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 Dipo Olowookere
The Nigerian Exchange (NGX) Limited was further pulled back by 0.50 per cent on Tuesday as a result of profit-taking in some heavyweight stocks.
Like the preceding session, the key sectors of Customs Street were depressed yesterday, with the banking index down by 2.82 per cent. The consumer goods declined by 0.52 per cent, the insurance space lost 0.10 per cent, and the energy counter shrank by 0.03 per cent, while the industrial goods segment was flat.
Consequently, the All-Share Index (ASI) eased by 1,437.54 points to 241,984.80 points from 243,422.34 points, and the market capitalisation contracted by N922 billion to N155.204 trillion from N156.126 trillion.
The worst-performing stock was International Energy Insurance, which gave up 10.00 per cent to close at N5.76. Vitafoam dipped by 10.00 per cent to N189.00, Austin Laz crashed by 9.93 per cent to N3.90, SUNU Assurances depleted by 9.82 per cent to N3.58, and Sovereign Trust Insurance lost 8.37 per cent to finish at N2.30.
On the flip side, Conoil gained 9.79 per cent to trade at N213.00, Prestige Assurance also expanded by 9.79 per cent to N1.57, Neimeth jumped 9.74 per cent to N8.45, eTranzact chalked up 9.40 per cent to close at N16.30, and Cornerstone Insurance improved by 9.09 per cent to N5.40.
The bourse witnessed heavy sell-offs in some equities, with Sterling Holdings recording the sale of 100.9 million units worth N782.8 million to lead the activity log. UAC Nigeria transacted 49.4 million units valued at N9.1 billion, Access Holdings sold 28.8 million units for N699.3 million, Zenith Bank exchanged 29.4 million units worth N3.0 billion, and GTCO traded 20.2 million units valued at N2.7 billion.
At the close of transactions, market participants bought and sold 535.5 million shares worth N36.8 billion in 55,123 deals compared with 569.1 million shares valued at N31.4 billion traded in 77,652 deals on Monday. This implied that the trading value went up by 17.20 per cent, while the trading volume and the number of deals went down by 5.90 per cent and 29.01 per cent, respectively.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange was further down by 0.48 per cent on Monday, June 16, as a result of the losses printed by three bellwethers, led by MRS Oil Plc, which fell by N15.80 to N142.20 per unit from N158.00 per unit.
Further, FrieslandCampina Wamco Nigeria Plc dipped by N2.94 to close at N180.14 per share versus the previous day’s N183.08 per share, and Central Securities Clearing System (CSCS) Plc crumbled by 38 Kobo to N80.24 per share from N80.62 per share.
Consequently, the market capitalisation of the trading platform moderated by N12.55 billion to N2.605 trillion from N2.605 trillion, while the NASD Unlisted Security Index (NSI) weakened by 20.98 points to 4,333.35 points from 4,354.33 points.
During the trading day, the value of transactions surged by 16.5 per cent to N45.6 million from the preceding session’s N39.2 million, and the number of deals soared by 34.8 per cent to 31 deals from 23 deals, while the volume of securities declined by 30.6 per cent to 688,290 units from 992,164 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with a turnover of 3.4 billion units valued at N8.4 billion. The second spot was occupied by Infrastructure Credit Guarantee (Infracredit) Plc, with 2.3 billion sold for N6.5 billion, and the third position was taken by CSCS Plc, with 66.9 million units exchanged for N4.6 billion.
GNI Plc also ended 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 Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Naira suffered a 0.55 per cent or 91 Kobo loss against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, June 16, closing at N1,357.18 /$1 compared with the previous day’s N1,356.27/$1.
It also weakened against the Pound Sterling at the official market during the session by N11.53 to trade at N1,820.39/£1 versus Monday’s rate of N1,808.86/£1, but appreciated against the Euro by N2.06 to quote at N1,573.79/€1 versus the preceding session’s N1,575.85/€1.
In the black market, the Nigerian currency crashed against the Dollar yesterday by N5 to sell for N1,385/$1, in contrast to the N1,380/$1 it was traded a day earlier, and at the GTBank FX desk, it traded flat at N1,373/$1.
Nigeria’s gross external reserves surged to $50.505 billion, the highest international Dollar balance since January 2009, affirming expectations that the local currency will remain along a stable band. The FX reserves position was buoyed by inflows from oil sales.
In its Article IV consultation report on Nigeria, the International Monetary Fund (IMF) said that the Naira remains significantly undervalued despite recent gains from FX reforms. It noted that its Real Effective Exchange Rate (REER) assessment showed the local currency was still trading below levels supported by the country’s economic fundamentals, saying the Naira should have traded around N1,142.04/$1 using the end-of-2025 exchange rate benchmark, or N1,130.88/$1 when calculated using the average exchange rate for the year.
As for the cryptocurrency market, prices showed renewed risk appetite as total 24-hour trading volume jumped 51 per cent to $207 billion, open interest rose 2.4 per cent to $113.41 billion, and liquidations surged 64 per cent to $561 million, with shorts accounting for the bulk of the forced exits, according to Coindesk data.
Cardano (ADA) slid 2.7 per cent to $0.1731, Binance Coin (BNB) slumped 1.6 per cent to $605.80, Ripple (XRP) declined by 1.5 per cent to $1.22, Bitcoin (BTC) fell 0.8 per cent to $65,739.70, Dogecoin (DOGE) also tumbled by 0.6 per cent to $0.0873, and TRON (TRX) depreciated by 0.6 per cent to $0.3166.
However, Ethereum (ETH) grew by 0.5 per cent to $1,795.40, and Solana (SOL) rose by 0.2 per cent to $73.81, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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