Economy
NGX Index Gains 0.07% to Again Cross 96,000 points
By Dipo Olowookere
The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited appreciated by 0.07 per cent or 63.83 points on Monday to cross the 96,000 points threshold again.
Exactly a week ago, the NGX index fell below this psychological market when it shed 1.36 per cent to settle at 95,832.29 points from the preceding session’s 97,100.31 points.
Yesterday, after a positive performance, buoyed by bargain-hunting across the major sectors of the bourse, it closed at 96,037.28 points compared with last Friday’s 95,973.45 points.
Buying pressure witnessed at the stock exchange increased its value by N37 billion, with the market capitalisation finishing at N55.166 trillion, in contrast to the preceding session’s N55.129 trillion.
Apart from the banking space, which suffered a 0.41 per cent decline due to profit-taking, particularly in Access Holdings, every other sector closed higher.
The consumer goods index jumped by 1.83 per cent, the insurance sector improved by 1.05 per cent, the energy counter appreciated by 0.73 per cent, and the industrial goods space grew by 0.01 per cent.
Investor sentiment was strong during the opening session of the week, with the market breadth bullish after closing with 28 price gainers and 18 price losers.
Eterna advanced by 10.00 per cent to N23.10, Okomu Oil rose by 9.99 per cent to N379.80, RT Briscoe gained 9.96 per cent to N2.98, Oando expanded by 9.93 per cent to N52.60, and Japaul increased by 9.73 per cent to N2.48.
On the flip side, Transcorp Power lost 9.99 per cent to trade at N335.20, Abbey Mortgage Bank declined by 9.69 per cent to N2.33, United Capital dropped 8.35 per cent to quote at N18.10, University Press receded by 5.51 per cent to N2.40, and Unilever Nigeria retreated by 5.26 per cent to N18.00.
During the trading day, investors transacted 390.5 million stocks valued at N3.9 billion in 9,242 deals versus the 327.3 million stocks worth N4.6 billion traded in 7,351 deals last Friday, representing a decline in the trading value by 15.22 per cent, and a surge in the trading volume and number of deals by 19.31 per cent and 25.72 per cent, respectively.
Veritas Kapital emerged as the busiest equity after it sold 67.3 million units for N90.3 million, Japaul traded 23.9 million units valued at N58.3 million, FCMB exchanged 20.5 million units worth N155.7 million, Prestige Assurance transacted 20.2 million units valued at N10.4 million, and Chams traded 18.3 million units worth N38.8 million.
By Adedapo Adesanya
Foreign exchange (FX) pressure eased on the Naira on Wednesday. August 12, at the Nigerian Autonomous Foreign Exchange Market (NAFEX). Its value appreciated against the United States Dollar by 0.17 per cent or N2.31 to close at N1,360.58/$1 compared with the previous day’s N1,364.89/$1.
The Nigerian Naira also improved its value against the Pound Sterling at midweek at the official FX market by N1.62 to quote at N1,840.99, in contrast to Tuesday’s rate of N1,842.61/£1. It gained N3.49 against the Euro during the session to settle at N1,572.01/€1 versus the preceding session’s N1,575.50/€1.
However, the Naira depreciated against the greenback yesterday at the GTBank forex counter by N3 to sell for N1,370/$1 compared with the previous day’s N1,367/$1, and at the parallel market, it maintained stability at N1,395/$1.
Data from the Central Bank of Nigeria (CBN) indicated that interbank FX turnover rose sharply by 481 per cent to $168.758 million from $29.060 million due to an increase in banks’ activities as intermediaries for their customers.
The apex bank data indicated that the number of deals at the interbank FX market surged to 190 from 47 the previous day.
As for the digital currency market, benchmarked tokens were more positive in line with the US inflation report that eased nerves but failed to spark a broad crypto rally.
Headline inflation rose 0.1 per cent on the month and 3.4 per cent on the year, with the core measure that strips out food and energy up 0.2 per cent and easing to 2.5 per cent.
July inflation matched forecasts, reinforcing expectations that the Federal Reserve can wait on further rate moves and prompting modest gains in gold, equities and some digital assets.
TRON (TRX) grew by 0.7 per cent to $0.3374, Binance Coin (BNB) jumped by 0.4 per cent to $612.84, Ethereum (ETH) rose by 0.3 per cent to $1,892.73, Solana (SOL) increased by 0.3 per cent to $76.37, and Bitcoin (BTC) added 0.2 per cent to sell at $63,768.51.
On the flip side, DOGE slipped by 1.6 per cent to $0.0705, Cardano (ADA) lost 1.1 per cent to end at $0.1844, and Ripple (XRP) declined by 0.7 per cent to $1.01, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited tumbled by 1.12 per cent on Wednesday as a result of selling pressure in three of the five key sectors of the bourse.
Yesterday, the insurance space rose by 0.71 per cent and the energy counter appreciated by 0.02 per cent. But these gains were erased by the three other sectors, with the consumer goods index down by 4.93 per cent, the industrial goods sector down by 0.42 per cent, and the banking segment down by 0.30 per cent.
Consequently, the All-Share Index (ASI) receded by 2,756.48 points to 243,967.09 points from 246,723.57 points, and the market capitalisation dropped by N1.762 trillion to close at N157.494 trillion compared with Tuesday’s N159.256 trillion.
The worst-performing stock for the day was BUA Foods, which lost 10.00 per cent to trade at N760.60. Unilever Nigeria shed 9.97 per cent to close at N131.40, John Holt depreciated by 9.90 per cent to N9.10, AVA Capital declined by 9.50 per cent to N8.10, and Austin Laz crashed by 8.81 per cent to N2.90.
The best-performing stock for the session was International Energy Insurance, which chalked up 10.00 per cent to quote at N4.40. Ecobank gained 9.93 per cent to settle at N71.40, Trans-Nationwide Express expanded by 9.77 per cent to N2.36, CWG grew by 9.74 per cent to N21.40, and Cornerstone Insurance improved by 6.80 per cent to N5.50.
Yesterday, 1.5 billion shares were sold for N20.9 billion in 39,085 deals compared with the 3.9 billion shares worth N32.4 billion exchanged in 45,608 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 61.54 per cent, 35.49 per cent, and 14.30 per cent, respectively.
On top of the activity chart was Fortis Global Insurance, with a turnover of 853.2 million units sold for N2.6 billion. Universal Insurance exchanged 251.8 million units worth N214.1 million, Chams transacted 40.0 million units valued at N181.0 million, First Holdco traded 28.3 million units worth N3.9 billion, and Access Holdings sold 25.4 million units valued at N702.4 million.
By Aduragbemi Omiyale
As part of the implementation of the T+1 settlement cycle in the Nigerian capital market, the Securities and Exchange Commission (SEC) has fixed 5:00 pm on the first business day after a transaction (T+1) as the settlement deadline for equities and commodities traded and settled through the Central Securities Clearing System (CSCS).
In a circular on Wednesday to capital market operators and other market participants, the capital market regulator noted that all transactions in the affected securities must be fully paid by 5:00 pm T+1 to ensure compliance with the standard Delivery versus Payment (DvP) settlement procedure.
It warned that where a broker/dealer’s trading account is not adequately funded to meet its settlement obligation within the prescribed period, the default would be managed in line with the CSCS Default Management Procedure and the applicable transaction settlement guidelines of the relevant exchange.
The commission also clarified that foreign portfolio investors are not required to prefund their accounts for trades in the Nigerian capital market.
However, it said capital market operators facilitating transactions on behalf of foreign portfolio investors must establish and maintain appropriate controls and processes to ensure timely funding and completion of settlements within the prescribed timeframe.
The clarification follows earlier SEC circulars on the implementation of the T+2 settlement cycle for equities transactions, issued on June 3, 2025, and the transition to the T+1 settlement cycle, issued on May 15, 2026.
The T+1 cycle means that eligible securities transactions are settled one business day after the trade date, reducing the period between execution and final settlement.
The SEC said the transition represents a significant milestone in its efforts to build a more efficient, resilient and internationally aligned trading and post-trade environment, adding that the shorter settlement cycle would improve settlement efficiency, reduce counterparty risk, enhance liquidity and strengthen the competitiveness of the Nigerian capital market.
According to the agency, the reforms would ultimately improve the attractiveness of the Nigerian market to both domestic and international investors.
