Market Cements Gains by N76bn as Activity Level Improves

Image

By Dipo Olowookere

The stock market in Nigeria appreciated by 0.36 per cent on Tuesday, following the renewed interest in the market by investors, who have started to take a position on some value equities ahead of the earnings season.

Most companies are beginning to announce their closed periods and yesterday, the big banks released information about their forthcoming board meetings for the consideration of their 2020 full-year earnings.

During the trading day, the buying pressure witnessed skyrocketed the market capitalisation by N76 billion to N21.070 trillion from N20.994 trillion and improved the All-Share Index (ASI) by 145.17 points to 40,295.95 points from 40,150.78 points.

Business Post reports that the insurance sector appreciated yesterday by 3.61 per cent, while the industrial goods segment grew by 0.99 per cent, with the consumer goods counter rising by 0.36 per cent. But the banking space lost 0.62 per cent, while the energy index depreciated by 0.05 per cent.

The activity level significantly improved on Tuesday as investors traded 1.2 billion shares worth N8.0 billion executed in 5,591 deals in contrast to the 335.7 million stocks worth N2.5 billion traded in 5,338 deals the previous session, indicating a 247.46 per cent rise in the trading volume, a 220.11 per cent growth in the trading value and a 4.74 per cent spike in the number of deals.

UPDC REIT was the most active stock yesterday with the sale of 775.0 million units valued at N4.2 billion, with Axa Mansard Insurance trailing for the sale of 49.5 million units worth N59.1 million.

Transcorp transacted 44.3 million shares valued at N41.8 million, Japaul traded 29.4 million stocks for N34.0 million, while Sterling Bank exchanged 26.2 million equities worth N51.9 million.

On the price movement list, Dangote Cement occupied the top spot with a price appreciation of N5 to settle at N230 per unit.

Ardova gained N1.75 to close at N19.70 per share, NASCON grew by N1.45 to end at N15.95 per unit, Dangote Sugar rose by 30 kobo to N19.65 per share, while May & Baker improved by 26 kobo to sell at N3.85 per unit.

Conversely, GTBank suffered the heaviest loss on Tuesday, going down by 35 kobo to close at N32.50 per share and was trailed by MTN Nigeria, which went down by 20 kobo to N165 per unit.

Oando depreciated by 20 kobo to N3.50 per share, Julius Berger deflated by 20 kobo to N17.70 per unit, while UBA declined by 10 kobo to trade at N8.80 per share.

Share
Related Stories
Image
27-September-2023

Crude Oil Prices up as Supply Worries Return

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

Image
26-September-2023

Senate Confirms Cardoso as CBN Governor, Pledges Evidence-Based Policies

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

Image
27-September-2023

IPMAN Laments Secret Return of Fuel Subsidy Payments

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

More Stories
Image
30-August-2023

Check These Basic Features of Any Decent Casino and Start Play

Find out essential signs of a reliable casino to play The most overriding step to check in an online casino is the license. It’s simple if the casino does not have one then the gaming framework is not legal, it also ensures that the casino is subject to strict regulations to protect players. But then how to find this license? It’s simple, go to the casino site and go to the “frequently asked questions” section. Many users first turn to the licenses granted to these platforms. While this is obviously a parameter that should not be overlooked, we will see

Image
25-January-2019

Buhari Removes Onnoghen, Swears in Muhammad as Acting CJN

By Modupe Gbadeyanka News reaching us indicates that President Muhammadu Buhari has sworn-in Justice Tanko Muhammad as the acting Chief Justice of Nigeria (CBN). The followed the suspension of embattled Justice Walter Onnoghen from the position. Some days ago, there were reports that the presidency asked Justice Onnoghen to step down from office following issues with his asset declaration form. Last week, Mr Onnoghen was arraigned before the Code of Conduct Tribunal (CCT). This week, an appeal court directed the CCT to stop the trial of the CJN. Business Post gathered that the President removed Justice Onnoghen from the position

Image
18-September-2018

FG Sells 21% Stake in Minting Firm to CBN

By Dipo Olowookere Federal government has transferred about 21 percent of its stake in the Nigerian Security, Printing and Minting Company (NSPMC) to the Central Bank of Nigeria (CBN). It was learnt that the apex bank is expected to manage, restructure and restore the company to profitability within a period of five years. At the signing ceremony, Nigeria’s Vice President, Mr Yemi Osinbajo, who is the chairman national council on privatization, explained that the sale will allow private sector participation in the company. Speaking further at the Presidential Villa in Abuja on Tuesday, Mr Osinbajo noted that the ceremony underscores

Image
27-August-2020

Airtel Uganda, Comviva Shine at Aite Digital Wallet Innovation Award

The spotlights were on Airtel Uganda and its technology partner, Comviva, recently at the 2020 Digital Wallet Innovation Award, where they were announced as winners of their respective category. While Airtel Uganda was the overall winner of the Market Adoption, Airtel Uganda and Comviva were declared the grand winner out of the five winning firms presented for the first time this year by Aite Group. The recognition by Aite Group, a global research and advisory firm, was presented virtually during the Mobile Payment Conference held on Monday. Aite Group annually recognizes innovation by digital wallet providers that are changing the

Image
20-December-2022

Nigeria Rakes N810.19bn From Company Income Tax in Q3

By Adedapo Adesanya Company Income Tax (CIT) collected in Nigeria in the third quarter of 2022 grew by 13.4 per cent to N810.19 billion from N714.40 billion in Q2 2022, the latest data from the National Bureau of Statistics (NBS) has revealed. CIT is a tax imposed on the profit of a company from all sources. According to the Federal Inland Revenue Service (FIRS), this is 30 per cent of the total profit of a company. However, on a year-on-year basis, CIT collections in Q3 2022 increased by 71.46 per cent from Q3 2021. According to the NBS in the

Image
27-July-2017

Osinbajo Commissions $1.5b Fertiliser Plant in Port Harcourt

By Dipo Olowookere Nigeria’s Acting President, Mr Yemi Osinbajo, on Thursday inaugurated a giant world-class fertilizer plant built by Indorama Eleme Fertilizer and Chemicals Limited in Port Harcourt, Rivers State. During the commissioning today, Mr Osinbajo commended Indorama for keying into the Presidential Fertilizer initiative which President Muhammadu Buhari launched last year to make fertilizers cheaper nationwide. The Acting President reminded all Nigerians that it was time to grow whatever they eat and produce whatever they consume. “What Indorama is accomplishing today is very much in line with President Buhari’s vision for a country that produces what it consumes and

Image
02-July-2021

Ecobank Nigeria to Unveil Ellevate July 7

By Modupe Gbadeyanka All is now set for the launch of a bespoke women empowerment proposition of the Ecobank Group called Ellevate on Wednesday, July 7, 2021. The special guest of honour is the Managing Director, Development Bank of Nigeria, Mr Tony Okpanachi, while the panellists are the founder,  Health Africa, Fola Laoye; founder, Braveline Growth Partners, Taba  Peterside; and founder of Ruff n Tumble, Nike Ogunlesi. The event will be moderated by Tolulope Babajide, the Innovations and Partnerships Advisor on (Nigeria for Women Project), a World Bank-supported project. A statement from the lender disclosed the initiative, being launched in

Image
09-June-2019

Naira Closes Flat Amid Equilibrium in Demand, Supply of Dollar

Last week, local currency closed steady against the Dollar in most foreign exchange market segments as demand was matched with supply. Specifically, according to Cowry Asset, the Naira/Dollar exchange rate closed flat at the Interbank Foreign Exchange market, the Investors and Exporters FX Window, the Bureau De Change and parallel (black) market at N356.92/$, N360.75/$, N358/$ and N361/$ respectively. This was amid the sustained weekly injections of $210 million by the Central Bank of Nigeria (CBN) into the foreign exchange market via the Secondary Market Intervention Sales (SMIS). During the injection by the central bank, a total of $100 million

Ad
Ad
Recent Stories
Image
27-September-2023

Afreximbank to Use Oil Traders to Fund $3bn Nigerian Crude Swap Loan

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

Image
27-September-2023

Osimhen Snubs Teammates After Napoli TikTok Video

By Bliss Okperan Nigerian goal-poacher, who plies his football trade in Italy, Victor Osimhen, has expressed his frustration over the way his club, Napoli, treated his penalty miss over the weekend. The Italian club won a penalty in a match with Bologna on Sunday, but the striker could not put the ball in the back of the net, leaving his team with a goalless draw. On Tuesday, Napoli posted a video on its verified TikTok page. It was believed that the post was to mock the miss, sparking outrage from some fans, especially from Nigeria, the footballer’s home country. On

Image
27-September-2023

Nigeria Loses Bid to Co-host AFCON 2027

By Adedapo Adesanya Nigeria and its neighbour, Benin Republic, will not jointly host the 2027 Africa Cup of Nations (AFCON) as the Confederation of African Football (CAF) has favoured the trio of Kenya, Uganda and Tanzania for the continental football tournament. The apex football governing body in Africa on Wednesday also announced Morocco as the host of the biennial competition in 2025. Morocco last hosted the AFCON in 1988 and was chosen in 2015 but asked for the tournament to be postponed because of the Ebola virus, although CAF later decided to strip the North African nation of the hosting

Image
27-September-2023

Eid-El-Maulud: Tinubu, Obi, CAN, Others Rejoice With Muslims

By Bliss Okperan President Bola Tinubu has joined other persons and organisations to rejoice with Muslims all over the globe, particularly in Nigeria, over the birthday celebration of Prophet Mohammed. The federal government declared Wednesday, September 27, 2023, a public holiday for Eid-El-Maulud, and the President, as well as his opponent in the 2023 presidential election, Mr Peter Obi of the Labour Party (LP), has joined to celebrate the day. In a statement from the State House in Abuja, Mr Tinubu urged Muslims to use the day “for deep introspection and fervent prayers,” stressing they should “make deliberate efforts to

Image
27-September-2023

Teacher’s Day Celebration: Tackling Fundamental of National Educational System

By Blaise Udunze Every day is for the Teachers! The moment we start giving preferences to the profession and the people as the most important members of our society, the moment there will be the emergence of true instructors and educators who are ready to instil the requisite knowledge for nation-building. Alas! The society is in quagmire and stagnated in this part of the world. Over the years, the least attention has been given to the whole of the educational sector- the citadel of learning. The Citadel houses the army of teachers. Today, can it be said to be a

Image
27-September-2023

Election Tribunal: Sokoto Governor to Know Fate Saturday

By Bliss Okperan The Sokoto State Election Petition Tribunal will on Saturday, September 30, 2023, deliver a judgement on the petition filed by the candidate of the Peoples Democratic Party (PDP) in the governorship election in the state, Mr Sa’idu Umar. Mr Umar challenged the victory of the Governor of Sokoto State, Mr Ahmed Aliyu, who contested the poll under the platform of the All Progressives Congress (APC). He said Mr Aliyu was not qualified to partake in the poll and also alleged electoral fraud during the March 18 governorship election. In a press release, the court stated that, “Take

Image
27-September-2023

Reps Seeks Completion of Okpai–Kwale Transmission Line Project

By Adedapo Adesanya The House of Representatives has urged the Federal Ministry of Power and the Transmission Company of Nigeria (TCN) to urgently provide funds for the completion of the Okpai–Kwale Transmission Line Project in Delta State. At the plenary on Tuesday, the lower chamber of the parliament mandated its Committee on Power to ensure that bottlenecks mitigating against the completion of the project are effectively addressed and the project is completed in due time. This followed a motion moved by Mr Nnamdi Ezechi, the lawmaker representing Ndokwa/UKwuani Federal Constituency in the National Assembly on the floor of the green

Image
27-September-2023

Nigeria Needs FX Unification, Subsidy Removal for Economic Stability—IMF

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

Image
27-September-2023

Risevest Buys 100% Stake in Chaka

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

Image
27-September-2023

IPMAN Laments Secret Return of Fuel Subsidy Payments

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as