Economy
Africa Prudential Loses 17.78% in One Week as NGX Index Shrinks 0.35%
By Dipo Olowookere
Africa Prudential topped the losers’ chart at the Nigerian Exchange (NGX) Limited last week with a 17.78 per cent week-on-week loss to settle at N7.40 compared with the preceding week’s N9.00.
Thomas Wyatt and PZ Cussons depreciated by 10.00 per cent each to sell for N2.16, and N19.80 apiece, CWG fell by 9.80 per cent to N6.90, and Tantalizers declined by 9.62 per cent to 47 Kobo.
On the flip side, Livestock Feeds topped the gainers’ table after it added 27.03 per cent to close at N2.35, ABC Transport expanded by 20.31 per cent to 77 Kobo, Eterna grew by 18.42 per cent to N18.00, Vitafoam increased by 17.78 per cent to N21.20, and Caverton gained 17.04 per cent to finish at N1.58.
Business Post reports that in the week, 34 equities appreciated versus 37 equities in the previous week, 38 shares retreated compared with the 45 shares a week earlier, and 82 stocks closed flat, in contrast to the 72 stocks recorded in the preceding week.
The All-Share Index (ASI) and the market capitalisation depreciated by 0.35 per cent and 0.25 per cent to 99,671.28 points and N56.441 trillion, respectively.
Similarly, other indices finished lower except AFR Bank Value, AFR Div Yield, energy, lotus II, industrial goods and growth indices, which appreciated by 1.54 per cent, 2.18 per cent, 1.38 per cent 0.43 per cent, 0.05 per cent and 2.77 per cent, respectively while the ASeM and sovereign bond indices closed flat.
There was a slight improvement in the activity level in the week, as investors traded 2.765 billion shares worth N85.230 billion in 40,796 deals versus the 2.259 billion shares valued at N31.166 billion transacted in the preceding week in 42,851 deals.
The financial services industry led the activity chart with 1.892 billion shares valued at N24.326 billion traded in 21,447 deals, contributing 68.42 per cent and 28.54 per cent to the total trading volume and value, respectively.
The agriculture space followed with 388.212 million shares worth N1.539 billion in 1,865 deals, while the utilities sector traded 121.608 million shares worth N50.613 billion in 627 deals.
The trio of Fidelity Bank, Ellah Lakes, and GTCO accounted for 1.335 billion stocks worth N16.052 billion in 4,562 deals, contributing 48.29 per cent and 18.83 per cent to the total trading volume and value, respectively.
By Adedapo Adesanya
There was a 0.15 per cent appreciation at NASD Over-the-Counter (OTC) Securities Exchange on Monday March 17, with the NASD Unlisted Security Index (NSI) increasing by 4.90 points to close at 3,368.64 points, in contrast to last Friday’s 3,363.74 points and the market capitalisation of the bourse rose by N2.83 billion to settle at N1.945 trillion compared with the preceding trading day’s N1.942 trillion.
Okitipupa Plc gained N7.66 during the session to close at N307.66 per unit compared with the preceding session’s N300.00 per unit, FrieslandCampina Wamco Nigeria Plc expanded by 78 Kobo to settle at N39.01 per share versus last Friday’s price of N38.23 per share, and Geo Fluids Plc grew by 6 Kobo to trade at N2.90 per unit, in contrast to the previous trading day’s N2.84 per unit.
On the flip side, Afriland Properties Plc lost N2.01 to close at N21.19 per share compared with its previous rate of N23.20 per share.
Yesterday, the volume of securities traded at the bourse went down by 55.8 per cent to 288,383 units from the 652,237 units recorded last Friday, the value of securities traded by investor depreciated by 45.3per cent to N18.2 million from the N33.1 million quoted at the preceding session, and the number of deals executed at the first session of the week shrank by 27 per cent to 27 deals from 37 deals.
When the market closed for the session, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with a turnover of 533.9 million units worth N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.4 million units sold for N357.0 million.
Also, Impresit Bakolori Plc remained as the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 69.9 million units sold for N23.7 million, and Afriland Properties Plc with 17.4 million units valued at N357.0 million.
By Adedapo Adesanya
The Naira depreciated against the United States currency at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday by N9.61 or 0.63 per cent to settle at N1,531.98/$1, in contrast to last Friday’s value of N1,522.37/$1.
Similarly, the Nigerian currency weakened against the Pound Sterling during the trading session by N20.41 to quote at N1,984.61/£1 compared with the previous trading day’s rate of N1,964.20/£1 and against the Euro, it tumbled by N14.68 to sell for N1,668.46/€1 versus the preceding session’s value of N1,653.78/€1.
The depreciation trend continued after the exchange rate had appreciated just once over the last week as supply factors and the Dollar strengthening across the global market continues to impact other local currencies.
Nigeria’s inflation cooled to 23.18 per cent in February, a month after the National Bureau of Statistics (NBS) rebased its Consumer Price Index (CPI) to reflect changes in consumption patterns. A month earlier, the inflation was 24.48 per cent.
However, the the domestic currency appreciated against the US Dollar in the official market yesterday by N5 to quote at N1,585/$1 compared with the previous session’s N1,590/$1.
In the cryptocurrency market, most of the tokens fell as investors expect the US Federal Reserve to keep interest rates steady this week, with analysts saying policymakers might pause or stop the central bank’s balance sheet runoff.
There are also trade tensions and concerns around a slowdown in the US economy at a time when it is increasingly uncertain how much more accommodation the US central bank can offer.
Solana (SOL) slumped by 2.8 per cent to trade at $125.04, Litecoin (LTC) fell by 2.7 per cent to $89.70, Dogecoin (DOGE) lost 2.5 per cent to settle at $0.1673, Ripple (XRP) dropped 2.2 per cent to end at $2.28, Cardano (ADA) slid by 1.5 per cent to $0.7072, Bitcoin (BTC) crashed by 0.4 per cent to $83,103.91, and and the US Dollar Tether (USDT) went down by 0.03 per cent to $0.9998.
Conversely, Binance Coin (BNB) appreciated by 0.8 per cent to $634.55, and Ethereum (ETH) added 0.5 per cent to close at $1,907.25, while the US Dollar Coin (USDC) was flat at $1.00.
By Adedapo Adesanya
Crude oil rose on Monday after the United States vowed to keep attacking Yemen’s Houthis until the Iran-aligned group ends its assaults on shipping, which is affecting prices.
As a result, Brent futures went up by 49 cents or 0.7 per cent to $71.07 per barrel and the US West Texas Intermediate (WTI) crude futures gained 40 cents or 0.6 per cent to settle at $67.58 a barrel.
The US carried out airstrikes that reportedly killed at least 53 people.
This is the biggest US military operation in the Middle East since President Donald Trump took office in January.
According to Reuters, the Red Sea port city of Hodeidah and the Al Jawf governorate north of the capital Sanaa were targeted on Monday.
Mr Trump said on Monday he would hold Iran responsible for any attacks carried out by the Houthi group that it backs in Yemen.
Meanwhile, the Houthi group said it would target US ships in the Red Sea as long as the country continues its attacks on Yemen.
Also, Chinese economic data buoyed hopes for higher demand.
Retail sales growth quickened in the world’s largest oil importer in January-February, indicating positive signs to boost domestic consumption.
However, unemployment rose and factory output eased.
Support also came as the US Dollar eased against a basket of currencies as investors worried about the economic fallout from President Trump’s protectionist trade policies.
A weaker Dollar makes oil less expensive for overseas buyers, boosting demand.
On the supply front, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) plan to raise oil output from April has also pressured prices.
However, market analysts noted that the prospect of tighter US sanctions against Iran more than offsets the gradual OPEC+ production increase.
The market will also looking forward to and to the Russia-Ukraine war as President Trump said he would speak to Russian President Vladimir Putin on Tuesday about ending the Ukraine war.
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