Economy
Investors Raise Eyebrows as FTN Cocoa, Japaul Gain Over 40% in Four Days
By Dipo Olowookere
Last week, which had only four trading sessions, shares of FTN Cocoa Processors and Japual Gold & Ventures Plc appreciated by over 40 per cent on the floor of the Nigerian Stock Exchange (NSE).
In the previous week, the companies’ stocks grew by double-digits at the market, causing some investors to begin to probe the rationale behind the sudden rise in the equities of the firms.
Business Post reports that a few days ago, the NSE lifted the suspension placed on FTN Cocoa after it filed its outstanding financial statements, while Japual changed its trading symbol to a new one after its change of name.
At the market last week, shares of FTN Cocoa rose by 43.55 per cent to settle at 89 kobo per unit, while equities of Japaul improved by 41.18 per cent to trade at 48 kobo per share.
They were among the 35 equities that appreciated in price during the week, though lower than the 53 equities in the previous week.
In the week, BOC Gases grew by 20.83 per cent to sell at N8.70 per share, Dangote Cement appreciated by 16.95 per cent to close at N245.00 per unit, while Oando grew by 15.92 per cent to settle at N3.64 per share.
Conversely, a total of 18 stocks depreciated in price, higher than 17 equities in the previous week and they were led by Trans-Nationwide Express, which fell by 9.20 per cent to close at 79 kobo per share.
John Holt decreased by 8.93 per cent to 51 kobo per unit, Champion Breweries lost 7.87 per cent to close at 82 kobo per share, International Breweries dropped 5.90 per cent to sell at N5.90 per unit, while Ardova depreciated by 5.24 per cent to finish at N13.55 per share.
During the week, a total of 108 equities remained unchanged, higher than 91 recorded in the previous week.
A look at the key performance indicators of the market showed that the All-Share Index and market capitalisation appreciated by 5.42 per cent to close the week at 38,800.01 points and N20.279 trillion respectively.
Similarly, all other indices finished higher with the exception of the banking, AFR Bank Value, AFR Div Yield and MERI Growth which depreciated by 1.03 per cent, 0.95 per cent, 0.31 per cent and 0.80 per cent, while the ASeM and Growth indices closed flat.
On the activity chart, by the time market closed on Thursday, December 24, 2020, for the Christmas break, a total of 2.8 billion shares worth N40.3 billion had exchanged hands in 17,459 deals in contrast to the 1.9 billion shares valued at N17.7 billion traded in 20,660 deals a week earlier.
The financial services sector led the chart with 2.1 billion shares valued at N19.5 billion traded in 8,327 deals, contributing 76.40 per cent and 48.26 per cent to the total equity turnover volume and value respectively.
The consumer goods industry followed with 182.1 million shares worth N4.4 billion in 2,485 deals, while the industrial goods counter recorded a turnover of 145.8 million shares worth N10.6 billion in 2,587 deals.
Access Bank, Zenith Bank and AXA Mansard Insurance were the most active stocks accounting for 1.4 billion shares worth N13.9 billion in 2,972 deals, contributing 52.23 per cent and 34.44 per cent to the total equity turnover 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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