Economy
Investors Trade N22.828bn Stocks in One Week
By Dipo Olowookere
Last week, investors at the Nigerian Exchange (NGX) Limited traded 2.973 billion shares worth N22.828 billion in 23,765 deals compared with the 14.029 billion shares worth N59.007 billion traded in 24,048 deals in the preceding week.
Data showed that during the four-day trading week, stocks in the financial services sector reclaimed their position as the most active after selling 1.458 billion units valued at N14.082 billion in 13,115 deals, accounting for 49.04 per cent and 61.69 per cent of the total trading volume and value, respectively.
Equities in the conglomerates industry slipped to second after exchanging 1.254 billion units worth N3.123 billion in 1,662 deals due to ease in the demand for Transcorp, which had been investors’ toast because of the interest shown by Mr Femi Otedola.
The third place was the consumer goods space, which posted a turnover of 71.425 million shares worth N1.468 billion executed in 3,177 deals.
When trading activities were wrapped up, Transcorp, Access Holdings and Fidelity Bank topped the chart for trading 2.074 billion stocks valued at N11.297 billion in 5,966 deals, contributing 69.76 per cent and 49.49 per cent to the total trading volume and value, respectively.
Business Post reports that 51 equities appreciated in price in the week compared with 49 equities in the previous week, 26 stocks depreciated in price as against 17 stocks a week earlier, while 79 shares closed flat versus 90 shares in the preceding week.
CWG was the best-performing stock last week as it gained 25.71 per cent to end at N1.32, Academy Press rose by 20.00 per cent to N1.74, Wema Bank improved by 16.58 per cent to N4.43, Ardova chalked up 14.63 per cent to trade at N19.20, and Multiverse grew by 11.51 per cent to N3.10.
The worst-performing stock for the week was Transcorp due to the 30.96 per cent loss it printed to finish at N1.94, McNichols shed 17.72 per cent to 65 Kobo, Geregu Power fell by 10.00 per cent to N290.70, Living Trust Mortgage Bank went down by 9.73 per cent to N2.69, and GlaxoSmithKline declined by 8.73 per cent to N5.75.
In the week, the stock market gained 0.12 per cent after the All-Share Index (ASI) and the market capitalisation closed higher at 52,465.31 points and N28.568 trillion, respectively.
Similarly, all other indices finished higher except the NGX Main Board, NGX 30, MERI Growth, and NGX Growth, which depreciated by 0.61 per cent, 0.32 per cent, 0.62 per cent, and 8.96 per cent apiece, while the ASeM and sovereign bond indices closed flat.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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