Economy
How Nigeria’s Stock Market Closed 2020 at 40,270.72 Points
By Dipo Olowookere
Against all odds, the Nigerian Stock Exchange (NSE) finished very strong in the year 2020, with the All-Share Index (ASI) hitting 40,270.72 points.
On the last trading session of the year, the market appreciated by 1.92 per cent on the back of gains printed by MTN Nigeria, BUA Cement and other stocks.
In the session, the benchmark index added 758.41 points to its previous value of 39,512.31 points as a result of the buying pressure on the blue-chip equities.
This resulted in an increase in the market capitalisation of the exchange by N397 billion to N21.057 trillion from N20.660 trillion.
When there was an outbreak of coronavirus early in the year, not many gave the local bourse the chance to perform well in the year. In fact, offshore investors had to pull out of the market for fear of the exchange crashing like in 2007/2008 global financial mess.
However, the exit of the foreign portfolio investors gave domestic investors a good opportunity to take charge of the market and it was good for the NSE at last.
On the last trading session of the year last Thursday, MTN Nigeria gained N9.90 to settle at N169.90 per share and was trailed by BUA Cement, which appreciated by N6.95 to close at N77.35 per unit.
BOC Gases rose by 87 kobo to finish at N9.57 per share, Northern Nigerian Flour Mills grew by 61 kobo to end at N6.74 per unit, while C&I Leasing gained 47 kobo to close at N5.20 per share.
Despite the positive performance of the market during the session, some shares performed badly, with Presco the worst as a result of the 85 kobo price decline it recorded, closing at N70.95 per share.
International Breweries lost 54 kobo to finish at N5.95 per unit, Eterna fell by 51 kobo to end at N5.10 per share, Ecobank depleted by 50 kobo to sell at N6 per unit, while Dangote Sugar lost 30 kobo to close at N17.60 per share.
On the activity chart, a total of 710.7 million shares worth N10.1 billion exchanged hands in 4,396 deals compared with the 372.9 million stocks valued at N11.5 billion transacted a day earlier in 5,186 deals, indicating a rising in the trading volume by 90.57 per cent, a decline in the trading value by 12.35 per cent and a slump in the number of deals by 15.23 per cent.
AIICO Insurance closed as the most active stock by volume with the sale of 206.0 million shares valued at N234.2 million, while Access Bank traded 99.7 million stocks worth N898.6 million.
Japaul sold 85.7 million units worth N49.6 million, FBN Holdings transacted 48.3 million equities valued at N342.9 million, while Zenith Bank exchanged 44.0 million shares for N1.1 billion.
On a sectoral level, only the industrial goods and energy sectors closed the last trading session of the year positive, rising by 3.90 per cent and 0.65 per cent respectively.
The banking space lost 0.89 per cent, the consumer goods counter depreciated by 0.80 per cent, while the insurance sector went down by 0.41 per cent when market activities were closed at 12:30pm because of the public holiday the next day for New Year celebration.
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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