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Economy

NGX Market Capitalisation Depletes by N32bn

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NSE market capitalisation stock value

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited suffered a 0.06 per cent loss on Wednesday on consistent profit-taking triggered by a waning appetite for local equities.

The All-Share Index (ASI) went down by 56.43 points to 97,774.22 points from the 97,830.65 points recorded in the preceding session, and the market capitalisation declined by N32 billion to N55.514 trillion from the N55.546 trillion posted a day earlier.

The consumer goods sector shrank by 0.76 per cent, the industrial goods counter depreciated by 0.02 per cent, the insurance index appreciated by 1.46 per cent, the banking space increased by 0.57 per cent, and the energy counter gained 0.04 per cent.

A total of 29 shares depreciated yesterday and 27 shares appreciated at the close of business, indicating a negative market breadth index and bearish investor sentiment.

The trio of Cutix, NAHCO, and Julius Berger lost 10.00 per cent each to settle at N5.13, N35.10, and N13.50, respectively, Nigerian Breweries depreciated by 9.82 per cent to N25.25, and SCOA Nigeria shed 9.77 per cent to N1.94.

On the flip side, the trio of Industrial and Medical Gases, University Press, and Veritas Kapital gained 10.00 per cent each to close at N14.30, N2.42, and 99 Kobo, respectively, Cornerstone Insurance rose by 9.63 per cent to N2.05, and Academy Press improved by 9.50 per cent to N1.96.

Investors bought and sold 1.8 billion equities valued at N23.1 billion in 10,847 deals compared with the 399.4 million equities worth N8.0 billion in 10,447 deals transacted on Tuesday, implying a surge in the trading volume, value, and number of deals by 360.25 per cent, 188.75 per cent, and 3.83 per cent apiece.

On top of the activity log was Fidelity Bank with 1.3 billion equities sold for N14.0 billion, Zenith Bank traded 83.9 million shares for N2.8 billion, Veritas Kapital transacted 45.4 million stocks worth N44.6 million, Oando transacted 43.1 million shares valued at N1.1 billion, and UBA traded 35.3 million equities valued at N701.7 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 [email protected]

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Economy

NGX Jumps 1.17% on Strong Investor Sentiment

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NGX 30 Index

By Dipo Olowookere

The upward movement witnessed at the Nigerian Exchange (NGX) Limited in the past trading session continued on Wednesday by 1.17 per cent.

The bullish momentum was buoyed by bargain-hunting in mid and large-cap shares on the platform amid renewed confidence in Nigerian equities.

Though the insurance counter closed lower by 0.04 per cent due to profit-taking, the gains by the others ensured that the domestic bourse remained in the green territory.

The industrial goods index appreciated by 2.11 per cent, the consumer goods sector surged by 1.44 per cent, the banking industry increased by 0.49 per cent, and the energy space rose by 0.20 per cent.

Consequently, the All-Share Index (ASI) went up by 1,272.64 points to 107,847.62 points from 106,574.98 points and the market capitalisation gained N794 billion to settle at N67.290 trillion compared with the previous day’s N66.496 trillion.

The volume and value of transactions as well as the number of deals decreased yesterday by 7.52 per cent, 15.25 per cent, and 1.19 per cent, respectively.

This was because investors bought and sold 442.6 million stocks worth N10.0 billion in 15,376 deals at midweek versus the 478.6 million stocks valued at N11.8 billion in 15,561 deals.

Sterling Holdings traded 49.6 million shares for N296.8 million, Ellah Lakes exchanged 34.5 million equities valued at N133.9 million, Zenith Bank transacted 25.6 million stocks worth N1.3 billion, Access Holdings sold 19.6 million shares valued at N553.7 million, and AIICO Insurance traded 18.5 million equities worth N32.2 million.

Business Post reports that Customs Street ended midweek with a positive market breadth index after 51 stocks closed in green and 16 stocks ended in red, indicating a strong investor sentiment.

VFD Group and Ikeja Hotel were the best-performing equities on Wednesday after chalking up 10.00 per cent each to sell for N52.80 and N14.85 apiece, Honeywell Flour gained 9.99 per cent to quote at N12.66, Transcorp Hotels also improved its value by 9.99 per cent to N126.10, and Eterna rose by 9.93 per cent to N48.70.

However, the worst-performing equity for the day was CWG with an 8.95 per cent loss to trade at N8.65, Regency Alliance slumped by 7.89 per cent to 70 Kobo, Lasaco Assurance tumbled by 7.25 per cent to N3.20, Royal Exchange plunged by 7.22 per cent to 90 Kobo, and SCOA Nigeria crashed by 6.54 per cent to N3.43.

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Economy

Controversial Tax Reform Bills Scale Second Reading at House of Reps

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tax reform bills

By Adedapo Adesanya

The four tax reform bills transmitted to the National Assembly last year by President Bola Tinubu have finally scaled second reading in the House of Representatives.

The bills, which have generated criticisms across the country, scaled the second reading on the floor of the Green Chamber on Wednesday, five months after the President transmitted them to the parliament for consideration following the recommendations of the Presidential Committee on Fiscal Policy and Tax Reforms led by a tax expert, Mr Taiwo Oyedele.

The bills include the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

They are gearing up for public hearing, which should be announced soon.

The four bills met minimal opposition in the Senate but faced a higher level scrutiny at the 360-member House of Reps as well as criticisms from northern statesmen, including governors and leaders.

During the midweek plenary, Mr Sada Soli feared that some sections of the new bills might contradict the 1999 constitution. According to the lawmaker, the issue of derivation must be clearly defined to avoid any ambiguity.

He was hopeful that the committee saddled with the responsibility to scrutinise the bills would address the issues that might arise before the bills are passed.

Other lawmakers also drew attention to the 40 acts which the bill sought to amend and requested they should be laid before the National Assembly.

The lawmakers said the issue of multiple taxation involving property purchase provided in the bill should be addressed, as the provision stated that the buyer and seller must pay tax.

In response, the Chairman of the tax reforms committee, Mr Oyedele, who has tirelessly defended the bills since they were presented, lauded the efforts of the lawmakers.

“We are grateful to the lawmakers for their robust debates and diligent consideration of the bills and look forward to continued engagement with the National Assembly and active participation in the public hearing process.

“May Nigeria win!,” he wrote.

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Economy

NASD Unlisted Security Index Slips 0.49%

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NASD Unlisted Security Index

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.49 per cent on Tuesday, February 11 as investors recalibrated their portfolios, selling off some securities they fell have yielded returns since they were acquired from the market.

This action by the market participants depleted the value of the trading platform by N8.86 billion during the trading session to N1.803 trillion from the N1.812 trillion it closed in the preceding session and the NASD Unlisted Security Index (NSI) went down by 15.65 points to settle at 3,184.02 points compared with 3,199.67 points recorded at the previous session.

UBN Property Plc declined by 17 Kobo to end at N2.05 per share compared with Monday’s closing price of N2.22 per share, Geo Fluids Plc decreased by 30 Kobo to N4.24 per unit from N4.54 per unit, Central Securities Clearing System (CSCS) Plc lost N1.50 to settle at N23.00 per share versus N24,50 per share, and FrieslandCampina Wamco Nigeria Plc crumbled by 12 Kobo to close at N39.98 per unit, in contrast to the preceding session’s N40.10 per unit.

Conversely, Air Liquide Plc appreciated by 41 Kobo to N8.33 per share from N7.92 per share and Afriland Properties Plc increased by 75 Kobo to sell for N18.65 per unit versus N17.90 per unit.

During the trading session, there was a 270.2 per cent rise in the volume of securities traded by investors to 1.9 million units from 502,112 units, the value of securities transacted grew by 223.4 per cent to N48.2 million from N14.9 million, and the number of deals went up by 63.2 per cent to 31 deals from 19 deals.

Impresit Bakolori Plc finished the day as the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, trailed by FrieslandCampina Wamco Nigeria Plc with 7.4 million units valued at N293.2 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.

Similarly, Impresit Bakolori Plc ended the session as the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, followed by Industrial and General Insurance (IGI) Plc with 69.6 million units sold for N23.6 million, and Geo-Fluids Plc with 10.7 million units valued at N51.2 million.

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