Connect with us

Economy

Nigerian Exchange Index Nears 80,000 as Market Cap Surpasses N43trn

Published

on

Nigerian Exchange Limited

By Dipo Olowookere

The upward movement by the Nigerian Exchange (NGX) Limited continued on Friday after it further gained 2.11 per cent to push the All-Share Index (ASI) closer to the 80,000 psychological mark.

Business Post reports that buying pressure was sustained on the last trading session of the week, with the insurance counter growing by 4.39 per cent.

Further, the banking space rose by 3.62 per cent, the consumer goods index increased by 1.02 per cent, and the industrial goods counter jumped by 1.10 per cent, while the energy sector closed flat.

At the close of business, the ASI expanded by 1,644.12 points to 79,664.66 points from 78,020.54 points and the market capitalisation gained N900 billion to N43.594 trillion from N42.694 trillion.

It was observed that a total of 60 stocks ended on the advancers’ log yesterday, while 20 stocks finished on the laggards’ table, representing a positive market breadth index and a strong investor sentiment.

UPDC recorded the biggest price appreciation as it chalked up 10.00 per cent to settle at N1.65, NAHCO also improved by 10.00 per cent to trade at N28.60, Transcorp rose by 9.99 per cent to N12.66, Wema Bank soared by 9.99 per cent to N7.38, and Transcorp Hotels jumped by 9.92 per cent to N84.85.

The heaviest loss was recorded by Multiverse as it dropped 9.99 per cent to close at N18.20, SCOA Nigeria shed 9.94 per cent to N1.63, Abbey Mortgage Bank deflated by 9.86 per cent to N2.65, UPDC REIT declined by 9.33 per cent to N6.80, and Coronation Insurance sank by 8.97 per cent to 71 Kobo.

During the session, investors traded 892.7 million shares worth N14.3 billion in 13,019 deals compared with the 984.2 million shares worth N11.2 billion traded on Thursday in 12,976 deals, showing a decline in the trading volume by 9.30 per cent, a decline in the trading value and the number of deals by 27.68 per cent and 0.33 per cent, respectively.

Fidelity Bank ended the day as the most active stock after it sold 92.7 million units for N1.3 billion, Transcorp traded 75.4 million units worth N955.0 million, Sterling Holdings transacted 71.6 million units valued at N399.6 million, FCMB exchanged 56.9 million units worth N541.8 million, and UBA traded 46.0 million units valued at N1.3 billion.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Click to comment

Leave a Reply

Economy

Nigeria Makes Maiden AfCFTA Shipment to Kenya

Published

on

crude oil shippers tax books

By Adedapo Adesanya

Nigeria’s maiden shipment under the African Continental Free Trade Area (AfCFTA) has successfully arrived at the Mombasa Port in Kenya.

According to the Nigeria AfCFTA Coordination Office in a statement, the development marks a historic moment for Africa’s trade landscape.

The Senior Trade Expert at the Nigeria AfCFTA Coordination Office, Mr Olusegun Olutayo, said in line with its mandate under the leadership of the National Coordinator, Mr Olusegun Awolowo, the office had coordinated the landmark event.

He said the achievement marked a significant milestone for Nigeria in realising the vision of increased intra-African trade and economic integration championed by the agreement in line with the decision of the AU Assembly at the 31st Ordinary Session of the Assembly.

“In times of escalating geopolitical tension and looming geo-economic fragmentation, AfCFTA presents a perfect opportunity for Africa to leverage trade as a strategic instrument for enhanced market access among state parties.

“This is a historic moment, a realisation of the vision of our continent’s founding fathers and mothers.”

He also said the first consignment which was a synthetic filaments product of Nigeria’s Lucky Fibres Limited (Lush), a subsidiary of the Tolaram Group, was exported under AfCFTA preferential terms.

Mr Olutayo lauded the bold economic reforms of President Bola Tinubu, emphasising their catalytic role in enabling the country’s active participation in AfCFTA, fostering continental economic integration and industrialisation goals.

He also commended the seamless cooperation and commitment from Kenyan authorities, which exemplifies the true spirit of AfCFTA.

He acknowledged the pivotal leadership role of the AfCFTA Secretariat in fostering the success and emphasised the collaborative efforts of the Kenya AfCFTA Implementation Committee and the Kenya Revenue Authority (Customs).

According to him, the shipment, exported under AfCFTA preferential trade terms, underscores partnership, shared vision, the agreement’s potential to transform Africa’s economic landscape and pave the way for a new era of trade-driven prosperity.

The AfCFTA seeks to create a single market across Africa by reducing barriers to trade, investment, and labour.

The agreement’s goal is to increase socioeconomic development, reduce poverty, and make Africa more competitive globally.

On March 21, 2018, the AfCFTA agreement was adopted and opened for signature in Kigali, Rwanda. The agreement entered into force on May 30, 2019 and officially commenced on January 2021

Former President Muhammadu Buhari established the National Action Committee on AfCFTA (NAC) in December 2019.

Continue Reading

Economy

Capital Market Operators Get January 31 Deadline for Licence Renewal

Published

on

capital market operators

By Adedapo Adesanya

The Nigerian Securities and Exchange Commission (SEC) has fixed January 31 as deadline for all Capital Market Operators (CMOs) to renew their operating licence.

In a circular to the operators on Sunday, the apex regulatory agency in the country’s capital market said the annual registration renewal would last between January 1 and 31, 2025.

SEC said the annual registration renewal enforcement for CMOs was aimed at ensuring that only “fit and proper” persons operate in the capital market, warning that CMOs without valid registration will be penalised and may be excluded from capital market activities.

”This is to inform all CMOs and the general public that the annual renewal of registration of CMOs for the year 2025 will commence from January 01.

“All CMOs applying for renewal are required to include their 2025 annual subscription receipt from their respective trade groups as part of their application.

“In line with the commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31 via registration renewal portal at www.eportal.sec.gov.ng,” it said.

The commission added that CMOs desiring to make enquiries or get support to complete the process should contact registration@sec.gov.ng.

The regulator said it had in 2021 re-introduced periodic registration renewal by CMOs to create a reliable active operators’ data bank in the country’s capital market.

It said the renewal arrangement aimed at updating operators information on capital market for official use by local and foreign investors, other regulatory agencies and the public.

The agency added that the renewals would drastically reduce incidences of unethical practices by CMOs which may affect investors’ confidence and impact the capital market negatively, noting that the exercise will strengthen supervision and monitoring of CMOs by the commission.

Continue Reading

Economy

Seven Equities Boost NASD OTC Securities Exchange by 1.24%

Published

on

NASD securities exchange

By Adedapo Adesanya

The third trading week of 2025 ended on a positive note at the NASD Over-the-Counter (OTC) Securities Exchange, with seven equities on the platform inspiring a 1.24 per cent growth.

Consequently, the market capitalisation of the bourse increased by N21.56 billion during the five-day trading week to N1.075 trillion from the N1.053 trillion quoted in the preceding week (Week 2) as the NASD Unlisted Security Index (NSI) expanded by 37.98 points to 3,111.91 points from the 3,073.93 points it ended in the preceding week.

In the period under review, the volume of transactions went down by 42.1 per cent to 9.45 million units from the 16.30 million units in the previous week, as the value of trades declined by 53.1 per cent to N48.4 million from the N104.11 million, with these transactions completed in 122 deals involving 15 different stocks.

Industrial and General Insurance (IGI) Plc gained 50 per cent in the week to close at 36 Kobo per share versus 34 Kobo per share, Mixta Real Estate Plc increased by 20 per cent to end at N2.58 per unit compared with the previous week’s N2.15 per unit, and Okitipupa Plc rose by 10 per cent to N39.59 per share from N35.99 per share.

Further, UBN Property Plc grew by 10 per cent to N2.20 per unit from N2.02 per unit, Newrest Asl Plc jumped by 9.9 per cent to N31.38 per share from N28.53 per share, FrieslandCampina Wamco Plc surged by 3.7 per cent to N39.65 per unit from N38.22 per unit, and 11 Plc advanced by 0.3 per cent to N256.00 per share from N255.31 per share.

FrieslandCampina Wamco Plc topped the activity chart last week by value with with N0.030 billion, 11 Plc recorded N0.009 billion, Central Security Clearing System (CSCS) Plc raked in N0.004 billion, IGI Plc followed with N0.002 billion, and Geo-Fluids Plc recorded N0.002 billion.

However, IGI Plc was the most traded instrument by volume with 7.5 million units, FrieslandCampina Wamco Plc transacted 0.77 million units, UBN Property Plc recorded 0.38 million, Geo-Fluids Plc traded 0.37 million units, and CSCS Plc posted 0.16 million units.

Continue Reading

Trending