Economy
NASD Vows to Implement Initiatives, Engage Stakeholders More in 2024
By Adedapo Adesanya
The Managing Director of NASD Plc, Mr Eguarekhide Longe, has said the organisation would make efforts to engage more with stakeholders in 2024 and implement some initiatives commenced in 2023.
He gave this assurance in his 2024 address to stakeholders over the weekend.
“The trading and return indices read relatively positively. Market growth indicated by the number of admitted securities and market capitalisation year-on-year, show some progress despite the exit of a notable company experienced in the year (VFD PLC),” a part of his note obtained by Business Post read.
He added that, “The NSI, with a growth of 31 per cent in the year, showed strong resilience and improved interaction with the NASD OTC Exchange by the investing public and other market participants,” stressing that the bourse is not going to rest on its oars.
“While there was a modicum of progress established in the activities on our market in 2023, it is obvious that the market requires considerable improvement in breadth and content to occupy sustainable positioning within the Nigerian capital market.
“We will implement in the current year a lot of the initiatives we commenced in 2023 and promise to engage with and inform all our stakeholders of activities and updates more regularly during the year,” Mr Longe added.
The NASD Over-the-Counter (OTC) Securities Exchange witnessed a stellar year of growth in the 2023 trading year, spurred by increases in the market capitalization, index, as well as other trading parameters.
In the year under review, market growth indicated by the number of admitted securities and market capitalization year-on-year showed some progress was made despite a notable exit.
The market cap, which is calculated by multiplying the prices of all admitted stocks on the platform, jumped by 35 per cent as it ended the year at N1.26 trillion versus N932.51 billion in 2022.
On two occasions during the year, the bourse crossed the N1 trillion mark and remained there unlike in 2022, it remained and continued rising.
The NASD Unlisted Security Index (NSI) made a 31 per cent growth to end at 927.77 basis points from 709.66 points in the same period a year before.
In the year, there were three freshly admitted stocks as the number rose 7.5 per cent to 43 from 40. These companies were IPWA Plc (formerly International Paints West Africa Limited), Lagos Building Investment Company (LBIC) Plc, and Purple Real Estate Income Plc.
In the trading year, VFD Group Plc announced its exit and migrated to Nigerian Exchange (NGX) Limited.
The volume of transactions in 2023 rose by 24 per cent as 4.84 billion units of stocks were transacted compared to 2022’s figure of 3.89 billion while the value of deals witnessed a 34 per cent growth to N37.57 billion versus N28.02. These were realized in 3,838 deals, a 42 per cent rise from 2,706 deals executed in 2022.
The high-flying company, Aradel Holdings Plc formerly known as Niger Delta Exploration and Production (NDEP) Plc, was the highest gaining stock in the year as it saw a 480 per cent rise in its stock from N197.78 to N1,089.00.
It was followed by UBN Property with 145 per cent (80 kobo to N1.90), Central Securities Clearing Systems (CSCS) Plc 69 per cent (N12.46 to N19.84), FrieslandCampina Wamco with 22 per cent (N67.38 to N80), and 11 Plc (N154 to N180).
CSCS Plc was the most valued stock with N21.9 billion followed by VFD Group with N5.9 billion, Aradel Plc with N2.7 billion, UBN Property Plc with N2.2 billion, and FrieslandCampina Wamco Nigeria Plc with N1.9 billion.
By Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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