Nigerian Alternative Stock Exchange Sheds 0.20% in Week 29

Image

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the negative zone in Week 29 after losing 0.2 per cent in five days of trading.

This shortened the market capitalisation of the Nigerian alternative stock exchange by N10 billion to N1.064 trillion from N1.074 trillion of the preceding week, as the NASD Unlisted Securities Index (NSI) went down by 1.56 points to wrap the week at 769.33 points from the 770.89 points recorded at the previous week.

The loss printed by the bourse was caused by the poor outing of four companies trading their securities on the platform, with Central Securities Clearing System (CSCS) Plc shedding 8.1 per cent to close at N17.00 per unit versus the previous week’s N18.50 per unit.

FrieslandCampina Wamco Nigeria Plc slid 0.9 per cent in the week to settle at N70.81 per unit versus N71.50 per unit, International Packing Industries (IPI) Nigeria Plc lost 40 per cent to close at 3 Kobo per share compared with the earlier week’s 5 Kobo per share, and Nipco Plc depreciated by N5 to end at N65.00 per unit versus N70.00 per unit.

However, 11 Plc gained 10 per cent to quote at N186.34 per share, in contrast to the previous week’s N169.40 per share, Afriland Properties Plc rose by 2.9 per cent to N3.25 per unit from N3.16 per unit, Niger Delta Exploration and Production (NDEP) Plc improved by 2.2 per cent to N344.10 per share from N336.60 per share, and Purple Real Estate Plc grew by 0.2 per cent to N5.21 per unit from N5.20 per unit.

Last week, investors at the OTC exchange transacted 9.2 million units of stocks versus the previous week’s 329.1 million units of stocks, indicating a 97.2 per cent decline.

Also, the value of trades fell by 48.9 per cent to N110.0 million from N215.7 million, though the number of deals increased by 17.76 per cent 126 deals versus the 107 deals executed in Week 28.

FrieslandCampina was the most traded equity by value with N44.6 million units, Purple Real Estate Plc traded N28.84 million, NDEP Plc exchanged N21.6 million, Nipco Plc transacted N9.73 million, and UBN Property Plc traded N3.17 million units.

In terms of the volume of trades in the week, Purple Real Estate Plc topped with 5.54 million units, UBN Property Plc exchanged 2.88 million, FrieslandCampina posted 590,000 units, Nipco Plc recorded 140,000 units, and NDEP Plc traded 60,000 units.

Share
Related Stories
Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

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

Image
04-March-2024

Tinubu Assures Qatari Investors Seamless Repatriation of Funds

By Aduragbemi Omiyale Any investor, especially from Qatar, who wants to invest in the Nigerian economy will not encounter bottlenecks while repatriating their funds, President Bola Tinubu has assured. Due to the foreign exchange (FX) crisis in the country, many companies, particularly foreign airline operators, have had their funds trapped, forcing a few of them, including Emirates, to suspend operations in Nigeria. On Sunday, at the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu said such may never happen again, urging business persons from the Middle East nation not to “miss out on the golden opportunity we present.” “I

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

More Stories
Image
05-August-2019

Keswani, SPAR Win at BusinessDay Nigerian Business Leadership Awards

By Modupe Gbadeyanka Over the weekend, those who matter in the business community gathered at the prestigious Lagos Continental Hotel for the 2019 edition of BusinessDay Nigerian Business Leadership Awards. During the glamorous ceremony, those who have contributed immensely to the nation’s economy in different ways were recognised and honoured by the organisers. Two of those rewarded for their contributions to the Nigerian service industry were the Group Managing Director of Artee Group, Mr Haresh Keswani, and SPAR. While Mr Keswani went home with the Lifetime Achievement Award, SPAR, the retail store brand of the group, was given the Retail

Image
28-October-2022

Selloffs on NGX Floor Moderates All-Share Index by 0.52%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.52 per cent contraction on Thursday for the first time this week following sell-off activities in the insurance sector. This moderated the All-Share Index (ASI) by 234.60 points to 44,625.18 points from 44,859.78 points and eased the market capitalisation by N128 billion to N24.306 trillion from N24.434 trillion. The market breadth ended positive yesterday despite the bearish outcome, as there were 12 price gainers and nine price losers, indicating a strong investor sentiment. Analysis of the sectorial performance showed that the insurance index was the black sheep during the session,

Image
28-September-2021

Naira Appreciates as eNaira Website Opens

By Adedapo Adesanya The Naira opened the week stronger against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Monday, September 27. At the specialised window, the local currency appreciated by 7 kobo or 0.02 per cent to trade at N414.83/$1 compared with N414.90/$1 it quoted last Friday. At the I&E window yesterday, the demand for the foreign currencies moderated, according to data harvested by Business Post from FMDQ Securities Exchange. Transactions worth $130.83 million were executed at the FX market segment during the trading day in contrast to the $193.59 million

Image
17-February-2017

FG Pledges to Prioritise Poultry Business

By Modupe Gbadeyanka Poultry business will be given necessary government attention so as to maximise the potentials of the industry, the Acting President, Prof. Yemi Osinbajo has promised. Speaking with a delegation of Poultry Association of Nigeria which paid him a courtesy visit this week in his office, the Acting President wondered why poultry business seemed to have been ignored even as agriculture is resurgent. He acknowledged the need to address some of the challenges facing the industry, because it is a significant contributor to the country’s economy. During his own remarks, the National President of the association, Dr Ayoola

Image
29-January-2017

Aba Bedrock of Nigeria’s Economy—FG

By Dipo Olowookere The importance of the commercial capital of the Southeast Nigeria, Aba in Abia State, has been highlighted by the Acting President, Mr Yemi Osinbajo. During a visit to Aba, where he participated in the First MSMES Clinics after the media launch in Abuja on Tuesday, and using an analogy, the story President Muhammadu Buhari once told him about the importance of taking care of people “who do the things that make us comfortable, the Vice President observed “it is important to pay attention to MSMES.” He said, “We will spend time to ensure that we give those

Image
23-July-2021

A PIB-Centred Telephone Conversation with Comrade Joseph Evah

By Jerome-Mario Utomi To help douse the swift and conflicting reactions, utter confusion and frustration raging in the minds of the Niger Deltans and other stakeholders, occasioned by the inexplicable and unexpected provisions of the recently passed Petroleum Industry Bill (PIB), I sought a telephone conversation with Comrade Joseph Evah, Coordinator, Ijaw Monitoring Group. That was a few days ago. Essentially, on that day, at that time and in that place, I listened to him with rapt attention as his frankness made it very easy for me to be at ease in his presence. After ‘watching’ him use analysis and

Image
21-December-2020

Nigeria Releases 18 High-Yielding Crop Varieties

By Adedapo Adesanya In order to boost agricultural productivity in Nigeria in line with the President Muhammadu Buhari 9-point agenda, the National Varieties Release Committee (NVRC) has released 18 high-yielding crop varieties. The unveiling of these new crop varieties is expected to favour farmers in the country, who will now experience bountiful harvest going forward and in turn, make food cheaper. During the announcement, the Chairman of NVRC, Mr Oladosu Awoyemi, said the 18 crops were taken from the 25 submitted by researchers. While speaking during the 29th meeting at the National Centre for Genetic Resources and Biotechnology (NACGRAB) in

Image
22-October-2017

Dangote Cement Increases pan-African Market Volume

By Dipo Olowookere Leading pan African cement manufacturer, Dangote Cement, has maintained its strong hold in the Nigeria domestic cement market accounting for 65 percent of the Nigerian market volume, while other African plants’ volumes went up by 7.5 percent to 7.0 mta. In the past months, Dangote Cement has expanded its operations across Africa with the coming on stream of the 1.5 mta integrated cement plant in Mfila, Republic of Congo even as an acting chief executive officer has been appointed for the company. According to the unaudited results for the nine months ended September 30, 2017, the plant,

Ad
Ad
Recent Stories
Image
05-March-2024

Oil Market Falls Despite OPEC+ Cut Extension

By Adedapo Adesanya  The oil market fell slightly on Monday, as demand headwinds outweighed a widely expected extension of voluntary output cuts through the middle of the year by the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent futures dropped 81 cents to quote at $82.74 a barrel while the US West Texas Intermediate (WTI) weakened by $1.22 to trade at $78.75 a barrel. The OPEC+ producers agreed over the weekend to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to cushion the market amid global economic concerns and

Image
05-March-2024

Investors Mop up Nigerian Stocks on Economic Optimism

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.10 per cent growth on Monday amid optimism that the trip of President Bola Tinubu to Qatar over the weekend will yield positive results. At the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu assured Qatari investors that they would not face any bottleneck while attempting to repatriate their funds. This assurance was welcomed by stock investors, who saw light at the end of the tunnel for the nation’s economy, which is currently suffering because of the shortage in the supply of foreign exchange (FX) into the market. Since

Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same