Economy
Market Information Drives Trading in FBN Holdings, UAC Nigeria, Access Bank Stocks
By Modupe Gbadeyanka
Last week, information concerning FBN Holdings, UAC Nigeria and Access Bank caused investors to pick interest in their respective stocks.
It was reported last week that FBN Holdings has injected N25 billion into its commercial banking arm, First Bank of Nigeria Limited. This fresh fund was from the sale of FBN Insurance to another investor recently and to boost the capital base of First Bank, its flagship firm, FBN Holdings ‘poured’ the money into it.
Also, during the week, UAC Nigeria announced selling its stake in UAC Property Development Company (UPDC) to Custodian Investment Plc. In the week too, Access Bank confirmed that it has finally acquired a commercial bank in Zambia.
All these spurred shareholders to trade heavily in the stocks of these three firms, with some selling and others buying.
At the close of transactions in the week, the trio accounted for 320.2 million shares worth N1.8 billion in 2,639 deals, contributing 30.06 per cent and 16.69 per cent to the total equity turnover volume and value respectively.
During the week, investors traded a total of 1.1 billion shares worth N10.8 billion in 20,482 deals in contrast to 422.0 million shares valued at N5.3 billion in 11,801 deals the previous week.
It was observed that financial equities led the activity chart with 677.3 million shares valued at N5.1 billion traded in 10,386 deals, contributing 63.59 per cent and 46.95 per cent to the total equity turnover volume and value respectively.
Shares in the conglomerates industry followed with 153.4 million shares worth N580.2 million in 894 deals, while stocks in the industrial goods sector recorded 57.4 million units worth N861.3 million in 1,671 deals.
A total of 41 stocks appreciated in price during the week, higher than 24 equities in the previous week, while 18 equities depreciated in price, lower than 28 equities in the previous week, with 104 equities closing flat, lower than 111 equities recorded in the previous week.
Neimeth was the highest price gainer in the week, appreciating by 21.33 per cent to settle at N1.82 per share.
UPDC grew by 18.52 per cent to close at 96 kobo per share, Flour Mills gained 13.20 per cent to end at N19.30 per share, Seplat appreciated by 12.83 per cent to settle at N350.00 per share, while Stanbic IBTC grew by 10.00 per cent to finish at N33.00 per share.
On the flip side, UAC Nigeria was the biggest loser in the week, depreciating by 11.43 per cent to settle at N6.20 per share and was followed by Total Nigeria, which fell by 9.91 per cent to finish at N79.10 per share.
Ardova declined by 9.67 per cent to close at N12.15 per share, Custodian Investment deflated by 9.09 per cent to settle at N5.00 per share, while Sunu Assurances Nigeria also decreased by 9.09 per cent to finish at 20 kobo per share.
Business Post reports that during the week, the All-Share Index (ASI) and market capitalisation both appreciated by 1.41 per cent to 25,041.89 points and N13.063 trillion respectively.
All other indices finished higher with the exception of the insurance index which depreciated by 0.28 per cent while the NSE ASeM closed flat.
By Adedapo Adesanya
Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.
The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.
Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.
The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.
The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.
Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.
Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.
The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.
On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.
During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.
However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.
At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.
Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.
Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.
Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.
Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.
Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.
Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.
Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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