Economy
NASD OTC Valuation Jumps to N952.62bn in Week 13
By Adedapo Adesanya
The value of equities on the NASD Over-the-Counter (OTC) Securities Exchange increased significantly last week as a result of the admission of Access Bank Plc on the bourse.
Last week, which was the 13th trading week of the year 2022, the NASD OTC valuation rose by N355.49 billion to N952.62 billion from the N597.13 billion recorded in Week 12.
Access Bank Plc listed about 35.545 billion shares on the NASD OTC exchange in the week valued at N353.674, according to trading data.
Business Post had reported that tier-one bank delisted from the Nigerian Exchange (NGX) Limited on Thursday, March 24, 2022, following the Scheme of Arrangement in December 2021.
While the holding company, Access Holdings Plc, remains listed on the local bourse, the entire share capital of Access Bank Plc was admitted at N9.95 to NASD as an Admission of Company on Monday, March 28, 2022.
In the week, the NASD Securities Index (NSI) closed higher by 0.19 per cent or 1.37 basis points to 724.49 points from 723.12 points in the previous week.
According to trading data, there was a 96.3 per cent decrease in the total value of shares transacted last week by investors to N48.2 million from N1.3 billion as the trading volume went down by 99.7 per cent to 7,357,225 units from 2,258,923,086 units, while the number of deals rose by 33.3 per cent to 28 deals from 21 deals.
At the close of the week, Industrial and General Insurance (IGI) Plc was the most traded security by volume with 2.2 billion units, NASD Plc traded 268,170 units, Food Concepts Plc exchanged 163,738 units, Afriland Plc traded 123,500 units, while Central Securities Clearing Systems (CSCS) Plc recorded 94,200 units.
But by volume, Niger Delta Exploration and Production (NDEP) Plc topped the chart with N22.3 million, FrieslandCampina Wamco Nigeria Plc recorded N20.4 million, NASD Plc traded N3.2 million, CSCS Plc transacted N1.6 million, while IGI Plc posted N528,000.
During the week in review, CSCS Plc recorded the highest increase in share price with 1.9 per cent to close at N17.33 per unit in contrast to the preceding week’s N17.00 per unit. It was followed by NDEP Plc with a 1.7 per cent rise to N180.00 per share from N177.00 per share, and Friesland Campina Wamco Nigeria Plc with a 0.4 per cent increase to N125.00 per unit from N124.50 per share.
However, NASD Plc recorded the biggest price decline as it fell by 13.3 per cent to N12.00 per unit from N13.84 per unit, while Afriland Properties Plc lost 3.5 per cent to trade at N1.09 per share compared with the previous week’s N1.13 per share.
On a year-to-date basis, the unlisted securities market has recorded a loss of 2.5 per cent amid the exchange of 3,004,575,282 units of securities worth N16.3 billion in 549 deals.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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