Economy
NGX Further Gives up 0.38% as Failed Coup Rumour Unsettles Investors
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited failed to print its first gain this week as it further crashed by 0.38 per cent on Thursday.
A look at the data showed that investors are treading cautiously as more information is beginning to emerge on the alleged botched coup.
It was reported that 16 military officers were arrested for attempting to remove President Bola Tinubu from office. The military quickly refuted this, saying the persons apprehended were not plotting a coup.
Yesterday, a reputable news platform, Premium Times, published the names of officers believed to have been involved in the alleged act, which is termed treasonable. There were also reports of a military raid on the residence of a relative to a former Governor of Bayelsa State.
These developments, coupled with the silence of the government on the matter, unsettled traders, who are liquidating their shares to be safe. This is already taking its toll on the stock market, which is becoming weaker by the day because of panic sell-offs.
Apart from the banking space, which gained 0.06 per cent yesterday, every other key sector of Customs Street was in red at the close of transactions.
The insurance counter gave up 1.27 per cent, the consumer goods industry depreciated by 1.23 per cent, the commodity index lost 0.52 per cent, the energy sector shrank y 0.32 per cent and the industrial goods landscape fell by 0.25 per cent.
Consequently, the All-Share Index (ASI) retreated by 584.32 points to 153,676.66 points from 154,260.98 points and the market capitalisation moderated by N371 billion to N97.543 trillion from N97.914 trillion.
A total of 795.9 million stocks valued at N35.1 billion exchanged hands in 28,944 deals during the session compared with the 452.9 million stocks worth N14.8 billion traded in 27,654 deals at midweek, showing an uptick in the trading volume, value, and number of deals by 75.73 per cent, 137.16 per cent, and 4.67 per cent, respectively.
Wema Bank was the busiest equity at the session with 305.7 million units sold for N5.7 billion, as GTCO transacted 97.9 million units worth N8.7 billion, Aso Savings traded 75.4 million units valued at N70.9 million, Chams exchanged 24.6 million units worth N87.0 million, and AIICO Insurance traded 16.2 million units valued at N64.2 million.
Business Post reports that 20 shares were on the gainers’ log on Thursday and 39 shares ended on the losers’ table, representing a negative market breadth index and weak investor sentiment.
The trio of Cadbury, Chams, and International Breweries depleted by 10.00 per cent each to sell for N62.55, N3.51, and N12.60 apiece, as Learn Africa lost 9.92 per cent to settle at N5.90, and NAHCO shed 9.49 per cent to close at N113.00.
On the flip side, Oando grew by 9.99 per cent to N46.80, Aso Savings expanded by 9.30 per cent to 94 Kobo, AIICO Insurance chalked up 5.26 per cent to quote at N4.00, May and Baker increased by 5.00 per cent to N17.85, and Deap Capital surged by 4.97 per cent to N1.90.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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