Equity Market Chalks up 0.15% as Academy Press Tops Gainers’ Chart

Image

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited maintained a positive momentum on Friday as it gained 0.15 per cent at the close of transactions following improvements in the industrial goods and consumer goods sectors.

The industrial goods counter chalked up 0.77 per cent, while the consumer goods space appreciated by 0.15 per cent. But the insurance index lost 3.48 per cent due to heavy sell-offs, while the banking space depreciated by 0.35 per cent as a result of profit-taking, with the energy sector closing flat.

Market data showed that the All-Share Index (ASI) increased yesterday by 64.52 points to 44,396.73 points from 44,332.21 points as the market capitalisation went up by N35 billion to close at N24.182 trillion in contrast to the previous day’s N24.147 trillion.

Business Post reports that the equity market was very quiet on the last trading session of the week as the trading volume went down by 20.16 per cent to 95.2 million units from 119.2 million units, the trading value depreciated by 41.14 per cent to N1.9 billion from N3.2 billion, and the number of trades declined by 0.72 per cent to 2,888 deals from 2,909 deals.

Fidelity Bank finished the session as the most traded stock as it sold 26.6 million units, Zenith Bank exchanged 10.8 million units, GTCO transacted 8.2 million units, Access Holdings also transacted 8.2 million units and NGX Group sold 5.8 million units.

During the session, The market breadth was positive yesterday as there were 16 price gainers and 15 price losers, indicating a bullish investor sentiment.

Academy Press gained 9.77 per cent to finish at N1.46, Sterling Bank chalked up 3.95 per cent to sell for N1.58, Chams improved by 3.85 per cent to 27 Kobo, Mutual Benefits rose by 3.57 per cent to 29 Kobo, and Transcorp increased its value by 2.83 per cent to N1.09.

On the flip side, NEM Insurance suffered the heaviest loss as its value went down by 9.98 per cent to N4.42, Royal Exchange fell by 9.78 per cent to close at 83 Kobo, Morison Industries depreciated by 9.59 per cent to trade at N1.98, Sovereign Trust Insurance shrank by 7.14 per cent to end at 26 Kobo, and Coronation Insurance decreased by 5.56 per cent to 34 Kobo.

Share
Related Stories
Image
21-February-2024

Verod Capital Buys 65% Stake in i-Fitness from CardinalStone

By Aduragbemi Omiyale The popular fitness and gym chain, i-Fitness, now has a new investor and it is Verod Capital Management, a private equity company. Verod Capital has become a major shareholder in i-Fitness, which has branches across the country, including in Lagos and Abuja, courtesy of CardinalStone Capital, another private equity firm. Cardinal Stone divested its 65 per cent stake and this was acquired by Verod Capital in a deal said to be worth about $12 million, according to TechCabal. i-Fitness, valued at $18.5 million, was established in 2015 by Mr Folusho Ogunwale and the organisation has grown to

Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the

Image
20-February-2024

WACOT Rice Concludes Argungu Outgrower Expansion Programme

By Aduragbemi Omiyale An initiative of WACOT Rice aimed at enhancing rice production in Nigeria, the Argungu Outgrower Expansion Programme (AOEP), has been concluded, the company has confirmed in a statement. The scheme was put in place in 2020 by the subsidiary of Tropical General Investments (TGI) Group in collaboration with the USAID-funded West Africa Trade and Investment Hub. It was to leverage WACOT’s existing outgrower programme to improve the livelihoods of smallholder farmers by providing access to essential agricultural inputs, financing, and training on Yield Enhancement Techniques (YET), and Good Agronomic Practices (GAP). At the closing of the scheme

Image
21-February-2024

Encomium as Lulu-Briggs Foundation Fetes Elders on Valentine’s Day

By Modupe Gbadeyanka Elders in Abonnema, Rivers State, have showered praises on a non-partisan not-for-profit organisation, O.B. Lulu-Briggs Foundation and its chair, Dr Seinye O.B. Lulu-Briggs, for celebrating them on Valentine’s Day of 2024. Last Wednesday, the organisation shared some gift items to senior citizens of the community at the Biokpo Recreational Centre for the Elderly in Abonnema, Rivers State through its Care for Life Program. Items like foodstuffs, towels, Ankara shirts for males and dresses for females, wrappers, soap dishes, bailer bowls and buckets, among others, were given to the beneficiaries for their personal upkeep and well-being. The elders

More Stories
Image
03-April-2019

Jumia Offers 80% Discount to Promote Easter Shopping

Nigeria’s number one online shopping destination, Jumia has announced that it will offer up to 80% discount during its Easter Sale campaign which is scheduled to start 12.01am on Monday, April 8th, 2019 and run till April 21st. The campaign will be predominantly hosted on the Jumia mobile App, and is expected to drive a sharp upturn in the shopping habits of Nigerians across the country, including those in the far-flung rural areas during the Easter season. There will also be flash sales at up to 50% off on limited stocks daily at 10am and 3pm. While explaining the objective

Image
29-March-2021

Local Stock Market Attracts N21.3bn in One Week

By Dipo Olowookere The stock market in Nigeria attracted investments worth N21.3 billion last week on the back of a huge demand for financial stocks. Equities in the sector impressed investors last week with dividends and this caused the bargain hunting witnessed in the space in the five-day trading week, especially on Stanbic IBTC, Union Bank and GTBank. According to data obtained by Business Post from the Nigerian Stock Exchange (NSE), financial stocks accounted for 1.1 billion shares valued at N12.3 billion traded in 11,106 deals, contributing 71.67 per cent and 57.69 per cent to the total equity turnover volume

Image
12-December-2019

NNPC Lay Out Strategies to Curb Pipeline Vandalism, Oil Theft

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has laid out steps to tackle the menace of pipeline vandalism and crude oil theft in the nation’s oil and gas industry. Group Managing Director of NNPC, Mr Mele Kyari, said at the inaugural Nigeria Extractive Industries Transparency Initiative (NEITI) Policy Dialogue on Tuesday that oil theft remains one of the biggest challenges still facing the sector despite previous interventions to curb it. He lamented that NNPC had suffered severe attacks on its facilities and assets, noting that between 2001 to half year 2019, the agency recorded a total of 45,347

Image
16-February-2021

WAEC Releases 2020 WASSCE Results for Private Candidates

By Ahmed Rahma The West African Examinations Council (WAEC) has announced the release of the results of the 2020 West African Senior School Certificate Examination (WASSCE) for private candidates (second series). The head of the council in Nigeria, Mr Patrick Areghan, said only 39.82 per cent made credits in five subjects, including Mathematics and English Language. However, he said the result is an improvement compared to the performance of candidates in the last two years. In his words, “24,491 candidates, representing 39.82 per cent, obtained credit and above in a minimum of five subjects including English Language and Mathematics. “Out

Image
26-June-2017

Futures Pointing to Initial Strength on Wall Street

By Investors Hub Major U.S. index futures are pointing to a higher opening on Monday following the lackluster performances seen to close out the previous week. After closing mixed for two consecutive sessions, stocks turned in another relatively lackluster performance during trading on Friday. The major averages eventually closed on opposite sides of the unchanged line for the third straight day. While the Dow slipped 2.53 points or less than a tenth of a percent to 21,394.76, the Nasdaq climbed 28.56 points or 0.5 percent to 6,265.25 and the S&P 500 rose 3.80 points or 0.2 percent to 2,438.30. For

Image
12-December-2019

Naira Extends Fall Against Pound as UK Election Holds Today

By Adedapo Adesanya  The Naira fell for the second consecutive day against the Pound Sterling at the parallel segment of the foreign exchange market on Wednesday, December 11, 2019. Voters in the United Kingdom will head to the poll today for the general election. At the black market yesterday, the local currency lost N2 against the British currency to exchange at N472/£1 after going down to N470/£1 on Tuesday at the same market segment. The performance of the British Pound has been pushed by investors on the expectation that the Conservatives led by Prime Minister Boris Johnson, an advocate for

Image
25-February-2022

Journalists to Win Millions of Naira in OnePipe Writing Challenge

By Dipo Olowookere An opportunity has opened for financial journalists in Nigeria to win millions of Naira in the OnePipe Writing Challenge, which kicked off on Friday, February 25, 2022. A statement issued by the foremost fintech API company disclosed that entries for the eight-week contest will close on April 14, 2022, with the three first-place winners getting N1 million each. The winning entries must have successfully met the key guidelines like information sharing, idea definition, trend analysis and definition of concepts. It was stated that the writing challenge will be judged by a panel of an expert in financial

Image
06-January-2023

NGX Records First Loss in 2023, Down 1.53% as Investors Book Profit

By Dipo Olowookere The Nigerian Exchange (NGX) Limited recorded its first decline in 2023 as profit-taking in Airtel Africa and some other stocks weakened the key performance indicators by 1.53 per cent at the close of business. Consequently, the All-Share Index (ASI) was down by 789.04 points as it settled at 50,868.52 points compared with the previous day’s 51,657.56 points, while the market capitalisation shed N430 billion to finish at N27.707 trillion compared with Wednesday’s N28.137 trillion. The local stock exchange had maintained an upward trajectory for a while until yesterday’s selling pressure, which punctured the continuous inflation. However, investor

Ad
Ad
Recent Stories
Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

Image
22-February-2024

Naira Appreciates at Official Market, Falls at Black Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the official market and the and the peer-to-peer (P2P) windows of the foreign exchange (FX) market but depreciated in the parallel market on Wednesday, February 21 as several scare tactics to ease the weakening local currency continues. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency gained 0.6 per cent or N8.66 on the greenback to close at N1,542.58/$1 compared with the previous day’s N1,551.24/$1. However, the Naira maintained stability against the Pound Sterling and the Euro in the spot market in the midweek session at

Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
22-February-2024

Investors Recover N165bn as FBN Holdings, BUA Cement, Others Gain

By Dipo Olowookere The bulls recaptured the Nigerian Exchange (NGX) Limited on Wednesday after the bears dominated for two straight days as a result of panic selling due to the macroeconomic environment, especially with the poor performance of the Naira in the foreign exchange (FX) market. During the midweek session, the local bourse finished higher by 0.30 per cent on renewed bargain-hunting activities by investors. This raised the market capitalisation of the domestic exchange by N165 billion to N55.464 trillion from N55.299 trillion, as the All-Share Index (ASI) grew by 301.71 points to 101,362.38 points from 101,060.67 points. Business Post

Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine

Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling

Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the