Economy
NGX Index Crosses 100,000 Points Again as Appetite for Shares Intensifies

By Dipo Olowookere
The strong appetite for domestic shares by offshore and local investors further strengthened the Nigerian Exchange (NGX) Limited by 0.13 per cent on Tuesday.
The growth recorded during the session pushed the benchmark index, the All-Share Index (ASI) above the 100,000-point threshold after it increased by 128.31 points to 100,050.94 points from 99,922.63 points as the market capitalisation grew by N78 billion to N60.650 trillion from N60.572 trillion.
Business Post reports that the consumer goods and industrial goods sectors witnessed profit-taking which made them slide by 0.15 per cent and 0.02 per cent, respectively.
However, the insurance counter improved on Tuesday by 1.56 per cent, the banking index appreciated by 0.19 per cent and the energy space went up by 0.06 per cent.
Unlike the preceding days, investor sentiment was weak yesterday after the bourse finished with 26 price losers and 25 price gainers, representing a negative market breadth index.
MRS Oil appreciated by 10.00 per cent to close at N145.20, Coronation Insurance increased by 10.00 per cent to N1.54, Caverton flew by 9.68 per cent to N2.38, Lasaco Assurance gained 9.41 per cent to trade at N2.79, and Royal Exchange soared by 9.09 per cent to 72 Kobo.
On the flip side, Cutix lost 10.00 per cent to settle at N2.25, Tantalizers declined by 9.73 per cent to N1.67, DAAR Communications slumped by 7.02 per cent to 53 Kobo, Oando deflated by 6.10 per cent to N68.50, and FTN Cocoa waned by 5.88 per cent to N1.76.
At the market yesterday, eTranzact topped the activity chart after it transacted 70.2 million stocks valued at N474.0 million, Transcorp Hotels traded 70.0 million shares for N7.4 billion, Oando exchanged 26.4 million equities for N1.8 billion, Veritas Kapital sold 21.3 million shares valued at N25.7 million, and Sterling Holdings traded 19.4 million stocks worth N94.8 million.
At the close of business, a total of 478.1 million equities valued at N22.5 billion exchanged hands in 9,578 deals compared with the 740.9 million equities worth N16.9 billion traded in 10,430 deals a day earlier, indicating a rise in the trading value by 33.14 per cent and a decline in the trading volume and the number of deals by 35.47 per cent and 8.17 per cent, respectively.
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Economy
NASD Unlisted Security Index Slips 0.49%

By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.49 per cent on Tuesday, February 11 as investors recalibrated their portfolios, selling off some securities they fell have yielded returns since they were acquired from the market.
This action by the market participants depleted the value of the trading platform by N8.86 billion during the trading session to N1.803 trillion from the N1.812 trillion it closed in the preceding session and the NASD Unlisted Security Index (NSI) went down by 15.65 points to settle at 3,184.02 points compared with 3,199.67 points recorded at the previous session.
UBN Property Plc declined by 17 Kobo to end at N2.05 per share compared with Monday’s closing price of N2.22 per share, Geo Fluids Plc decreased by 30 Kobo to N4.24 per unit from N4.54 per unit, Central Securities Clearing System (CSCS) Plc lost N1.50 to settle at N23.00 per share versus N24,50 per share, and FrieslandCampina Wamco Nigeria Plc crumbled by 12 Kobo to close at N39.98 per unit, in contrast to the preceding session’s N40.10 per unit.
Conversely, Air Liquide Plc appreciated by 41 Kobo to N8.33 per share from N7.92 per share and Afriland Properties Plc increased by 75 Kobo to sell for N18.65 per unit versus N17.90 per unit.
During the trading session, there was a 270.2 per cent rise in the volume of securities traded by investors to 1.9 million units from 502,112 units, the value of securities transacted grew by 223.4 per cent to N48.2 million from N14.9 million, and the number of deals went up by 63.2 per cent to 31 deals from 19 deals.
Impresit Bakolori Plc finished the day as the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, trailed by FrieslandCampina Wamco Nigeria Plc with 7.4 million units valued at N293.2 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.
Similarly, Impresit Bakolori Plc ended the session as the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, followed by Industrial and General Insurance (IGI) Plc with 69.6 million units sold for N23.6 million, and Geo-Fluids Plc with 10.7 million units valued at N51.2 million.
Economy
Naira Down to N1,504/$1 at Official Market, N1,580/$1 at Black Market

By Adedapo Adesanya
The Naira depreciated again at the Nigerian Autonomous Foreign Exchange Market (NAFEM) against the US Dollar on Tuesday by N1.19 or 0.08 per cent to trade at N1,504.30/$1 compared with the preceding day’s N1,503.11/$1.
However, the domestic currency improved its value against the Pound Sterling at the official market yesterday by N12.78 to wrap the session at N1,855.98/£1 compared with the preceding day’s N1,868.76/£1 and against the Euro, it gained N9.36 to trade at N1,545.82/€1, in contrast to Monday’s closing price of N1,555.18/€1.
A look at the black market segment of the forex market showed that the Nigerian Naira weakened against the greenback on Tuesday by N10 to sell for N1,580/$1 compared with the previous day’s value of N1,570/$1.
Meanwhile, the cryptocurrency market was down yesterday after comments by the US Federal Reserve’s chairman, Mr Jerome Powell, dampened the market.
Appearing before the US Senate Banking Committee, Mr Powell said he is worried about concerns over the debanking trend plaguing the crypto industry and is already tweaking internal supervision policies at the central bank.
He also suggested that crypto stablecoins may have a big future and he supports work on regulation for them, a move that defeats the entire deregulation appeal of cryptocurrencies.
The Fed chair then said the US economy is in a good place and saw no reason to rush ahead with further rate cuts.
At the digital currency market yesterday, Litecoin (LTC) fell by 8.8 per cent to $117.63, Dogecoin (DOGE) depreciated by 4.3 per cent to sell at $0.2534, Solana (SOL) also slumped 4.3 per cent to trade at $195.57, and Ethereum (ETH) slid by 3.6 per cent to quote at $2,609.42.
In addition, Cardano (ADA) went down by 3.5 per cent to settle at $0.767, Ripple (XRP) dropped 3.4 per cent to finish at $2.41, Bitcoin (BTC) shrank by 2.3 per cent to $95,907.63, Binance Coin (BNB) depreciated by 0.6 per cent to $633.65, and the US Dollar Tether (USDT) slumped by 0.03 per cent to $0.9999, while the US Dollar Coin (USDC) remained unchanged at $1.00.
Economy
Oil Prices Jump as Russia, Iran Sanctions Spur Supply Concerns

By Adedapo Adesanya
Oil prices edged up on Tuesday, continuing their recovery as sanctions raised concerns about Russian and Iranian oil supplies, with Brent futures gaining $1.13 or 1.5 per cent to settle at $77.00 a barrel and the US West Texas Intermediate (WTI) crude appreciating by $1.00 or 1.4 per cent to $73.32 per barrel.
US sanctions targeting tankers, producers and insurers have significantly disrupted shipments of Russian oil to leading importers China and India.
Reuters reported that Russian oil in its top buyer, China, has stalled as a wide price gap between buyers and sellers emerged in the Asian country after costs for chartering tankers unaffected by US sanctions jumped.
The US government under the administration of former President Joe Biden imposed fresh sanctions on January 10 targeting Russia’s oil supply chain.
This has caused tanker freight rates to soar as some buyers and ports in China and India steered clear of sanctioned ships.
Petroleum companies in China and India now expect the number of cargoes offered for March to drop from January and December figures because associated prices have surged, creating supply constraints.
Meanwhile, President Donald Trump restored his maximum pressure on Iranian oil exports last week, adding to supply worries.
The American President on Monday also raised tariffs on steel and aluminium imports to the United States to 25 per cent and has received condemnation from the European Union, Canada, and Mexico.
The possibility of renewed fighting in the oil-rich Middle East also led to prices gaining.
The Prime Minister of Israel, Mr Benjamin Netanyahu said that if Hamas does not release Israeli hostages by Saturday, he will end the ceasefire in Gaza.
This development followed a demand by President Trump on Monday for Hamas to release all hostages or he would propose cancelling the Israel-Hamas ceasefire.
The American Petroleum Institute (API) estimated that crude oil inventories in the US rose by a massive 9.043 million barrels for the week ending January 31.
Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
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