Economy
Investors Wail as Bears Devour Nigerian Stocks by 0.06%
By Dipo Olowookere
The nation’s stock market was further battered by the bears on Friday by 0.06 per cent as investors continue to rebalance their portfolios.
This deepened the year-to-date loss to 0.21 per cent as the news of Nigeria’s exit from recession on Thursday could not change the minds of investors.
At the close of business yesterday, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) reduced by 25.49 points to settle at 40,186.70 points from 40,212.19 points of the preceding session, while the market capitalisation decreased by N11 billion to N21.026 trillion from N21.037 trillion.
A look at the sectoral performance showed that insurance, energy and industrial goods sectors depreciated by 1.83 per cent, 1.82 per cent and 0.15 per cent respectively, while the banking and consumer goods counters grew by 1.95 per cent and 0.08 per cent respectively.
Stanbic IBTC was the heaviest price loser, declining by 10.00 per cent to close at N38.70 per share and was trailed by May & Baker lost 9.89 per cent to finish at N4.19 per unit.
Multiverse depreciated by 8.33 per cent to trade at 22 kobo per share, Neimeth dropped 7.80 per cent to end at N2.01 per unit, while Royal Exchange fell by 7.41 per cent to settle at 25 kobo per share.
At the other side, Livestock Feeds ended the session as the biggest price gainer, rising by 9.27 per cent to quote at N2.24 per unit.
Portland Paints gained 8.70 per cent to close at N3.25 per share, FTN Cocoa grew by 8.16 per cent to 53 kobo per unit, United Capital appreciated by 6.19 per cent to settle at N6.35 per share, while Africa Prudential grew by 5.80 per cent to N7.30 per unit.
Unlike the previous day, the level of activity waned on Friday as a result of the 27.80 per cent decline in the trading volume, 38.84 per cent fall in the trading value and 11.65 per cent reduction in the number of deals.
During the session, Business Post observed that investors traded 307.8 million stocks worth N2.9 billion in 4,393 deals as against the 426.3 million shares worth N4.8 billion traded in 4,972 deals on Thursday.
FBN Holdings was the most active equity with the sale of 85.6 million units worth N624.7 million and was trailed by United Capital, which exchanged 53.3 million shares for N341.8 million.
UBA transacted 23.4 million equities valued at N193.0 million, Zenith Bank traded 17.6 million stocks for N432.0 million while GTBank exchanged 11.5 million shares for N348.6 million.
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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