 per unit.

On the second trading day of the week, the number of deal carried out slightly went up by 8.3 per cent to 13 deals from the 12 deals executed at the previous trading session.

Also, the value of transactions increased by 97.2 per cent to N4.5 million from the N2.5 million recorded a day earlier, while the volume of securities traded in the session declined by 71.6 per cent to 183,780 units from the 767,610 units recorded on Monday.

FrieslandCampina Wamco Nigeria Plc remained the most traded equity by value (year-to-date) with 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with 9.1 million units valued at N44.0 million, and 11 Plc with 55,358 sold for N14.5 million.

Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume (year-to-date) with 25.3 million units worth N5.9 million, trailed by Geo-Fluids Plc with 9.1 million units sold for N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units valued at N162.9 million.

Economy

Naira Crashes to N1,552/$1 at NAFEM, N1,670/$1 at Black Market

Published

5 hours ago

22/01/2025

Adedapo Adesanya

By Adedapo Adesanya

Pressure further mounted on the Nigerian Naira in the different segments of the foreign exchange market on Tuesday, making its value to shrink against the United States Dollar at the close of business.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency crashed against its American counterpart during the session by 0.18 per cent or N2.73 to settle at N1,552.78/$1, in contrast to Monday’s closing price of N1,550.05/1.

But against the Pound Sterling and the Euro, the local currency traded flat in the official market yesterday at N1,906.98/£1 and N1,613.48/€1, respectively.

As for the black market segment, the Naira weakened against the Dollar on Tuesday by N5 to sell for N1,670/$1 compared with the preceding day’s value of N1,665/$1.

Meanwhile, the cryptocurrency market heaved a sigh of relief during the session as President Donald Trump created a crypto task force dedicated to “developing a comprehensive and clear regulatory framework for crypto assets.”

The task force will be led by Commissioner Hester Peirce, a long-time advocate for the crypto industry, and will work closely with the crypto industry to develop regulations. This is after Mr Gary Gensler, an opponent of crypto, officially stepped down as chairman of the US Securities and Exchange Commission (SEC) after Mr Trump’s term started.

The task force will also work with Congress, providing “technical assistance” as it crafts crypto regulations.

Solana (SOL) recorded a 9.2 per cent growth to sell at $257.09, Dogecoin (DOGE) rose by 7.6 per cent to $0.36789, Ripple (XRP) added 4.0 per cent to finish at $3.18, and Bitcoin (BTC) increased by 3.7 per cent to $105,515.03.

Further, Binance Coin (BNB) appreciated by 2.8 per cent to close at $699.01, Cardano jumped by 2.1 per cent to trade at $0.9972, Ethereum (ETH) soared by 2.0 per cent to settle at $3,308.21, and Litecoin (LTC) went up by 1.5 per cent to end at $116.72, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

Economy

Brent Falls Below $80 as US Signals Boost to Oil Output

Published

6 hours ago

22/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The price of the Brent crude oil grade went below the $80 mark on Tuesday after it shed 86 cents or 1.1 per cent to trade at $79.29 per barrel after the US President, Mr Donald Trump, signaled the possibility of his country boosting its oil production.

This move raised concerns of higher US output in a market widely expected to be oversupplied this year, with the US West Texas Intermediate (WTI) crude futures falling by $1.99 or 2.6 per cent during the session to $75.89 per barrel.

On his first day in office, the US President signed an executive order to unleash America’s energy by easing the barriers to oil and gas extraction and production and revoking a series of climate orders by former President Joe Biden.

As pledged in the campaign, the executive order follows the declaration of a national energy emergency.

The declaration includes measures to expedite energy infrastructure delivery, and emergency approvals by agencies “to facilitate the identification, leasing, siting, production, transportation, refining, and generation of domestic energy resources, including, but not limited to, on Federal lands.”

This will likely confirm expectations that the oil market will be oversupplied this year after weak economic activity and energy transition efforts weighed heavily on demand in top-consuming nations the US and China.

President Trump also said he was considering imposing 25 per cent tariffs on imports from Canada and Mexico from February 1, rather than on his first day in office as promised.

The delay helped ease concerns of an immediate tightening of the market among US refiners, many of which are geared to process the type of crude oil supplied by these countries.

The US Energy Information Administration (EIA) reiterated on Tuesday its expectations for oil prices to decline both this year and next.

On its part, the Organisation of the Petroleum Exporting Countries (OPEC) projects robust demand growth in the world both this year and next.

In 2025, OPEC says demand is set to grow by 1.4 million barrels per day leaving its projection unchanged from the December report.

However, losses were also limited after the US president said his administration would “probably” stop buying oil from Venezuela. The U.S. is the second-biggest buyer of Venezuelan oil after China.

Also weighing on prices on Tuesday was the potential end to the shipping disruption in the Red Sea.

Yemen’s Houthis said on Monday they will limit their attacks on commercial vessels to Israel-linked ships provided the Gaza ceasefire is fully implemented.