Energy, Industrial Goods Stocks Raise Market Value by N9bn

Image

By Dipo Olowookere

The equities market in Nigeria closed the last trading session for the month of August 2020 on a positive note on Monday, appreciating by 0.07 per cent.

Business Post observed that the Nigerian Stock Exchange (NSE) had a last-minute turnaround yesterday after being in the red territory for the most part of the trading session.

The market was looking like it would point south on Monday because of the selling pressure on banking stocks, especially the tier-one, but the bargain hunting in energy and industrial goods sectors changed the direction of the pointer.

At the close of transactions, the All-Share Index (ASI) rose by 17.76 points to 25,327.13 points from 25,309.37 points, while the market capitalisation increased by N9 billion to N13.213 trillion from N13.204 trillion.

As earlier stated, the energy and industrial goods sectors helped the market close positive on Monday with respective growth of 1.99 per cent and 0.55 per cent.

However, the banking counter depreciated by 0.74 per cent, while the insurance space declined by 0.61 per cent, with the consumer goods index down by 0.01 per cent.

A total of 302.0 million stocks worth N2.6 billion exchanged hands on Monday in 3,854 deals in contrast to last Friday’s 137.1 million shares worth N920.5 million transacted in 2,869 deals, indicating 120.36 per cent, 185.46 per cent and 34.33 per cent growth in the trading volume, value and number of deals respectively.

UAC Nigeria closed the session as the most active stock with 74.4 million shares traded for N425.2 million and was followed by Zenith Bank, which exchanged 23.9 million units for N400.4 million.

UBA transacted 22.4 million shares valued at N141.2 million, FBN Holdings exchanged 22.3 million equities for N109.9 million, while Access Bank traded 18.0 million stocks worth N112.2 million.

The market breadth closed yesterday in the negative with 17 price losers as against the 11 price risers led by Mobil Oil, which added N17.5 to its share value to quote at N192.50 per share.

It was trailed by Dangote Cement, which appreciated by 70 kobo to finish at N134.90 per unit, Lafarge Africa, which gained 40 kobo to sell for N11.95 per unit, Vitafoam, which improved by 24 kobo to quote at N5.71 per share, and BUA Cement, which garnered 10 kobo to settle at N40.10 per unit.

The losers’ clique was led on Monday by C&I Leasing, which depreciated by 40 kobo to settle at N3.60 per share and was deputised by Guinness Nigeria, which lost 35 kobo to sell for N13.80 per unit.

Access Bank went down by 20 kobo to trade at N6.20 per share, Red Star Express declined by 20 kobo to finish at N3.85 per unit, while Union Bank fell by 10 kobo to quote at N5.30 per unit.

Share
Related Stories
Image
04-March-2024

Tinubu Assures Qatari Investors Seamless Repatriation of Funds

By Aduragbemi Omiyale Any investor, especially from Qatar, who wants to invest in the Nigerian economy will not encounter bottlenecks while repatriating their funds, President Bola Tinubu has assured. Due to the foreign exchange (FX) crisis in the country, many companies, particularly foreign airline operators, have had their funds trapped, forcing a few of them, including Emirates, to suspend operations in Nigeria. On Sunday, at the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu said such may never happen again, urging business persons from the Middle East nation not to “miss out on the golden opportunity we present.” “I

Image
04-March-2024

Meristem Analysts Value Transcorp Power at N2.3trn

By Aduragbemi Omiyale Analysts at Meristem Research have put the value of Transcorp Power Plc at about N2.3 trillion (precisely N2.290 trillion), higher than its current value of N1.8 trillion. The power-generating firm joins the Nigerian Exchange (NGX) Limited today, Monday, March 4, 2024, by introduction. It will be the second GenCo (Generating Company) to list its shares on the domestic stock exchange. The first was Geregu Power Plc owned by Mr Femi Otedola, which joined in October 2022. Transcorp Power, a subsidiary of Transcorp Plc, a firm controlled by Mr Tony Elumelu, listed today on the bourse about 7,500,000,000

Image
05-March-2024

Oil Market Falls Despite OPEC+ Cut Extension

By Adedapo Adesanya  The oil market fell slightly on Monday, as demand headwinds outweighed a widely expected extension of voluntary output cuts through the middle of the year by the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent futures dropped 81 cents to quote at $82.74 a barrel while the US West Texas Intermediate (WTI) weakened by $1.22 to trade at $78.75 a barrel. The OPEC+ producers agreed over the weekend to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to cushion the market amid global economic concerns and

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

More Stories
Image
14-February-2022

Nexford University Launches Mentorship Program in Nigeria

By Aduragbemi Omiyale The global mentorship program of Nexford University called Global Grid has been launched in Nigeria with the aim to connect learners to promising careers through mentorship. Serving as mentors for the scheme are Dr Ola Brown of Flying Doctors Healthcare Investment Company, Dr Modupe Adefeso-Olateju of The Education Partnership Centre, Yemi Faseun of YF Talent Partners, and Gbenga Totoyi of Alan & Grant. According to the Washington D.C.-based next-generation university platform, Global Grid enables talents from across the world to prepare for remote jobs as it increases awareness around the millions of jobs that are moving online,

Image
24-September-2019

$9.6bn Debt: Nigerian Delegates in UK to Overturn Ruling

By Adedapo Adesanya Nigerian delegates have departed for the United Kingdom ahead of the September 26 court session to overturn the $9.6 billion judgement by a UK court against Nigeria in favour of Process and Industrial Developments Ltd (P&ID). The delegates include Attorney General of the Federation, Mr Abubakar Malami; the Inspector-General of Police, Mohammed Adamu, and the Governor of Central Bank of Nigeria, Godwin Emefiele. Other members of the delegation include the Minister of Information and Culture, Lai Mohammed, and the acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu. Business Post reported in August that a

Image
14-March-2023

FBNQuest Trustees, Law Firm Launch MetWaqf Islamic Endowment Fund

By Modupe Gbadeyanka An Islamic endowment fund called MetWaqf, designed to support the education of underprivileged persons in Nigeria, irrespective of their religion, has been launched by The Metropolitan Law Firm with the support of FBNQuest Trustees. The charity initiative is part of the corporate social responsibility (CSR) of the two organisations and was unveiled at the 5th Islamic Estate Planning Clinic in Abuja. The Managing Partner at The Metropolitan Law Firm, Mr Ummahani A. Amin, stated that the MetWaqf was established for the betterment of education in Nigeria. According to him, MetWaqf is an Islamic endowment fund dedicated to

Image
06-May-2021

Investors Sustain Profit-Taking as NGX Index Drops 0.92%

By Dipo Olowookere Profit-taking on the floor of the Nigerian Exchange (NGX) Limited was maintained on Wednesday and this time, it was more on the banking and energy stocks. The situation watered down the value of Stanbic IBTC by 10.00 per cent during the session, closing at N45 and was trailed by CWG, which lost 9.61 per cent to settle at N2.07. Unilever Nigeria declined by 8.21 per cent to sell for N12.30, Courtville went down by 8.00 per cent to 23 kobo, while International Breweries dropped 7.02 per cent to trade at N5.30. Business Post reports that at the

Image
19-September-2017

Finance Ministry Approves Life Ban on Stockbroker by SEC

By Modupe Gbadeyanka The life ban place on the Managing Director of Partnership Investments Limited, Mr Victor Ogiemwonyi, by the Securities and Exchange Commission (SEC) has been approved by the Federal Ministry of Finance. Anchor of Channels Television’s Business Morning, Mr Boason Omofaye, broke the news on Tuesday on Twitter via his account on the popular social media platform. Mr Ogiemwonyi was alleged to have fraudulently sold shares belonging to his clients and misappropriated the proceeds. His victims were Chairman of Standard Shareholders Association of Nigeria, Mr Godwin Anono; and former Managing Director of Ecobank Transnational Incorporated (ETI), Mr Arnold

Image
15-January-2021

Notore Chemical Industries Shuts Down Plant

By Dipo Olowookere In order to return the company to profitability and make shareholders smile, the management of Notore Chemical Industries has shut down its fertilizer plant. Notore is one of the leading fertiliser and agro-allied companies in Africa, with principal activities including the supply of premium fertilisers, appropriate education on best practices for farming and proper deployment of these practices for optimum results. The firm operates the premier fertiliser plant in Sub-Saharan Africa and produces Ammonia with the capability to produce NPK fertiliser. Its plant is strategically located at the Onne seaport in the Niger Delta region of Nigeria,

Image
07-September-2017

Oando Confirms Planned 40th AGM as SEC Throws Out Petitions

By Modupe Gbadeyanka Shareholders of Oando Plc across the country have been reassured by management of the leading Nigerian oil firm that its planned 40th Annual General Meeting (AGM) slated for Monday, September 11, 2017, in Uyo, Akwa Ibom State will hold. Following the response of the Securities & Exchange Commission to petitions raised by Alhaji Dahiru Mangal and Ansbury Inc. objecting to the AGM, the management of Oando Plc, led by the Group Chief Executive Officer, Wale Tinubu, has stated that it remains committed to acting in the best interests of all its shareholders. It added that the company

Image
11-May-2022

Morocco to Host CAF Champions League Final Amid Al Ahly Protest

By Adedapo Adesanya The Confederation of African Football (CAF) has granted Morocco the hosting rights for the 2022 CAF Champions League final on May 30. CAF through an official confirmed that, “CAF received bids from Senegal and Morocco and, after the subsequent withdrawal of the Senegalese bid, Morocco has been awarded the hosting rights.” However, the governing body did not say where in Morocco the highlight of the African club season would be played, with Agadir, Casablanca, Marrakech, Rabat and Tangiers possible venues. The decision to stage a second successive Champions League final in Morocco will upset title-holders Al Ahly

Ad
Ad
Recent Stories
Image
05-March-2024

Ghana’s Central Bank Suspends FX Trading Licence of First Bank

By Aduragbemi Omiyale The foreign exchange (FX) trading licence of FBN Bank Ghana Limited, a subsidiary of FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, has been suspended by the Bank of Ghana. A statement issued on Monday by Ghana’s central bank disclosed that its action was because of the bank’s fraudulent documentation in its forex operations. The country’s banking sector regulator also suspended the FX trading licence of GTBank Ghana Limited, a subsidiary of Nigeria’s GTCO Plc, the parent company of GTBank Limited for the same offence. The notice from the central bank disclosed that

Image
05-March-2024

Binance Exits Nigeria, to Convert Naira Balances to UDST

By Adedapo Adesanya Binance will discontinue all services for Nigeria’s fiat currency, the Naira, following the ongoing regulatory onslaught on the firm by the Nigerian authorities. The crypto exchange will automatically convert Naira balances to US Dollar Tether (USDT) from March 8 but will cease support for deposits after today. Withdrawals will become unsupported after March 8 by 12 noon Nigerian time, a statement sighted by Business Post confirmed. The conversion rate for automatic conversions will be pegged at N1,515.13 to 1 USDT, according to an announcement from the website. Other features, including Binance Convert, Binance P2P, the exchange’s Auto

Image
05-March-2024

Petrol, Electricity Subsidies Will Gulp 3% of Nigeria’s GDP—IMF

By Adedapo Adesanya The International Monetary Fund (IMF) has warned the Nigerian government the payment of subsidies on petrol and electricity could take up to 3 per cent of the country’s gross domestic product (GDP) in 2024. The IMF stated this in a statement released on Monday on the completion of its 2024 Article IV Mission to Nigeria. The lender said that the recent improvements in revenue collection and oil production are encouraging, as “low revenue mobilization constrains the government’s ability to respond to shocks and to promote long-term development.” But it emphasised that, “The capping of fuel pump prices

Image
05-March-2024

Deel Buys 100% Stake in African HR Solution Company PaySpace

By Adedapo Adesanya Global human resources company, Deel, has announced the acquisition of African-based payroll and HR solution company, PaySpace, for an undisclosed amount, in one of its largest acquisitions to date. By acquiring PaySpace, Deel will become the first global payroll and Employer of Record (EOR) with its full-stack payroll engine localized in 50 countries and integrated into its offering. PaySpace’s proprietary technology is a cloud-native framework built as a single engine. Its platform allows for easy configuration to add additional countries through localization. These localization projects normally take years to complete, but with PaySpace’s innovative technology, it can

Image
05-March-2024

Emotions Pour as Dignitaries Eulogise Late Herbert Wigwe

By Adedapo Adesanya  It was an emotional rollercoaster at the tribute event held on Monday night to celebrate the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. Dignitaries from government, corporate organisations, and royalty paid tribute to the late titan who died alongside his wife, son, and a former group chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbajo, on February 9 in the United States. The event which was monitored by Business Post was divided into six segments – Young Hebert, the banker, the entrepreneur, the CEO, the builder and the ambassador. These personalities

Image
05-March-2024

Nigeria’s Economic Outlook is Challenging—IMF Declares

By Aduragbemi Omiyale The International Monetary Fund (IMF) has alerted that tough times await Nigerians, though it retained its gross domestic product (GDP) growth forecast for 2024 at 3.2 per cent. In a statement on the conclusion of the IMF Staff 2024 Article IV Mission to Nigeria, the global lender said the administration of President Bola Tinubu “inherited a difficult economic situation marked by low growth, low revenue collection, accelerating inflation, and external imbalances built up over years.” However, it praised the government’s approval of an effective and well-targeted social protection system, including the release of grains, seeds, and fertilizers,

Image
05-March-2024

Banks Involved in 70% of Economic Crimes in Nigeria—EFCC

By Aduragbemi Omiyale Nearly 70 per cent of financial crimes in Nigeria have the involvement of banks, the Economic and Financial Crimes Commission (EFCC) has claimed. “Broadly speaking, banking fraud in Nigeria is both inside and outside related. “The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices,” the chairman of EFCC, Mr Ola Olukoyede, said while speaking at the Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria held in Abuja. The EFCC boss, represented by the agency’s Director

Image
05-March-2024

Nigerian Air Force Airstrikes Hit Two Illegal Refineries in Rivers

By Adedapo Adesanya The Nigerian Air Force component of Operation Delta Safe, through airstrikes destroyed two illegal oil refining sites in Krakama and Temakiri, Degema Local Government Area of Rivers State, in continuation of efforts to stamp out the activities of crude oil thieves and oil pipeline vandals in the country. This was disclosed by the Director of Public Relations and Information, Nigerian Air Force, Mr Edward Gabkwet, an Air Vice Marshal, saying the illegal oil refining sites were observed actively operating with Cotonou boats sighted nearby with the probable intent to illegally siphon crude oil from the sites. Mr

Image
05-March-2024

NGX Remains Catalyst for Economic Growth—Chiemeka

By Aduragbemi Omiyale The acting chief executive of the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, has described the bourse as a catalyst for economic growth and development. He said this at the listing of 7.5 billion ordinary shares of Transcorp Power Plc at N240 per unit at the exchange on Monday. The energy firm raised the market capitalisation of the trading platform by N1.8 trillion yesterday. According to him, the inclusion of Transcorp Power into the NGX, the first listing of the year, underscored the pivotal role the bourse plays in shaping Nigeria’s economic landscape. He added that NGX

Image
05-March-2024

Dangote Renames Lagos Refinery Road After Herbert Wigwe

By Modupe Gbadeyanka The road to the Dangote Refinery in the Lekki area of Lagos State has been renamed after the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. This development was announced on Monday night by the owner of the oil facility, Mr Aliko Dangote, during the Celebrating Herbert Wigwe’s Professional Legacy, who said this gesture was to immortalise his friend. The Nigerian billionaire businessman and the richest black man on earth, in an emotional tribute to the late banker, who died in a helicopter crash in the United States on February 9, 2024, along with