Economy
Equity Trading in Nigeria Closes 0.19% Lower
By Dipo Olowookere
Sustained profit-taking further weakened the Nigerian Exchange (NGX) Limited on Tuesday by 0.19 per cent as investors awaited the inflation figures from the National Bureau of Statistics (NBS).
The stats office, which later released the numbers after the equity trading closed for the day, said inflation accelerated by 15.70 per cent in February 2022 on a year-on-year basis.
Back to the stock market, the All-Share Index (ASI) depreciated by 87.81 points to 47,340.86 points from the preceding day’s 47,428.67 points, while the market capitalisation went down by N48 billion to N25.514 trillion from N25.562 trillion.
During the trading day, the activity level was very low as traders transacted 183.3 million shares worth N2.5 billion in 3,779 deals as against the 1.3 billion shares worth N7.9 billion transacted in 4,735 deals a day earlier, indicating a decline in the trading volume, value and number of deals by 85.69 per cent, 68.74 per cent and 20.19 per cent respectively.
Unlike the previous session, where FCMB was the busiest stock, UBA took over the position yesterday with the sale of 23.4 million equities valued at N200.2 million.
Access Bank transacted 10.4 million stocks worth N108.9 million, FBN Holdings traded 10.2 million shares valued at N117.6 million, UAC Nigeria exchanged 9.7 million stocks for N104.4 million, while Zenith Bank sold 9.6 million equities valued at N259.6 million.
Business Post reports that only two of the five major sectors of the market closed higher on Tuesday and they were the consumer goods and industrial goods counters, which rose by 0.17 per cent and 0.01 per cent respectively.
The insurance sector depreciated by 1.87 per cent, the oil/gas index lost 1.59 per cent, while the banking counter went down by 0.09 per cent.
On the price movement chart, the market breadth closed negative with 15 price gainers and 22 price losers led by Cornerstone Insurance, which fell by 8.82 per cent to 62 kobo.
Multiverse lost 8.33 per cent to sell for 22 kobo, SCOA Nigeria depreciated by 7.69 per cent to N2.40, Prestige Assurance retreated by 6.12 per cent to 46 kobo, while Japaul declined by 5.71 per cent to 33 kobo.
Conversely, Veritas Kapital topped the price gainers’ log yesterday as a result of the 4.76 per cent growth it posted to close at 22 kobo.
Chams rose by 4.55 per cent to 23 kobo, Eterna improved by 4.17 per cent to N5.25, Unilever Nigeria appreciated by 3.85 per cent to N13.50, while Royal Exchange gained 3.67 per cent to trade at N1.13.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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