IGI, VFD Group Lift NASD OTC Exchange by 0.2%

Image

By Adedapo Adesanya

The week wrapped up at the NASD Over-the-Counter (OTC) Securities Exchange with a 0.2 per cent appreciation on Friday, March 19 on the back of positive price movements in the shares of Industrial and General Insurance (IGI) Plc and VFD Group Plc.

The share price of the VFD Group Plc gained N10.51 or 10 per cent to close the session at N115.58 per share in contrast to N105.07 per share of the previous session.

IGI Plc, on its part, recorded a marginal gain of one kobo or 14.3 per cent to settle at 8 kobo per unit as against 7 kobo per unit it was traded at the prior day.

The appreciation in both stocks led to the expansion in the market capitalisation of the bourse by N1.04 billion to N505.20 billion from N504.16 billion.

Following the same trend, the session ended with the benchmark index, the NASD Unlisted Securities Index (NSI), growing by 1.45 points to 710.73 points from the previous 709.28 points.

Business Post gathered that a total of 249,000 units of shares were transacted at the NASD OTC Exchange on Friday, 601.9 per cent higher than the 35,472 units recorded at the previous session.

These trades were carried out in four deals involving three companies, with FrieslandCampina WAMCO Nigeria Plc accounting for two deals, while VFD Group Plc and IGI Plc accounted for one deal each at the session.

At the previous trading session, a total of two deals were executed, indicating a 100 per cent increase in the number of deals recorded on Friday.

The transactions amounted to N848,619, 90.5 per cent lower than the N8.9 million recorded at the preceding trading session.

UBN Property Plc remained the most active stock (year-to-date) at the bourse for trading 21.4 million units of its shares for N24.6 million. Central Securities Clearing Systems (CSCS) Plc was in second place with 7.0 million units worth N109.2 million while Friesland held the third position with 2.9 million units of its shares worth N362.3 million.

In terms of the value of trades from the beginning of this year till yesterday, Friesland has made the highest trades with 2.9 million units of securities traded for N362.3 million. Niger Delta Exploration and Production (NDEP) Plc remained on the second spot with 696,749 units of its securities valued at N222.2 million, CSCS Plc has transacted 7.0 million units valued at N109.2 million.

Share
Related Stories
Image
18-March-2024

Nigeria to Auction N450bn Bonds Today, Introduces New 3-Year Tenor

By Aduragbemi Omiyale Sovereign bonds worth N450 billion will be auctioned at the primary market on Monday, March 18, 2024, by the Debt Management Office (DMO) on behalf of the Nigerian government. The debt office is offering the paper for sale today in three tenors, with two re-opening and one being a new maturity, with each valued at N150 billion. Details of the proposed exercise showed that the DMO is selling N150 billion worth of the new three-year note, N150 billion worth of the re-opening seven-year paper, and N150 billion worth of the 10-year re-opening instrument. The debt office explained

Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
19-March-2024

Oil Stocks Trigger 1.77% Gain at NASD OTC Exchange

By Adedapo Adesanya Oil stocks, Aradel Holdings and Acorn Petroleum, led the NASD Over-the-Counter (OTC) Securities Exchange to a 1.77 per cent appreciation on Monday, March 18. They increased the value of the alternative bourse by N24.85 billion during the trading session to N1.428 trillion from the N1.403 trillion it closed in the preceding, and the NASD Unlisted Security Index (NSI) rose by 18.33 points to wrap the session at 1,053.98 points compared with 1,035.65 points recorded at the previous session. Aradel Holdings Plc, after recent profit taking, appreciated by N114.28 yesterday to settle at N1,734.28 per unit compared with last

More Stories
Image
22-March-2023

Tinubu Travelled Abroad to Rest, Will Return Soon–Aide

By Modupe Gbadeyanka The office of the president-elect has confirmed that Mr Bola Tinubu has jetted out of Nigeria for a rest in the United Kingdom and France ahead of his swearing-in ceremony slated for May 29, 2023. An online platform on Wednesday reported that the winner of the February 25 presidential election travelled to Europe for urgent medical attention. But in a statement issued by one of his aides, Mr Tunde Rahman, it was emphasized that the former Governor of Lagos State only left the country to have a rest in London and Paris before going to Saudi Arabia

Image
07-September-2021

FX Liquidity Crisis Crashes Naira to N532 to $1 at Black Market

By Adedapo Adesanya The liquidity crisis in the foreign exchange (FX) market in Nigeria further caused devastating damage to the Naira at the black market on Monday. The local currency traded against the United States Dollar at a new all-time low of N532/$1 at the unregulated forex market yesterday as the FX liquidity crisis deepens. At the preceding session, which was last Friday, the domestic currency had closed at the same market window at N530/$1, indicating that it lost N2 or 0.38 per cent as a result of demand pressure. At the same parallel market, the domestic currency lost N1

Image
15-February-2020

Manchester City Banned From Champions League 

By Adedapo Adesanya  – Handed €30m Fine – May also face point deduction in the English Premier League. – To be Absent from 2020/21 and 2021/22 Tournaments Current English Premier League champions, Manchester City Football Club, have been banned from competing in the European competitions, including the prestigious UEFA Champions League for two years. The decision was made by the Union of European Football Associations (UEFA), which also asked the footballing outfit to pay a fine of €30 million (£25 million or $33 million) for breaching Financial Fair Play (FFP) rules. Following an investigation, the Adjudicatory Chamber of UEFA’s Club

Image
05-February-2021

CBN Closes Bank Accounts of Luno, Other Crypto Currency Exchanges

By Dipo Olowookere The Central Bank of Nigeria (CBN) has ordered the immediate closure of bank accounts operated by cryptocurrency exchanges in the country. Lately, Nigerians have been investing in digital coins and have been making gains, hurting the other forms of investments like equities, bonds, treasury bills and others. Apparently worried by this development, the apex bank has asked all Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Banks Financial Institutions (NBFIs) to with immediate effect shut down the accounts operated by entities which facilitate the trading of digital currencies. Business Post reports that there are different platforms

Image
21-August-2021

Nigerian Banks Splash N298m on Print Adverts in July

By Ashemiriogwa Emmanuel Commercial banks operating in Nigeria expended an estimated sum of N298.1 million on print advertisements in July 2021, an analysis by P+ Measurement Services, an independent media intelligence and evaluation service provider, has revealed. The estimation, according to the reputable organisation, was based on a sample size of 22 Nigerian lenders in the period under consideration. According to the report, the total amount was invested in print media publications on various traditional and soft-sell publications across the country. The media performance report sampled and highlighted Nigerian banks and their Chief Executive Officers (CEOs) with most media prominence

Image
17-September-2018

Oyo Govt Seals Diamond Bank, FCMB, Skye Bank Branches

By Dipo Olowookere Some branches of commercials banks in Ibadan were on Monday sealed by officials of the Oyo State government. This was because the affected financial institutions allegedly failed to pay some levies into the coffers of the state government despite series of warnings to them. When they least expected, officials of the Oyo State Interministerial Enforcement Unit stormed premises of Diamond Bank, Stanbic IBTC Bank, Skye Bank, FCMB and Heritage Bank around Dugbe, Mokola, Idi-Ape, Agodi Gate, Secretariat Road, Challenge, Jericho, Bodija, UI among others. This left business activities at the bank branches disrupted as the task force

Image
28-December-2023

Nigeria’s Oil Earnings Rise 0.64% to N814.23bn in Q3 2023

By Adedapo Adesanya Nigeria’s earnings from oil rose by 0.64 per cent to N814.23 billion in the third quarter of 2023 from the N809.02 billion earned from the petroleum industry in the second quarter of 2023. This is according to the Central Bank of Nigeria (CBN) in its Economic Report for the Third Quarter of 2023, which also stated that the amount earned from crude oil in the third quarter of 2023 was 33.9 per cent lower than the N1.233 trillion revenue from the oil and gas industry in the third quarter of 2022. Giving a breakdown of gross oil

Ad
Ad
Recent Stories
Image
19-March-2024

How Putin Won March 2024 Presidential Election

By Kestér Kenn Klomegâh After three days (March 15 to 17) of voting, Vladimir Putin is leading the Russian presidential election with 87.34% after 98% of ballots were counted, according to data from the Russian Central Elections Commission. Undoubtedly it gives Putin, who has been in power since the last days of 1999, another six-year term (2024-2030) to lead Russia, and to pursue with much vigour its foreign policy ambitions in the international system and push forward the much-trumpeted multipolar configuration with a focus on Global South. Putin’s assertive control over the political landscape has been solidified due to the

Image
19-March-2024

Moove Raises $100m in Fresh Race to Conquer New Markets

By Adedapo Adesanya Exactly a year after raising $105 million in an oversubscribed Series A2 round, African mobility company, Moove, has raised $100 million in a Series B funding round as it plots expansion into new markets. According to reports, the funding round was led by mobility giant, Uber and saw injection from others such as sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. This now pushes Moove’s post-money valuation to $750 million. The company is helping to solve the continent’s acute problem of limited access to vehicle financing for millions of

Image
19-March-2024

Oil Stocks Trigger 1.77% Gain at NASD OTC Exchange

By Adedapo Adesanya Oil stocks, Aradel Holdings and Acorn Petroleum, led the NASD Over-the-Counter (OTC) Securities Exchange to a 1.77 per cent appreciation on Monday, March 18. They increased the value of the alternative bourse by N24.85 billion during the trading session to N1.428 trillion from the N1.403 trillion it closed in the preceding, and the NASD Unlisted Security Index (NSI) rose by 18.33 points to wrap the session at 1,053.98 points compared with 1,035.65 points recorded at the previous session. Aradel Holdings Plc, after recent profit taking, appreciated by N114.28 yesterday to settle at N1,734.28 per unit compared with last

Image
19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a