Economy
NGX Upswing Slows to 0.06% as Investors Think Through Tinubu’s Policy Direction
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited marginally grew by 0.06 per cent on Wednesday as investors thought through the policy direction of the administration of President Bola Tinubu.
On Tuesday, the stock exchange witnessed an upswing of 5.22 per cent due to the assurance Mr Tinubu gave investors on Monday during his inauguration speech.
At the event held to swear him in as Nigeria’s 16th President, the former Governor of Lagos State said he would target at least 6 per cent GDP growth and unify the exchange rate regimes.
He also announced the removal of the petrol subsidy, which immediately triggered panic buying across the country.
Yesterday, many Nigerians suffered the ripple effect of this announcement, with the Nigerian National Petroleum Company (NNPC) Limited releasing a new pump price for its retail stations across the country. The energy firm said in Lagos, fuel would now sell for N488 per litre, and in other states in the Southwest region, it would go for N500/litre and N537/litre in Abuja.
This and others gave equity investors something to worry about, impacting the outcome of the bourse, as investor sentiment was weak, with 39 price losers and 30 price gainers.
Business Post reports that the financial services sector was bearish yesterday, with the insurance counter losing 2.52 per cent and the banking sector declining by 2.46 per cent.
Also, the industrial goods index went down by 0.19 per cent, while the consumer goods and the energy sectors closed higher by 2.08 per cent, and 1.63 per cent, respectively.
The All-Share Index (ASI) closed in the green territory in the midweek session after it rose by 30.93 points to 55,769.28 points from 55,738.35 points, while the market capitalisation grew by N17 billion to N30.367 trillion from N30.350 trillion.
The trio of Veritas Kapital, McNichols, and Jaiz Bank gained 10.00 per cent during the session to settle at 22 Kobo, 77 Kobo, and N1.21 apiece, as Conoil rose by 9.96 per cent to N57.95, and MRS Oil improved by 9.93 per cent to N44.85.
Conversely, NASCON shed 9.79 per cent to N15.20, RT Briscoe declined by 9.76 per cent to 37 Kobo, GSK dwindled by 9.58 per cent to N7.55, Caverton fell by 9.35 per cent to N1.26, and Deap Capital slipped by 9.09 per cent to 20 Kobo.
At the market on Wednesday, traders transacted 661.5 million shares worth N19.0 billion stocks in 10,024 deals, in contrast to the 1.1 billion shares worth N15.8 billion traded in 9,916 deals on Tuesday, representing a decline in the trading volume by 38.65 per cent, an increase in the trading value and the number of deals by 20.25 per cent, and 1.09 per cent apiece.
Access Holdings sold 98.7 million shares valued at N1.2 billion, UBA traded 90.2 million stocks worth N891.6 million, Zenith Bank transacted 44.5 million equities for N1.3 billion, GTCO exchanged 39.6 million stocks worth N1.1 billion, and Sterling Bank sold 34.2 million equities valued at N69.1 million.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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