NGX Index Weakens by 0.43% as Traders Book Profit

Image

By Dipo Olowookere

The gains recorded by the Nigerian Exchange (NGX) Limited on Tuesday were reversed on Wednesday by 0.43 per cent following profit-taking by investors.

It was observed that traders sold off shares in the banking and industrial goods sectors, leading to a respective decline of 0.2 per cent and 0.01 per cent.

As a result, the All-Share Index (ASI) was weakened by 288.69 points to 66,482.28 points from 66,770.97 points and the market capitalisation fell by N158 billion to settle at N36.386 trillion compared with the preceding day’s N36.544 trillion.

Business Post reports that there were pockets of bargain-hunting in the midweek session, as the insurance space rose by 0.28 per cent, the consumer goods counter improved by 0.18 per cent, while the energy index closed flat.

Analysis of the day’s price movement chart showed that investor sentiment was strong despite the loss by the bourse, as there were 29 price gainers and 22 price losers, representing a positive market breadth index.

Wema Bank and Ikeja Hotel were the heaviest price losers, shedding 10.00 per cent each to N4.23 and N3.15 apiece. ABC Transport lost 8.86 per cent to trade at 72 Kobo, Royal Exchange declined by 8.00 per cent to 46 Kobo, and Consolidated Hallmark Insurance decreased by 5.60 per cent to N1.18.

On the flip side, Oando recorded the biggest price growth as it moved up by 9.88 per cent to N9.45, Red Star Express gained 9.81 per cent to close at N2.91, Tripple Gee appreciated by 9.68 per cent to N2.38, RT Briscoe jumped by 9.43 per cent to 58 Kobo, and Universal Insurance grew by 9.09 per cent to 24 Kobo.

Yesterday, investors traded 657.5 million stocks worth N4.6 billion in 6,646 deals compared with the 364.3 million stocks worth N3.9 billion traded in 7,537 deals on Tuesday, representing a decline in the number of deals by 11.82 per cent, and an increase in the trading volume and value by 80.48 per cent and 17.95 per cent apiece.

Universal Insurance was the busiest on Wednesday after transacting 336.3 million shares valued at N80.5 million, Fidelity Bank traded 31.7 million equities valued at N264.9 million, Consolidated Hallmark Insurance exchanged 25.1 million shares valued at N29.4 million, GTCO traded 24.6 million stocks worth N885.4 million, and Wema Bank sold 24.0 million equities for N103.8 million.

Share
Related Stories
Image
01-March-2024

Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to

Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in

More Stories
Image
13-July-2022

Truecaller Introduces Voice Communication App Open Doors

By Aduragbemi Omiyale An app designed to aid communication among users via audio connection has been introduced by the world’s leading global communications platform, Truecaller. The initiative, Open Doors, was launched on Wednesday and it will ensure safe, secure and private audio conversations among users after it is installed on the smartphone. According to the firm, more features would be added to Open Doors based on feedback from users. Truecaller said some innovations are already in the works after a small beta tester group, including the ability to set a close circle of contacts (so that others in contacts who

Image
11-December-2017

Futures Pointing to Lacklustre Trading on Wall Street

By Investors Hub The major U.S. index futures are pointing to a lackluster opening on Monday following the mixed performance seen in the previous session. Traders may be reluctant to make significant moves ahead of the Federal Reserve?s monetary policy announcement on Wednesday. With traders reacting positively to the closely watched monthly jobs report, stocks moved mostly higher during trading on Friday. The upward move on the day lifted the Dow and the S&P 500 to new record closing highs. The major averages ended the day firmly in positive territory. The Dow climbed 117.68 points or 0.5 percent to 24,329.16,

Image
11-June-2018

Asian Stocks Jump as Investors Shrug off Global Trade War Concerns

By Investors Hub Asian markets ended mostly higher on Monday, with investors shrugging off concerns about a global trade war and looking ahead to the outcome of a historic meeting between President Donald Trump and the North Korean leader Kim Jong Un. However, gains were modest in most of the markets in the region amid largely thin volumes ahead of crucial monetary policy meetings by the Bank of Japan, the European Central Bank, and the U.S. Federal Reserve. Japanese stocks ended moderately higher, although trading activity was relatively light. Japan?s Nikkei 225 Index climbed 109.54 points or 0.5 percent to

Image
30-August-2020

9PSB Set to Begin Operations After CBN Approval

By Adedapo Adesanya Following the approval by the Central Bank of Nigeria (CBN), Nigeria’s lifestyle and payment service bank, 9PSB (Payment Service Bank), is set to commence operations in fostering financial inclusion drive in the Nigerian ecosystem. According to a statement from the bank, this move will allow customers to overcome some constraints such as regular long queues in the banking halls, consistent network failure, stringent documentation to assess credit facilities, frequent transaction/dispensing error, delay in transaction completion and process among others. Speaking on the vision of 9PSB’s entrant into the Nigerian financial sector, the CEO of 9mobile, Mr Alan

Image
20-April-2022

Naira Appreciates 0.12% on Dollar at Spot Market

By Adedapo Adesanya After two sessions of suspended trading over the Easter Holidays, the Naira returned stronger as it appreciated by 0.12 per cent or 50 kobo against the United States Dollar on Tuesday, April 19 at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market. At the market yesterday, forex end-users exchanged their local currency with the greenback for N417.00/$1 at the spot market compared with the preceding session’s exchange rate of N417.50/$1. However, the domestic currency depreciated against the Pound Sterling at the official FX window on Tuesday by 91 kobo to sell at N541.79/£1

Image
25-November-2021

Cyber Threats in Nigeria Drop 7.5% in 2021—Kaspersky

By Adedapo Adesanya Cyber threats in Nigeria in 2021 depreciated by 7.5 per cent, according to the latest research by Kaspersky. This dramatic change in the threat landscape is coming at a time regular and self-propagating malware is decreasing dramatically, as it is no longer effective and cannot fly under security radars. Security researchers at Kaspersky noticed that Kenya recorded the highest decline with an unprecedented 28.6 per cent, while South Africa saw a 12 per cent decrease. The reason for such a change was the introduction and popularisation of new cybercrime models in the region, with cybercrime tools becoming

Image
26-May-2019

Kwara Governor Simplifies Collection of Land Titles

By Dipo Olowookere Governor Abdulfatah Ahmed of Kwara State has expressed optimism that the newly commissioned land administration secretariat will change the state’s financial fortune if properly managed. The Governor, who dropped the hint in Ilorin when he commissioned the secretariat, said his government initiated the land administration process to enable government exploit opportunities inherent in land management. Mr Ahmed, who expressed satisfaction over the completion of the project, explained that the land administration of the government was to remove bottlenecks surrounding collection of land titles. Also speaking at the commissioning of the KWASU’s Post Graduate School of Governance and

Image
02-August-2019

Honeywell Flour Targets More Revenue Streams to Boost FY Performance

By Modupe Gbadeyanka Managing Director of Honeywell Flour Mills Plc, Mr ‘Lanre Jaiyeola, has disclosed that the leading foods manufacturer in Nigeria, would make efforts to deliver impressive results in the current financial year. Mr Jaiyeola gave this assurance while commenting on the performance of the company in the first quarter of the year ended June 30, 2019. According to the financial figures of the firm, the revenue moved up 7 percent to N19.0 billion, compared with N17.7 billion recorded in the corresponding quarter of 2018. Also, the gross profit margin increased by 7 percent from N3,193 to N3,411 while

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods