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Economy

Japaul Closes Week as Worst-Performing Stock

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japaul oil

By Dipo Olowookere

Last week, Japaul was the worst-performing stock on the floor of the Nigerian Exchange (NGX) Limited, losing 23.68 per cent to close at 29 Kobo per share.

It topped the chart containing 40 other price losers in the week, higher than 26 depreciating stocks of the previous week as the appetite for local equities continues to decline due to disappointing macroeconomic conditions.

Courteville decreased by 21.43 per cent to 44 Kobo, University Press went down by 18.87 per cent to N1.72, PZ Cussons dropped 17.07 per cent to N8.50, while Honeywell Flour declined by 14.49 per cent to N2.42.

On the flip side, Prestige Assurance was the best-performing stock, growing by 18.18 per cent to 52 Kobo, Neimeth rose by 9.29 per cent to trade at N1.53, Sovereign Trust Insurance expanded by 8.00 per cent to 27 Kobo, Red Star Express improved by 5.88 per cent to N2.70, while Unity Bank increased by 4.65 per cent to 45 Kobo.

In the week, only 21 equities appreciated in price compared with the 33 equities in the previous week, while 94 shares closed flat in contrast to the 97 shares of the preceding week.

Business Post reports that 823.005 million shares worth N12.228 billion exchanged hands in 17,482 deals compared with the 1.511 billion shares valued at N13.547 billion traded in 20,074 deals a week earlier.

Financial stocks dominated the trades with a turnover of 561.683 million units worth N5.576 billion in 8,388 deals, accounting for 68.25 per cent and 45.60 per cent of the total trading volume and value respectively.

ICT equities trailed with 91.819 million shares worth N1.478 billion in 1,532 deals, while investors transacted 42.546 million units of consumer goods stocks worth N3.396 billion in 2,639 deals.

FBN Holdings, e-Tranzact and UBA accounted for 323.474 million shares worth N2.520 billion in 1,457 deals, contributing 39.30 per cent and 20.61 per cent to the total trading volume and value respectively.

The week was characterised by profit-taking, causing the All-Share Index (ASI) and the market capitalisation to depreciate by 0.59 per cent to 49,370.62 points and N26.629 trillion respectively.

Similarly, all other indices finished lower with the exception of premium, banking, NGX-AFR bank value and industrial goods indices, which grew by 0.12 per cent, 0.65 per cent, 0.07 per cent and 0.28 per cent respectively, while the ASeM and growth indices closed flat.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Economy

Access Holdings Merges Sigma, FGPL for Formidable PFA Business

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Sigma Pensions

By Aduragbemi Omiyale

To create a formidable pension funds administration (PFA) business in Nigeria, Access Holdings Plc has merged its subsidiary, First Guarantee Pension Limited (FGPL), with Sigma Pensions Limited.

The marriage between the two PFAs was made possible after Access Holdings acquired an indirect equity stake in Sigma.

Recall that in October, the company announced that it was buying a stake in Sigma to revolutionise the PFA sector.

On Thursday, a court approved the merger between the firm and FGPL, giving room for the organisations to become one and offer innovative products to customers.

A notice signed by the group company secretary of Access Holdings, Mr Sunday Ekwochi, confirmed the development.

“Sequel to our announcement on October 25, 2022, Access Holdings Plc, trading as Access Corporation, today announces the completion of its acquisition of an indirect equity stake in Sigma and the merger of its subsidiary, FGPL, with Sigma.

“Following the sanction of the scheme of merger between Sigma and FGPL by the Federal High Court on December 1, 2022, FGPL has been dissolved without winding up, leaving Sigma as the surviving entity,” a part of the statement dated Friday, December 2, 2022.

“Following the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business,” the group chief executive of Access Holdings, Mr Herbert Wigwe, stated.

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Economy

FrieslandCampina Buoys Unlisted Securities Market by 1.11%

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FrieslandCampina

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive zone on Friday, December 2, as it appreciated by 1.11 per cent at the close of business.

This was driven by a gain in the stock price of FrieslandCampina Wamco Nigeria Plc. The company appreciated by N5.29 price to close at N66.63 per share versus the previous day’s price of N61.34 per share.

This outweighed the 1 Kobo loss recorded by UBN Property Plc during the session as the price of the property investment company went down to 91 Kobo per unit from the preceding session’s 92 Kobo.

When the market closed for the day, the total value of the unlisted securities market increased by N10.27 billion to N933.71 billion from N923.44 billion.

In the same vein, the NASD Unlisted Securities Index (NSI) stretched by 7.82 basis points to 710.58 basis points from the 702.76 basis points in the previous session.

During the session, there was a surge in the volume of securities by 140,993.7 per cent as investors exchanged 2.2 million units, in contrast to the previous day’s 14,508 units.

Likewise, the value of shares traded at the session ballooned by 1,526.6 per cent to N10.7 million from the N657,534.75 recorded a day earlier, while the number of deals improved by 400 per cent to 20 deals from four deals.

When the market closed for the day, AG Mortgage Bank Plc was the most traded stock by volume (year-to-date) with 2.3 billion units valued at N1.2 billion, Central Securities Clearing System (CSCS) Plc occupied second place with 687.8 million units worth N14.3 billion, while Lighthouse Financials Services Plc was in third place with 224.7 million units valued at N112.3 million.

Also, CSCS Plc ended the day as the most traded stock by value (year-to-date) by trading 687.8 million units worth N14.3 billion, VFD Group Plc was in second place with 29.1 billion units valued at N7.7 billion, and FrieslandCampina WAMCO Plc was in third place after selling 16.8 million units worth N1.9 billion.

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Economy

Naira Sells N730/$1 in Black Market, N748/$1 at P2P, N445.33/$1 at I&E

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redesign Naira Notes

By Adedapo Adesanya

Normalcy seems to have returned to the currency market in Nigeria as the Naira further appreciated against the United States Dollar at the various segments of the ecosystem.

In the Investors and Exporters (I&E) segment of the foreign exchange (forex) market, the Nigerian currency gained 50 Kobo or 0.11 per cent to quote at N445.33/$1, in contrast to Thursday’s rate of N445.83/$1.

It was observed that domestic currency withstood significant FX demand pressure during the trading session as forex traders completed transactions worth $159.02 million compared with the $99.50 million executed a day earlier, indicating a 59.1 per cent or $59.52 million increase in FX turnover.

Also, in the Peer-to-Peer (P2P) window, the local currency appreciated against the greenback by N14 or 1.8 per cent to trade at N748/$1 compared with the preceding day’s N762/$1.

In the same vein, the value of the Nigerian currency to its American counterpart improved by N10 yesterday to sell for N735/$1 against N745/$1 of the preceding trading session.

However, in the interbank segment, the Naira lost N3.19 against the Euro on Friday as it closed at N464.98/€1 versus Thursday’s exchange rate of N461.79/€1, and against the Pound Sterling, it depreciated by N7.66 to quote at N542.33/£1 compared with the previous day’s N534.67/£1.

Meanwhile, the cryptocurrency market rebounded yesterday as investors showed renewed interest in digital assets, causing the value of Dogecoin (DOGE) to rise by 2.6 per cent to $0.1016.

Further, Cardano (ADA) recorded a 1.8 per cent increase to sell at $0.3189, Ethereum (ETH) saw its value go up by 1.3 per cent to close at $1,289.56, and Solana (SOL) appreciated by 1.4 per cent to trade at $13.65.

In addition, Binance Coin (BNB) grew by 1.1 per cent to settle at $291.72, Litecoin (LTC) appreciated by 1.0 per cent to trade at $77.23, Ripple (XRP) made a 0.9 per cent rise to finish at $0.3924, and Bitcoin (BTC) rose by 0.5 per cent to $17,030.33.

However, the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 on Friday.

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