Economy
Champion Breweries Maintains Upward Trajectory, Rises 59.49% in One Week
By Dipo Olowookere
The positive performance witnessed lately around the shares of Champion Breweries Plc continued last week with a price appreciation of 59.49 per cent. During the five-day trading session, the brewer closed at N3.11 per unit compared with N1.95 per unit it finished the earlier week.
This upward trajectory was sustained on the back of the demand for the shares of the company, following information that its major shareholder, Heineken International, which also controls a larger stake in Nigerian Breweries, increased its control in the firm with the purchase of N5 billion stocks.
This has pushed the appetite for the company’s equities higher because of what Heineken could transform the organisation into.
Also last week, news of the federal government putting down N10 billion for the manufacturer of COVID-19 vaccines in Nigeria triggered buying pressure on Fidson and May & Baker, pushing the value of their respective stock higher by 30.11 per cent and 27.40 per cent to N6.05 per share and N4.65 per share.
In the week, Portland Paints grew by 20.69 per cent to settle at N3.50 per unit, while Julius Berger appreciated by 19.84 per cent to close at N22.65 per unit.
At the close of transactions, a total of 41 equities appreciated in price, lower than 53 equities in the previous week.
Business Post reports that there were price losers in the week; 34, higher than 29 equities in the previous week.
Leading the chart was Veritas Kapital Assurance, which fell by 28.57 per cent to end at 20 kobo per share, Sovereign Trust Insurance went down by 21.21 per cent to settle at 26 kobo per share, Academy Press lost 17.50 per cent to close at 33 kobo per unit, Niger Insurance depreciated by 14.81 per cent to finish at 23 kobo per unit, while Universal Insurance dropped 13.04 per cent to trade at 20 kobo per unit.
When trading activities were wrapped up for the week, the All-Share Index (ASI) and the market capitalisation of the Nigerian Stock Exchange (NSE) appreciated by 3.442 per cent respectively to close the week at 42,412.66 points and N22.187 trillion.
Similarly, all other indices finished higher with the exception of the oil/gas, which depreciated by 7.25 per cent while the ASeM and Growth indices closed flat.
A total of 2.6 billion shares worth N27.9 billion in 31,466 deals were traded by investors on the floor of the exchange, in contrast to a total of 4.3 billion shares valued at N26.0 billion that exchanged hands in 32,849 deals.
The financial services industry led the activity chart with 1.5 billion shares valued at N12.7 billion traded in 14,324, contributing 58.22 per cent and 45.53 per cent to the total equity turnover volume and value respectively.
The conglomerates followed with 363.3 million shares worth N821.4 million in 1,722 deals, while consumer goods recorded a turnover of 220.8 million shares worth N4.0 billion in 5,952 deals.
Trading in Transcorp, Union Bank and Zenith Bank accounted for 633.3 million shares worth N5.6 billion in 3,947 deals, contributing 24.64 per cent and 20.20 per cent to the total equity turnover 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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