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
Nigeria’s First Lady, Mrs Oluremi Tinubu, has given Nigerians business advice that may not involve a lot of money to start.
Speaking with newsmen recently, the wife of President Bola Tinubu said businesses like akara (fried bean cake), kulikuli (a crunchy snack from roasted peanuts or groundnuts) and roasted corn can be set up without breaking the bank.
She disclosed that to support her husband’s Renewed Hope agenda, she has provided funding packages to traders and others to the tune of N3.5 billion.
“To start akara business doesn’t take a lot of money. To start roasting corn and kuli-kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant,” she stated.
She further said, “We’ve encouraged Nigerians as best as we could, what is within our hands, I have given, and I keep giving. Those are the things we’ve done.”
“I remember giving for TB (tuberculosis) when I heard of many TB cases; I gave N2 billion, to breast cancer, I gave N1 billion, and to [tackle] malnutrition, I gave N500 million.
“These are the things we’ve been doing to assist the government. So, we’ve had impact in agriculture, social investment, education (as scholarship and ICT training) and others. We are still open to doing more,” she disclosed.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.70 per cent on Thursday, June 25, after three price gainers overpowered the two price losers recorded at the close of business.
Consequently, the market capitalisation of the trading platform increased by N43.79 billion to N2.618 trillion from N2.574 trillion, and the NASD Security Index (NSI) improved by 72.96 points to close at 4,362.32 points, in contrast to Wednesday’s 4,289.36 points.
Yesterday, the price advancers were led by Nipco Plc, which chalked up N31.79 to close at N349.76 per unit versus the preceding day’s N317.97 per unit. Okitipupa Plc gained N18.00 to end at N298.00 per share versus the previous session’s N280.00 per share, and Central Securities Clearing System (CSCS) Plc went up by N7.11 to N86.79 per unit from N79.68 per unit.
On the flip side, Nitrox Industrial Gases Plc crumbled by 32 Kobo to close at N21.09 per share compared with the N21.41 per share it closed at midweek, and Food Concepts Plc depreciated by 25 Kobo to N2.51 per unit from N2.76 per unit.
During the session, the value of securities traded by investors went down by 86.7 per cent to N10.9 million from the preceding session’s N82.9 million, and the volume of securities dropped 84.9 per cent to 10.9 million units from the previous 82.9 million, while the number of deals grew by 84.2 per cent to 35 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.4 million units exchanged for N4.7 billion.
GNI Plc was also 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 Dipo Olowookere
The Nigerian Exchange (NGX) Limited further suffered a 0.64 per cent decline on Thursday as the bears tightened their grip on the bourse.
For the second straight session, all the key sectors of Customs Street pointed south, with the energy counter down by 5.22 per cent. The insurance index slumped by 2.59 per cent, the banking space depreciated by 0.28 per cent, and the consumer goods segment moderated by 0.06 per cent, while the industrial goods sector was flat, though with a marginal fall.
As a result, the All-Share Index (ASI) contracted by 1,493.71 points to 233,580.83 points from 235,074.54 points, and the market capitalisation retreated by N959 billion to N149.888 trillion from N150.847 trillion.
Investor sentiment remained weak after a negative market breadth index, as there were 21 price gainers and 34 price losers.
Aradel and Deap Capital went down by 10.00 per cent each to N1,575.00 and N4.05, respectively. Trans-Nationwide Express fell by 9.90 per cent to N3.64, Regency Alliance slipped by 9.57 per cent to N85 Kobo, and C&I Leasing dipped by 9.48 per cent to N28.12.
Conversely, Red Star Express grew by 9.60 per cent to N24.55, Legend Internet expanded by 9.09 per cent to N6.00, Neimeth appreciated by 7.10 per cent to N8.30, Abbey Mortgage Bank rose by 5.45 per cent to N8.70, and Ellah Lakes improved by 4.65 per cent to N9.00.
Yesterday, market participants traded 393.7 million equities valued at N19.2 billion in 45,813 deals compared with the 488.1 million equities worth N20.9 billion transacted in 46,239 deals recorded a day earlier, implying a shortfall in the trading volume, value, and number of deals by 19.34 per cent, 8.13 per cent, and 0.92 per cent, respectively.
The most active stock for the session was Access Holdings with a turnover of 39.1 million units worth N896.2 million, Chams traded 24.5 million units valued at N96.5 million, Fidelity Bank sold 24.1 million units for N436.9 million, Sterling Holdings exchanged 23.8 million units valued at N182.2 million, and Zenith Bank transacted 18.9 million units worth N2.1 billion.
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