Economy

Investors Gain N19bn as Bulls Build Fortress on Custom Street

Published

7 years ago

03/09/2019

By Dipo Olowookere

Transactions on Custom Street, Lagos remained bullish on Monday as investors renewed their appetite for the mopping up of some stocks that could fetch them good yields in some days to come.

Business Post reports that the Nigerian Stock Exchange (NSE) closed the first trading day of this week 0.14 percent higher yesterday to reduce the year-to-date loss to 12.30 percent from 12.42 percent of the previous session.

The gains printed by the market yesterday was majorly influenced 22 stocks, which spread across the main sectors in focus. At the close of business, the consumer goods sector emerged the highest gainer with 3.12 percent, while the industrial goods industry followed with an appreciation of 1.45 percent.

The banking index rose by 0.94 percent on Monday, the insurance index appreciated by 0.44 percent, while the oil and gas index improved by 0.18 percent.

It was observed that the positive performance started last week by Nestle Nigeria continued yesterday, as the company’s stock went up by N74 to settle at N1319 per unit, closing as the day’s highest price gainer.

CCNN increased its share value by N1.55k to close at N17.40k per share, Unilever Nigeria improved by 95 kobo to end at N29.45k per share, UBA grew by 35 kobo to finish at N6.20k per share, while Zenith Bank also appreciated by 35 kobo to close at N17.55k per unit.

At the other side, it was not a good trading day for MTN Nigeria, Dangote Cement and 15 other equities at the market as the telco giant topped the decliners’ table after shedding N2.50k to close at N138.50k per share.

Dangote Cement, which trailed, went down by N2 to finish at N160 per share, while UAC Nigeria depreciated by 50 kobo to end at N4.50k per unit.

In addition, Dangote Sugar also went down by 50 kobo to settle at N8.50k per unit, while Africa Prudential declined by 37 kobo to close at N3.63k per share.

Despite the positive performance of the market on Monday, the level of activity remained low as reflected in the volume and value of equities transacted by investors on the floor of the NSE.

Business Post reports that the volume of shares exchanged yesterday declined by 13.28 percent to 108.2 million units from 124.8 million achieved in the previous session, while the value decreased by 18.54 percent to N1.5 billion from N1.8 billion.

A further analysis of the activity log showed that investors were attracted to shares of Zenith Bank and at the close of transactions, 16.2 million units of the bank’s equities valued at N283.9 million were mopped up at the market.

It was followed by UBA, which transacted 14.0 million shares worth N86.0 million, and FBN Holdings, which exchanged 13.6 million equities for N64.8 million. UAC Nigeria sold 7.8 million shares worth N35.9 million at the market on Monday, while GTBank traded 5.2 million units for N141.1 million.

By the time the market was closed on Monday afternoon, the All-Share Index (ASI) increased by 39.33 points to settle at 27,565.14 points, while the market capitalization went up by N19.1 billion to finish at N13.410 trillion.

Economy

FrieslandCampina Wamco, Three Others Raise NASD OTC Exchange by 1.41%

Published

7 hours ago

16/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.

During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.

Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.

As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.

During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 deals.

Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 billion.

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

Economy

Profit-taking Sinks Nigeria’s Equity Market by 0.76% as Bears Take Control

Published

7 hours ago

16/05/2026

Dipo Olowookere

By Dipo Olowookere

The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.

The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.

The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.

Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.

Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.

The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.

Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.

Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.

Economy

Naira Weakens to N1,371/$1 at Official Market

Published

7 hours ago

16/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.

However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.

At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.

The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the ‌market settling ⁠into a balance.

Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.

According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.

Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.

Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.

Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.