Nigerian Exchange Jumps 0.14% on Renewed Investor Confidence

Image

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further appreciated by 0.14 per cent on Friday on the back of a renewed investor confidence, triggering a rise in the level of activities.

This was largely driven by demand for the shares of FBN Holdings, Ecobank, Cutix, amongst others and at the end of the session, the trading volume rose by135.98 per cent to 510.2 million units from the previous day’s 216.2 million units.

In the same vein, the trading value increased yesterday by 73.47 per cent to N5.9 billion from N3.4 billion, while the number of deals appreciated by 28.39 per cent to 5,485 deals from 4,272 deals.

Business Post reports that news that Mr Femi Otedola has acquired First Bank further triggered a buy pressure on FBN Holdings stocks, closing again as the most active with the sale of 154.4 million units valued at N1.9 billion.

Ecobank transacted 56.1 million units worth N421.5 million, Transcorp traded 32.0 million units valued at N32.3 million, NGX Group sold 29.9 million units valued at N723.2 million, while Wema Bank exchanged 24.1 million units worth N17.4 million.

On the price movement chart, Cutix led the gainers’ group with a price appreciation of 10.00 per cent to trade at N6.05, followed by Unilever Nigeria, which gained 9.85 per cent to quote at N14.50.

ABC Transport appreciated by 9.68 per cent to sell for 34 kobo, PZ Cussons gained 9.26 per cent to trade at N5.90, while Total Energies went up by 6.17 per cent to settle at N204.90.

On the other hand, the losers’ gang was led by NEM Insurance after its value went down by 8.57 per cent to N1.92. Ikeja Hotels dropped 7.83 per cent to N1.06, NGX Group depreciated by 6.58 per cent to N22.00, Coronation Insurance fell by 5.88 per cent to 48 kobo, while NASCON declined by 5.48 per cent to N14.65.

During the trading day, the insurance sector lost 1.75 per cent, while the energy, consumer goods, banking and industrial goods counters gained 2.48 per cent, 0.31 per cent, 0.29 per cent and 0.04 per cent respectively.

At the close of transactions, the All-Share Index (ASI) improved by 59.15 points to 41,763.26 points from 41,704.11 points, while the market capitalisation grew by N30 billion to N21.794 trillion from N21.764 trillion.

Share
Related Stories
Image
18-March-2024

Tinubu Raises NNPC Contract Approval Threshold to $10m

By Adedapo Adesanya President Bola Tinubu has raised the contract approval threshold for the Nigerian National Petroleum Company (NNPC) Limited to a minimum of $10 million or its equivalent in Naira. In an executive order issued in Abuja, the President also directed that the approval period for every of the contract stages should not exceed 15 days. The order also directed that the duration for third-party contracts awarded under the production sharing contract (PSC) or Joint Operating Agreement (JOA) be increased to five years from three years, with the option of an additional two years renewal, thereafter. President Tinubu lamented

Image
17-March-2024

Crude Oil Market Falls Despite Positive Signals

By Adedapo Adesanya  The crude oil market depreciated on Friday despite reporting gains earlier in the week due to improved demand and expected supply tightness. Brent futures slid by 9 cents or 0.11 per cent to $85.33 a barrel, and the US West Texas Intermediate (WTI) futures declined by 17 cents or 0.21 per cent to $81.09 per barrel. Market analysts noted that supplies are tightening for motor fuels, and prices are at risk of going higher, but there are worries the US Federal Reserve won’t be able to cut interest rates because inflation remains above the central bank’s target

Image
18-March-2024

Court Orders Binance to Give EFCC Access to Nigerians’ Trading Data

By Adedapo Adesanya A Federal High Court in Abuja has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with the comprehensive data or information of all persons from Nigeria trading on its platform. Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Mr Ekele Iheanacho, on Monday. “The applicant’s application dated and filed on February 29, 2024, is hereby granted as prayed,” the court held today. It also held, “That an order of this court is hereby made directing the operators of Binance to provide the

More Stories
Image
18-October-2016

SMEDAN, NICON Sign Deal On Insurance For SMEs

By Modupe Gbadeyanka A memorandum of understanding (MoU) to provide insurance cover for Small and Medium-sized Enterprises (SMEs) in the country has been signed. The deal was finalised between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and NICON Insurance Limited at a ceremony held recently in Abuja. Under the agreement, SMEDAN will provide insurance services for over its 37 million members across Nigeria, while NICON will provide them with generic insurance cover. This, it was explained, is to protect entrepreneurs from the resultant effects of unfavourable and unpredictable economic environment. It was gathered that SMEDAN, an agency

Image
30-June-2020

Elegbe Tutors Companies on Crisis Management

Companies have been advised to have a crisis management plan in order to prepare for potential crisis and keep their businesses afloat. This call was made by the founder and Group Managing Director at Interswitch, Mr Mitchell Elegbe, who stressed that the impact of coronavirus pandemic, which has left businesses across the globe counting losses, was a wake-up call for companies to take proactive measures to handle crisis. Speaking during a WIMBOARD Institute webinar tagged The role of a Board in Anticipating and Managing Crisis last Thursday, he said decision makers must take a long-term view of the business and

Image
19-November-2019

NASD Exchange Trades Flat as Trading Volume Falls

By Adedapo Adesanya  The NASD Over-the-Counter (OTC) Securities Exchange traded flat on the first trading day of the new week on Monday, November 18, 2019 as key market parameters remained unchanged from the figures they closed with last Friday. According to data harvested by Business Post from the NASD platform, the NASD Unlisted Securities Index (NSI) remained static at 714.21 points at the close of transactions yesterday. In the same vein, the market capitalisation did not record any movement during the trading session on Monday, closing at N513.12 billion, the same level it was at the last session. However, the

Image
05-March-2020

Abia Runs to AfBD to Address Infrastructure Deficit, Others

By Adedapo Adesanya The Abia State Government is in talks with the African Development Bank (AfDB) over creation of its entrepreneurship and agricultural investment hub that will make the state a better player in the country’s economy. This followed a meeting between the governor of the state, Mr Okezie Ikpeazu and the Bank’s president, Mr Akinwumi Adesina at the Bank’s headquarters in Abidjan, Cote d’Ivoire, where they discussed investments for the South-Eastern state that will see the creation of jobs and improve the standard of living. With a population of over 2.8 million, Abia State is looking to the Bank

Image
08-May-2020

Market Optimism Wanes as Oil Sheds Earlier Gains

By Adedapo Adesanya Crude oil prices fell for the second day in a row on Thursday, shedding the gains recorded earlier in the day after market optimism waned. The Brent crude, which had risen above $30 earlier in the day, later lost 27 cents or 0.91 percent to sell at $29.44 per barrel, while the US West Texas Intermediate (WTI) crude fell by 2.04 percent or 45 cents to trade at $23.54 per barrel. Prices had spent much of the session facing north as a result of Saudi Arabia’s decision to lift prices to help stabilize the market already experiencing

Image
20-January-2021

21 Nigerian Stocks Weaken Index by 0.07%

By Dipo Olowookere Transactions at the Nigerian Stock Exchange (NSE) closed bearish on Tuesday by 0.07 per cent as a result of the decline in the prices of 21 equities listed on the bourse. The general bearish outcome occurred despite the persistent positive investor sentiment as the prices of 43 shares appreciated at the close of business. Business Post observed that the decline suffered by the exchange was influenced by the sell-off in the banking, energy and industrial goods sectors, which closed lower by 0.73 per cent, 0.46 per cent and 0.36 per cent respectively. The losses recorded by these

Image
02-November-2022

Fidelity Bank to Promote Nigeria’s Non-Oil Exports in UK

By Adedapo Adesanya Fidelity Bank Plc has announced plans to host the maiden edition of the Fidelity International Trade and Creative Connect (FITCC) in partnership with Invest Africa. Scheduled to hold on November 15-16, 2022, in London, United Kingdom, FITCC will host leading businesses, entrepreneurs, investors, and regulators operating in the commodity, service, creative, fashion, and fintech sectors in Nigeria, the United Kingdom, and the wider European market, to promote Nigeria’s non-oil exports and facilitate integrations to global supply-chain networks via partnerships, co-creation opportunities and foreign direct investments. According to a joint press release issued by the two organisations, the

Ad
Ad
Recent Stories
Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

Image
18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry