Economy
NGX All-Share Index Moves to 53,157.83 points
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited ended the first trading session of the week on a positive note, as it appreciated by 0.95 per cent amid encouraging Q4 earnings of companies on the stock exchange.
Analysis of the market performance showed that investors saw the need to buy more shares during the session, leading to a significant increase in the level of activity.
A total of 201.4 million equities worth N5.7 billion exchanged hands in 4,332 deals yesterday, in contrast to the 171.1 million equities worth N2.3 billion transacted last Friday in 3,599 deals, indicating an improvement in the trading volume, value and the number of deals by 17.71 per cent, 147.83 per cent, and 20.37 per cent, respectively.
Zenith Bank attracted traders the most on Monday as it sold 36.8 million units, followed by GTCO, which exchanged 23.4 million units. Transcorp traded 17.1 million shares, UBA transacted 11.5 million stocks, and Geregu Power sold 11.1 million equities.
Business Post reports that apart from the insurance sector, which lost 1.23 per cent, and the energy space, which closed flat, every other counter ended bullish, with the banking, consumer goods and industrial goods sectors appreciating by 0.66 per cent, 0.24 per cent, and 0.08 per cent apiece.
Consequently, the All-Share Index (ASI) increased by 499.95 points to 53,157.83 points from 52,657.88 points, and the market capitalisation grew by N273 billion to N28.954 trillion from N28.681 trillion.
On Monday, the market breadth was positive as there were 28 appreciating stocks and 15 depreciating stocks, indicating a very strong investor sentiment.
The duo of John Holt and Geregu Power topped the gainers’ chart after they gained 10.00 per cent each to sell at N1.21 and N176.00, respectively. NAHCO shook off its troubles of last Monday after its employees disrupted airport operations in Lagos, improving by 9.62 per cent yesterday to trade at N8.55. International Energy Insurance maintained its upward trajectory with a 9.52 per cent growth to close at 69 Kobo, and May and Baker jumped by 8.26 per cent to N4.85.
Conversely, Coronation Insurance topped the losers’ table during the session with a decline of 8.89 per cent to settle at 41 Kobo, Tripple Gee shed 8.57 per cent to close at 96 Kobo, Royal Exchange depreciated by 7.14 per cent to 78 Kobo, Honeywell Flour reacted to N5.5 billion lawsuit loss with a 6.44 per cent fall to close at N2.18, and UPDC dropped 5.94 per cent to trade at 95 Kobo.
By Adedapo Adesanya
Despite closing with five prices gainers, the NASD Over-the-Counter (OTC) Securities Exchange witnessed a 0.04 per cent drop on Monday, August 4.
The loss was influenced by Central Securities Clearing System (CSCS) Plc and Food Concepts Plc, with the former shedding 28 Kobo to end at N59.72 per share compared with the previous session’s N60.00 per share, and the latter losing 21 Kobo to close at N2.93 per unit versus last Friday’s N3.14 per unit.
During the session, Nipco Plc appreciated by N23.00 to N264.00 per share from N241.00 per share, NASD Plc soared by 60 Kobo to N30.58 per unit from N29.98 per unit, FrieslandCampina Wamco Nigeria Plc increased by 30 Kobo to N70.68 per share from N70.38 per share, Lagos Building Investment Company (LBIC) Plc appreciated by 18 Kobo to N3.08 per unit from N2.90 per unit, and Afriland Properties Plc added 7 Kobo to end at N21.17 per share compared with the preceding session’s N21.10 per share.
When the bourse closed for the day, the NASD Unlisted Security Index (NSI) declined by 1.66 points to 3,700.01 points from 3,701.67 points, and the market capitalisation shrank by N980 million to N2.166 trillion from N2.167 trillion.
Yesterday, there volume of transactions went up by 143.4 per cent to 1.2 million units from 494,568 units, the number of deals rose by 22.2 per cent to 33 deals from 27 deals, while the the value of trades depleted by 34.1 per cent to N28.5 million from N43.3 million.
The most traded stock by value on a year-to-date basis remained Okitipupa Plc with 154.2 million units worth N5.0 billion, followed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 43.3 million units sold for N1.9 billion.
Also, the most traded stock by volume on a year-to-date basis was still Industrial and General Insurance (IGI) Plc with 1.1 billion units valued at N354.4 million, trailed by Impresit Bakolori Plc with 536.9 million units traded for N524.8 million, and Air Liquide Plc with 507.2 million units transacted for N4.2 billion.
By Adedapo Adesanya
The value of the Naira appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, August 4 by N1.29 or 0.08 per cent to quote at N1,532.65/$1, in contrast to the N1,533.94/$1 it was exchanged last Friday.
Equally, the Nigerian currency gained 23 Kobo against the Pound Sterling in the official market during the trading day to sell for N2,038.26/£1 compared with the preceding session’s rate of N2,038.49/£1, but, lost N18.54 against the Euro to settle at N1,774.00/€1 versus the previous trading day’s N1,755.46/€1.
In the black market window, the exchange rate of the Nigerian Naira to the US Dollar remained unchanged at N1,540/$1 on the first trading day of the week.
The domestic currency has remained relatively stable in the different segments of the forex market amid growing external reserves and earnings from crude oil sales.
It was disclosed yesterday that Nigeria’s oil output, which accounts for the lion share of its foreign earnings, surpassed 1.8 million barrels per day, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Meanwhile, the cryptocurrency market firmed up on MOnday even as US President Donald Trump levied fresh tariffs across Asia and Europe, and dampened the mood in the global market, with risky bets suffering.
Market analysts noted that although there were concerns over President Trump’s tariff stance and the US Federal Reserve’s signal that it’s not keen to cut rates soon, opportunistic buyers are already stepping in to buoy prices.
Litecoin (LTC) gained 10.9 per cent to sell at $123.30, Solana (SOL) rose by 4.4 per cent to $168.76, Ethereum (ETH) increased by 4.1 per cent to $3,669.31, Dogecoin (DOGE) jumped by 3.0 per cent to $0.2070, Cardano (ADA) grew by 2.1 per cent to $0.7480, Ripple (XRP) appreciated by 2.0 per cent to $3.03, Binance Coin (BNB) expanded by 1.7 per cent to $766.10, and Bitcoin (BTC) improved by 0.2 per cent to $114,368.15, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Adedapo Adesanya
Crude oil prices fell on Monday after the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to another large output increase in September.
Brent crude was down by 91 cents or 1.3 per cent to $68.76 a barrel, and the US West Texas Intermediate (WTI) crude declined by $1.04 or 1.5 per cent to $66.29 a barrel.
OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, making it the latest in a series of accelerated output increases aimed at capturing market share.
The development was in line with market expectations and marks a full and early reversal of the group’s largest tranche of output cuts, amounting to about 2.5 million barrels per day, or about 2.4 per cent of global demand.
Analysts at Goldman Sachs expect the actual increase in supply from the eight OPEC+ countries that have raised output since March will be 1.7 million barrels per day because other members have cut output after overproducing.
Meanwhile, there is the possibility of further supply increases from OPEC+, with potential discussions to unwind a further 1.65 million barrels per day of cuts at the group’s next meeting on September 7 adding pressure to oil prices.
Adding to oversupply concerns after U.S. data showed lacklustre fuel demand in the top consuming nation.
Data released by the US government last week showed the weakest gasoline demand in May, the start of the country’s summer driving season, since the COVID-19 pandemic of 2020.
The data also showed US oil production at a monthly record high in May, adding to global oversupply concerns.
The impact of the latest US tariffs on exports from dozens of trading partners remain on the market which also wary of further US sanctions on Russia.
US President Donald Trump has threatened to impose 100 per cent secondary tariffs on Russian crude buyers as he seeks to pressure Moscow into halting its war in Ukraine.
The American President on Monday said he will substantially raise tariffs on India over its purchases of Russian oil, after it was reported that the country will keep buying oil from Russia despite US threats.
ING analysts said in a note that about 1.7 million barrels per day of crude supply will be at risk if Indian refiners stop buying Russian oil.
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