Economy

N8.1bn Financial Stocks Exchange Hands in 12,488 Deals

Published

5 years ago

25/11/2019

By Modupe Gbadeyanka

Last week at the nation’s stock market, a total of 880.2 million shares in the financial services sector worth N8.1 billion were bought and sold by investors in 12,488 deals.

This made the industry contribute 62.15 percent and 46.90 percent to the total equity turnover volume and value respectively during the five-day trading week.

Trailing was the conglomerate industry, which recorded 283.9 million shares worth N1.6 billion in 841 deals, while the consumer goods space had a turnover of 80.8 million shares worth N2.4 billion in 2,871 deals.

During the week, the most traded three equities were UAC Nigeria, FBN Holdings and Access Bank, accounting for 554.9 million shares worth N4.3 billion in 4,113 deals, contributing 39.18 percent and 24.98 percent to the total equity turnover volume and value respectively.

Business Post reports that at the close of the week’s transactions, the Nigerian Stock Exchange (NSE) ended with a total turnover of 1.4 billion shares worth N17.3 billion in 20,303 deals, higher than the 2.1 billion shares valued at N33.9 billion transacted the previous week in 21,849 deals.

However, while the All-Share Index (ASI) appreciated week-on-week by 0.52 percent, the market capitalisation depreciated by 0.34 percent w-o-w to close at 26,991.42 points and N13.027 trillion respectively.

Data from the NSE showed that all other indices finished higher with the exception of NSE Premium, NSE Banking, NSE-AFR Bank Value and NSE Industrial Goods indices, which declined by 0.49 percent, 0.86 percent 0.28 percent and 2.25 percent respectively.

A total of 40 equities appreciated in price during the week, higher than 39 equities in the previous week, while 23 stocks depreciated in price, higher than 11 stocks in the previous week, with 102 shares remaining unchanged, lower than 116 shares recorded in the preceding week.

Neimeth International Pharmaceuticals was the highest price riser, growing by 40 percent to close at 56 kobo per share. Cornerstone Insurance gained 35.48 percent to close at 84 kobo per share, Chams rose by 33.33 percent to close at 36 kobo per share, Ikeja Hotel appreciated by 31.58 percent to close at N1.25 per share, while Conoil improved by 20.13 percent to close at N18.50 per share.

However, LASACO Insurance was the worst performing stock in the week, depreciating by 20.69 percent to close at 23 kobo per share, Jaiz Bank depreciated by 11.27 percent to close at 63 kobo per share, Associated Bus Company declined by 8.89 percent to close at 41 kobo per share, Sterling Bank fell by 8.52 percent to close at N2.04 per share, while AIICO Insurance depreciated by 6.58 percent to close at 71 kobo per share.

Economy

Nigeria Led Africa’s Upstream Oil, Gas Investments in 2024

Published

2 hours ago

21/01/2025

Adedapo Adesanya

By Adedapo Adesanya

Nigeria ranked as Africa’s leading destination for upstream oil and gas investment in 2024, new research from market intelligence firm, Wood Mackenzie, has shown, accounting for three out of four Final Investment Decisions (FIDs) announced by global oil and gas majors, totaling $13.5 billion.

The FIDs announced within the Nigerian market included Shell’s $122 million investment in the Iseni Gas Project, TotalEnergies’ $566 million commitment to the Ubeta Gas Project and Shell’s approval of the Bonga North Tranche 1 project valued at around $5 billion.

According to the Special Adviser to President Bola Tinubu on Energy, Ms Olu Verheijen, these investments reflected Nigeria’s ongoing efforts to unlock its hydrocarbon potential through investor-friendly policies and strategic global partnerships.

Last year, Nigeria introduced several initiatives to create a conducive environment for oil and gas investors, including new tax incentives aimed at attracting up to $10 billion in natural gas investments.

Nigeria, which is Africa’s largest oil producer, also offered tax relief for gas investors, reducing corporate income tax and extending capital allowance benefits – for deepwater gas projects.

Other policies include the Presidential Directive on Local Content Compliance Requirements 2024 to address the reduction in oil and gas investments caused by high operating costs compared to global markets.

Also, the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines 2024 reduces the time spent to award contracts for oil and gas projects.

In addition to the directives, Nigeria also launched its 2024 oil and gas licensing round, offering 19 blocks for exploration, demonstrating its commitment to continued collaboration with local, regional and international partners.

Market analysts note that with this momentum, further FIDs are anticipated, including TotalEnergies’ expected $750 million commitment to the Ima Shallow Gas Project in 2025.

Economy

UBN Property Triggers 0.22% Loss at NASD OTC Exchange

Published

5 hours ago

21/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.22 per cent decline on Monday, January 20, with the market capitalisation shedding N2.35 billion to close at N1.073 trillion compared with the preceding session’s N1.075 trillion and the NASD Unlisted Security Index (NSI) going down by 6.79 points to wrap the session at 3,105.12 points compared with 3,111.91 points recorded in the previous session.

It was observed that the loss recorded on the first trading day of the week was triggered by UBN Property Plc, which crashed by 20 Kobo to trade at N2.00 per share versus last Friday’s N2.20 per share.

However, the share price of Industrial and General Insurance (IGI) Plc went up by 4 Kobo to 40 Kobo per unit from 36 Kobo per unit, it could not stop the bourse from going down at the close of transactions.

The activity chart showed that on Monday, the volume of securities traded by investors increased by 57.9 per cent to 767,610 units from the 486,215 units traded in the preceding session, while the value of shares traded yesterday slumped by 17.7 per cent to N2.3 million from the N2.8 million recorded in the preceding trading day, as the number of deals declined by 14.3 per cent to 12 deals from the 14 deals carried out in the previous trading day.

At the close of transactions, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value on a year-to-date basis with the sale of 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with a turnover of 9.1 million units valued at N44.0 million, and 11 Plc with the sale of 55,358 for N14.5 million.

Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume on a year-to-date basis with 25.3 million units sold for N5.9 million, Geo-Fluids Plc came next with 9.1 million units valued at N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units worth N162.9 million.

Economy

Naira Weakens to N1,550/$1 at Official Market, Gains N5 at Black Market

Published

6 hours ago

21/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The value of the Naira weakened against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, January 20 amid FX pressures associated with this period.

Most people who came into the country for Christmas and New Year holidays are already going back and are in need of forex, putting pressure on the local currency.

Also, the poor performance of the domestic currency could be attributed to end to the 42-day access granted by the Central Bank of Nigeria (CBN) to Bureaux de Change (BDC) operators to buy forex at official price.

According to data from the FMDQ Securities Exchange, the Nigerian Naira lost 0.16 per cent or N2.47 on the greeback yesterday to sell at N1,550.05/$1, in contrast to last Friday’s rate of N1,547.58/$1.

Similarly, the Naira slumped against the Pound Sterling in the spot market on Monday by N23.39 to trade at N1,906.98/£1 versus N1,883.59/£1 and depreciated against the Euro by N23.14 to sell for N1,613.48/€1 compared with last Friday’s N1,590.34/€1.

However, in the parallel market, the Nigerian currency improved its value against the Dollar during the session by N5 to quote at N1,665/$1 compared with the previous session’s N1,670/$1.

As for the cryptocurrency market, it turned red yesterday as the US President, Mr Donald Trump, didn’t bring up the much-expected subject of crypto in his inauguration speech on Monday afternoon.

Mr Trump had promised a far more friendly crypto policy stance than the previous administration but in the long speech that announced his plans in the coming days, he didn’t make mention of Bitcoin or crypto.

Just over the weekend, the President ignited a speculative frenzy with the Friday evening launch of the Trump meme coin, which was shortly followed by a meme coin associated with his wife, Melania.

Dogecoin (DOGE) crumbled yesterday by 6.3 per cent to $0.3419, Solana (SOL) slumped by 4.7 per cent to $235.32, Cardano (ADA) fell by 3.6 per cent to $0.9777, and Litecoin (LTC) moderated by 1.9 per cent to $114.98.

Further, Ethereum (ETH) went down by 1.7 per cent to $3,241.36, Binance Coin (BNB) retreated by 1.4 per cent to $693.30, Ripple (XRP) depreciated by 1.2 per cent to $3.06, and Bitcoin (BTC) tumbled by 0.8 per cent to $101,746.99, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.