Economy
Equities Market Loses N125b on Profit Taking after Last Session’s N39b Gain
By Dipo Olowookere
The first trading session of this week ended bearish on Monday as the Nigerian Stock Exchange (NSE) went down by 0.84 percent at the close of business, reducing the Year-to-Date (YtD) returns to 6.37 percent.
This was caused by profit taking in large cap stocks like Dangote Cement, Zenith Bank, Nestle Nigeria and others.
Business Post reports that the loss occurred after the market had closed on a positive note for the first time last week on Friday, gaining 0.26 percent.
When market activities were wrapped up yesterday, the All-Share Index (ASI) decreased by 344.7 points to finish at 40,677.61 points, while the market capitalisation reduced by N125 billion to settle at N14.735 trillion.
Also, the market breadth ended negative on Monday with 32 price losers and 11 price gainers, while all sectors except the oil and gas finished negative.
The Consumer Goods industry was the heaviest loser after going down by 1.55 percent, Insurance went down by 1.74 percent, Banking declined by 0.44 percent, while the Industrial Goods index fell by 0.25 percent. This was caused by profit taking in shares of Nestle Nigeria, which lost 3.16 percent; Custodian and Allied, which dropped 3.65 percent; Zenith Bank, which reduced by 0.52 percent; and Dangote Cement, which crashed by 0.61 percent respectively.
However, the Oil & Gas index appreciated by 0.01 percent as a result of buying interest in equities of Eterna, which rose by 1.01 percent yesterday.
At the close of transactions, Nestle Nigeria topped the losers’ table, decreasing by N50 to settle at N1530 per share.
Okomu Oil went down by N4.50k to close at N85.50k per share, while Nigerian Breweries dropped N2.50k to end at N122 per share.
Dangote Cement lost N1.50k yesterday to finish at N243.50k per share, while Oando declined by 40k to close at N7.75k per share.
At the other side, Caverton emerged the biggest price gainer after adding 13k to its share value to close at N2.74k per share.
Fidson followed with 11k added to its share price to end at N5.49k per share, and Cutix, which rose by 10k to finish at N3.15k per share.
FCMB increased on Monday by 9k to settle at N2.63k per share, while Eterna grew by 7k to finish at N7 per share.
The volume of equities traded by investors increased yesterday by 1.95 percent, however, the value of shares sold depreciated by 47.32 percent.
A total of 218.8 million shares exchanged hands on Monday in 4,109 deals worth N2.2 billion in contrast to 214.6 million equities transacted last Friday in 3,675 deals valued at N4.2 billion.
A breakdown showed that shares in the Financial Services sector dominated the activity chart yesterday with a total of 170 million units sold for N1.3 billion, while those in the Services came second with 12.5 million shares traded for N51 million.
A further breakdown showed that UBA was investors’ toast at the market with a total of 60.5 million shares sold for N706.6 million.
It was trailed by FCMB, which traded 17.5 million equities for N45.7 million, and Soverign Trust Insurance, which exchanged 12.4 million shares valued at N2.5 million.
FBN Holdings sold 11.9 million units worth N143.1 million, while Fidelity Bank exchanged 10.5 million equities at N25.3 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.
During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.
Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.
As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.
During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Dipo Olowookere
The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.
The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.
The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.
Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.
Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.
The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.
Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.
Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.
By Adedapo Adesanya
The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.
However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.
At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.
The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the market settling into a balance.
Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.
Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.
Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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