Bears Rip NASD Exchange Open by 0.14%

Image

Image Credit: The Guardian Nigeria

By Adedapo Adesanya

The bears won the supremacy tussle on opening day on the floor of the NASD Over-the-Counter (OTC) Securities Exchange, ripping the exchange open by 0.14 per cent at the close of business.

The unlisted securities market fell to the control of the bears as a result of losses recorded by FrieslandCampina WAMCO Nigeria and Nigerian Exchange (NGX) Group Plc.

Friesland Plc lost N5.90 or 5.1 per cent to close the session at N115.10 per share in contrast to N121 per share of the last trading session, while NGX Group Plc declined by 46 kobo or 2.9 per cent to close at N16.12 per unit compared to N16.58 per unit of last Friday.

As a result, the market capitalisation of the bourse went down on Monday by N900 million to N639.15 billion from N640.05 billion, while the NASD Unlisted Security Index (NSI) dropped 1.03 points to wrap the session at 735.35 points compared with 736.38 points of the previous session.

Business Post reports that the NASD Exchange saw two price gainers yesterday; Central Securities Clearing Systems (CSCS) Plc and Afriland Properties Plc.

While CSCS Plc grew by N1.12 or 6.3 per cent to N17.78 per unit from N16.66 per unit, Afriland Plc gained by 12 kobo or 9 per cent to N1.33 per share from N1.21 per share of the previous session.

During the session, the volume of securities traded by investors declined by 87.9 per cent to 395,603 units from 3.3 million units, while the value of shares traded reduced by 86.4 per cent to N7.5 million from N55.2 million, with the number of deals declining by 59.2 per cent to 20 deals from 49 deals.

Like in the past trading days, Geo Fluids Plc was the most traded stock by volume (year-to-date) with 1.0 billion units worth N700 million. NGX Group Plc followed with 414.0 million units valued at N8.6 billion, while Food Concepts Plc has transacted 295.0 million units worth N386 million.

O the flip side, NGX Group Plc finished the trading day as the most traded stock by value (year-to-date) for selling 414.0 million units worth N8.6 billion. It was followed by VFD Group Plc with 6.6 million units worth N2.2 billion and Niger Delta Exploration and Production (NDEP) Plc with 3.3 million units valued at N1.0 billion.

Share
Related Stories
Image
18-March-2024

In Five Days, Investors Transact 1.773 billion Shares Worth N52.867bn in 44,713 Deals

By Dipo Olowookere In one week, 1.773 billion shares worth N52.867 billion were transacted by investors in 44,713 deals on the floor of the Nigerian Exchange (NGX) Limited versus the 2.157 billion shares valued at N108.824 billion traded a week earlier in 51,556 deals. Transcorp, GTCO, and Access Holdings accounted for 677.439 million shares worth N17.287 billion in 7,789 deals, contributing 38.21 per cent and 32.70 per cent to the total trading volume and value, respectively. It was observed that financial services equities topped the activity chart with 1.136 billion units valued at N23.185 billion traded in 19,896 deals, contributing

Image
18-March-2024

Court Orders Binance to Give EFCC Access to Nigerians’ Trading Data

By Adedapo Adesanya A Federal High Court in Abuja has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with the comprehensive data or information of all persons from Nigeria trading on its platform. Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Mr Ekele Iheanacho, on Monday. “The applicant’s application dated and filed on February 29, 2024, is hereby granted as prayed,” the court held today. It also held, “That an order of this court is hereby made directing the operators of Binance to provide the

Image
19-March-2024

International Breweries Wants Approval for $379.9m Loan, Convert to Equity

By Aduragbemi Omiyale An Extra-ordinary General Meeting (EGM) for shareholders of International Breweries Plc to approve the $379.9 million loan to the company from AB InBev Nigeria Holdings BV and convert this to equity is scheduled for Tuesday, April 9, 2024. This was confirmed by a statement signed by the company secretary, Mrs Marian Reginald-Ukwuoma, on Monday. It was disclosed that the meeting would take place at the External Ballroom of the Federal Palace Hotel in Lagos. Business Post gathered that International Breweries obtained a loan of $379.9 million from Citibank Abu Dhabi and AB InBev Nigeria, one of the

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

More Stories
Image
26-July-2019

Oando Posts Pre-tax Loss of N17.3bn in Six Months

By Dipo Olowookere Nigerian Oil and gas company, Oando Plc, has released its financial status for the half year period ended June 30, 2019 and from the brief analysis done by Business Post, the bottom-line was not too impressive as the firm recorded a loss before tax of N17.3 billion against N2.3 billion loss before tax of the first half of 2018. Though the firm declared a profit after tax of N7.2 billion in the period under review, this was lower than the N8.5 billion achieved in the same period of last year. However, a look at the top-line showed

Image
25-June-2018

Unpaid Salaries: IMOPOLY ASUP Rejects Management’s Proposal

**Seeks Audience with Okorocha By Destiny Ugorji Imo State Polytechnic chapter of the Academic Staff Union of Polytechnics (ASUP) has rejected three proposals made by management of the institution over non-payment of five months arrears of salaries owed its members. In a communiqué issued at the end of an emergency meeting of the ASUP held recently, the union requested to have audience with the state governor, Mr Rochas Okorocha, in conjunction with the management of the institution on the issue. The communiqué, signed by the Public Relations Officer of the union and chairman, communiqué drafting committee, Ven. Jonathan Egesi, said,

Image
16-December-2017

PRCAN Admits Media Panache Nigeria as Member

By Dipo Olowookere Fast-rising public relations firm based in Lagos, Media Panache, has been admitted as member of Public Relations Consultants Association of Nigeria (PRCAN). Media Panache, owned by upwardly mobile young social media guru, Mr Timilehin Bello, was presented with certificate of membership on Wednesday, December 13, 2017 during a forum held at The Civic Centre, Victoria Island, Lagos, by the President of PRCAN, Mr John Ehiguese. Media Panache Nigeria was launched in 2016 and the agency has steadily climbed up the ladder; being widely recognized as one of the youngest and innovative Public Relations agencies of the new

Image
12-February-2024

LinkedIn Records 11.5 million Data Leaks in 2023

By Adedapo Adesanya Business and employment-focused social media platform, LinkedIn, recorded over 11 million data leaks in 2023, a new study has revealed from cybersecurity firm, Surfshark. In 2023, LinkedIn had almost 11.5 million emails leaked due to the scraping of publicly available information. Out of the leaked accounts, 1.6 million were American, 1.1 million were French, and 700,000 were British. Four Russian platforms, Chitai-gorod, Book24, Gloria Jeans, and SberSpasibo, experienced the 2nd through 5th biggest data breaches. These breaches exposed around 20 million Russian email accounts. According to the data, 300 million user account data were leaked globally in

Image
17-December-2020

Africa’s Economy to Rebound 5% in 2021—ECA

By Adedapo Adesanya The economy of Africa is expected to rebound by 5 per cent next year after declining by 4.1 per cent this year, the UN Economic Commission for Africa (ECA) has said in its new report. In its report tagged Innovative finance for private sector development in Africa, it was stated that the recovery would be supported by effective response to the COVID-19 pandemic and the measures taken globally to aid economic recovery. According to the report, imported pharmaceutical products in the middle of a pandemic worth $44 billion would be required for the testing, personal protective equipment

Image
03-March-2017

FG Redeploys Two Permanent Secretaries

By Modupe Gbadeyanka Two federal permanent secretaries have been redeployed by the Federal Government in a bid to achieve better efficiency. According to a statement issued on Friday by Mr Haruna Imrana, the Director Communications, for the Head of the Civil Service of the Federation, Mrs Winifred Oyo-Ita, the redeployment was approved by the Acting President, Professor Yemi Osinbajo. It was disclosed in the statement that the affected persons are Dr Shehu Ahmed, who was moved from the Ministry of Agriculture and Rural Development to the Ministry of Environment; and Dr Bukar Hassan, who leaves the Ministry of Environment to

Image
13-January-2023

NGX to Engage Stakeholders on Stock Market Outlook for 2023

By Dipo Olowookere The Nigerian Exchange (NGX) Limited said on Wednesday, January 25, 2023, it would engage stock market stakeholders at an event to discuss the outlook of the space for the year. Every year, the bourse gathers investors, brokers, media, regulators, policymakers, and others to have a look into the activities of the previous year and make projections for the current year. The stock market outlook has been very helpful to investors, who made good use of the discussions to guide their investment decisions. In a statement, the NGX said the 2022 Market Recap and 2023 Outlook would provide

Image
17-May-2017

Kano NNPC Depot Resumes Operations after N1.6b Repairs

By Modupe Gbadeyanka Loading operations have resumed at the depot of the Nigerian National Petroleum Corporation (NNPC) in Kano after the agency repaired vandalised pipelines in the region. At the flag-off of the resumption of loading operations on Monday, the Group Managing Director (GMD) of NNPC, Mr Maikanti Baru, appealed to residents of the state to ensure the facilities were not vandalised again. He said in 2016, NNPC spent more than N1.6 billion to repair the vandalised pipelines between Kaduna and Kano. The NNPC boss lamented that this money would have been used to provide “other essential services.” Mr Baru

Ad
Ad
Recent Stories
Image
19-March-2024

TikTok, AU Commission Partner for Digital Safety Campaign

By Adedapo Adesanya TikTok and the African Union Commission (AUC) are teaming up to launch the Africa-wide #SaferTogether Campaign, aimed at educating and engaging youngsters, parents, teachers, and community leaders on digital safety through in-app and on-ground activities. The partnership will be carried out by a short-form video app and the African Union Commission’s Women, Gender, and Youth Directorate (WGYD) and is aimed at bolstering online safety awareness among the youth as well as parents, teachers and guardians in Africa. This innovative collaboration emerges at a critical moment, addressing the urgent need for digital safety amidst the unique challenges faced

Image
19-March-2024

Court Dismisses Olu Agunloye’s EFCC Abuse Suit, Orders N500,000 Payment

By Adedapo Adesanya The Federal High Court in Abuja has dismissed a suit filed by a former Minister of Power and Steel, Mr Olu Agunloye, alleging abuse of his fundamental rights and seeking to be shielded from investigation and prosecution by the Economic and Financial Crimes Commission (EFCC). In a statement following the court’s judgement on Monday, the anti-graft agency said the presiding judge, Mr Obiora Egwuatu, dismissed the suit for lacking in merit and awarded a cost of N500,000 against Mr Agunloye in favour of the EFCC. Dismissing the suit, the judge held that Mr Agunloye’s fundamental human right

Image
19-March-2024

International Breweries Wants Approval for $379.9m Loan, Convert to Equity

By Aduragbemi Omiyale An Extra-ordinary General Meeting (EGM) for shareholders of International Breweries Plc to approve the $379.9 million loan to the company from AB InBev Nigeria Holdings BV and convert this to equity is scheduled for Tuesday, April 9, 2024. This was confirmed by a statement signed by the company secretary, Mrs Marian Reginald-Ukwuoma, on Monday. It was disclosed that the meeting would take place at the External Ballroom of the Federal Palace Hotel in Lagos. Business Post gathered that International Breweries obtained a loan of $379.9 million from Citibank Abu Dhabi and AB InBev Nigeria, one of the

Image
19-March-2024

How Putin Won March 2024 Presidential Election

By Kestér Kenn Klomegâh After three days (March 15 to 17) of voting, Vladimir Putin is leading the Russian presidential election with 87.34% after 98% of ballots were counted, according to data from the Russian Central Elections Commission. Undoubtedly it gives Putin, who has been in power since the last days of 1999, another six-year term (2024-2030) to lead Russia, and to pursue with much vigour its foreign policy ambitions in the international system and push forward the much-trumpeted multipolar configuration with a focus on Global South. Putin’s assertive control over the political landscape has been solidified due to the

Image
19-March-2024

Moove Raises $100m in Fresh Race to Conquer New Markets

By Adedapo Adesanya Exactly a year after raising $105 million in an oversubscribed Series A2 round, African mobility company, Moove, has raised $100 million in a Series B funding round as it plots expansion into new markets. According to reports, the funding round was led by mobility giant, Uber and saw injection from others such as sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. This now pushes Moove’s post-money valuation to $750 million. The company is helping to solve the continent’s acute problem of limited access to vehicle financing for millions of

Image
19-March-2024

Oil Stocks Trigger 1.77% Gain at NASD OTC Exchange

By Adedapo Adesanya Oil stocks, Aradel Holdings and Acorn Petroleum, led the NASD Over-the-Counter (OTC) Securities Exchange to a 1.77 per cent appreciation on Monday, March 18. They increased the value of the alternative bourse by N24.85 billion during the trading session to N1.428 trillion from the N1.403 trillion it closed in the preceding, and the NASD Unlisted Security Index (NSI) rose by 18.33 points to wrap the session at 1,053.98 points compared with 1,035.65 points recorded at the previous session. Aradel Holdings Plc, after recent profit taking, appreciated by N114.28 yesterday to settle at N1,734.28 per unit compared with last

Image
19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent