Economy

Industrial Goods Stocks Revive NSE Index by 0.47%

Published

6 years ago

02/07/2020

By Dipo Olowookere

It was a positive start to a new month for the Nigerian Stock Exchange (NSE) on Wednesday, July 1, 2020, as the bourse rebounded by 0.47 percent after the previous day’s loss.

Gains in the industrial goods stocks like BUA Cement and Lafarge Africa as well as Cadbury Nigeria in the consumer goods sector supported the market yesterday, ensuring that the losses by 22 stocks did not affect the overall performance of the exchange, which printed only 12 gainers.

Data sourced by Business Post from the NSE indicated that the banking sector depreciated by 0.88 percent, followed by the insurance index, which fell by 0.79 percent, and the consumer goods industry, which went down by 0.47 percent.

However, the industrial goods counter appreciated by 1.35 percent, while the oil/gas space moved up by 0.30 percent at the session.

At the close transactions for the day, the benchmark index, which is the All-Share Index (ASI), increased by 155.89 points to 24,595.05 points from 24,479.16 points.

In the same vein, the market capitalisation, which indicates the total value of stocks on the exchange, increased by N60 billion to N12.830 trillion from N12.770 trillion.

At the market yesterday, the activity chart was in red following the 29.45 percent decline in the volume of shares traded by investors to 198.0 million from 280.7 million.

Equally, the value of stocks exchanged by market participants reduced by 66.98 percent to N1.0 billion from N3.1 billion, while the number of deals declined by 15.50 percent to 3,772 deals from 4,464 deals.

Wapic Insurance was the most active stock at the midweek session with 30.3 million units of its equities traded for N11.2 million.

UPDC REIT transacted 22.8 million shares for N79.7 million, UBA traded 20.2 million stocks worth N123.5 million, Transcorp exchanged 19.4 million equities valued at N12.8 million, while Chams traded 11.7 million stocks for N2.6 million.

The highest price gainer of the day was BUA Cement, rising by N3.30 to settle at N42 per share and was trailed by Cadbury Nigeria, which gained 65 kobo to sell at N7.40 per unit.

In addition, Lafarge Africa appreciated by 50 kobo to trade at N10.50 per unit, Sterling Bank gained 12 kobo to quote at N1.37 per share, while PZ Cussons grew by 10 kobo to close at N4.10 per share.

At the other end, MTN Nigeria ended the trading day as the heaviest price decliner, depreciating by N1.50 to finish at N116 per share.

Guinness Nigeria depreciated by 50 kobo to close at N14 per unit, Zenith Bank dropped 40 kobo to trade at N15.70 per unit, Flour Mills decreased by 35 kobo to N18.65 per share, while Dangote Sugar reduced by 30 kobo to close at N11.70 per unit.

Economy

NASD Exchange Falls 0.22% After Investors Lose N4.8bn

Published

49 minutes ago

29/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.22 per cent on Tuesday, April 28, with the market capitalisation down by N4.8 billion to N2.420 trillion from N2.425 trillion, and the NASD Unlisted Security Index (NSI) down by 9.01 points to 4,044.96 points from 4,053.97 points.

During the session, the price of Central Securities Clearing System (CSCS) Plc went down by N1.82 to N767.05 per share from N78.87 per share, while FrieslandCampina Wamco Nigeria Plc appreciated by N1.90 to N100.00 per unit from N98.10 per unit.

According to data, the value of trades increased by 265.7 per cent to N27.1 million from N7.4 million units, and the volume of transactions surged by 305.2 per cent to 1.3 million units from 319,831 units, while the number of deals decreased by 6.9 per cent to 27 deals from 29 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.8 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

Economy

Naira Crashes to N1,380/$ at Official Market, N1,390/$1 at Black Market

Published

1 hour ago

29/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Pressure is beginning to mount on the Nigerian Naira in the different segments of the foreign exchange (FX) market despite an oil windfall triggered by the Middle East crisis.

On Monday, April 27, the domestic currency further weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N16.47 or 1.2 per cent to N1,380.71/$1 from the previous day’s N1,364.24/$1.

It was not different against the Pound Sterling in the same market window, as it lost N16.04 to trade at N1,863.76/£1 versus Monday’s closing rate of N1,847.72/£1, and against the Euro, it slipped by N12.72 to close at N1,615.01/€1 versus N1,602.29/€1.

The Naira also depreciated against the Dollar at the black market yesterday by N5 to quote at N1,390/$1 compared with the previous price of N1,385, and at the GTBank forex counter, it further crashed by N9 to settle at N1,379/$1 compared with the preceding session’s N1,370/$1.

The continued decline of the Naira comes as traders increasingly seek other safe-haven currencies amid continued global disruptions.

The benefit awash in the global market is making foreign portfolio investors stay short in Nigerian markets. Despite this, the daily FX publication released showed that interbank turnover rose to $98.829 million across 78 deals, up from $76.65 million.

Meanwhile, the cryptocurrency market remained cautious, with Bitcoin (BTC) trading at $77,216.66 despite surging oil prices and geopolitical tensions over a potential extended US naval blockade of the Strait of Hormuz.

Analysts say the supply overhang has finally dried up, and the sellers who were spooked by macro shifts or quantum fears have already exited, leaving the market much thinner on the sell-side.

Investors will await decisions made by central banks this week. The US Federal Reserve will announce its rate decision later on Wednesday, while the European Central Bank (ECB) follows on Thursday.

Ethereum (ETH) gained 1.5 per cent to trade at $2,324.59, Dogecoin (DOGE) chalked up 1.4 per cent to sell for $0.1016, Solana (SOL) appreciated by 0.6 per cent to $84.85, Cardano (ADA) grew by 0.5 per cent to $0.2483, and Binance Coin (BNB) advanced by 0.2 per cent to $627.15.

However, TRON (TRX) depreciated by 0.6 per cent to $0.3224, and Ripple (XRP) lost 0.03 per cent to sell at $1.39, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.

Economy

Oil up 3% as Hormuz Disruption Outweighs UAE OPEC Exit

Published

2 hours ago

29/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.

An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.

Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.

Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.

This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.

The UAE could quickly ⁠add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.

The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.

Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.

The war in Yemen broke whatever was left of diplomatic patience.

President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.

The Idemitsu Maru, ‌a Panama-flagged ⁠tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.

Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.