Economy
Investors Reduce Exposure to Nigerian Stocks by 52% in One Week
By Dipo Olowookere
To minimise their risks, investors trimmed their exposure to Nigerian stocks by about 52.07 per cent last week, data from Customs Street has revealed.
At the Nigerian Exchange (NGX) Limited in the period under review, the market participants transacted 2.252 billion shares worth N58.831 billion in 63,657 deals compared with the 4.698 billion shares valued at N85.043 billion traded in 72,562 deals a week earlier.
Business Post reports that Universal Insurance, GTCO, and AIICO Insurance dominated the activity chart in the week with 468.315 million equities sold for N9.007 billion in 3,568 deals, contributing 20.79 per cent and 15.31 per cent to the total trading volume and value, respectively
At the close of business, the financial services sector recorded a turnover of 1.371 billion stocks worth N22.274 billion in 26,114 deals, contributing 60.86 per cent and 37.86 per cent to the total trading volume and value, respectively.
The consumer goods space transacted 253.536 million shares worth N15.244 billion in 8,869 deals, and the services industry exchanged 193.424 million equities valued at N931.795 million in 4,716 deals.
In the five-day trading week, the bourse posted 33 price gainers versus 51 in the previous week, 57 price losers versus 39 a week earlier, and 62 equities remained unchanged, in contrast to 62 recorded in the preceding week.
Neimeth was the biggest price advancer in the period under consideration with a 31.42 per cent appreciation to close at N3.43, SCOA Nigeria expanded by 20.39 per cent to N2.48, Northern Nigeria Flour Mills grew by 19.54 per cent to N54.45, Livestock Feeds soared by 17.62 per cent to N5.94, and Dangote Sugar surged by 16.67 per cent to N38.50.
On the flip side, Universal Insurance slumped by 1923 per cent to 63 Kobo, Royal Exchange declined by 18.35 per cent to 89 Kobo, Regency Assurance shrank by 17.78 per cent to 74 Kobo, Sovereign Trust Insurance lost 16.67 per cent to close at N1.10, and Dangote Cement crumbled by 16.46 per cent to N400.00.
The market came under selling pressure in the week, resulting in the All-Share Index (ASI) and the market capitalisation tumbling by 2.94 per cent and 2.26 per cent each to 102,353.68 points and N62.851 trillion, respectively.
In the same vein, all other indices finished lower except the MERI Value, consumer goods, growth and sovereign bond indices, which appreciated by 0.70 per cent, 1.33 per cent, 0.15 per cent, and 0.04 per cent, respectively while the ASeM index closed flat.
By Dipo Olowookere
The three major partners of the Dangote Refinery in the Lekki area of Lagos, MRS Oil Nigeria, Heyden and Ardova Plc, will retail premium motor spirit (PMS), otherwise known as petrol, at its stations across the country at N970 per litre.
This information was revealed by Dangote Refinery, owned by one of Africa’s richest businessmen, Mr Aliko Dangote.
The three independent oil marketers entered into a bulk-purchasing agreement with the oil facility, which has the capacity to refinery about 650,000 barrels of crude oil per day.
The deal, first sealed by MRS Oil, ensured that it retailed fuel at its petrol stations at N935 per cent litre.
However, last week, Dangote Refinery increased its ex-depot price from N899.50 per litre to N950 per litre due to a rise in the price of crude oil to $80 per litre in the global market from about $72 per barrel.
In a statement on Sunday made available to Business Post, Dangote Refinery said, “All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide.
“We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).”
By Dipo Olowookere
A 0.17 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Friday, extending the stay of the local bourse in the positive territory.
This uptrend was maintained despite profit-taking in the banking sector, which left its index down by 0.23 per cent at the close of trading activities.
Business Post reports that the insurance industry expanded by 4.04 per cent during the session, the energy counter improved by 1.05 per cent, and the consumer goods space gained 0.58 per cent, while the industrial goods sector closed flat.
Consequently, the All-Share Index (ASI) went up by 170.62 points to 102,353.68 points from 102,183.06 points and the market capitalisation grew by N541 billion to N62.851 trillion from N62.310 trillion.
There were 34 price gainers and 22 price losers yesterday, indicating a positive market breadth index and strong investor sentiment.
The trio of Caverton, Livestock Feeds and Sovereign Trust Insurance appreciated by 10.00 per cent each during the session to quote at N2.20, N5.94, and N1.10, respectively, as Neimeth jumped by 994 per cent to N3.43, and Royal Exchange increased by 9.88 per cent to 89 Kobo.
On its part, Academy Press lost 9.74 per cent to close at N3.15, PZ Cussons declined by 9.09 per cent to N25.00, DAAR Communications weakened by 8.64 per cent to 74 Kobo, Transcorp Power shed 5.91 per cent to settle at N46.95, and Dangote Sugar fell by 4.94 per cent to N38.50.
A total of 327.8 million shares valued at N11.8 billion were traded in 11,905 deals on Friday versus the 472.2 million shares worth N16.7 billion transacted in 12,336 deals on Thursday, representing a decline in the trading volume, value, and number of deals by 30.58 per cent, 29.34 per cent and 3.49 per cent apiece.
Access Holdings recorded the highest sales with 49.1 million stocks sold for N1.2 billion, Fidelity Bank exchanged 20.4 million shares valued at N359.0 million, UBA traded 20.1 million equities worth N681.0 million, Oando transacted 14.8 million shares for N998.1 million, and Universal Insurance traded 13.8 million stocks worth N8.7 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its upward movement with a 0.26 per cent gain on Friday, January 17 amid renewed interest in unlisted stocks.
This raised the market capitalisation of the trading platform by N2.79 billion at the close of business to N1.075 trillion from the N1.072 trillion it closed in the preceding session.
In the same vein, the NASD Unlisted Security Index (NSI) went up by 8.08 points at the close of transactions to 3,111.91 points from the 3,103.83 points recorded at the previous session.
Yesterday, the volume of securities traded by investors went down by 606 per cent to 486,215 units from 1.2 million units, the value of shares shrank by 84.7 per cent to N2.8 million from N18.0 million, and the number of deals decreased by 65 per cent to 14 deals from the 33 deals carried out a day earlier.
In the final trading day of the week, there were three price gainers and one price loser, Geo-Fluids Plc, which lost 9 Kobo to finish at N4.70 per unit versus the preceding session’s price of N4.79 per unit.
On the flip side, Okitipupa Plc gained N3.60 to settle at N39.59 per share compared with the previous day’s N35.99 per share, Industrial and General Insurance (IGI) Plc added 3 Kobo to wrap at 36 Kobo per unit compared with the preceding session’s 33 Kobo per share, as FrieslandCampina Wamco Nigeria Plc improved its value by 49 Kobo to N39.65 per unit from N39.16 per unit.
At the close of business, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 3.4 million units worth N134.9 million, trailed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and Afriland Properties Plc with 690,825 sold for N11.1 million.
The most active stock by volume (year-to-date) remained IGI Plc with 23.5 million units worth N5.3 million, followed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and FrieslandCampina Wamco Nigeria Plc with 3.4 million units sold for N134.9 million.
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