Ecobank Emerges as Best-performing Stock of the Week

Image

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further closed on a positive note last week, with the All-Share Index (ASI) rising by 0.55 per cent to 46,205.05 points and the market capitalisation appreciating by 0.54 per cent to N24.898 trillion.

However, all other indices finished lower with the exception of main board, banking, AFR Bank Value, AFR Div Yield, Meri Growth, consumer goods and oil/gas indices, which appreciated by 3.87 per cent, 4.84 per cent, 0.35 per cent, 1.65 per cent, 1.17 per cent, 2.04 per cent and 3.53 per cent respectively, while the ASem, and growth indices closed flat.

Business Post reports that 44 44 equities appreciated in price during the week, lower than 47 equities in the previous week, while 33 equities depreciated in price, higher than 23 equities in the previous week, with 79 equities closing flat, lower than 86 equities recorded in the previous week.

Ecobank was the best-performing stock with a growth of 44.75 per cent to close at N13.10. Academy Press rose by 42.42 per cent to 94 kobo.

Courteville grew by 30.43 per cent to 60 kobo, International Breweries appreciated by 18.00 per cent to N5.90, while Guinness Nigeria improved by 13.98 per cent to N48.10.

The worst-performing stock in the week was C&I Leasing as its share price went down by 10.00 per cent to N3.78, University Press fell by 9.86 per cent to N2.65, Prestige Assurance declined by 9.80 per cent to 46 kobo, Linkage Assurance depreciated by 8.93 per cent to 51 kobo, while Dangote Cement decreased by 8.53 per cent to N260.60.

During the week, investors traded a total of 1.5 billion shares worth N19.1 billion in 22,557 deals compared with the 1.9 billion shares valued at N47.5 billion traded in 20,861 deals of the preceding week.

The financial service sector led the activity chart with 793.1 million shares valued at N8.2 billion traded in 10,947 deals, contributing 54.77 per cent and 42.72 per cent to the total equity turnover volume and value respectively.

The ICT industry followed with 215.5 million shares worth N3.7 billion in 1,468 deals, while the third place was the conglomerates sector with a turnover of 98.3 million shares worth N190.3 million in 889 deals.

Guaranty Trust Holding Company (GTCO), Courteville and Chams accounted for 308.1 million shares worth N2.9 billion in 2,225 deals, contributing 21.27 per cent and 15.05 per cent to the total equity turnover volume and value respectively.

Share
Related Stories
Image
27-February-2024

We Are Not Responsible for Your Woes—CBN Tells Nigerians

By Aduragbemi Omiyale The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has absolved the bank from the current economic hardship the citizens are going through, saying he and his team are only part of the solution and not the problem. He said this on Tuesday while briefing newsmen on the outcome of the first Monetary Policy Committee (MPC) meeting under his leadership. Mr Cardoso was confirmed as the substantive leader of the central bank last September by the Senate after Mr Folashodun Shonubi, who sat on the seat in an acting capacity after the removal of

Image
29-February-2024

The Nigerian Government’s Crypto Crackdown and the Role of USDT

In the last couple of weeks, Nigeria has found itself at the centre of a currency crisis, with the value of the Naira drastically falling against the US Dollar. Amidst this economic turmoil, recall that at the beginning of the year, the value of the Naira to Dollar was between N900 and N1,100 to $1, however, the Naira now goes for N1,600 to $1. This issue has raised a lot of concerns for the Nigerian government. In a bid to safeguard the Naira and tidy up the multiple systems of various exchange rates, the government has restricted access to some

Image
29-February-2024

Navigating the Complex World of Investing: What Novices Need to Know

Have you finally decided to take the leap into the exciting arena of investing? Not only is this an excellent way to secure a lucrative nest egg for the future, but many have begun to use these opportunities as a springboard for their businesses. However, appreciating the intricacies of online trading is no easy task. A great deal of preparation will be required and mistakes can occur on occasion. This is why knowing where to begin is one of the best ways to establish strong foundations. Let us therefore cut through a fair amount of “fluff” and examine a handful

Image
28-February-2024

Nigeria’s Over-the-Counter Securities Market Down by 1.62%

By Dipo Olowookere Selling pressure on a bellwether stock, Aradel Holdings Plc, further sank the NASD over-the-counter (OTC) Securities Exchange by 1.62 per cent on Tuesday. The energy stock, which had maintained an upward posture for some trading session, witnessed profit-taking yesterday like it did a day earlier. During the trading day, its value went down by N129.50 or 5.14 per cent to N2,520.50 per share compared with Monday’s closing price of N2,650.00 per share. Its loss overpowered the gains recorded by the duo of FrieslandCampina Wamco Nigeria Plc and UBN Property Plc. According to data from the bourse, the

More Stories
Image
20-September-2021

How to Verify Your Number Plate, Change Lanes While Driving

By Ashemiriogwa Emmanuel It is no news that middle lane hogging is a big problem on the Nigerian highways as it has been one of the major reasons for gridlocks and fiddling motor clashes on roads. Hence, the Federal Road Safety Corps (FRSC), the agency with the statutory responsibilities for road safety administration in the country, has taken to its social media platform to enlighten drivers on how to change lanes and merge while driving in line with the road safety rules. The agency, on Monday, published a five-step guide on what vehicle operators and the driving public should rightly

Image
10-November-2021

Ondo Rakes N200m from Land Use Charge

By Ashemiriogwa Emmanuel About N200 million was generated by the Ondo State government in 2020 from Land Use Charge (LUC), the Ondo State Internal Revenue Service (ODIRS) has disclosed. Chairman of the agency, Mr Tolu Adegbie, said during a sensitisation day in Akure, the state capital that the money was from owners of commercial and industrial properties in the state. According to him, the operational arm has recorded N120 million for this year and is hoping to collect about N250 million before the year runs out. The ODIRS Chairman said, “Before the advent of Governor Akeredolu in 2017, the maximum

Image
09-March-2020

Nigeria Grows Total Trade by 14% to N36.2trn in 2019

By Adedapo Adesanya Nigeria’s total trade rose by 14 percent in 2019 as the country recorded a total of N36.2 trillion in both its import and export for the year. This was disclosed in the Foreign Trade in Good Statistics for the fourth quarter released on Friday by the National Bureau of Statistics (NBS), where it showed that there were higher exports value than imports in the year despite imports recording a higher rate. In the year 2019, there was a total of N19.2 trillion in exports while total imports stood at N16.9 trillion, resulting in a trade balance of

Image
01-February-2017

Agric, Transport Boost Business Activity in January

By Modupe Gbadeyanka Efforts by the Federal Government to change the Nigeria from an oil-dependent economy to agro-based seem to be yielding going by the latest report from Central Bank of Nigeria (CBN). In its Purchasing Managers’ Index (PMI) for the month of January 2017 released yesterday, the CBN disclosed that the business activity index recorded a significant growth. The report said this was mainly enhanced by both the agricultural and the transportation & warehousing industries. The CBN explained that the agricultural sector of the business activity index improved by 3.2 points, while the transportation & warehousing industry gained 10.0

Image
25-January-2024

CSCS, IGI, Three Others Raise NASD OTC Exchange by 0.8%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive zone after it appreciated by 0.8 per cent on Wednesday, January 24 following the rise in the prices of five stocks. The NASD Unlisted Security Index (NSI) increased in the midweek session by 8.2 points to wrap the session at 1,027.81 points compared with 1,019.61 points recorded in the previous session, as the bourse gained N1.11 billion, leaving the market capitalisation at N1.393 trillion compared with the previous day’s N1.382 trillion. During the session, Central Securities Clearing System (CSCS) Plc improved by N1.86 to sell at N20.50

Image
26-August-2019

BON Awards Holds Reunion Party for Past Winners

By Dipo Olowookere Organisers of the yearly prestigious Best of Nollywood (BON) Awards have announced the debut Alumni Party slated for next month. The event is aimed to gathered past winners of the awards, with wives of Lagos and Oyo State Governors in attendance, including the immediate past Senate President, Mr Bukola Saraki. A news release from the organisers on Monday said this Alumni Party will precisely take place on Sunday, September 29, 2019 at De Podium, Ikeja, Lagos, by 5pm. This is in preparation for the main award ceremony scheduled for the year-end. According to the founder of BON

Image
02-September-2020

CSCS, Afriland Pull NASD Exchange Down by 0.24% Tuesday

By Adedapo Adesanya Equities contracted by 0.24 per cent at the NASD Over-the-Counter (OTC) Securities Exchange of the first trading session of the month of September on Tuesday. The slide reduced the NASD Unlisted Securities Index (NSI) by 1.7 points to 709.45 points from 711.15 points it closed on the last trading day of August. Equally, the market capitalisation recorded a 0.24 per cent downward movement equivalent to N1.25 billion as it ended the day at N521.14 billion compared to N522.39 billion in the preceding session. The day’s drop can be attributed to losses made by the Central Securities Clearing

Image
12-January-2024

Naira Strengthens to N874/$1 at NAFEM, Weakens to N1,255/$1 at Black Market

By Adedapo Adesanya The Naira appreciated further against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, January 11, selling below N1,000 at the close of transactions. During the trading session, the local currency appreciated against the greenback by 19.2 per cent or N207.53 to close at N874.79/$1 compared with the preceding day’s N1,081.32/$1. Similarly, the Nigerian Naira improved its value against the Pound Sterling on Thursday by N84.47 to trade at N1,134/£1 versus Wednesday’s closing price of N1,219.32/£1 and against the Euro, it gained N71.05 to sell at N977.26/€1, in contrast to the midweek

Ad
Ad
Recent Stories
Image
29-February-2024

Navigating the Complex World of Investing: What Novices Need to Know

Have you finally decided to take the leap into the exciting arena of investing? Not only is this an excellent way to secure a lucrative nest egg for the future, but many have begun to use these opportunities as a springboard for their businesses. However, appreciating the intricacies of online trading is no easy task. A great deal of preparation will be required and mistakes can occur on occasion. This is why knowing where to begin is one of the best ways to establish strong foundations. Let us therefore cut through a fair amount of “fluff” and examine a handful

Image
29-February-2024

No Going Back on Reforms—Tinubu

By Adedapo Adesanya President Bola Tinubu has said there is no going back on the reforms embarked upon by his government that have led to the hike of essential goods and services in the country. He made this known as he inaugurated the Red Line Rail Project in Lagos on Thursday. The project, an intra-state rail service, is aimed at improving transportation within the city and spans 37 kilometres. Speaking while inaugurating the project, the President reiterated his administration’s commitment to improving the nation’s infrastructural development. He said, “But this revolution that has started, this reform that is ongoing, we

Image
29-February-2024

Senate Confirms Appointment of Four Nominees to CBN Board

By Aduragbemi Omiyale The appointment of four nominees to the board of the Central Bank of Nigeria (CBN) has been confirmed by the Senate. The nominees were confirmed for the position at the plenary on Thursday after the presentation of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions. Chairman of the committee, Mr Tokunbo Abiru, informed his colleagues that only four of the five persons nominated by President Bola Tinubu appeared for screening. The nominees screened and confirmed to join the board of directors of the central bank are Robert Agbede, Ado Yakubu Wanga, Murtala

Image
29-February-2024

Africa Beyond Russia’s Grains Partnerships

By Kestér Kenn Klomegâh Until sustainable food security is established through modernizing agriculture and ensuring adequate support for local farmers, Russia’s grain supply would be a soft geostrategic bait (i) to reinforce the existing time-tested relationships with Africa and (ii) to solicit an endorsement for the unprovoked war in Ukraine. In a speech delivered on March 20, 2023, during the interparliamentary conference ‘Russia-Africa’ held in Moscow, President Vladimir Putin described six African countries as the least developed and poorest in the world that are urgently in need grains, alternatively referred to as humanitarian aid, to feed its population. The beneficiary

Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

Image
29-February-2024

Adesina to Receive Prestigious Obafemi Awolowo Prize for Leadership

By Ichie Enyi Ejike Umunnabuike Jr Come March 6, 2024, the Lagos Continental Hotel will host an unforgettable occasion when the President of the African Development Bank (AfDB), Mr Akinwumi Ayodeji Adesina, will be formally honoured and presented with the distinguished Obafemi Awolowo Prize for Leadership 2023. The Obafemi Awolowo Prize for Leadership was first announced in December 2012, with the official award ceremony held on March 6, 2013. Before Mr Adesina was announced as its fourth recipient, three other distinguished personalities had been conferred with the prestigious award – Noble Laureate, Prof. Wole Soyinka; former South African President, Thabo

Image
29-February-2024

Exploring Diverse and Evolving Sounds of Africa

Africa’s music scene is a sonic melting pot, where rhythms collide and cultures connect. It’s a universal language, a force that breaks boundaries and fuels the soul. This sonic tapestry isn’t just diverse – it’s explosive. Afrobeats and Amapiano own the spotlight right now. Those irresistible Afrobeats hooks? They’ve got the whole world dancing. And Amapiano’s hypnotic blend of South African house and street sounds? It’s straight-up addictive. Mainstream African artists are pushing the boundaries like no one else, taking Amapiano and running with it. They’re injecting their fire, creating a whole new flavour. This is proof that African music

Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
29-February-2024

Silence Laboratories Raises $4.1m for Privacy-Preserving Computing

By Adedapo Adesanya Silence Laboratories has announced securing $4.1 million in funding to enable privacy-preserving collaborative computing led by Pi Ventures and Anurag Arjun, along with several prominent angel investors. In a statement shared with Business Post, the company said with the market for privacy-enhancing technologies (PETs) growing globally at a compound annual growth rate of 26.6 per cent, there is growing demand. In recognition of this, Silence Laboratories is offering to provide mathematical guarantees for techno-legal expectations as part of a mission to create infrastructure to enable complex data collaborations between enterprises and entities, without any sensitive information being

Image
29-February-2024

MainOne Stretches Submarine Cable to Akwa Ibom

By Modupe Gbadeyanka A submarine cable spanning 45,000km in length known as 2Africa has been landed in Akwa Ibom State by MainOne, an Equinix company. It is one of the world’s largest subsea cable projects and will interconnect Europe, Asia, and Africa, with a design capacity of up to 180Tbps. The cable is the first and only submarine cable system in Nigeria outside of Lagos, and it marks a significant milestone in enhancing broadband connectivity and driving economic development in the South-South, South-East and North-Central regions of Nigeria. The significance of 2Africa lies in its capacity to address critical internet