Economy
Investors Monitor Thomas Wyatt as Share Price Rises 52.58% in One Week
By Dipo Olowookere
Investors at the Nigerian Exchange (NGX) Limited are already putting an eye on Thomas Wyatt as its share price increased by 52.58 per cent last week.
Business Post reports that Thomas Wyatt shares ended the trading week at N1.48 per unit, in contrast to the 97 Kobo per unit it finished in the preceding week. Its value at N1.48 is its 52-week high.
It has been keenly observed that Thomas Wyatt has maintained an upward trajectory since the NGX Regulation lifted the embargo it placed on the company in October after it filed its results. The details of its earnings may have caught the attention of value investors, who believe the stock should be trading higher than its price.
Last week, it topped the gainers’ chart of 51 members, higher than 38 members in the previous week, with Chams following with a 17.39 per cent appreciation to close at 27 Kobo. ABC Transport rose by 16.00 per cent to 29 Kobo, Livestock Feeds gained 15.04 per cent to N1.30, and Mutual Benefits increased by 14.29 per cent to 32 Kobo.
During the week, 27 stocks were on the losers’ log compared with 17 stocks in the preceding week, as Chellarams suffered the heaviest loss after it went down by 33.66 per cent to N1.34. Royal Exchange fell by 10.78 per cent to 91 Kobo, Abbey Mortgage Bank declined by 10.00 per cent to N1.53, NEM Insurance depreciated by 10.00 per cent to N4.05, and Cornerstone Insurance depleted by 8.33 per cent to 55 Kobo.
In the week, a total of 79 equities remained unchanged, in contrast to the 102 equities recorded in the earlier trading week.
An analysis of the performance of the exchange showed that the All-Share Index (ASI) and the market capitalisation appreciated by 2.52 per cent each to 52,512.48 points and N28.602 trillion, respectively.
Similarly, apart from the insurance and growth indices, which depreciated by 1.64 per cent and 4.40 per cent apiece, all other indices finished higher, while the ASeM and sovereign bond indices closed flat.
As for the activity chart, it was mixed as traders transacted 1.286 billion shares worth N29.634 billion in 19,816 deals, in contrast to the 921.856 million shares worth N27.154 billion traded in 15,601 deals a week earlier.
As usual, the financial services sector dominated with a turnover of 952.237 million shares valued at N9.728 billion in 9,647 deals, contributing 74.07 per cent and 32.83 per cent to the total trading volume and value, respectively.
It was trailed by the industrial goods space with 92.864 million shares worth N8.510 billion in 1,682 deals, and the conglomerates industry with a turnover of 54.568 million shares worth N96.654 million in 754 deals.
A further breakdown showed that FBN Holdings, Sterling Bank, and GTCO were the busiest equities in the five-day trading week as they transacted 507.852 million units worth N5.707 billion in 2,585 deals, contributing 39.50 per cent and 19.26 per cent to the total trading volume and value, respectively.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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