Economy

Fidelity Bank Leads Stocks to 1.36% Weekly Gain

Published

6 years ago

27/01/2019

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) closed last week on a positive note for the second consecutive time with a gain of 1.36 percent.

The market ended with the All-Share Index and market capitalisation appreciated by 1.36 percent to close at 31,426.63 points and N11.719 trillion respectively.

Also in the week, all other indices finished higher with the exception of the NSE ASeM, NSE Consumer Goods, NSE Oil/Gas, NSE Lotus II and NSE Industrial Goods indices that depreciated by 0.17 percent, 0.41 percent, 1.32 percent, 0.60 percent and 2.02 percent respectively.

Data from the NSE showed that 40 equities appreciated in price during the week, higher than 38 in the previous week, 25 equities depreciated in price, lower than 29 of the previous week, and 103 equities remained unchanged, higher than one 102 equities recorded in the preceding week.

Business Post reports that Fidelity Bank topped the gainers’ chart after appreciating by 24.38 percent in the week, closing at N2.50k per unit.

Caverton rose by 22.63 percent to end at N2.33k per share, while FCMB grew by 22.16 percent to settle at N2.15k per share.

Conversely, Resort Savings and Loans ended as the worst performing stock, losing 23.08 percent to end at 20 kobo per unit.

It was followed by Sovereign Trust Insurance, which went down by 19.23 percent to settle 21 kobo per unit, and Medview Airline, which declined by 9.76 percent to finish at N1.85k per share.

In the week, a total turnover of 1.8 billion shares worth N17.2 billion in 18,332 deals were traded by investors on the floor of the local exchange in contrast to a total of 1.3 billion shares valued at N13.5 billion that exchanged the previous week in 16,476 deals.

The Financial Services sector (measured by volume) led the activity chart with 1.6 billion shares valued at N14.7 billion traded in 11,778 deals, contributing 89.93 percent and 85.28 percent to the total equity turnover volume and value respectively.

The Conglomerates industry followed with 83.6 million shares worth N138.3 million in 951 deals, while the third place was Consumer Goods space with a turnover of 36.3 million shares worth N1 billion in 2,224 deals.

Trading in the top three equities; Diamond Bank, Access Bank and Guaranty Trust Bank GTBank), measured by volume, accounted for 871.5 million shares worth N8.5 billion in 3,305 deals, contributing 48.23 percent and 49.25 percent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 34,341 units of Exchange Traded Products (ETPs) valued at N440,166.37 executed in 7 deals compared with a total of 55 units valued at N5,610.00 that was transacted a week earlier in 2 deals.

In addition, a total of 3,498 units of Federal Government Bonds valued at N3.131million were traded in the week in 20 deals compared with a total of 3,573 units valued at N3.764 million transacted the previous week in 24 deals.

Economy

Naira Weakens to N1,547/$1 at Official Market, N1,670/$1 at Black Market

Published

6 minutes ago

12/12/2024

Adedapo Adesanya

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.

Economy

Dangote Refinery Makes First PMS Exports to Cameroon

Published

57 minutes ago

12/12/2024

Aduragbemi Omiyale

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.”

Economy

Strong Investor Sentiment Keeps NGX Index in Green Territory by 0.31%

Published

1 hour ago

12/12/2024

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited remained in the green territory on Wednesday after it rallied by 0.31 per cent on the back of sustained bargain-hunting activities by investors.

Business Post reports that all the key sectors of the market closed higher at midweek as a result of the renewed interest in local equities.

Data showed that the energy index appreciated by 2.59 per cent, the insurance space grew by 2.34 per cent, the industrial goods sector improved by 0.15 per cent, the banking counter expanded by 0.06 per cent, and the consumer goods industry rose by 0.04 per cent.

At the close of business, the All-Share Index (ASI) gained 302.71 points to settle at 98,509.68 points compared with Tuesday’s closing value of 98,206.97 points and the market capitalisation added N183 billion to close at N59.715 trillion versus the preceding day’s N59.532 trillion.

It was observed that the level of activity yesterday waned as the trading volume, value and number of deals decreased by 65.93 per cent, 49.22 per cent, and 12.70 per cent, respectively.

On Wednesday, a total of 320.1 million stocks valued at N6.5 billion were transacted in 7,943 deals, in contrast to the 939.4 million stocks worth N12.8 billion traded in 9,098 deals.

The busiest equity at midweek was eTranzact, which transacted 70.3 million units for N474.2 million, Universal Insurance traded 23.8 million units worth 8.1 million, Zenith Bank exchanged 21.2 million units valued at N933.5 million, FBN Holdings sold 18.6 million units worth N491.2 million, and UBA traded 14.0 million units valued at N465.8 million.

At the close of transactions, 34 shares ended on the gainers’ log and 17 shares finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.

Africa Prudential gained 10.00 per cent to quote at N14.30, Conoil also improved by 10.00 per cent to N352.00, and RT Briscoe expanded by 10.00 per cent to N2.42, as Golden Guinea Breweries jumped by 9.95 per cent to N7.18, while NEM Insurance grew by 9.74 per cent to N10.70.

However, Julius Berger lost 10.00 per cent to close at N155.25, Secure Electronic Technology shed 9.52 per cent to trade at 57 Kobo, Multiverse declined by 7.63 per cent to N5.45, Haldane McCall tumbled by 6.07 per cent to N4.95, and Honeywell Flour crashed by 5.62 per cent to N4.70.