Economy
Local Equities Regain Strength as Investors Gain N33bn
By Dipo Olowookere
Data about Nigeria’s rising debt and inflation had a minor impact on the Nigerian Exchange (NGX) Limited on Friday, as late bargain-hunting lifted the bourse by 0.09 per cent at the close of business.
The National Bureau of Statistics (NBS) said yesterday that inflation rose by 25.80 per cent in August from 24.08 per cent in July, just as the Debt Management Office (DMO) revealed that the country’s debt rose by 75.3 per cent to N87.38trn in the second quarter of this year.
Investors shrugged off these concerns, including news that Brent sold at $94 per barrel, to mop up some equities with sound fundamentals, particularly MTN Nigeria, Zenith Bank, and others.
Consequently, the All-Share Index (ASI) went up by 60.44 points to 67,395.74 points from 67,335.30 points, and the market capitalisation grew by N33 billion to N36.886 trillion from N36.853 trillion.
It was observed that at midday, the stock exchange was looking like the bears would maintain the dominance until things changed due to strong investor sentiment, leading to 29 stocks finishing on the gainers’ table, as 19 stocks ended on the losers’ log, indicating a positive market breadth index.
Chams finished on top of the gainers’ chart after its value rose by 10.00 per cent to N1.10, Cutix gained 9.95 per cent to settle at N2.43, Cornerstone improved by 9.38 per cent to N1.40, Caverton jumped by 8.46 per cent to N1.41, and United Capital surged by 8.13 per cent to N17.30.
Leading the losers’ gang was Conoil, which fell by 10.00 per cent to N89.10, MRS Oil shed 9.96 per cent to close at N98.55, ABC Transport went down by 9.64 per cent to 75 Kobo, Tantalizers dropped 9.52 per cent to 38 Kobo, and Neimeth crumbled by 9.36 per cent to N1.55.
Business Post reports that the insurance, banking and consumer goods sectors appreciated by 2.15 per cent, 0.48 per cent, and 0.37 per cent apiece, as the energy and industrial goods counters depreciated by 1.80 per cent and 0.08 per cent, respectively.
The activity level waned on the last trading session of the week, with the trading volume, value, and the number of deals going down by 48.14 per cent, 63.38 per cent, and 20.86 per cent apiece as investors transacted 408.9 million shares valued at N5.2 billion in 6,972 deals versus the 788.5 million shares worth N14.2 billion exchanged in 8,810 deals on Thursday.
Sterling Holdings traded 82.3 million equities worth N314.2 million to lead the activity chart, Transcorp traded 59.7 million shares valued at N364.9 million, UBA transacted 48.1 million stocks for N787.6 million, GTCO sold 26.4 million equities for N926.9 million, and Oando exchanged 21.9 million shares valued at N231.3 million.
Economy
Reps Express Readiness to Pass Tax Reform Bills
By Aduragbemi Omiyale
The House of Representatives has said it would make efforts to pass the controversial tax reform bills forwarded to the National Assembly by President Bola Tinubu last year.
Mr Tinubu, in a bid to improve revenue of the government, asked the parliament to pass the bills, but this has been resisted mostly by northern lawmakers and others.
At the resumption of plenary session on Tuesday in Abuja, the Speaker of the House of Representatives, Mr Abbas Tajudeen, assured that the green chamber of the legislative arm of government would prioritise the tax reform bills.
“The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable,” Mr Abbas said through the Deputy Speaker, Mr Ben Kalu, who presided over the session.
He also expressed grief over the loss of lives in stampedes in Ibadan, Abuja and Anambra State last month due to hardship in the country.
Several Nigerians died in the stampedes while trying to receive palliatives given to alleviate their sufferings.
“Tragic events, such as the stampedes in Ibadan, Abuja and Okija, during the distribution of palliative aid, underline the urgent need for improved planning and safety protocols in humanitarian efforts. On behalf of the House, I extend our deepest sympathies to the families and communities affected.
“These incidents serve as a stark reminder of the socio-economic hardships facing our citizens and the imperative for policies that tackle hunger and poverty at their roots.
“Turning to the economy, 2024 presented both difficulties and opportunities. While inflation remains a pressing concern, progress in GDP growth and the positive trajectory of economic reforms provide hope for a more stable and prosperous 2025,” the Speaker said.
Economy
NASD Index Appreciates 0.69% to 3,095.00 Points
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.69 per cent appreciation on Monday, January 13, as investors showed renewed interests in unlisted securities.
During the trading session, the NASD Unlisted Security Index (NSI) increased by 21.07 points to wrap the session at 3,095.00 points compared with the 3,073.93 points recorded in the previous session.
In the same vein, the value of the local alternative stock exchange went up by N7.22 billion to close at N1.061 trillion compared with last Friday’s N1.051 trillion.
Yesterday, FrieslandCampina Wamco Nigeria Plc recorded a growth of N3.78 to close at N42.00 per share versus N38.22 per share, Mixta Real Estate Plc improved by 20 Kobo to end at N2.35 per unit versus the preceding closing rate of N2.15 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to finish at 25 Kobo per share compared with the previous session’s 24 Kobo per share.
Conversely, Geo-Fluids Plc lost 29 Kobo to quote at N4.56 per unit compared with the preceding day’s N4.85 per unit, and Afriland Properties Plc slid by 75 kobo to end the session at N15.50 per share versus the preceding closing rate of N16.25 per share.
During the session, the volume of securities traded decreased by 27.2 per cent to 3.1 million units from 4.3 million units, the value of securities slumped by 81.5 per cent to N3.2 million from N17.2 million, and the number of deals expanded by 57.9 per cent to 30 deals from 19 deals.
At the close of trades, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and IGI Plc with 10.7 million units sold for N2.1 million.
Also, IGI Plc remained the most traded stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
Economy
FX Supply Pressure Weakens Naira to N1,548/$1 at NAFEM
By Adedapo Adesanya
The Naira recorded a 0.38 per cent or N5.86 depreciation on the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, January 13 to close at N1,548.89/$1, in contrast to the preceding session’s N1,543.03/$1.
The local currency weakened further in the official market yesterday as the deadline to cut off Bureaux De Change (BDC) operators from the Electronic Foreign Exchange Matching System (EFEMS) built to enhance transparency in the FX system looms.
Recall that the Central Bank of Nigeria (CBN) in December opened a 42-day window to allow BDCs to buy FX worth $25,000 per week from the spot market.
However, the domestic currency appreciated against the Pound Sterling in the official market on Monday by N11.87 to trade at N1,877.43/£1 compared with last Friday’s N1,889.29/£1 and against the Euro, it improved its value by N4.94 to close at N1,578.87/€1, in contrast to the previous trading day’s N1,583.81/€1.
A look at the parallel market indicated that the Nigerian Naira slumped against the greenback yesterday by N5 to sell at N1,655/$1 compared with the preceding session’s N1,650/$1.
In the cryptocurrency market, large positive outcomes came even as risk assets weighed the possibility of US Federal Reserve rate cuts in the wake of Friday’s hotter-than-expected US jobs report.
The biggest gainer was recorded by Dogecoin (DOGE) as it rose by 3.9 per cent to sell at $0.3422, Bitcoin (BTC) grew by 0.9 per cent to trade at $94,843.98, Binance Coin (BNB) appreciated by 0.8 per cent to sell for $687.84, and Solana (SOL) recorded a 0.8 per cent growth to quote at $185.24.
Further, Ripple (XRP) increased its value by 0.7 per cent to close at $2.53, and Cardano jumped by 0.3 per cent to settle at $0.9469.
On the flip side, Ethereum (ETH) depreciated by 1.9 per cent to finish at $3,159.52, and Litecoin (LTC) went down by 0.9 per cent to close at $98.68, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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