Nigerian Shares Open Week Bullish with 0.08% Growth

Image

By Dipo Olowookere

The local bourse opened on a positive note on Monday after the public holiday declared last Friday to mark Eid-el Maloud in celebration of the birthday of Prophet Mohammed.

At the Nigerian Stock Exchange (NSE) yesterday, equities recorded a marginal growth of 0.08 percent to leave the year-to-date return at 41.30 percent.

However, the market breadth ended negative on Monday as there were 25 declining stocks as against 20 price gainers.

Also, the volume and value of shares transacted by investors reduced as a total of 500.2 million equities exchanged hands on Monday in 4,966 deals worth N6.4 billion compared with 11.8 billion shares valued at N21.4 billion traded in 5,152 deals last trading day on Thursday.

Business Post reports that Nestle led the gainers chart after adding N15.11k to its share value to settle at N1330.11k per share.

It was trailed by Seplat, which grew by N3 to close at N498 per share, and Total, which advanced by N2 to finish at N240 per share.

Cadbury gained N1.31k to end at N14.25k per share, while Nigerian Breweries progressed by N1.20k to close at N133.50k per share.

However, it was not a palatable story for Mobil, which topped the losers’ log after losing N7.44k to close at N152.21k per share.

It was followed by Guinness Nigeria, which went down by N4.87k to end at N92.64k per share, and Forte Oil, which depreciated by N1 to settle at N44.99k per share.

UAC of Nigeria declined by 50k to end at N17 per share, while CCNN shed 48k to settle at N9.39k per share.

At the close of transactions yesterday, it was Custodian and Allied that emerged the most traded stock in terms of volume, trading 70 million units worth N262.5 million.

FBN Holdings sold 56.9 million shares valued at N412 million, while Zenith Bank traded 55.6 million shares for N1.4 billion.

Transcorp exchanged 54.2 million shares valued at N72.3 million, and Fidelity Bank traded 50.5 million shares worth N103 million.

A look at the market indicators showed that the All-Share Index (ASI) slightly increased by 29.98 points to close at 37,974.58 points, while the market capitalisation added N10.8 billion to settle at N13.2 trillion.

Share
Related Stories
Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
29-February-2024

No Going Back on Reforms—Tinubu

By Adedapo Adesanya President Bola Tinubu has said there is no going back on the reforms embarked upon by his government that have led to the hike of essential goods and services in the country. He made this known as he inaugurated the Red Line Rail Project in Lagos on Thursday. The project, an intra-state rail service, is aimed at improving transportation within the city and spans 37 kilometres. Speaking while inaugurating the project, the President reiterated his administration’s commitment to improving the nation’s infrastructural development. He said, “But this revolution that has started, this reform that is ongoing, we

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

More Stories
Image
20-May-2021

NCDMB Intervention Fund Grows 75% to $350m in One Year

By Adedapo Adesanya The Nigerian Content and Development Board (NCDMB) intervention fund has increased by 75 per cent to $350 million in one year. This was revealed by the Executive Secretary of the board, Mr Simbi Wabote, at the Nigerian Bar Association-Section on Business Law (NBA-SBL) and NCDMB Colloquium on Wednesday. The NCDMB chief, while delivering his keynote address at the conference titled NOGICD Act: Strides Challenges and Opportunities, said that the Nigerian Content Intervention Fund (NCIF) increased from $200 million to $350 million in the last 12 months. According to him, the increment came with additional products for working

Image
18-June-2021

Navy Seizes 251 Bags of Smuggled Rice in Akwa Ibom

By Adedapo Adesanya The Nigerian Navy, Forward Operating Base (FOB), Ibaka, Mbo Local Government Area of Akwa Ibom has impounded 251 bags of rice smuggled through the waterways. The Commanding Officer of FOB, Navy Captain Suleiman Abdullahi, disclosed this in Ibaka on Thursday when he handed over the bags of contrabands to the Nigeria Customs Service (NCS). He said that the 251 bags of rice were seized from smugglers on June 15 during routine patrol operations by the unit, explaining that the suspects abandoned the rice and the boat and fled on sighting the naval patrol team, emphasising that the

Image
02-September-2021

FEC Okays N84.6bn for Airport, Road Projects

By Sodeinde Temidayo David About N84.6 billion has been approved by the Federal Executive Council (FEC) for the completion of road and airport projects across the country. The Special Adviser to President Muhammadu Buhari on Media and Publicity, Mr Femi Adesina, confirmed this when he addressed newsmen at the end of the FEC meeting in Abuja on Wednesday. He said at the meeting presided over by his boss, over N5 billion was authorised by the council for various contracts in Lagos, Abuja, Kano and Katsina airports. According to Mr Adesina, the Minister of Aviation, Mr Sirika Hadi, presented a memo

Image
20-December-2022

Stanbic IBTC Donates to Flood Victims in Kogi, Others

By Modupe Gbadeyanka Hundreds of families affected by floods in Kogi, Anambra, Delta, Bayelsa and Rivers States have been given relief materials by Stanbic IBTC Holdings Plc. The items donated by the company were non-food relief materials worth N20 million. About 650 families benefited from the gesture from the member of the Standard Bank Group. The support from Stanbic IBTC support came as the federal government had said that the floods had affected over 3 million people. A statement disclosed that the donations were made in support of the Nigerian government’s efforts to provide relief to flood victims in the

Image
04-October-2017

Our Customers Have Become More Tech Savvy—First Bank MD

By Modupe Gbadeyanka Managing Director/Chief Executive Officer of First Bank of Nigeria Limited, Mr Adesola Adeduntan, has disclosed that customers of the country’s premier financial institution have become more technology savvy than before. Mr Adeduntan made this assertion while reacting to the feat recently achieved by the lender when it became the first financial institution in Nigeria and the West-Africa sub-region to issue 10 million cards to customers across the country. The bank’s chief executive was quoted in a statement released by the bank that the feat was a testament to the bank’s brand promise to put its customers first

Image
04-November-2017

Agip/NNPC JV to Raise Power Generation by 480MW

By Dipo Olowookere The Joint Venture (JV) the Nigerian Agip Oil Company (NAOC) and the Nigerian National Petroleum Corporation (NNPC) will increase the Federal Government power generation aspiration by 480 megawatts (MW) through the completion of its Okpai Phase II Independent Power Project (IPP) by 2019. Group Managing Director of NNPC Dr Maikanti Kacalla Baru, speaking in Abuja on Thursday during the inauguration of the Okpai Phase II power project, stated that all partners were working round the clock to deliver on the project in terms of specifications, time and budget. He said the decision by the partners to embark

Image
09-December-2020

Naira Further Depreciates to N483/$1 at Parallel Market Tuesday

By Adedapo Adesanya The Naira closed weaker again on Tuesday against the US Dollar at the parallel market as it lost N1 to close at N483/$1 compared to the previous rate of N482/$1. This further affirmed predictions that the local currency may return to the lows recorded in recent weeks as the Naira also lost N5 against the Pound at the same market window yesterday to sell for N620/£1 versus the previous day’s N615/£1. However, it held its ground against the Euro at the session to close at N570/€1. Recall that two weeks ago, the Naira had dropped to a

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

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

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

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