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Economy

Friesland, NGX, CSCS Slice NASD Market Cap to N634.74bn

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NASD Market capitalisation

By Adedapo Adesanya

Trading activities on the floor of the NASD Over-the-Counter (OTC) Securities Exchange at the midweek session closed bearish by 0.82 per cent.

The loss was influenced by the trio of FrieslandCampina WAMCO Nigeria Plc, Nigerian Exchange (NGX) Group Plc and Central Securities Clearing Systems (CSCS) Plc.

The three musketeers sliced the market capitalisation of the NASD Exchange by N5.21 billion on Wednesday to N634.74 billion from N639.95 billion it quoted on Tuesday.

Selloffs in the stocks were the major reason for the decline in their share prices and at the close of transactions, Friesland dropped N4.50 or 3.9 per cent to sell at N115.50 per cent compared with the previous day’s N120.00 per unit.

NGX Group depreciated yesterday by 19 kobo or 1.1 per cent to close at N17.07 per unit as against N17.26 per unit it traded on Monday, while CSCS lost 9 kobo or 0.6 per cent to sell at N16.48 per share compared to N16.57 per share of the previous session.

These losses forced 6.0 points off the NASD Unlisted Security Index (NSI) at the close of business on Wednesday, closing at 730.28 points versus the preceding trading day’s 736.28 points.

A look at the level of activity showed that a total of 2.4 million securities exchanged hands yesterday compared with 5.7 million securities of the previous session, indicating a decline by 58.5 per cent.

Likewise, the value of stocks transacted by investors went down by 57.6 per cent to N41.6 million from N98.0 million, while the number of deals depreciated by 4.4 per cent to 22 deals from 23 deals recorded on Tuesday.

Business Post reports that Geo Fluids Plc maintained its position as the most traded stock by volume on a year-to-date basis yesterday with 1.0 billion units valued at N700.1 million. NGX Group Plc retained its second spot with the sale of 410.1 million units valued at N8.5 billion, while Food Concepts Plc closed in third place with 295.0 million units worth N386 million.

But NGX Group Plc finished as the most traded stock by value on a year-to-date basis for trading 410.1 million shares worth N8.5 billion. It was trailed by VFD Group Plc, which has traded 6.3 million units of its securities worth N2.0 billion, and Niger Delta Exploration and Production (NDEP) Plc, which has exchanged 3.3 million units of its shares worth N1.0 billion.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Unlisted Stocks Languish in Red Zone after 0.25% Fall Wednesday

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unlisted stocks

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the bearish zone on Wednesday, December 8 as the trio of FrieslandCampina WAMCO Nigeria Plc, NASD Plc, and Central Securities Clearing Systems (CSCS) Plc compounded its woes by 0.25 per cent.

FrieslandCampina WAMCO Nigeria Plc depreciated by N1 or 0.9 per cent at the midweek session to settle at N110.80 per share in contrast to the preceding day’s value of N111.80 per share.

It was followed by NASD Plc, which closed at N27.00 per unit compared with the previous day’s N27.15 per unit, indicating a decline of 15 kobo or 0.6 per cent.

On its part, CSCS Plc declined yesterday by 9 kobo or 0.5 per cent to close the session at N16.91 per share in contrast to N17 per share of the previous session.

The losses posted by these unlisted stocks chopped off N1.49 billion from the market capitalisation of the bourse during the session to close the day at N602.96 billion versus N604.45 billion it ended on Tuesday.

In the same vein, the NASD Unlisted Security Index (NSI) closed lower by 1.8 points to wrap the session at 729.82 points compared with 731.62 points of the previous session.

At the market on Wednesday, there was an increase in the volume of securities traded by investors and this was by 168.9 per cent as 1.9 million units of stocks exchanged hands compared with the earlier day’s 694,849 units of securities.

In the same vein, the value of shares traded at the midweek amounted to N37.9 million, which by evaluation is 72.5 per cent higher than the N22.0 million posted on Tuesday.

All these transactions were executed in 14 deals, according to data from the exchange, 12.5 per cent lower than the 16 deals carried out at the preceding day.

Food Concepts Plc closed the day as the most active stock by volume (year-to-date) for selling 11.4 billion units for N14.4 billion, Lighthouse Financial Services Plc has traded 1.1 billion for N546.2 million, while Geo Fluids Plc has sold 1.0 billion units for N700.1 million.

Also, Food Concepts Plc finished the day as the most active stock by value (year-to-date) with a turnover of 11.4 billion units worth N14.4 billion, Nigerian Exchange (NGX) Group Plc, which is no longer on the platform maintained its second spot with 456.5 million units worth N9.2 billion, while the third spot was taken by VFD Group Plc with 10.4 million units valued at N3.5 billion.

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Economy

Naira Trades Flat at I&E as Bitcoin, Ethereum Fall at Crypto Market

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Ethereum

By Adedapo Adesanya

It was a stalemate between the Naira and the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Wednesday, December 8.

This was because, at the specialised window where investors source FX for approved needs, the local currency closed against the greenback at N415.07/$1, the same value it was sold at the previous session.

This happened despite a 51.7 per cent or $76.98 million rise in the demand for forex at the market window, as data obtained by Business Post from FMDQ Securities Exchange showed that yesterday, the turnover rose to $225.99 million from the previous day’s turnover of $149.01 million.

Also, the Naira recorded the same outcome at the interbank window of the forex market as the exchange rate of the domestic currency compared with its American counterpart remained unchanged at N411.74/$1 at the close of transactions at the midweek session.

However, the Nigerian Naira appreciated against the British Pound Sterling during the session by N2.68 to settle at N543.04/£1 versus Tuesday’s closing rate of N545.72/£1 and against the Euro, the local currency performed badly as it lost 53 kobo to trade at N474.07/€1 compared with N463.54/€1 it closed a day earlier.

Meanwhile, the scales tilted to the bullish side on aggregate at the crypto market yesterday as six of the 10 cryptocurrencies tracked by this newspaper closed on the green side.

The highest gainer was Tron (TRX) as it appreciated by 9.1 per cent to sell for N52.50, just as Dash (DASH) rose by 6.6 per cent to sell at N85,000.00, with Ripple (XRP) appreciating by 5.9 per cent to N487.19.

In addition, Binance Coin (BNB) gained 5.3 per cent to trade at N249,686.22, Litecoin (LTC) rose by 1.5 per cent to sell at N96,110.37, while Cardano (ADA) pointed north by making a 0.9 per cent gain to quote at N815.96.

On the losers’ side, Ethereum (ETH) made a 3.4 per cent slump to trade at N2,300,500.02, Bitcoin (BTC) fell by 0.9 per cent to trade at N28,330,347.37, Dogecoin (DOGE) retreated by 0.6 per cent to sell at N103.74, while the US Dollar Tether (USDT) depreciated by 0.5 per cent to sell for N571.85.

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Economy

Crude Oil Prices Rise on Small US Inventory Draw

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crude oil prices

By Adedapo Adesanya

Crude oil prices continued to rise on Wednesday after the Energy Information Administration (EIA) reported an inventory draw of 0.2 million barrels for the week to December 3.

This came a day after the American Petroleum Institute surprised markets with an estimated crude oil inventory draw of over 3 million barrels that helped push prices higher.

In EIA estimates, last week’s draw was in comparison with a modest decline of 900,000 barrels for the first week of December and at 432.9 million barrels, US crude oil inventories remain below the five-year seasonal average.

Consequently, the price of the Brent crude appreciated yesterday by 1.02 per cent or 77 cents to settle at $76.59 per barrel, while the West Texas Intermediate (WTI) crude gained 1.17 per cent or 85 cents to sell for $73.26 per barrel.

Prices have been on the rise since the start of the week as the initial fear that the new Omicron variant could prompt new lockdowns began to subside amid reports of mild symptoms that don’t require hospitalization.

According to reports, early studies suggest two shots of the Pfizer-BioNTech shot may protect only partially against Omicron, but a third dose may improve that protection.

Market analysts also warned that some of the Omicron oil demand-related concerns might have been too pessimistic, and following some positive news related to the variant being released in recent days, oil prices recovered.

However, prices are still far below their October highs but have rebounded from below the $70 mark that they fell towards the end of November.

The outlook remains uncertain as researchers caution it is early days for Omicron and more data will become available as time passes.

Meanwhile, the market expects that supply will exceed demand by early 2022, due to rising US production and ongoing supply additions from the Middle East.

Also posing a bullish outlook was members of the Organisation of the Petroleum Exporting Countries (OPEC) raising oil prices for Asian and US buyers, and Iraq’s oil minister noted that would oil reach $75 a barrel.

On the geopolitical front, tensions between Western powers and Russia over Ukraine also remained high after American President Joe Biden warned Russian President Vladimir Putin that the West would impose strong economic and other measures on Russia if it invades Ukraine.

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