Economy
Investors Pump N34.6bn into Stocks in One Week Amid Growing Interest
By Dipo Olowookere
The growing interest in Nigerian stocks saw an increase in investment in the stock market last week to N34.6 billion from N18.4 billion in the preceding week.
Data obtained by Business Post from the Nigerian Exchange (NGX) Limited indicated some investors are already taking position ahead of the end-of-the-year rush for stocks in anticipation of dividend declaration for the financial year, which ends next month.
In the week, bargain-hunting drove the volume of equities transacted by traders higher to 3.0 billion units from 1.6 billion units and pushed the number of deals higher to 25,932 deals from the previous week’s 21,621 deals.
It was observed that financial stocks were investors’ toast last week, accounting for 1.6 billion units worth N15.6 billion traded in 14,065 deals, contributing 53.33 per cent and 45.18 per cent to the total trading volume and value respectively.
Energy shares trailed with 845.7 million units worth N11.7 billion in 1,706 deals, while the third place was occupied by conglomerates stocks with 220.1 million units worth N335.2 million in 1,238 deals.
The trio of Eterna, FBN Holdings and Transcorp were the most active stocks with the sale of 1.7 billion units valued at N19.7 billion executed in 4,207 deals, accounting for 57.66 per cent and 56.97 per cent of the total trading volume and value respectively.
On the price movement chart, 47 equities appreciated in price during the week, higher than 34 equities in the previous week, while 25 equities depreciated in price, lower than 36 equities in the previous week, with 84 equities closing flat, lower than 86 equities recorded in the previous week.
University Press was the biggest price riser as its value rose by 44.67 per cent to N2.17 and was followed by AIICO Insurance, which grew by 31.91 per cent to N1.24.
Guinness Nigeria appreciated in the week by 23.05 per cent to N36.30, Cadbury Nigeria gained 18.13 per cent to sell for N9.45, while Ecobank went up by 17.88 per cent to N8.90.
At the other end, GlaxoSmithKline finished as the heaviest price decliner after its equity value depreciated by 12.86 per cent to N6.10.
FTN Cocoa dropped 10.20 per cent to sell at 44 kobo, Transcorp Hotels fell by 9.88 per cent to N5.38, FBN Holdings decreased by 9.80 per cent to N11.05, while Regency Assurance lost 9.76 per cent to trade at 37 kobo.
In terms of the overall performance of the stock market last week, it closed positive with a week-on-week growth of 0.66 per cent as the All-Share Index (ASI) and market capitalisation both higher at 42,038.60 points and N21.938 trillion respectively.
Also, all other indices finished higher with the exception of NGX CG and NGX Meri Value indices, which went down by 0.04 per cent and 2.20 per cent respectively, while the ASeM and growth indices closed flat.
By Adedapo Adesanya
Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.
The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.
Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.
The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.
The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.
Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.
Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.
The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.
On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.
During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.
However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.
At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.
Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.
Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.
Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.
Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.
Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.
Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.
Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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