Economy
NGX Extends Losing Streak to Five, Index Now 98,132.15 points
By Dipo Olowookere
For the fifth consecutive trading session, the Nigerian Exchange (NGX) Limited ended in the red territory, with a 0.07 per cent decline on Monday after investors maintained their profit-taking stance.
The loss continued during the session as traders further offloaded banking equities in their portfolios in reaction to the one-time 70 per cent tax on their foreign exchange (FX) gains by the federal government to fund the 2024 budget deficit.
Data from the exchange showed that the banking index went down by 1.01 per cent, the consumer goods counter depreciated by 0.07 per cent, and the industrial goods space crashed by 0.01 per cent, while the energy sector appreciated by 1.32 per cent, with the insurance counter growing by 0.15 per cent.
The selling pressure pressed down the All-Share Index (ASI) by 69.34 points to 98,132.15 points from 98,201.49 points, and the market capitalisation tumbled by N112 billion to N55.717 trillion from N55.605 trillion.
However, investor sentiment turned bullish after the NGX ended with 22 price gainers and 21 price losers, indicating a positive market breadth index.
Caverton plunged by 10.00 per cent to N1.35, Coronation Insurance declined by 9.30 per cent to 78 Kobo, ABC Transport weakened by 9.09 per cent to 70 Kobo, Neimeth lost 7.65 per cent to N1.81, while NASCON shed 4.85 per cent to trade at N32.35.
On the other side of the coin, Africa Prudential gained 10.00 per cent to settle at N10.45, Cutix jumped by 9.90 per cent to N5.66, Eterna chalked up 9.88 per cent to sell for N17.80, Oando went up by 9.83 per cent to quote at N22.35, and Custodian Investment rose by 9.80 per cent to N11.20.
Investors transacted 379.1 million equities valued at N8.7 billion in 10,096 deals compared with the 1.1 billion equities worth N21.6 billion traded in 9,098 deals last Friday, indicating an uptick in the number of deals by 10.97 per cent, a decline in the trading volume and value by 65.64 per cent and 59.72 billion, respectively.
Business Post reports that UBA ended the session as the most active with 69.1 million shares valued at N1.5 billion, FBN Holdings traded 24.9 million equities for N512.4 million, Access Holdings exchanged 23.9 million stocks worth N441.4 million, Universal Insurance transacted 22.2 million equities valued at N7.0 million, and GTCO traded 21.0 million stocks worth N924.9 million.
By Adedapo Adesanya
As Nigeria sets its sight on becoming a $1 trillion economy by 2023, the Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, in the short term, has outlined plans to facilitate $6 billion in foreign investment into Nigeria’s productive economy in 2025 via the Nigerian Exchange (NGX) Group.
This collaboration was highlighted during the Closing Gong Ceremony at the NGX Group, Lagos, where the minister was giving the honour.
From the $6 billion target, $3 billion is projected to come from Foreign Direct Investments (FDIs) into key sectors such as infrastructure, manufacturing, agribusiness, technology, and renewable energy.
According to Mrs Oduwole, these sectors are pivotal to creating jobs, promoting exports, and enhancing Nigeria’s productive capacity.
Another $3 billion will be mobilized through Foreign Portfolio Investments (FPIs)by leveraging innovative financial instruments like green bonds, diaspora-linked securities, and SME-focused platforms.
These efforts aim to deepen market liquidity and align capital flows with national priorities, she added.
Mrs Oduwole emphasized the integral role of capital markets in driving economic resilience and sustainable growth,
“Deepening Nigeria’s capital markets is fundamental to improving investment flows, creating jobs, and sustaining long-term economic resilience,” she said.
On his part, Mr Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited, NGX, reinforced the importance of this collaboration, noting that capital markets are powerful engines of innovation, business expansion, and economic inclusion, all of which are essential to advancing Nigeria’s industrialisation objectives.
Mr Temi Popoola, Group Managing Director/CEO of NGX Group, highlighted the Exchange’s technology-driven vision.
“We are building a next-generation exchange ecosystem designed to democratize investment opportunities, enhance market liquidity, and position Nigeria as a competitive destination for both domestic and international capital.”
Speaking at the ceremony, Mr Umaru Kwairanga, Chairman of NGX Group, commended the Ministry’s leadership and bold reforms, which have set the stage for inclusive growth.
“By fusing policy innovation with market infrastructure, we can catalyze a new era of sustainable growth and national development,” he stated.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 023 per cent on Friday on the back of renewed bargain-hunting amid cautious trading by investors.
During the session, the trio of NAHCO, The Initiates, and Cadbury Nigeria, appreciated by 10.00 per cent each to sell for N82.50, N4.95, and N31.90 apiece, as Beta Glass gained 9.96 per cent to quote at N109.80, and Caverton flew by 9.92 per cent to N2.66.
Conversely, DAAR Communications lost 10.00 per cent to trade at 54 Kobo, Vitafoam Nigeria declined by 9.94 per cent to N47.55, Multiverse shed 9.93 per cent to finish at N6.35, Eterna deflated by 9.91 per cent to N45.00, and Ecobank gave up 9.72 per cent to settle at N26.00.
At the close of transactions, a total of 29 equites ended on the gainers’ chart and 40 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.
The bourse was very busy on Friday after it resumed trading from the one-day break on Thursday for Workers’ Day.
A total of 565.3 million shares worth N15.0 billion exchanged hands in 18,367 deals versus the 393.0 million shares valued at N12.8 billion transacted on Wednesday in 17,519 deals, indicating a surge in the trading volume, value, and number of deals by 43.84 per cent, 17.19 per cent, and 4.84 per cent, respectively.
The busiest stock for the session was Access Holdings with 52.8 million units valued at N1.2 billion, Chams sold 51.6 million units worth N108.9 million, UBA transacted 36.0 million units for N1.3 billion, FCMB exchanged 34.5 million units valued at N314.5 million, and GTCO traded 31.9 million units worth N2.1 billion.
Business Post reports that the insurance sector shrank by 3.50 per cent, the banking index crashed by 1.49 per cent, and the energy counter went down by 0.17 per cent.
However, the consumer goods, the commodity and the industrial goods indices were up by 2.03 per cent, 0.61 per cent and 0.08 per cent, respectively.
Consequently, the All-Share Index (ASI) increased by 241.72 points to 106,042.57 points from 105,800.85 points and the market capitalisation grew by N151 billion to N66.648 trillion from N66.497 trillion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange made a 0.26 per cent rise on Friday, May 2, after the share prices of two companies on the platform pointed northwards at the close of business.
During the trading session, the NASD Unlisted Security Index (NSI) was up by 8.59 points to 3,289.66 points from the previous session’s 3,281.07 points and the market capitalisation increased by N5.03 billion to close at N1.926 trillion compared with the N1.921 trillion it ended in the preceding session.
Yesterday, FrieslandCampina Wamco Nigeria Plc gained N1.90 to close at N40.00 per share compared with the previous closing value of N38.10 per share, and Afriland Properties Plc added N1.38 to trade at N16.00 per unit, in contrast to Wednesday’s value of N14.62 per unit after the bourse closed on Thursday due to the Workers’ Day holiday.
On the flip side, Geo-Fluids Plc went down by 13 Kobo to N2.00 per share from N2.13 per share, and IPWA Plc lost 5 Kobo to end at 50 Kobo per unit versus 55 Kobo per unit.
The volume of securities traded in the session was up by 175.4 per cent to 8.5 million units from the 3.1 million units transacted in the previous trading day, the value of securities slumped by 45.7 per cent to N15.7 million from N29.0 million, and the number of deals declined by 64.4 per cent to 31 deals from 38 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, followed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Okitipupa Plc was the most active stock by value (year-to-date) with 153.6 million units worth N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 14.7 million units valued at N566.9 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.
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