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Economy

NGX Loses 0.08% as Lasaco Assurance Closes Worst-Performing Stock

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By Dipo Olowookere

The first trading session of the week on the floor of the Nigerian Exchange (NGX) Limited ended bearish on Monday with a 0.08 per cent loss.

This was caused by profit-taking in the financial services sector as investors continued to recalibrate their portfolios at the start of the new year.

The insurance counter declined by 2.71 per cent, the banking space lost 0.36 per cent, and the consumer goods index shed 0.16 per cent, while the energy industry improved by 0.27 per cent, with the industrial goods sector closing flat.

When the bourse ended for the session, the All-Share Index (ASI) contracted by 83.81 points to 105,367.25 points from 105,451.06 points and the market capitalisation moderated by N51 billion to N64.252 trillion from N64.303 trillion.

The worst-performing stock for the session was Lasaco Assurance because it gave up 10.00 per cent of its share price to finish at N3.24, Northern Nigerian Flour Mills deflated by 9.99 per cent to N41.00, Academy Press weakened by 9.85 per cent to N2.93, ABC Transport crumbled by 9.76 per cent to N1.11, and RT Briscoe slumped by 9.73 per cent to N2.32.

On the flip side, CAP finished the trading day as the best-performing stock after it chalked up 10.00 per cent to trade at N41.80, Neimeth gained 9.96 per cent to quote at N2.87, Livestock Feeds improved by 9.90 per cent to N5.55, Secure Electronic Technology expanded by 9.88 per cent to 89 Kobo, and International Energy Insurance surged by 8.33 per cent to N2.21.

Business Post reports that investor sentiment was weak yesterday as Customs Street closed with 26 price gainers and 33 price losers, representing a negative market breadth index.

During the session, a total of 505.8 million shares worth N8.1 billion exchanged hands in 14,259 deals versus the 1.5 billion shares worth N19.4 billion in 12,877 deals last Friday, indicating a surge in the number of deals by 10.73 per cent and a fall in the trading volume and value by 65.91 per cent and 58.25 per cent, respectively.

Tantalizers was the busiest equity on Monday with 48.0 million units sold for N118.7 million, Universal Insurance transacted 31.2 million units worth N24.0 million, AIICO Insurance traded 30.0 million units valued at N56.6 million, Chams exchanged 29.7 million units for N62.0 million, and GTCO sold 24.4 million units worth N1.4 billion.

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 [email protected]

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Economy

Naira Remains Stable at N1,500/$1 at Official Market

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Fake Naira notes banknotes

By Adedapo Adesanya

The Naira closed flat against the United States Dollar at N1,500.65/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 7, after recording losses in four straight sessions in the trading week.

The recent pressure on the market across majorly regulated channels came despite recent policy moves by the Central Bank of Nigeria (CBN) creating more trading transparency and ethical practices.

However, the domestic currency depreciated against the Pound Sterling in the official market yesterday by N8.78 to trade at N1,868.76/£1 compared with the previous day’s rate of N1,859.98/£1 and against the Euro, it weakened by N1.95 to settle at N1,557.13/€1, in contrast to Thursday’s closing price of N1,555.18/€1.

At the parallel market, the Nigerian currency improved its value further against the US Dollar on Friday by N5 to sell for N1,565/$1 compared with the preceding session’s N1,570/$1.

As for the cryptocurrency market, it slumped yesterday after the US Bureau of Labor Statistics said the country’s economy added 143,000 jobs in January, below the forecast 170,000 and down from 256,000 in December.

Ethereum (ETH) declined by 4.5 per cent to sell at $2,615.76, Cardano slumped 4.3 per cent to trade at $0.6949, Litecoin (LTC) depreciated by 1.9 per cent to settle at $103.35, Dogecoin (DOGE) fell by 1.7 per cent to $0.2476, Solana (SOL) recorded a 1.4 per cent loss to close at $193.39, Bitcoin (BTC) depleted by 1.2 per cent to $96,138.53, and Binance Coin (BNB) went down by 1.1 per cent to quote at $578.78.

On the flip side, Ripple (XRP) gained 1.8 per cent to trade at $2.36, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat $1.00 each.

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Economy

Oil Prices up on Fresh Iran Crude Export Sanctions

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Crude Oil Prices

By Adedapo Adesanya

Oil prices went up on Friday after new sanctions were imposed on Iran’s crude exports, with Brent crude futures expanding by 37 cents or 0.5 per cent to $74.66 per barrel, and the US West Texas Intermediate (WTI) crude futures growing by 39 cents or 0.55 per cent to $71.00 a barrel.

However, for the week, prices were down by 2 per cent as investors worried about US President Donald Trump’s renewed trade war with China and threats of tariffs on other countries.

Reports of planned tariffs from the Trump administration reined in gains following the sanctions announced on Thursday.

The American president on Friday said he plans to announce reciprocal tariffs on many countries by Monday or Tuesday of next week.

President Trump did not identify which countries would be hit but suggested it would be a broad effort that could also help solve US budget problems.

However, Mr Trump’s Commerce secretary nominee Howard Lutnick voiced concerns about India’s high tariff rates, while US Trade Representative nominee Jamieson Greer discussed US complaints about Vietnam’s and Brazil’s tariffs and trade barriers.

He had earlier announced a 10 per cent tariff on Chinese imports as part of a broad plan to improve the US trade balance, but suspended plans to impose steep tariffs on Mexico and Canada.

But market analysts noted that this could be a major escalation of his offensive to tear up and reshape global trade relationships in the US favour.

On Thursday, it imposed new sanctions on a few individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China as it intensified war against Iran.

Iran’s President, Mr Masoud Pezeshkian, called on its fellow members in the Organisation of the Petroleum Exporting Countries (OPEC) to stand united against ‘destabilizing’ US sanctions, meeting with OPEC Secretary General Khaitam al-Ghais as the country assumes the rotating presidency of the organisation.

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Economy

Bulls Tighten Grip on Nigerian Exchange With 0.48% Growth

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Nigerian Exchange

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated further by 0.48 per cent on Friday after market participants showed no signs of slowing down in their hunt for stocks with sound fundamentals.

During the session, all the key sectors of the bourse witnessed bargain-hunting activities, with the banking counter growing by 1.72 per cent.

Further, the insurance index expanded by 1.64 per cent, the industrial goods sector jumped by 0.77 per cent, the consumer goods industry rose by 0.11 per cent and the energy space also gained 0.11 per cent.

Consequently, the All-Share Index (ASI) increased by 502.88 points to 105,933.03 points from the 105,430.15 points it ended a day earlier, and the market capitalisation gained 0.47 per cent or N305 billion to settle at N65.592 trillion compared with Thursday’s N65.287 trillion.

A total of 37 equities ended on the gainers’ chart yesterday and 17 equities on the losers’ table, implying a strong investor sentiment and positive market breadth index.

Academy Press appreciated by 9.93 per cent to N2.99, Cadbury Nigeria also improved its value by 9.93 per cent to N29.35, Eterna rose by 9.90 per cent to N36.65, Livestock Feeds expanded by 9.85 per cent to N5.80, and UPDC soared by 9.75 per cent to N2.59.

On the flip side, Multiverse lost 9.95 per cent to close at N9.05, MeCure Industries shed 9.71 per cent to N12.55, NPF Microfinance Bank slumped by 7.94 per cent to N1.74, Learn Africa declined by 4.44 per cent to N4.30, and Tantalizers soured by 3.85 per cent to N2.00.

Investors transacted 468.2 million shares worth N13.2 billion in 12,612 deals on the last trading session of the week compared with the 537.2 million shares valued at N23.0 billion traded in 15,450 deals in the preceding session, representing a decline in the trading volume, value and number of deals by 12.84 per cent, 42.61 per cent and 18.37 per cent, respectively.

The busiest stock for the day was Zenith Bank with a turnover of 108.8 million units worth N5.0 billion, Cutix traded 24.3 million units valued at N58.7 million, Access Holdings exchanged 23.6 million units for N657.7 million, Sterling Holdings transacted 22.8 million units valued at N136.0 million, and Fidelity Bank sold 20.4 million units worth N426.3 million.

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