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NGX Index Slumps 0.03% Amid Weak Trading Activity

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Trading Activity

By Dipo Olowookere

Trading activity on the floor of the Nigerian Exchange (NGX) Limited was weak on Wednesday as investors continued to play safe.

Some of the traders have retreated from the market, awaiting the release of the half-year results of market shakers like Dangote Cement, the tier-one banks and others.

As a result, the NGX depreciated by 0.03 per cent, causing the All-Share Index (ASI) to drop 11.12 points to 38,791.03 points from 38,802.15 points.

Equally, the market capitalisation went down at the midweek trading session by N6 billion to close at N20.211 trillion compared with the previous day’s N20.217 trillion.

Business Post reports that sell-offs in banking and insurance equities contributed to the decline as their respective indices depreciated by 0.96 per cent and 0.88 per cent.

But during the session, the energy sector appreciated by 1.68 per cent, while the consumer goods counter grew by 0.11 per cent, with the industrial goods index closing flat.

Consolidated Hallmark Insurance and Tripple Gee were the worst-performing stocks yesterday as they lost 10.00 per cent each to close at 54 kobo and 90 kobo respectively.

Pharma Deko depreciated by 9.92 per cent to trade at N1.09, Regency Alliance lost 6.82 per cent to sell for 41 kobo, while Eterna went down by 6.58 per cent to N7.10.

At the other side, Capital Hotels outperformed others after its value rose by 9.85 per cent to trade at N2.90 and was trailed by Oando, which gained 9.81 per cent to close at N5.26.

BOC Gases appreciated by 8.88 per cent to N9.20, FTN Cocoa grew by 8.16 per cent to 53 kobo, while Livestock Feeds improved by 4.80 per cent to N2.40.

At the close of business, investors traded 237.5 million shares worth N1.9 billion in 4,305 deals in contrast to the 243.1 million shares worth N1.9 billion transacted in 4,326 deals on Tuesday.

This indicated that while the trading volume and the number of deals depreciated by 2.29 per cent and 0.49 per cent respectively, the trading value closed flat.

It was observed that the demand for Oando stocks persisted after a settlement of its dispute with the apex capital market regulator, the Securities and Exchange Commission (SEC).

On Wednesday, the company was the most traded stock with the sale of 44.3 million units valued at N233.0 million, while UBA, which followed, traded 19.4 million units worth N150.8 million.

Wema Bank transacted 14.2 million units valued at N11.9 million, Access Bank traded 13.3 million units worth N123.7 million, while Jaiz Bank transacted 12.3 million units valued at N7.6 million.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

Market Gains 0.12% on Interests in Guinness, FBNH, Cadbury Nigeria

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guinness nigeria

By Dipo Olowookere

Interests in the shares of Guinness Nigeria, Cadbury Nigeria, FBN Holdings and others lifted the Nigerian Exchange (NGX) Limited by 0.12 per cent on Friday.

From analysis of the trading data, the consumer goods, banking and energy sectors saw significant bargain hunting activities during the session, leaving their respective index closing higher by 0.57 per cent, 0.41 per cent, and 0.03 per cent.

However, the insurance counter witnessed a pocket of profit-taking as its index went down by 0.09 per cent, while the industrial goods sector closed the way it opened for the session.

When the bourse finish for the day, the All-Share Index (ASI) was up by 59.33 points to settle at 49,024.16 points compared with the previous day’s 48,964.83 points as the market capitalisation finished N32 billion higher to N26.452 trillion from N26.420 trillion.

The market breadth was positive yesterday, with 17 price gainers and 10 price losers, indicating a strong investor sentiment.

RT Briscoe appreciated by 9.68 per cent to trade at 34 Kobo, May and Baker rose by 9.63 per cent to N4.10, Guinness Nigeria improved by 9.29 per cent to N82.90, Jaiz Bank climbed higher by 8.43 per cent to 90 Kobo, and UPDC expanded by 8.42 per cent to N1.03.

At the other side of the table, Ikeja Hotel was on top after its value crashed by 9.68 per cent to N1.12, Sovereign Trust Insurance fell by 6.90 per cent to 27 Kobo, NAHCO dropped 3.51 per cent to sell for N5.50, UPDC REIT went down by 3.13 per cent to N3.10, and Neimeth depreciated by 2.10 per cent to N1.40.

Business Post reports that the level of activity improved on the last trading session of the week as the trading volume, value and number of deals increased by 61.58 per cent, 65.96 per cent and 3.67 per cent, respectively.

This was because investors transacted 356.7 million shares worth N3.7 billion in 3,219 deals as against the 220.8 million shares worth N2.3 billion transacted on Thursday in 3,105 deals.

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Economy

Nigeria at 62: Buhari Says Borrowing Necessary for Growth

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Buhari stimulating economic growth

By Adedapo Adesanya

In what would be his last Independence Day address, President Muhammadu Buhari, on Saturday, defended his government’s borrowing policy, describing it as a necessary step to provide the infrastructure that would expand opportunities for the growth of the Nigerian economy.

Mr Buhari stated in the address to the country on October 1, 2022, that, “The federal government is already expanding port operations to ensure that they provide opportunities for the growth of the Nigerian economy.

“We have also continued to accelerate our infrastructure development through serviceable and transparent borrowing, improved capital inflow & increased revenue generation by expanding the tax bases and prudent management of investment proceeds in the Sovereign Wealth Fund.

“To further open up our communities to economic activities, we have continued to boost our railway infrastructure with the completion of a good number of critical railways and at the same time rehabilitating as well as upgrading obsolete equipment.”

The President also noted that no village in the country was left behind in the regime’s Social Investment Programmes such as N-Power, trader-moni, market moni, etc.

“I am pleased to inform my fellow citizens that besides our emphasis on infrastructural development with its attendant opportunities for job creation, employment generation and subsequent poverty reduction, our focused intervention directly to Nigerians through the National Social Investment Programme is also yielding benefits.

“There is hardly any ward, village or local government in Nigeria today that has not benefited from one of the following: N-Power, trader-moni, market moni, subsidized loans, business grants or Conditional Cash Transfers.

“All the programmes mentioned above along with various interventions by the National Social Investment Programme, direct support to victims of flooding and other forms of disasters have provided succour to the affected Nigerians,” Mr Buhari said.

He also promised Nigerians that he would ensure free and fair elections come 2023 and called for more youth and women participation in the electoral cycle.

He said, “Having witnessed at close quarters the pains, anguish and disappointment of being a victim of an unfair electoral process, the pursuit of an electoral system and processes that guarantee the election of leaders by citizens remains the guiding light as I prepare to wind down our administration.

“You would all agree that the recent elections in the past two years in some states, notably Anambra, Ekiti and Osun and a few federal constituencies, have shown a high degree of credibility, transparency and freedom of choice with the people’s votes actually counting. This I promise would be improved upon as we move towards the 2023 general elections,” he said.

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Economy

CSCS, NASD Lifts Unlisted Stock Market by 0.61%

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Unlisted Stock Market

By Adedapo Adesanya

The final trading session on the NASD over-the-counter (OTC) Securities Exchange in September 2022 ended on a positive note on Friday, with the bourse closing 0.61 per cent lower.

Business Post reports that the bullish performance was buoyed by the rise in the share prices of Central Securities Clearing System (CSCS) Plc and NASD Plc.

Consequently, the market capitalisation of the unlisted stock market increased by N5.83 billion to close at N968.60 billion versus Thursday’s N962.77 billion as the NASD Unlisted Securities Index (NSI) expanded by 4.44 basis points to end the day at 735.79 points as against the 731.35 points it recorded in the previous session.

Yesterday, CSCS Plc improved by N1.07 to sell at N14.17 per share compared to the N13.10 per share of the preceding session, while NASD Plc gained N1 to close at N13.00 per unit in contrast to the preceding day’s N14.00 per unit.

But the bullish trend did not extend to the activity chart as the volume of securities traded by investors decreased by 55.1 per cent to 105,440 units from the 725,984 units transacted a day earlier.

In the same pattern, the value of transactions went down by 96.1 per cent to N1.6 million from N41.5 million, while the number of deals increased by 50 per cent to six deals from the four deals recorded on Thursday.

At the end of the session, AG Mortgage Bank Plc remained the most traded stock by volume (year-to-date) with 2.3 billion units valued at N1.2 billion, CSCS Plc stood in second place with 687.6 million units valued at N14.3 billion as Mixta Real Estate Plc was in third place with 178.1 million units valued at N313.4 million.

CSCS Plc was also the most traded stock by value (year-to-date) with 687.6 million units worth N14.3 billion, VFD Group Plc was in second place with 27.7 million units valued at N7.4 billion, and FrieslandCampina WAMCO Nigeria Plc was in third place with 14.3 million units worth N1.7 billion.

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