NGX Records First Loss Under Tinubu as Investors Liquidate Stocks for Cash

Image

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited recorded its first loss under the administration of President Bola Tinubu on Monday, June 2023, a week after he assumed office.

On the first trading session of his government, the local stock market jumped by 5.22 per cent as investors embraced his policy direction, especially with the promise of unifying the exchange rates and subsidy removal.

However, the latter seems to be his first real test as the labour unions in the country are preparing for a showdown with him from Wednesday unless he reverts the pump price to N185 per litre from N500 per litre.

With the meeting between labour unions and the federal government on Sunday ending in another deadline, the equity market went into profit-taking yesterday, as investors liquidated their stocks for cash.

This marginally sank the NGX by 0.02 per cent at the close of transactions, with the All-Share Index (ASI) down by 16.11 points to 55,806.71 points from 55,822.82 points, and the market capitalisation down by N9 billion to N30.387 trillion from N30.396 trillion.

The loss was mainly orchestrated by the industrial goods sector, which shed 0.01 per cent, offsetting the gains reported by the others.

The sustained buying pressure on energy stocks left the index higher by 2.55 per cent, the insurance sector rose by 1.31 per cent, the banking index improved by 0.27 per cent, and the consumer goods counter improved by 0.06 per cent.

Business Post reports that the market breadth index was bearish on Monday, with 27 price losers and 26 price gainers, indicating a weak investor sentiment.

John Holt was the worst-performing stock after it lost 9.95 per cent to trade at N1.72, Courteville depreciated by 9.80 per cent to 46 Kobo, Chams fell by 9.76 per cent to 37 Kobo, Coronation Insurance went down by 8.70 per cent to 42 Kobo, and Academy Press dropped 7.89 per cent to N1.75.

The best-performing equities were Omatek and NEM Insurance, after they increased by 10.00 per cent each to close at 22 Kobo and N5.50, respectively. Conoil gained 9.94 per cent to finish at N76.85, MRS Oil rose by 9.94 per cent to N54.20, and Eterna jumped by 9.73 per cent to N10.15.

The activity chart was mixed on the first trading session of the week after the trading value expanded by 224.59 per cent to N19.8 billion from N6.1 billion, the trading volume decreased by 18.87 per cent to 369.8 million units from 455.8 million units, and the number of deals shrank by 316 per cent to 7,221 deals from 7,457 deals.

Geregu Power topped the chart for selling 52.5 million shares valued at N16.4 billion, NPF Microfinance Bank traded 50.0 million stocks worth N90.0 million, Access Holdings transacted 46.2 million equities valued at N573.6 million, Zenith Bank traded 28.8 million shares worth N800.6 million, and UBA sold 16.3 million equities valued at N151.7 million.

Share
Related Stories
Image
30-September-2023

Unlisted Stock Investors Grow Market to N1.105trn

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

Image
29-September-2023

Oyedele Clarifies Transfer of Funds for Tax Reform Committee

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

Image
29-September-2023

Erisco Product Reviewer Fights Back, Threatens 500m Suit

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

Image
29-September-2023

FG, States, Local Councils Get N1.1tn As September Allocation

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

More Stories
Image
01-March-2022

Verve Partners KCB Bank to Deepen Spread in Uganda

By Modupe Gbadeyanka Nigerian payment card brand owned by Interswitch Group, Verve, has expanded its reach in Uganda, with a partnership with KCB Bank Uganda Limited. The new deal between both firms will see KCB Bank become one of the first commercial banks to accept the Verve Card on its widespread and strategically distributed Point of Sale (POS) merchant network. The synergy will ease payments for Verve cardholders countrywide, leveraging the vast footprint of KCB Bank across Uganda. In Uganda, the Verve payment scheme has multiple banks, Saccos, MDIs and exhibits a strong potential for expansion. According to the Head

Image
03-December-2018

N800b Debt: Fuel Scarcity Looms as Oil Marketers Threaten Showdown

By Modupe Gbadeyanka Federal government has been given a seven-day ultimatum to settle outstanding debts totalling N800 billion or risk the nation would be forced into another fuel scarcity. This threat was made by oil marketers in the country under the umbrellas of Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs). On Wednesday, November 28, 2018, the oil marketers served the ultimatum letter on the Debt Management Office (DMO), Minister of Finance, Chairman, Senate Committee on Petroleum Downstream, Department of State Services and Minister of State, Petroleum Resources.

Image
21-June-2023

Crude Oil Dips on Continued Chinese Uncertainties

By Adedapo Adesanya Crude oil futures eased on Tuesday following disappointment with China, the world’s second-biggest oil consumer, after the size of cuts in its key lending rates. Brent futures fell 19 cents or 0.3 per cent to settle at $75.90 a barrel while the US West Texas Intermediate (WTI) crude slumped by $1.28 or 1.8 per cent to quote at $70.50 per barrel. China cut its key lending benchmarks on Tuesday, the first such reductions in 10 months, as the government seek to shore up a slowing economic recovery, although concerns about the property market meant the easing was

Image
18-June-2018

Heritage Bank Assures Nigerians More Innovative e-payment Services

By Dipo Olowookere The management of one of Heritage Bank Plc has expressed its commitment to give its customers and Nigerians cutting edge banking services through its transparent MasterCard. Head of Corporate Communications of the lender, Mr Fela Ibidapo, disclosed this in a statement over the weekend, remarking that; “that is the philosophy behind the bank’s e-payment offerings.” According to him, there is more to e-payment than Nigerian banking customers are currently enjoying, adding that the financial institution was determined to take Nigerians to new heights of e-payment services that deliver unparalleled convenience and security through the Heritage Bank Transparent

Image
03-May-2021

DPR Television Programme Returns on NTA

By Adedapo Adesanya A television programme put together by the Department of Petroleum Resources (DPR) will return to the screens from Thursday, May 6, 2021, the agency has confirmed. The show will air on all Nigeria Television Authority (NTA) channels on DSTV channel 251, STARTIMES channel 104 and GOTV. It would also be available to view in parts of African countries and Europe. The 13-episode programme slated to air at 6:00 p.m. is designed to deepen stakeholders understanding of the roles and responsibilities of DPR as well as provide an update on global oil and gas industry matters to viewers.

Image
15-September-2016

ASUU Denies Going On Strike October 2

By Modupe Gbadeyanka The Academic Staff Union of Universities (ASUU) has denied threatening to embark on a warning strike on October 2, 2016. Speaking on TVC Breakfast programme on Wednesday, Chairman of ASUU, UNILAG chapter, Dr Adelaja Odukoya, said there was no iota of truth in reports in the media that the union was gearing up for another round of strike action. Dr Odukoya, during the programme monitored in Lagos by Business Post, described ASUU as a responsible body that is very sensitive to happenings in the country. “I keep hearing you (presenter) say ASUU is going on strike on

Image
05-September-2016

Nigerian Banks Lead In Equities’ N372b Loss

By Dipo Olowookere Banking stocks suffered the most among 25 top losers in the equities’ market as share price decline left investors with a net capital loss of N372 billion. There were 10 banking stocks among the top 25 that lost 30 per cent and above in the past eight months. Some of the top losers recorded as much as 60.1 per cent in equities price reduction. Conversely, only one banking stock made the few top gainers’ within the period. Altogether, there are 15 banking stocks quoted on the Nigerian stock market. Three other banking stocks recorded various gains, while

Image
22-March-2022

Tizeti, Microsoft Roll Out High-Speed Airband Internet in Oyo

By Adedapo Adesanya Pioneer solar-based internet service provider, Tizeti, has partnered with Microsoft Corporation to roll out high-speed Airband internet infrastructure in Oyo State. This is part of its commitment to empowering more Nigerians, stimulating economic activities and widening the broadband envelope in Africa with affordable broadband connectivity. With 40 per cent broadband penetration as of December 2021, millions of Nigerians are still excluded from the global digital economy and through the Microsoft Airband Initiative, Tizeti and Microsoft will leverage their low-cost wireless technologies to make it easier and cheaper for people, especially those in underserved communities, to access the

Ad
Ad
Recent Stories
Image
03-October-2023

September PMI: Nigeria’s Business Activity Improves

By Modupe Gbadeyanka Nigeria’s business activity improved in September despite cost pressures limiting demand, according to the latest Purchasing Managers’ Index (PMI) released by Stanbic IBTC Bank Plc. The lender said in the period under review, the private sector had a reading of 51.1 points compared with the 50.2 points achieved in August 2023. It was the rise in business activity in the country was influenced by the growth in order, though the rates of expansion in each were only modest. New orders increased for the sixth month running in September as some firms signalled an improvement in demand. While

Image
03-October-2023

Agostini, Two Others Win 2023 Nobel Prize in Physics for Attosecond Pulses

By Adedapo Adesanya Three scientists will share the Nobel Prize in Physics as the Royal Swedish Academy of Sciences recognised Pierre Agostini, Ferenc Krausz and Anne L’Huillier as this year’s recipients for experimental methods that generate attosecond pulses of light for the study of electron dynamics in matter. The three Nobel Laureates in Physics 2023 were recognised for their experiments, which have given humanity new tools for exploring the world of electrons inside atoms and molecules. BREAKING NEWSThe Royal Swedish Academy of Sciences has decided to award the 2023 #NobelPrize in Physics to Pierre Agostini, Ferenc Krausz and Anne L’Huillier

Image
03-October-2023

Nigeria Targets 22% ICT Contribution to GDP by 2027

By Adedapo Adesanya Nigeria plans to increase the net contribution of the telecommunications sector to the gross domestic product (GDP) by 22 per cent by the end of 2027. This is part of efforts announced by the Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, in the ministry’s 31-page Strategic Blueprint document titled Accelerating our Collective Prosperity through Technical Efficiency, seen by Business Post. In the document, the ministry noted that “As telecommunications continues to evolve in line with new technology and associated opportunities, it is critical to revamp our national approach to account for changing imperatives and

Image
03-October-2023

Union Bank, Fate Foundation Empower SMEs in Nigeria

By Modupe Gbadeyanka Small and Medium Enterprises (SMEs) in Nigeria recently had the opportunity to gain more knowledge on how to scale their operations at a training organised by the Fate Foundation Alumni Conference. The event, in its 8th edition, was bankrolled by one of the leading financial institutions in the country, Union Bank of Nigeria Plc. It was gathered that at the programme, participants, including chief executive officers of major businesses, SME and MSME owners, exhibitors, and Fate Foundation Alumni shared knowledge on crucial topical subjects essential for entrepreneurial growth and success from seasoned entrepreneurial leaders and influencers. At

Image
03-October-2023

Stock Market Witnesses N30.379 billion Transactions in Four Days

By Dipo Olowookere Transactions worth N30.379 billion were recorded at the Nigerian Exchange (NGX) Limited last week, which had four trading sessions due to the public holiday observed last Wednesday for Eid-el Maulud. Data obtained by Business Post showed that the stock market posted these trades from the sale of 3.911 billion shares in 38,536 deals. When compared with the preceding week, which had five trading days, the value of transactions weakened by 36.00 per cent, as investors bought and sold 2.933 billion shares valued at N47.449 billion in 44,654 deals. A breakdown indicated that the financial services industry led

Image
03-October-2023

Schneider Electric Shares Insights on Improving Customer Satisfaction

In recognition of Customer Service Week 2023 (October 2 – 6), Schneider Electric shares valuable insights on improving customer satisfaction. Ajibola Akindele, Country President, Schneider Electric, West Africa, shares strategies and insights on how Schneider Electric has built long-lasting customer relations over the years through customer satisfaction. How would you describe Customer Service? The heart of Schneider Electric is its customer service. It represents our guiding principles and is essential to how we conduct business every day. At Schneider Electric, we consider providing exceptional customer service to be more than just a department, but rather a part of who we

Image
03-October-2023

NDIC Begins Payment of N16.18bn to Depositors of 20 Failed Banks

By Adedapo Adesanya The Nigeria Deposit Insurance Corporation (NDIC) has disclosed playing N16.18 billion in liquidation dividends to depositors, creditors, and stakeholders of 20 banks in liquidation. According to a statement from the corporation’s Director of Communication and Public Affairs, Mr Bashir Nuhu, this follows impressive recoveries from debtors and the realisation of assets of banks in liquidation. As a result, the NDIC, which is responsible for protecting depositors and guaranteeing the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, said it had commenced verification and payment of stakeholders covered by the declarations

Image
03-October-2023

NASD Index Rises 0.83% in Week 39

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed Week 39 mixed as the unlisted securities index rose by 0.83 per cent, while the market capitalisation depreciated by 2.63 per cent after VFD Group Plc finally delisted after three years of trading on the platform. According to data from the bourse, the NASD index went up by 6.70 points to 815.65 points from 808.95 points, while the value of the exchange shrank by N30 billion to N1.110 trillion from N1.140 trillion. In the week, Nipco Plc improved its value by 9.8 per cent to close at N95.00 per share

Image
03-October-2023

Norwegian Start-up Invests $13m in WATT Renewable

By Aduragbemi Omiyale A Norwegian start-up, Empower New Energy, has injected about $13 million into a Nigerian hybrid solar solutions provider, WATT Renewable Corporation, to reduce the country’s carbon footprint through innovative technologies. A statement from WATT said the funds would be used to improve the renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria. The firm stated that this is set to make a substantial impact on the availability and reliability of clean energy in the region and reduce the consumption of diesel

Image
03-October-2023

Naira Value Appreciates at P2P as Bitcoin Trades Above $27000

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) wing of the foreign exchange market on Monday, October 2, as the official market, the Investors and Exporters (I&E) window closed for the Independence Day holiday. In the P2P segment, the Nigerian Naira appreciated against the American currency by N3 to sell at N998/$1 compared with the preceding session’s value of N1,001/$1. In the same vein, the local currency improved its value against the US Dollar on Tuesday by N1 to sell at N1001/$1 versus the previous session’s exchange rate of N1002/$1. During the Independence Day