Economy
NGX Index Rallies by 0.22% Amid Weak Investor Sentiment
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited ended the first trading session in September 2024 on a positive note despite attempts by the bears to bring it down.
The local bourse closed higher by 0.22 per cent on Monday to extend its gains to the third consecutive trading session, according to data from the exchange.
At the close of business, the All-Share Index (ASI) increased by 214.41 points to 96,793.95 points from 96,579.54 points and the market capitalisation grew by N123 billion to N55.601 trillion from N55.478 trillion.
Business Post reports that the energy counter appreciated by 1.74 per cent, the banking index grew by 1.09 per cent and the industrial goods sector went up by 0.05 per cent.
However, the insurance space depreciated by 2.20 per cent as a result of profit-taking as the consumer goods counter succumbed to selling pressure by 0.35 per cent.
Oando maintained its upward movement yesterday with a 9.95 per cent growth to sell for N84.55, Industrial and Medical Gases expanded by 9.85 per cent to N29.00, eTranzact gained 9.80 per cent to settle at N5.60, Conoil rose by 9.72 per cent to N158.00, and University Press jumped by 9.13 per cent to N2.51.
Conversely, Livestock Feeds fell by 10.00 per cent to N2.25, RT Briscoe depreciated by 9.86 per cent to N3.20, Cornerstone Insurance declined by 9.63 per cent to N2.44, DAAR Communications slipped by 9.59 per cent to 66 Kobo, and Coronation Insurance tumbled by 9.41 per cent to 77 Kobo.
At the close of transactions, the NGX finished with 28 price gainers and 29 price losers, representing a negative market breadth index and weak investor sentiment.
A total of 498.1 million stocks valued at N11.0 billion were transacted in 13,149 deals during the session versus the 574.0 million stocks valued at N31.6 billion traded in 12,754 deals last Friday, indicating an uptick in the number of deals by 3.10 per cent a fall in the trading volume and value by 13.22 per cent and 65.19 per cent, respectively.
The most active stock for the session was UBA, which sold 54.9 million units for N1.3 billion, followed by Zenith Bank with 40.0 million units worth N1.6 billion. Oando traded 38.4 million units valued at N3.2 billion, Access Holdings exchanged 36.6 million units worth N703.0 million, and Prestige Assurance traded 24.6 million units valued at N12.5 million.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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