Nigerian Exchange Closes 0.01% Lower on Profit-Taking

Image

By Dipo Olowookere

Renewed profit-taking dragged the Nigerian Exchange (NGX) Limited lower by 0.01 per cent on Monday as investors reacted to fresh fears of foreign exchange (FX) scarcity in the country.

It was observed that the decline was mainly from the ‘big boys’ of the market as investor sentiment still swayed to the bulls at the close of transactions.

The banking sector gained 0.25 per cent yesterday, while the industrial goods index closed flat. But the decline of 0.26 per cent, 0.24 per cent and 0.05 per cent posted by the respective trio of consumer goods, insurance and energy sectors pushed the market to the bears’ territory during the session.

Consequently, the All-Share Index (ASI) was bruised by 5.40 points to 49,676.75 points from 49,682.15 points, while the market capitalisation went down by N4 billion to close at N26.794 trillion in contrast to the previous session’s N26.797 trillion.

Caverton lost 9.57 per cent to trade at N1.04, John Holt fell by 8.99 per cent to 81 Kobo, Japaul declined by 8.82 per cent to 31 Kobo, AIICO Insurance depreciated by 3.64 per cent to 53 Kobo, while Nigerian Breweries decreased by 2.86 per cent to N45.80.

On the flip side, Trans Nationwide Express improved its share price by 9.52 per cent to 69 Kobo, UPDC REIT expanded by 9.23 per cent to N3.55, Multiverse appreciated by 9.17 per cent to N2.62, Vitafoam grew by 8.37 per cent to N22.00, while Courteville gained 8.33 per cent to trade at 52 Kobo.

Business Post reports that at the close of business, the market breadth was positive with 10 price decliners and 18 price advancers.

The activity chart was mixed yesterday as investors transacted 232.9 million stocks valued at N2.2 billion in 4,425 deals compared with the 193.5 million stocks worth N4.6 billion transacted in 3,307 deals last Friday, indicating a decline in the trading value by 52.90 per cent and an increase in the trading volume and the number of deals by 20.38 per cent and 33.81 per cent respectively.

Jaiz Bank traded 40.4 million units worth N36.2 million, Access Holdings exchanged 35.8 million units valued at N293.6 million, FBN Holdings traded 23.1 million units for N251.4 million, Mutual Benefits sold 19.9 million units valued at N6.1 million, while Zenith Bank transacted 12.5 million units worth N273.7 million.

Share
Related Stories
Image
26-February-2024

Pension Funds no Longer Diverted to Private Pockets—PenCom DG

By Aduragbemi Omiyale The Director-General of the National Pension Commission (PenCom), Ms Aisha Dahir-Umar, has assured workers and pensioners in the country that their funds are in safe hands, noting that they are not being diverted like in the past. Ms Dahir-Umar, while speaking recently at the 2024 congress of the Finance Correspondents Association of Nigeria (FICAN) in Abuja, stated that the N18 trillion pension assets are being invested mainly in low-risk assets. The DG, who was represented at the event by the agency’s Head of Corporate Communication, Mr Ibrahim Buwai, emphasised that returns from such investments are automatically distributed

Image
27-February-2024

We Are Not Responsible for Your Woes—CBN Tells Nigerians

By Aduragbemi Omiyale The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has absolved the bank from the current economic hardship the citizens are going through, saying he and his team are only part of the solution and not the problem. He said this on Tuesday while briefing newsmen on the outcome of the first Monetary Policy Committee (MPC) meeting under his leadership. Mr Cardoso was confirmed as the substantive leader of the central bank last September by the Senate after Mr Folashodun Shonubi, who sat on the seat in an acting capacity after the removal of

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

More Stories
Image
13-April-2022

FG Declares April 15, 18 Work-Free Days for Easter

By Adedapo Adesanya The federal government on Tuesday declared Friday, (Good Friday) April 15, and Monday, (Easter Monday) April 18, 2022, as work-free days to mark the Easter celebrations. This disclosure was made by the Minister of Interior, Mr Rauf Aregbesola, in a statement, where he urged Christians to emulate the attributes of sacrifice, togetherness, forgiveness, kindness, love, peace and patience, which were the attributes and practices of Jesus Christ, as exemplified by His ministry on earth. He called on Christians and all Nigerians alike to use the occasion of this year’s Easter to pray for an end to all

Image
17-June-2019

Cambridge Honours 91 Students from 46 Schools in Nigeria

On Friday, June 14, 2019, about 91 top performing students from 46 schools in Nigeria received 125 Outstanding Cambridge Learner Awards following their outstanding performance in the November 2017 and June 2018 Cambridge exams series. The event, which took place at the Civic Centre in Lagos, was hosted by Cambridge International and the British Council. The awards covered various subjects taken in Cambridge IGCSEs, Cambridge O Levels and Cambridge International AS & A Levels. The top achievers included three ‘Top in World’ category winners: Omoshemi Favour Oloriegbe from The Childville Senior for Cambridge IGCSE Sociology in the June 2018 exam

Image
07-April-2020

CBN Alerts Nigerians of COVID-19-Related Cyber Crimes

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has warned bank customers on methods used by cyber-fraudsters to defraud Nigerians who are taking advantage of digital banking options to carry out transactions during this current COVID-19 pandemic. In a statement released by the Director, Corporate Communications, CBN, Mr Isaac Okorafor, on Monday, it said Internet fraudsters are stealing sensitive information to gain unauthorized access to computers or mobile devices of commercial bank customers using various techniques. “This trend is not peculiar to Nigeria as there has been a rise in COVID-19-related cybercriminal activities all over the world. “Our priority

Image
11-March-2019

Market Records Turnover of 1.3bn Shares Worth N13.9bn

By Modupe Gbadeyanka A total turnover of 1.290 billion shares worth N13.873 billion were traded in 17,307 deals last week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 1.752 billion equities valued at N19.681 billion exchanged the previous week in 22,319 deals. A breakdown of these trades showed that the financial stocks led the activity chart by volume with 1.084 billion units sold for N11.612 billion in 11,169 deals, contributing 84.06 percent and 83.70 percent to the total equity turnover volume and value respectively. Data from the NSE showed that the

Image
05-August-2019

Addas Mall Celebrates Sallah with Special Promo

By Adedapo Adesanya Rising Lagos-based supermarket, Addas Mall, will be celebrating with Muslim faithful during the Eid-el-Kabir festival, with a special promo. The company has said it would, during the time, reward loyal customers and members of the public with an exciting Sallah promo that has already kicked off on July 31 and would run till the evening of Wednesday, August 13. 2019. The retail franchise located in the heart of the state capital, Ikeja, has come up with the promotion to coincide with the Muslim festival of sacrifice commonly known as Sallah in Nigeria, as a perfect way for

Image
13-January-2022

My Leadership Style is Devoid of Bitterness—Ikpeazu

By Okechukwu Keshi Ukegbu The Governor of Abia State, Mr Okezie Ikpeazu, has said he does not see politics as a do-or-die affair as his leadership style is devoid of bitterness. The Governor said when he recently received the Senate Chief Whip and former governor of Abia State, Mr Orji Uzor Kalu, at his Umuobiakwa country home in Obingwa Local Government Area. The lawmaker visited the Governor to laud his giant strides, especially the quality of roads he (the Governor) has delivered in Aba. He said Mr Ikpeazu has galvanised human and material resources in the state for the good

Image
07-June-2017

Nigeria Rakes N5.3tr from Foreign Trade in Q1 2017

**As Trade Balance Hits N719b By Dipo Olowookere The National Bureau of Statistics (NBS) has disclosed that in the first quarter of 2017, a total of N5.3 trillion was made by Nigeria from foreign trade. Of the amount, the total exports for the period under review stood at N3 trillion, while for imports stood at N2.3 trillion. NBS noted that the N5.3 trillion total value of Nigeria’s merchandise trade represented a slight increase of 0.1 percent relative to the value of N5.286 trillion recorded in the preceding quarter. It also said the marginal rise in exports, coupled with a slight

Image
24-June-2023

Nigeria Ranks in Top 10 Worldwide for Crypto Adoption

EMURGO Africa, in strategic partnership with PwC, today unveiled the “State of Web3.0 in Africa” report, a forward looking publication that provides an expansive and insightful analysis of the emergent influence of blockchain and Web3.0 technologies within Africa and the Middle East and North Africa (MENA) region. Unearthing compelling statistics, the report casts a spotlight on the pivotal rise of blockchain investment within Africa. Blockchain funding soared by a stunning 1,668% in 2022 compared to the preceding year, accumulating a total of USD 91 million in countries like Kenya, South Africa and Nigeria. This heralds Africa’s burgeoning presence within the

Ad
Ad
Recent Stories
Image
28-February-2024

Dangote Cement Wins Environmental Sustainability Award

By Aduragbemi Omiyale NatureNews has announced Dangote Cement Plc as the winner of the 2023 NatureNews Environmental Sustainability Award at its 3rd anniversary themed Climate Change and Energy Transition in Nigeria. At the Anniversary Lecture and Presentation of the Hero of Environmental Actions for Development (HEAD) held on Tuesday at the Shehu Musa Yar’Adua Centre, Abuja, the news platform said Dangote Cement was nominated for the category following a thorough screening by eminent professionals. The Publisher and Editor-in-Chief of NatureNews, Mr Aliyu Akoshile, disclosed that during the screening, it was discovered that the cement maker had deployed cutting-edge technology to

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Fans Anticipate ‘Return of Maleeka (Atupa)’ by Mobolaji Samuel

By Modupe Gbadeyanka Some movie lovers are already calling on a movie producer in Nigeria, Ms Mobolaji Samuel, to release the sequel to her captivating film, Maleeka, Return of Meleeka (Atupa). The quest to see the second part of the flick is due to the exploits of the Nollywood filmmaker in the first part. However, she has called for calm, assuring her fans that the release date of her latest work of art would be announced very soon. Speaking recently on the Return of Maleeka (Atupa), the charming movie maker described the film as a story of faith and resilience,

Image
28-February-2024

FG Selects Learning Community Managers for 3MTT Initiative

By Modupe Gbadeyanka The federal government has selected Learning Community Managers for the 3MTT Initiative for all 36 states of the federation and the Federal Capital Territory (FCT). The managers were picked for the programme by the Federal Ministry of Communications, Innovation & Digital Economy, which is handling the initiative. Recall that the government secured N1 billion in partnership with IHS Nigeria to support the 3MTT Learning Community. The selection of Learning Community Managers marks a significant milestone in the government’s efforts to empower Nigeria’s tech talents. These individuals will play a crucial role in managing and assisting participants in

Image
28-February-2024

Renowned Embryologist Dr Marta Jansa Perez Visits Bridge Clinic Nigeria

By Modupe Gbadeyanka A renowned embryologist, Dr Marta Jansa Perez, has visited the Bridge Clinic Nigeria in Lagos, reinforcing its commitment to excellence in reproductive healthcare. Ms Perez is the Director of Embryology at Bridge Clinic London. Her visit to the Nigerian affiliate of the foremost healthcare organisation is a testament to the partnership between the two clinics, opening new avenues for the exchange of expertise and resources. The health practitioner arrived at Bridge Clinic Nigeria on Monday, February 19, 2024. Her week-long visit was meticulously structured around training, process and quality improvement, research and development, and guidance on best

Image
28-February-2024

Zero Routine Gas Flares and Delta Communities

By Jerome-Mario Utomi It is common knowledge that in pursuit of meeting the targets of 20 per cent (unconditional) and 47 per cent (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord reportedly signed by the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited/TotalEnergies joint venture recently achieved zero routine gas flare in all its assets. While it is obvious that “the significance of this achievement is that the last routine flare volume of about 12MMscf/d (12 million standard cubic feet per day) of gas has now been eliminated giving rise

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect