CSCS Extends Bullish Run on NASD Exchange for Another Session

Image

By Adedapo Adesanya

For the third straight trading session this week, transactions on the floor of the NASD Over-the-Counter (OTC) Securities Exchange closed positive with a marginal growth of 0.01 per cent.

The favourable outcome came on the back of the gains recorded by CSCS Plc as the Nigerian securities depository company appreciated by one kobo or 0.1 per cent to close at N17.05 per unit in contrast to N17.04 per unit it closed at the previous session.

As a result of this, the NASD unlisted security index (NSI) moved up by 0.06 points to 752.73 points from 752.67 points, while the market capitalisation increased by N50 million to wrap the day at N621.89 billion in contrast to N621.84 billion.

However, the trading volume retreated yesterday by 92.2 per cent as a total of 56,600 units of shares exchanged hands compared with the 725,984 units of shares transacted on Tuesday.

In the same vein, at the close of business, the trading value fell by 93.5 per cent to N971,850 from the previous day’s N15.0 million, while the number of deals carried out during the session declined by 82.4 per cent to three deals from 17 deals executed at the previous session.

At the close of trades, Food Concepts Plc was the most traded stock by volume (year-to-date) as it has traded 11.4 billion units of its shares worth N14.4 billion. Lighthouse Financial Service Plc occupied second place with the sale of 1.1 billion units of securities worth N546.2 million, while Geo Fluids Plc was in third place with 1.0 billion units worth N700.1 million.

In terms of value, Food Concepts Plc occupied the top spot with the sale of 11.4 billion units of its securities valued at N14.4 billion. It was followed by Nigerian Exchange (NGX) Group Plc with 456.4 million units valued at N9.2 billion, and VFD Group Plc, which has transacted 10.4 million units valued at N3.5 billion.

Share
Related Stories
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
14-March-2024

Nigeria’s Stock Exchange Records Marginal 0.05% Growth

By Dipo Olowookere The flagship stock exchange in Nigeria posted a marginal appreciation of 0.05 per cent on Thursday consumer goods and industrial goods sectors closed higher by 0.31 per cent and 0.01 per cent, respectively. Business Post reports that the Nigerian Exchange (NGX) Limited survived a scare today after investors booked profit in the banking, insurance and energy counter, depleting by 1.27 per cent, 0.12 per cent, and 0.06 per cent, respectively. Unlike the preceding trading day, investor sentiment was weak today after the bourse ended with 19 appreciating shares and 22 depreciating shares, indicating a negative market breadth

Image
18-March-2024

BuyScrap Nigeria, Seven Others Win at Sustainable Enterprise Challenge Programme

By Adedapo Adesanya Eight winners emerged from the Sustainable Enterprise Challenge Programme (TSECP), sponsored by the British Council and Prince’s Trust International (PTI) and implemented by Nerdzfactory. The initiative, introduced to allow companies building for a sustainable future to hone the skills essential for navigating the modern business landscape, produced 16 finalists and eight winners, each receiving N250,000. The scheme saw 56 participants trained over four weeks, and the most effective 16 were selected from the rigorous programme. Among the winners were Blue Sands Stem Labs for the Most Innovative Business Idea; Mee Best Foods for the Most Societally Friendly

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

More Stories
Image
21-August-2019

Lagos Must Remain Top Destination for Business in Africa—Governor

By Modupe Gbadeyanka Governor Babajide Sanwo-Olu on Tuesday said the ultimate goal of his administration was to ensure Lagos remains the top destination for business, work and living in Africa. He made this disclosure at the swearing in of 35 members of his cabinet, who took the oath as Commissioners and Special Advisers at the Adeyemi Bero Hall in the Secretariat in Ikeja, and witnessed by the leaders and members of All Progressives Congress (APC) from all local government areas and local council development areas in the state. During the programme, the Governor reiterated his government’s commitment to build on

Image
07-June-2021

High Imports in Q1 2021 Leave Nigeria With N3.9trn Trade Deficit

By Aduragbemi Omiyale A significant increase in the value of imports in the first quarter of 2021 has left Nigeria with a trade deficit of N3.9 trillion. A report released by the National Bureau of Statistics (NBS) revealed that in the period under review, the country recorded a total merchandise trade of N9.8 trillion, 6.99% higher than the value recorded in Q4 of 2020 and 14.13 per cent higher than the figures in the same period of 2020. The agency stated that the export component of this trade was N2.9 trillion, representing 29.79 per cent of the total trade, while

Image
02-June-2017

Nigeria to Sell More Crude Oil to Indonesia

By Modupe Gbadeyanka Indonesia has indicated interest to purchase more crude oil from Nigeria, signifying the prospects of soaring Nigeria’s market share in Asian emerging economies which include China and India, having lost grounds in crude oil sales in the United State of America due to advances in shale oil exploration in recent years. A moment ago, the Indonesian Ambassador to Nigeria, Mr Harry Purwanto, paid a courtesy visit to the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, in Abuja, where he explained that his country’s President, Mr Joko Widodo, had instructed the Indonesia National

Image
04-December-2023

UNICAL Raises Tuition by 100%

By Bliss Okperan The University of Calabar (UNICAL), Cross River State, has increase its tuition for undergraduates by over 100 per cent. A statement issued on Monday disclosed that the upward review of the fees was taken at an emergency meeting of the university’s Senate on Friday. In the statement issued by the school’s spokesman, Mr Effiong Eyo, it was disclosed that the management implemented this increase because of the current economic realities and the need to maintain the academic standard which the university was known for. The statement added that the new fees would be effective in the 2022-2023

Image
05-April-2022

UPS Partners Jumia to Achieve Expansion Goal in Africa

By Aduragbemi Omiyale To achieve its logistics services expansion goal in Africa, UPS has partnered with Jumia, giving it access to the e-commerce giant’s infrastructure on the continent. Jumia delved into the last-mile business after conquering the online shopping landscape in Africa and because of the success it is already recording, UPS felt it was necessary to join forces with the organisation to achieve its expansion goal. With the delivery services growing on the continent, UPS will leverage the Jumia infrastructure to offer its customers an extended range of delivery solutions, including door-to-door package delivery and collection, with a variety

Image
17-October-2019

MAN Energy Solutions to Supply MDT Gas Turbine in Nigeria

A company known as MAN Energy Solutions is considering delivering three power generation packages in Nigeria with the proven single-shaft MGT6000 gas turbine technology for about 20 MW to a power plant, which supplies heat and power to BPL oil & gas facilities 30 miles southwest of Port Harcourt in Nigeria. It was gathered that the order for MAN was placed by American EPC and equipment exporter Combustion Associates Inc. (CAI). Together with Exterran Corporation, the company is responsible for the engineering, manufacturing and installation of the overall project. The MAN turbine technology will deliver around 20 MW of power,

Image
03-April-2018

Bargain Hunting May Lead to Initial Rebound on Wall Street

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks likely to regain some ground following the sell-off seen in the previous session. The markets may benefit from bargain hunting, as traders pick up stocks at reduced levels after the steep losses posted on Monday. While the markets may show an initial rebound, trading activity may be somewhat subdued amid a quiet day on the U.S. economic front. Traders may look ahead to the release of the closely watched monthly jobs report on Friday as well as reports on private sector employment,

Image
05-September-2021

FG to Feed Over 600,000 Pupils in Borno

By Sodeinde Temidayo David The federal government has announced plans to increase the number of National Home Grown School Feeding Programme beneficiaries in Borno State to 600,000. This was made known by the Minister of Humanitarian Affairs, Disaster Management and Social Development, Ms Sadiya Umar Farouq, at a high-level engagement session with the Governor of Borno State, Mr Babagana Zulum and some other officials of the state government. Ms Umar Farouq said the school feeding programme, which provides one free meal to over nine million pupils in primary schools across the nation, will soon be increased to cater for more

Ad
Ad
Recent Stories
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

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

Image
18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry