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Economy

Investors of Unlisted Securities Gain N2.07bn in First Week of 2024

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Nigeria's unlisted securities

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange ended the first trading week of 2024 on a positive note as it appreciated by 0.16 per cent on a week-on-week basis last Friday.

The market had four trading sessions as a result of the public holiday observed last Monday for the New Year’s Day celebration, with 11 Plc rising by 9.4 per cent to N197.00 per share from the preceding week’s N180.00 per share.

Industrial and General Insurance (IGI) Plc gained 8 per cent to close at 27 Kobo per unit compared with the preceding week’s 25 Kobo per unit, and NASD Plc jumped by 4.0 per cent to N13.50 per share from N12.95 per share.

Further, FrieslandCampina Wamco Nigeria Plc increased by 2.5 per cent to trade at N82.00 per unit from N80.00 per unit, and Aradel Holdings Plc rose by 2.4 per cent to N1,115.00 per share from N1,089.00 per share.

As a result, the market capitalisation of the bourse expanded by N2.07 billion to N1.259 trillion from N1.257 trillion, and the NASD OTC Security Index improved by 1.52 points to 928.99 points from 927.47 points.

In the week, Central Securities Clearing System (CSCS) Plc lost 12.8 per cent to close at N17.31 per share from N19.84 per share, and Nipco Plc declined by 10 per cent to N72.00 per unit from the previous close of N80.00 per unit.

Last week, there was a 118.4 per cent increase in the total value of transactions to N73.7 million from N33.8 million, there was a 75.6 per cent growth in the volume of trades to 10.3 million units from 5.9 million units in Week 52 of 2023, and there was a 9.7 per cent rise in the number of deals to 34 trades from 31 transactions.

At the close of the week, Purple Real Estate Plc was the most traded security by volume with 5.5 million units, UBN Property Plc traded 3.6 million units, IGI Plc exchanged 0.71 million units, CSCS Plc transacted 0.21 million units, and Food Concepts Plc traded 0.17 million units.

Also, Purple Real Estate Plc was the most active with N28.8 million, Aradel Plc traded N27.9 million, UBN Property Plc recorded N6.3 million, CSCS Plc posted N3.8 million, and FrieslandCampina WAMCO Nigeria Plc expended N2.3 million.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

Conoil Ships First Cargo of Obodo Crude from Nigeria to Germany

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Gbenga Komolafe obodo crude

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the first cargo of the new Obodo crude blend has been shipped.

Business Post gathered that the first cargo could be headed for the North Sea port of Wilhelmshaven, Germany.

In a statement by the chief executive of NUPRC, Mr Gbenga Komolafe, Conoil Producing Limited was congratulated on the successful shipment of the first cargo of the Obodo crude blend.

Mr Komolafe said this development marks a significant milestone for Nigeria’s upstream sector, demonstrating the growing capacity of indigenous operators to contribute meaningfully to national crude oil production and exports.

“The introduction of the Obodo crude blend further diversifies Nigeria’s export portfolio and aligns with the commission’s strategic objectives to enhance production output, maximise hydrocarbon resources, and attract investment through operational efficiency and innovation,” he said.

Mr Komolafe maintained that this achievement by Conoil, under the production sharing contract framework with the Nigerian National Petroleum Company Limited, also reflects the positive outcomes of collaborative regulatory support, enabling indigenous players to thrive.

“As the regulator of Nigeria’s upstream petroleum industry, the NUPRC remains committed to providing a transparent, predictable, and investment-friendly environment that encourages the development of new crude streams and ensures optimal value for the Nigerian people.

“We look forward to more milestones of this nature that advance national energy security and economic resilience,” he said.

According to tracking data from Kpler, the Suezmax Atlanta Spirit loaded on  April 25 from the floating production, storage and offloading vessel Tamara Tokoni.

Obodo has a gravity of 27.65°API and a very low sulphur content of 0.05pc, according to Argus.

Obodo joins the list of crude grades launched by Nigeria in the last year.

The Nigerian National Petroleum Company (NNPC) restarted production of similar-quality Utapate in 2024 and launched Nembe a year earlier.

Obodo could find favour with European refineries, as Nigerian medium sweet grades — including Forcados, Escravos and Bonga — have gone predominantly to Europe, the largest market for the country’s crude.

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Economy

Dangote Refinery Cancels June Maintenance on Petrol Producing Unit

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Fifth Crude Cargo Dangote Refinery

By Adedapo Adesanya

Dangote Oil Refinery has reportedly cancelled planned maintenance on its 204,000 barrels per day petrol-producing unit for June.

This comes as the $20 billion structure has carried out the necessary work during an unplanned shutdown from April 7 to May 11, according to industry tracker, IIR.

Dangote Refinery had originally scheduled a 30-day maintenance shutdown in June for its gasoline-producing Residue Fluid Catalytic Cracking (RFCC) unit.

The refinery has since pushed back on reports of the unit being under unplanned repair, stating that such claims are not entirely accurate.

According to data from shipping analytics firm, Kpler, during the unplanned outage, the refinery ramped up exports of residual products such as straight run fuel oil, while shipments of finished fuels like jet fuel and gasoil declined.

The 650,000 barrels per day refinery, built by Africa’s richest man, Mr Aliko Dangote, began producing diesel, naphtha, and jet fuel in January last year, followed by petrol production in September.

Dangote refinery could potentially end the long-standing gasoline trade from Europe to Africa, which is valued at $17 billion annually.

Already, the refinery has triggered a spate of changes in fuel prices locally with back to back cuts down to N825 per litre earlier this week from N835 previously sold.

The refinery, however, has not been able to operate at its optimal level due to challenges around feedstock. So far, in addition to local crude acquisition, it has bought crude from the US, Brazil, Angola, and Algeria.

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Economy

Unlisted Stocks Rise N19.77bn Amid High Activity

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Unlisted stocks traders

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rose further by 1.02 per cent on Tuesday, May 13, buoying the market capitalisation by N19.77 billion to close at N1.967 trillion compared with the preceding day’s N1.947 trillion.

In the same  vein, the NASD Unlisted Security Index (NSI) went up by 33.77 points to finish at 3,359.79 points, in contrast to the 3,326.06 points reported a day earlier.

Central Securities Clearing System (CSCS) Plc increased during the trading session by N2.35 to N27.20 per share from N24.85 per share, NASD Plc added N1.90 to close at N20.90 per unit compared with the previous day’s N19.00 per unit, FrieslandCampina Wamco Nigeria Plc gained 87 Kobo to close at N41.30 per share versus the previous closing value of N40.43 per share, Mixta Real Estate Plc climbed higher by 51 Kobo to end at N5.51 per unit compared with Monday’s price of N5.00 per unit, and AG Mortgage Bank Plc appreciated by 5 Kobo to settle at 58 Kobo per share, in contrast to the preceding session’s 53 Kobo per share.

The level of activity was higher yesterday, with the volume of securities transacted going up by 61,474.7 per cent to 414.5 million units from the 673,233 units traded in the previous trading day, the value of trades jumped by 16,714.4 per cent to N1.05 billion from N6.3  million, but the number of deals fell by 28.6 per cent to 25 deals from 35 deals.

Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.7 million, followed by Geo-Fluids Plc with 266.3 million units sold for N470.5 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.

Okitipupa Plc also remained the most active stock by value on a year-to-date basis with 153.6 million units sold for N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 20.2 million units valued at N770.6 million, and Impresit Bakolori Plc with 536.9 million units worth N524.7 million.

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