Banking Stocks Crash NSE Index Below 39,000 Points

Image

By Dipo Olowookere

The All-Share Index (ASI) closed below the 39,000 thresholds at the Nigerian Stock Exchange (NSE) on Tuesday after the market lost 1.80 per cent.

The benchmark index reduced at the market yesterday by 709.72 points to 38,686.85 points from 39,396.57 points, while the market capitalisation fell by N372 billion to N20.241 trillion from N20.613 trillion.

The loss could be attributed to selloffs in the banking sector, which depreciated by 5.30 per cent and this was chiefly from UBA, which announced its financial performance in the year 2020.

Insurance lost 0.63 per cent, industrial goods depreciated by 0.52 per cent, while the energy sector dropped 0.15 per cent. Only the consumer goods counter appreciated yesterday and it moved higher by 0.39 per cent.

Eterna and UBA were the worst-performing stocks on Tuesday as they declined by 10.00 per cent each to close at N5.13 and N7.20 respectively.

Caverton lost 9.55 per cent to sell at N1.80, Northern Nigerian Flour Mills decreased by 9.52 per cent to N5.70, while Greif Nigeria depleted by 9.46 per cent to N6.70.

Conversely, Champion Breweries appreciated by 9.78 per cent to sell at N2.02, Neimeth gained 9.71 per cent to quote at N1.92, Cutix grew by 8,84 per cent to N1.97, Dangote Sugar appreciated by 7.99 per cent to N18.25, while NASCON improved by 7.69 per cent to N14.

Business Post reports that the trading volume and value grew by 64.83 per cent and 110.82 per cent respectively, while the number of deals declined by 0.84 per cent.

This was because investors traded 490.0 million stocks worth N6.7 billion in 4,616 deals on Tuesday compared with the 297.3 million stocks worth N3.2 billion transacted in 4,655 deals on Monday.

UBA was the most traded equity at the session as it sold 123.3 million units valued at N887.6 million, while Notore traded 74.1 million units worth N3.7 billion.

Mutual Benefits exchanged 58.0 million equities for N23.2 million, FBN Holdings traded 48.9 million shares worth N352.1 million, while Access Bank transacted 42.7 million stocks valued at N324.2 million.

Share
Related Stories
Image
21-September-2023

Unlisted Securities Index Appreciates by 0.12% to 806.29 Points

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

Image
22-September-2023

Traders Union has presented a list of Forex scams in Malaysia to protect your investment

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

Image
22-September-2023

NASD, Aradel Pull Down Unlisted Stock Market By 0.04%

By Adedapo Adesanya The duo of NASD Plc and Aradel Holdings Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, September 21. The two price losers overpowered the sole price gainer, Central Securities Clearing Systems (CSCS) Plc, to drag down the NASD Unlisted Securities Index (NSI) by 0.34 points to 805.95 points from the 806.29 points it ended in the previous day, while the total value of the unlisted stock market was relatively flat at N1.139 trillion. At the trading day, NASD Plc shed N1.15 to end the session at N11.50 per unit versus the

More Stories
Image
11-October-2018

T-Bills Market to Stay Bearish as Investors Anticipate N277b Inflows

By Dipo Olowookere The treasury bills market is expected to maintain a slightly bearish posture on Thursday (today), analysts at Zedcrest Research have projected. This is as market players anticipate a significant drawdown in system liquidity via a retail FX auction on Friday. In addition, market players would be anticipating the conduct an Open Market Operations (OMO) auction today by the Central Bank of Nigeria (CBN) to soak up inflows of N277 billion from maturing bills. Yesterday, the T-bills market was relatively quiet, with slight bullish sentiments observed on the short end of the curve (Oct – Jan), but with

Image
18-October-2016

Why We Are Championing Crusade For NIMMA—Odiakose

Lead Consultant of Nigeria’s leading and fastest growing Independent PR measurement and evaluation agency, Mr Philip Odiakose, has been in the forefront of establishing the Nigerian Media Monitoring and Measurement Association (NIMMA). In this interview with BrandArena, Mr Odiakose explained why he is backing this and also the benefit of having that body to regulate the activities of Independent Media Monitoring and Measurement Agencies in Nigeria. You have been a strong advocator for an Independent Media Monitoring and Measurement body in Nigeria for a year now, what has been the reaction of the IMC industry at large to your advocacy?

Image
01-November-2019

NSE Vows to Raise Data Protection Compliance Standard

By Adedapo Adesanya   The Nigerian Stock Exchange (NSE) has reaffirmed its commitment to ensure it sets a high standard as regards compliance with data protection regulations in line with the Nigeria Data Protection Regulation (NDPR) in the Nigerian Capital Market. This was discussed at the 7th edition of the Nigerian Capital Market Information Security Forum 2019 themed The Nigerian Data Protection Regulation: Achieving Compliance held on Thursday, October 31, 2019 in Lagos. The exchange noted that through the forum, it was dedicated to educating the investing public on the prevailing data protection regulation that ensures that that their data

Image
22-May-2019

Facebook NG_Hub Trains 50,800 SMBs in Digital Skills

By Modupe Gbadeyanka Not less than 50,800 owners of small and midsize businesses (SMBs) in 20 states across Nigeria have been trained by tech giant, Facebook, through the NG-Hub since it launched the programme in the country in 2018. Exactly a year, Facebook opened the doors of NG_Hub in Lagos, further cementing its ambitions to train users across Nigeria in digital skills. During the year, the social networking platform, as part of its ongoing commitment and investment in growing the start-up ecosystem, partnered with CcHub for the NG_Hub, a multi-faceted space which connects and bring together developers, start-up’s and the

Image
15-November-2017

NSE Upgrades Website to Boost User Engagement

By Dipo Olowookere In a bid to increase user engagement and make its online platform mobile friendly, the Nigerian Stock Exchange (NSE) has upgraded its website, www.nse.com.ng. The new platform comes with a cleaner layout and navigation​n befitting of the brand already built by the stock market regulator. According to the NSE, the upgraded website will enable users to access information quickly and easily on the various products and instruments that are listed and traded on the regulated market. CEO of the NSE, Mr Oscar Onyema, while commenting on the development, stated that the upgrade was in line with the

Image
01-July-2020

Comviva Introduces Mobile Recharge App for Telcos

An innovative mobile recharge app to allow operators in the telecommunications sector to increase their distribution network during COVID-19 pandemic has been introduced by Comviva, the global leader in providing mobility and digital solutions. The platform called PreTUPS Direct Selling Agent enables subscribers to recharge the prepaid mobile connections of other subscribers and earn incentives or cashbacks. The Direct Selling Agent application is the latest feature of PreTUPS, one of the world’s largest electronic recharge and voucher management platforms, which has been deployed by over 60 telecom operators in more than 45 countries. PreTUPS is a white-labelled offering that can

Image
16-December-2016

Over 17,000 Kids Recruited into South Sudan Conflict—UNICEF

By Modupe Gbadeyanka According to new figures released by the United Nations Children’s Fund (UNICEF), some 1,300 children were recruited by armed forces and armed groups in 2016, bringing the total number of children used in conflict since 2013 to more than 17,000. “Since the first day of this conflict, children have been the ones most devastatingly affected by the violations,” said Leila Gharagozloo-Pakkala, UNICEF’s Regional Director for Eastern and Southern Africa. “Now, as the fighting intensifies – and despite repeated pledges by all to end child recruitment – children are once again being targeted,” she added. The Sudan People’s

Image
17-June-2022

Half of Youths in Nigeria, Others Planning to Migrate to US, Europe—Report

By Modupe Gbadeyanka If steps are not quickly taken by African leaders, in the next three years, the continent may lose nearly half of its population between the ages of 18 and 24. One of the biggest concerns African youth face today is instability, with 75 per cent worried about the political volatility in the continent, rising to 91 per cent in Kenya and 89 per cent in Mozambique, both of which are battling terrorist insurgencies, according to the African Youth Survey released this week. It was stated that at least half of Africa’s youth have had their lives impacted

Ad
Ad
Recent Stories
Image
24-September-2023

Nigerian Banks Capable To Support Big-Ticket Transactions—Adeduntan

By Bliss Okperan The Managing Director and chief executive of First Bank of Nigeria Limited, Mr Adesola Adeduntan, has disclosed that financial institutions in the country have the balance sheet to support big-ticket transactions, particularly from offshore investors. President Bola Tinubu travelled to the United States last week for the United Nations General Assembly (UNGA) and went with some businessmen and bank executives, including Mr Adeduntan. The Nigerian leader used the occasion to urge foreign investors to bring their funds into the country because he would create a business-friendly environment to make their investments grow. Nigeria, which is the largest

Image
24-September-2023

SERAP Tasks Tinubu to Probe Missing $15bn, N200bn Oil Revenues

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

Image
24-September-2023

Nigeria Picks 12 Gold Medals at ITTF African Para Championships

By Adedapo Adesanya Nigeria emerged as the overall champion of the 2023 International Table Tennis Federation (ITTF) African Para Championships, which ended on Saturday, September 23, 2023, in Giza, Egypt. The country went away with 12 gold medals to dethrone Egypt as the new para table tennis champion in Africa. The three-day tournament had hosts – Egypt – Algeria, Nigeria, Mauritius, Cameroon, South Africa, Kenya, and Cote d’Ivoire competing in the singles, doubles, and mixed doubles events. However, Nigeria dominated as the continent’s champions by leading the singles event to pick up most of the tickets to the Paris 2024

Image
23-September-2023

Dr Abayomi Baiyewu of Obitoks Hospital is a Quack Surgeon—LAHA

By Modupe Gbadeyanka The medical practitioner who performed surgery on the late 12-year-old Adebola Akin-Bright at the Obitoks Hospital in the Alimosho area of Lagos State, Dr Abayomi Baiyewu, has been described as a quack surgeon. The Chairman of the Lagos State House of Assembly ad-hoc committee with the mandate to investigate the circumstances that led to the disappearance of Adebola’s small intestine, Mr Noheem Adams, said the doctor was not qualified to carry out the exercise. Adebola died on Tuesday at the Lagos State University Teaching Hospital (LASUTH), Ikeja, where he was receiving treatment after he underwent surgery two

Image
23-September-2023

Advans Nigeria Scores Brace at Marketing Edge Awards

By Modupe Gbadeyanka It was a double reward for a foremost microfinance institution, Advans Nigeria, at the recently concluded Marketing Edge Awards in Lagos. The firm, a subsidiary of Advans Group, was announced as the Most Innovative Microfinance Bank of the Year and the Most Customer-centric Microfinance Bank of the Year. The double awards are coming after the organisation was recently named as The Best in Retail Banking of the Year at the Pan African International Award. Advans Nigeria won the accolades due to its top-notch financial services and unwavering commitment to its customers. “We are immensely proud to receive

Image
23-September-2023

UNIOSUN Targets Spot in 10 Top Universities in Nigeria by 2026

By Bliss Okperan The University of Osun State (UNIOSUN) has set a goal to achieve a spot in the 10 top universities in Nigeria by 2026. The Vice Chancellor of the institution, Prof. Clement Adebooye, while speaking on Friday at the main campus of the university in Osogbo, said the management also intends to make the school one of the 25 best in Africa in three years’ time. According to him, the management has begun to implement the strategies designed to meet this target, including providing a peaceful academic environment for students and others. He expressed the commitment of the

Image
23-September-2023

Why Debt Financing is so Important for the African Business Market

By Nathaniel Nyika Small and medium-sized enterprises (SMEs) are the beating heart of Africa’s economies. According to the World Economic Forum, as engines of growth, SMEs are responsible for around 80% of the continent’s employment, ultimately helping to reduce poverty and income inequality, enabling the establishment of a new middle class and driving demand for new goods and services. That’s why creating an enabling environment for SMEs to access finance will enhance their ability to not only contribute to Africa’s labour force but also facilitate the continent’s development and economic growth while driving the innovation needed to help solve the

Image
23-September-2023

Food Concepts, Two Others Rescue OTC Exchange From Bears

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

Image
23-September-2023

Naira Falls at I&E, P2P, Gains at Black Market on New CBN Leadership

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

Image
23-September-2023

Crude Oil Trades Mixed on Demand Concerns Despite Supply Woes

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia