Economy
Customs Street Rebounds by 0.24% as GDP Numbers Bring Cheer
By Dipo Olowookere
Traders at Customs Street had a reason to smile on Friday after the stock market rebounded by 0.24 per cent on the back of the gross domestic growth figures released by the National Bureau of Statistics (NBS).
On the previous day, the agency released the unemployment numbers and stirred controversies after it said the unemployment rate in Nigeria dropped to 4.1 per cent in the first quarter of 2023, a sharp contrast to the 33.3 per cent in the fourth quarter of 2020, the last time the numbers were made public.
While stock investors and others were still dissecting the report, the NBS released the GDP figures, and it was revealed that the country’s economy grew by 2.51 per cent in the second quarter of this year.
This brightened the mood of the investing community, raising the Nigerian Exchange (NGX) Limited higher to the green territory at the close of business.
As a result, the All-Share Index (ASI) moved up by 157.09 points to 65,558.91 points from 65,401.82 points, and the market capitalisation increased by N86 billion to N35.881 trillion from N35.795 trillion.
Business Post reports that all the key sectors of the bourse attracted the attention of investors yesterday, with the consumer goods, energy, banking, insurance, and industrial goods indices rising by 1.08 per cent, 0.26 per cent, 0.14 per cent, 0.12 per cent, and 0.02 per cent apiece.
Also, investor sentiment was strong during the trading session after the exchange ended, with 31 price gainers and 23 price losers, indicating a positive market breadth index.
SFS REIT was the biggest price gainer after it chalked up 9.97 per cent to quote at N83.80, NASCON rose by 9.95 per cent to N44.75, FTN Cocoa improved by 9.94 per cent to N1.99, NEM Insurance appreciated by 9.90 per cent to N5.66, and Red Star Express gained 9.89 per cent to sell for N2.89.
The heaviest price loser was Prestige Assurance after it dropped 9.43 per cent to 48 Kobo, Tantalizers had 9.38 per cent sliced from its price to 29 Kobo, Omatek lost 9.09 per cent to finish at 30 Kobo, Mutual Benefits declined by 8.89 per cent to 41 Kobo, and Guinea Insurance dwindled by 7.41 per cent to 25 Kobo.
It was observed that despite the growth recorded by the NGX yesterday, the activity level was low, as the trading volume, value, and the number of deals depreciated by 38.95 per cent, 67.44 per cent, and 5.73 per cent, respectively.
This was because a total of 356.0 million equities valued at N4.2 billion were transacted in 6,569 deals on Friday compared with the 583.1 million equities worth N12.9 billion traded in 6,968 deals on Thursday.
Transcorp refused to relinquish its position on top of the activity chart on the last trading session of the week after posting a turnover of 76.7 million stocks valued at N442.1 million.
Fidelity Bank sold 53.0 million shares worth N376.9 million, Universal Insurance exchanged 17.8 million equities for N3.7 million, FCMB traded 16.7 million stocks valued at N98.8 million, and Dangote Sugar transacted 16.6 million shares worth N773.9 million.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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