Nigerian Bourse Closes Flat as Market Struggles to Find Direction

Image

By Dipo Olowookere

Trading activities on the floor of the Nigerian Exchange (NGX) Limited were relatively lukewarm on Tuesday as the market struggled to find direction, primarily due to the issues surrounding the recently-concluded presidential election.

The outcome of the poll is still being contested by the two major opponents, Mr Atiku Abubakar of the Peoples Democratic Party (PDP) and Mr Peter Obi of the Labour Party (LP), who firmly believed that he was massively rigged out to make way for the emergence of Mr Bola Tinubu of the ruling All Progressives Congress (APC).

Though both have headed to the courts to seek redress, this is giving investors at the Nigerian bourse something to worry about, prompting them to embark on cautious trading.

At the market yesterday, there were sell-offs in the banking, energy and consumer goods sectors, prompting their indices to fall by 1.03 per cent, 0.42 per cent, and 0.05 per cent, respectively.

However, the insurance counter appreciated by 0.48 per cent at the close of business, while the industrial goods space grew by 0.33 per cent.

When the closing gong was struck, the All-Share Index (ASI) marginally shrank by 1.63 points to 55,603.94 points from 55,605.57 points, as the market capitalisation slightly contracted by N1 billion to N30.290 trillion from N30.291 trillion.

Analysis of the data obtained by Business Post showed that investor sentiment was fragile as the local stock exchange closed with 22 price losers and 10 price gainers, indicating a negative market breadth.

MRS Oil lost 10.00 per cent to trade at N31.05, NCR Nigeria declined by 9.88 per cent to N2.92, Multiverse fell by 9.85 per cent to N3.57, Veritas Kapital went down by 9.09 per cent to 20 Kobo, and Cutix dwindled by 9.09 per cent to N2.00.

On the flip side, Caverton gained 9.62 per cent to close at N1.14, UAC Nigeria grew by 7.60 per cent to N9.20, Coronation Insurance expanded by 5.00 per cent to 42 Kobo, Axa Mansard jumped by 4.50 per cent to N2.09, and Chams rose by 3.85 per cent to 27 Kobo.

At the market yesterday, Transcorp was the busiest after it sold 14.4 million stocks and was followed by Zenith Bank, which exchanged 13.3 million equities. GTCO traded 11.9 million shares, UBA transacted 11.1 million stocks, and Fidelity Bank sold 10.2 million stocks.

A total of 159.5 million equities worth N2.5 billion exchanged hands in 4,187 deals during the trading day, in contrast to the 123.6 million equities worth N2.5 billion transacted in 4,076 deals on Monday, indicating an increase in the trading volume and the number of deals by 29.07 per cent and 2.72 per cent apiece, as the trading value was flat.

Share
Related Stories
Image
27-September-2023

Unlisted Securities Index Falls 0.30% on CSCS Loss

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.30 per cent on Tuesday, September 26 after Central Securities Clearing System (CSCS) Plc witnessed a decline in its closing price. This brought down the value of the unlisted securities market by N3.50 billion to end at N1.146 trillion versus the N1.149 trillion it ended a day earlier, as the NASD Unlisted Securities Index (NSI) dropped 2.48 points to end at 810.87 points compared with the previous day’s 813.35 points. The share price of CSCS Plc declined by 70 Kobo yesterday to settle at N17.50 per share, in contrast

Image
26-September-2023

Equinor to Sell 20.2% Stake in Nigeria Oil Field Asset to Chappal

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

Image
27-September-2023

Banking, Energy Stocks Slurp N126bn from Nigerian Exchange

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

Image
26-September-2023

Naira Falls to N773.25/$1, N1.006/$1 at P2P

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

More Stories
Image
06-July-2017

Police, Protesters Clash Outside G20 Summit

By Dipo Olowookere As the G20 Summit prepares to officially kick off tomorrow, Friday, July 7, 2017, in Hamburg, Germany, demonstrators have stormed outside of the venue of the meeting to march against the United States President, Mr Donald Trump. The protesters are against the anti-globalisation stand of the American President. In May 2017, Mr Trump announced the withdrawal of the United States from the Paris Climate Accord, prompting outrage across the world. On Thursday evening, police in Germany clashed with the anti-globalisation protesters, using water canon to disperse them. Thousands of people converged outside the G20 Summit to register

Image
17-April-2023

Nigeria Approves Oxford’s New Malaria Vaccine

By Adedapo Adesanya The Nigerian government has granted regulatory approval for the R21/Matrix, the malaria vaccine developed by scientists at Oxford University to fight the disease in the country. This was announced by the Director-General of the National Agency for Food and Drug Administration And Control (NAFDAC), Mrs Mojisola Adeyeye, during a press briefing on Monday. R21/Matrix-M has shown great success during its trials in Burkina Faso, with the World Health Organisation (WHO) threshold putting it at 75 per cent efficacy, while its effectiveness stood at 77 per cent when administered in three doses. According to the World Malaria Report,

Image
05-November-2018

Asharami Synergy Highlights Growth Enablers for African Downstream Sector

By Modupe Gbadeyanka Managing Director of Asharami Synergy Plc, Mrs Moroti Adedoyin-Adeyinka, has said the emerging ‘downstream of the future’ will require a change in operating business model to accommodate a more integrated downstream value chain, service differentiation through technology and shift to importing cleaner fuel. Mrs Adedoyin-Adeyinka made this disclosure while speaking ahead of the OTL Africa Downstream Conference held in Lagos from October 29 to 31, 2018. According to her, the sector’s future would require increased Investments in Downstream Infrastructure, Regional and Pan-African Expansion Opportunities and Increased Integration along the Downstream Value Chain. Asharami Synergy Plc, a Sahara

Image
03-August-2023

Buzz in Nigeria’s Tech Ecosystem as Tinubu Nominates Bosun Tijani as Minister

By Adedapo Adesanya The Nigerian tech ecosystem has been buzzing as President Bola Tinubu nominates one of its shining stalwarts, Mr Bosun Tijani, for ministerial appointment. President Tinubu, through his chief of staff, Femi Gbajabiamila, submitted a supplementary ministerial list comprising 19 individuals, including Mr Tijani, co-founder and CEO of Co-Creation HUB (CcHub), a leading tech and innovation hub on the continent with operations in Nigeria, Kenya and Rwanda. This has created positive reactions across the ecosystem, many who have lauded the decision as a positive for the budding sector, one of the most crucial sectors to the nation’s economy.

Image
07-February-2017

Presidential Fertilizer Committee Hails Indorama

By Dipo Olowookere The Presidential Committee on Fertilizer Initiative (PCFI) has expressed satisfaction with the participation of Indorama Eleme Fertilizer & Chemicals Limited (IEFCL), Port Harcourt, in the programme aimed at supplying NPK fertilizer to farmers nationwide at cheaper cost. Chairman of the committee, Mr Mohammed Badaru Abubakar, who is also the Governor of Jigawa State made this statement on Saturday, February 4, 2017 when he visited the Indorama world-class fertilizer plant in the company of the President of the Fertilizer Producers & Suppliers Association of Nigeria (FEPSAN), Mr Thomas Etuh, and the Managing Director of the Nigerian Sovereign Investment

Image
05-November-2020

FG Hands Over Afam Power to Transcorp in N105bn Deal

By Dipo Olowookere A natural-gas-fired power generation facility located in Oyigbo, Rivers State, Afam Genco, otherwise known as Afam Power, has been handed over to Transcorp Plc. The energy company was transferred to Transcorp on Thursday after it was sold to the publicly quoted firm for N105.3 billion by the federal government. Both parties signed the Share Sale Purchase Agreement (SSPA) for the transaction at a ceremony held in at the Aso Rock Villa in Abuja. Vice President Yemi Osinbajo represented the federal government along with the Director-General of the Bureau of Public Enterprise, Mr Alex Okoh, while the Chairman

Image
25-March-2018

NASD Begins Classification of Listed Stocks April 27

By Modupe Gbadeyanka The management of NASD OTC Market has disclosed that it would commence the first review of securities listed on its platform. Last year, the market started a classification of NASD OTC admitted securities into categories that reflect the level of financial disclosure, adherence to corporate governance standards, dematerialisation of shares and liquidity of the 36 securities trading on the OTC Market. At the end of this exercise, 12 securities were ranked in the Blue Category, eight in the Pink Category, and 15 were in the Red Category. In a statement issued last Friday, NASD noted that in

Image
22-May-2023

Lagos Agog for Dangote Petroleum Refinery Commissioning

By Modupe Gbadeyanka The city of Lagos is radiating as the Dangote Petroleum Refinery and Petrochemicals is to be commissioned today, Monday, May 22, 2023. President Muhammadu Buhari will lead other African leaders to inaugurate the facility, which has the capacity to process 650,000 barrels per day (bpd). A statement from Dangote Industries Limited disclosed that expected at today’s event are the President of Togo, Mr Gnassingbé Eyadéma; the President of Ghana, Mr Nana Akufo-Addo; the President of Senegal, Mr Macky Sall; the President of Niger Republic, Mr Mohamed Bazoum; and the President of Chad, Mr Mahamat Déby. In addition,

Ad
Ad
Recent Stories
Image
27-September-2023

Afreximbank to Use Oil Traders to Fund $3bn Nigerian Crude Swap Loan

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

Image
27-September-2023

Osimhen Snubs Teammates After Napoli TikTok Video

By Bliss Okperan Nigerian goal-poacher, who plies his football trade in Italy, Victor Osimhen, has expressed his frustration over the way his club, Napoli, treated his penalty miss over the weekend. The Italian club won a penalty in a match with Bologna on Sunday, but the striker could not put the ball in the back of the net, leaving his team with a goalless draw. On Tuesday, Napoli posted a video on its verified TikTok page. It was believed that the post was to mock the miss, sparking outrage from some fans, especially from Nigeria, the footballer’s home country. On

Image
27-September-2023

Nigeria Loses Bid to Co-host AFCON 2027

By Adedapo Adesanya Nigeria and its neighbour, Benin Republic, will not jointly host the 2027 Africa Cup of Nations (AFCON) as the Confederation of African Football (CAF) has favoured the trio of Kenya, Uganda and Tanzania for the continental football tournament. The apex football governing body in Africa on Wednesday also announced Morocco as the host of the biennial competition in 2025. Morocco last hosted the AFCON in 1988 and was chosen in 2015 but asked for the tournament to be postponed because of the Ebola virus, although CAF later decided to strip the North African nation of the hosting

Image
27-September-2023

Eid-El-Maulud: Tinubu, Obi, CAN, Others Rejoice With Muslims

By Bliss Okperan President Bola Tinubu has joined other persons and organisations to rejoice with Muslims all over the globe, particularly in Nigeria, over the birthday celebration of Prophet Mohammed. The federal government declared Wednesday, September 27, 2023, a public holiday for Eid-El-Maulud, and the President, as well as his opponent in the 2023 presidential election, Mr Peter Obi of the Labour Party (LP), has joined to celebrate the day. In a statement from the State House in Abuja, Mr Tinubu urged Muslims to use the day “for deep introspection and fervent prayers,” stressing they should “make deliberate efforts to

Image
27-September-2023

Teacher’s Day Celebration: Tackling Fundamental of National Educational System

By Blaise Udunze Every day is for the Teachers! The moment we start giving preferences to the profession and the people as the most important members of our society, the moment there will be the emergence of true instructors and educators who are ready to instil the requisite knowledge for nation-building. Alas! The society is in quagmire and stagnated in this part of the world. Over the years, the least attention has been given to the whole of the educational sector- the citadel of learning. The Citadel houses the army of teachers. Today, can it be said to be a

Image
27-September-2023

Election Tribunal: Sokoto Governor to Know Fate Saturday

By Bliss Okperan The Sokoto State Election Petition Tribunal will on Saturday, September 30, 2023, deliver a judgement on the petition filed by the candidate of the Peoples Democratic Party (PDP) in the governorship election in the state, Mr Sa’idu Umar. Mr Umar challenged the victory of the Governor of Sokoto State, Mr Ahmed Aliyu, who contested the poll under the platform of the All Progressives Congress (APC). He said Mr Aliyu was not qualified to partake in the poll and also alleged electoral fraud during the March 18 governorship election. In a press release, the court stated that, “Take

Image
27-September-2023

Reps Seeks Completion of Okpai–Kwale Transmission Line Project

By Adedapo Adesanya The House of Representatives has urged the Federal Ministry of Power and the Transmission Company of Nigeria (TCN) to urgently provide funds for the completion of the Okpai–Kwale Transmission Line Project in Delta State. At the plenary on Tuesday, the lower chamber of the parliament mandated its Committee on Power to ensure that bottlenecks mitigating against the completion of the project are effectively addressed and the project is completed in due time. This followed a motion moved by Mr Nnamdi Ezechi, the lawmaker representing Ndokwa/UKwuani Federal Constituency in the National Assembly on the floor of the green

Image
27-September-2023

Nigeria Needs FX Unification, Subsidy Removal for Economic Stability—IMF

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

Image
27-September-2023

Risevest Buys 100% Stake in Chaka

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

Image
27-September-2023

IPMAN Laments Secret Return of Fuel Subsidy Payments

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as