Economy

NASD Investors Lose N6.8bn in 36 Trades

Published

5 years ago

13/07/2020

By Adedapo Adesanya

Investors at the NASD Over-the-Counter (OTC) Securities Exchange lost N6.8 billion last week (Week 28) as the market’s capitalization closed at N519.90 billion compared to N526.65 billion it finished at the preceding week.

The NASD unlisted securities index (NSI) also closed negative by 1.28 per cent to close the week at 707.77 points as against 716.96 points it ended a week earlier.

This happened despite an increase in the amount of funds used to trade securities at the market during the week as well as a rise in the number of deals executed.

Business Post reports that there was a 346.4 per cent increase in the total value of shares traded by market participants during the week. Stocks worth N59.8 million were traded by NASD Investors last week compared with N13.4 million in the previous week.

Also, a total of 36 deals executed last week, higher than the previous week’s 34 deals by 5.9 per cent.

In addition, the volume of shares transacted in the week increased by 4,683 per cent to 10.7 million units from 224,48 units in week 27.

Further on the activity chart, Food Concept Plc ranked as the top among four most traded securities by volume and VFD Group Plc as the fourth most traded stock by volume. Food Concept Plc traded 10 million units of its stock, while VFD Group Plc sold 110,000 units.

In terms of value, the week closed with FrieslandCampina WAMCO Nigeria Plc ranked top among four most traded securities by value and Niger Delta Exploration and Production (NDEP) Plc stood as the fourth most-traded security by value for the week. Friesland pulled N30.2 million while NDEP Plc recorded N5.9 million.

The NASD OTC bourse closed the week with a positive movement in the prices of three of its stocks. Afriland Properties Plc, which currently holds a market capitalization of N2.9 billion closed the week at N2.14 representing an 8.08 per cent increase from the previous closing price of N1.98.

Food Concept Plc, which currently holds a market capitalization of N4.4 billion closed the week at N0.75 representing a 7.14 per cent increase from the previous close N0.7.

FrieslandCampina WAMCO Nigeria Plc, which currently holds a market capitalization of N118.1 billion closed the week at N121 representing a 0.12 per cent increase from the previous closing price of N120.86.

The week ended with one decliner, being Central Securities Clearing System (CSCS) Plc which currently holds a market capitalization of N67.5 billion closed the week at N13.5 after dropping 9.9 per cent from the previous week’s closing value N14.98.

On a year-to-date basis, the NASD OTC Exchange Market closed last week on a positive note at 1.47 per cent.

The YTD transactions at the exchange stood at 7.8 billion units worth N10.2 billion traded in 766 deals.

Economy

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

Published

13 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

16 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

17 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.