Economy

Nigerian Stock Market Loses N416b in One Week amid Political Anxiety

Published

8 years ago

27/05/2018

By Dipo Olowookere

The heating up of the political terrain in the country is gradually having a negative effect on the Nigerian stock market, Business Post reports.

During the just-concluded trading week, the Nigerian Stock Exchange (NSE) lost about N416 billion as a result of huge selling pressure at the market.

Analysts had predicted that trading during the week would be positive as a result of improving macroeconomic indices in the domestic space, especially with the further ease in the inflation rate, positive GDP growth, passage of the 2018 budget and retention of the interest at 14 percent by the apex bank.

However, these did nothing to drive the equity market up last week as the stock market did not record any single rise throughout last week.

This was attributed to profit-taking activities by investors, especially foreign investors, who are parts of the major drivers of the local bourse. It was observed that foreign investors are reassessing their portfolio compositions so as to limit their losses as a result of political intrigues in the country ahead of the 2019 general elections.

Business Post reports that at the close of transactions last week, the All-Share Index (ASI) depreciated by 2.84 percent to settle at 39,323.62 points, while the market capitalization decreased by N416 billion to finish at N14.244 trillion against its previous close of N14.660 trillion.

During the week also, a total of 14 equities appreciated in price, lower than 20 in the previous week, while 61 stocks depreciated in price, higher than 54 equities of the previous week, and 94 counters remained unchanged, lower than 95 recorded in the preceding week.

A total turnover of 1.372 billion shares worth N16.022 billion in 21,099 deals were traded last week by investors on the floor of the exchange in contrast to a total of 1.457 billion shares valued at N23.666 billion that exchanged hands the previous week in 19,674 deals.

It was further observed that the Financial Services Industry, measured by volume, led the activity chart with 1.010 billion shares valued at N8.670 billion traded in 12,049 deals; thus contributing 73.62 percent and 54.11 percent to the total equity turnover volume and value respectively.

The Services Industry followed with 107.246 million shares worth N229.715 million in 712 deals, while the third place was occupied by Consumer Goods Industry with a turnover of 71.946 million shares worth N5.506 billion in 3,818 deals.

Trading in the top three equities; Zenith Bank, African Alliance Insurance Company and Ikeja Hotel, measured by volume, accounted for 276.876 million shares worth N2.939 billion in 2,112 deals, contributing 20.18 percent and 18.35 percent to the total equity turnover volume and value respectively.

The top gainer for the week was Ikeja Hotels, which rose by 44.94 percent to settle at N2.58k per share.

It was followed by MRS Oil Nigeria, which appreciated by 21.18 percent to finish at N36.05k per share, and Law Union and Rock Insurance, which increased by 20.99 percent to close at 98k per share.

Niger Insurance grew by 19.05 percent to end at 25k per share, while Consolidated Hallmark Insurance increased by 11.11 percent to finish at 30k per share.

On the flip side, Eterna closed the week as the worst performing stock after shedding 22.27 percent of its value to close at N5.27k per share.

It was trailed by Japaul Oil, which went down by 20 percent to end at 24k per share, and Dangote Flour, which decreased by 16.82 percent to close at N8.90k per share.

Transcorp declined by 16.35 percent to close at N1.33k per share, while AIICO Insurance fell by 16.18 percent to end at 57k per share.

Also traded during the week were a total of 70 units of Exchange Traded Products (ETPs) valued at N1,943.00 executed in 7 deals, compared with a total of 153,246 units valued at N4.009 million that was transacted in the preceding week in 22 deals.

In addition, a total of 10,754 units of Federal Government bonds valued at N11.412 million were traded during the week in 5 deals, compared with a total of 7,508 units valued at N7.506 million transacted in the previous week in 12 deals.

Economy

Unlisted Stock Investors’ Wealth Shrinks N30bn

Published

4 hours ago

05/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss of 1.13 per cent on Thursday, June 4, shrinking the market capitalisation by N30.03 billion to N2.630 trillion from N2.660 trillion on Wednesday.

Similarly, this brought down the NASD Unlisted Security Index (NSI) by 50.19 points to 4,396.08 points from the 4,446.27 points recorded a day earlier.

The loss was influenced by the overpowering of the bulls by the bears, after the bourse closed with two price gainers and three price losers, led by FrieslandCampina Wamco Nigeria Plc, which slumped by N20.03 to sell at N190.38 per unit compared with midweek’s N210.41 per unit. Food Concepts Plc declined by 25 Kobo to trade at N2.50 per share versus the previous day’s N3.00 per share, and Acorn Petroleum Plc crumbled by 2 Kobo to end at N1.32 per unit, in contrast to the preceding session’s N1.34 per unit.

For the gainers, Central Securities Clearing System (CSCS) Plc added N2.93 to close at N78.34 per share compared with the previous price of N75.41 per share, and Afriland Properties Plc gained 80 Kobo to settle at N16.80 per unit versus N16.00 per unit.

There was a slip in the volume of transactions yesterday by 46.8 per cent to 280,714 units from 527,221 units, as the value of trades dropped 66.5 per cent to N21.8 million from the preceding session’s N64.2 million, and the number of deals fell by 8.7 per cent to 42 deals from 46 deals.

Great Nigeria Insurance (GNI) Plc ended the session as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.

GNI Plc also finished the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.

Economy

McNichols, Eterna, Aradel Crash Stock Market by 0.37%

Published

4 hours ago

05/06/2026

Dipo Olowookere

By Dipo Olowookere

The domestic stock market crashed by 0.37 per cent on Thursday as a result of the decline in the price of shares of McNichols, Eterna, Aradel Holdings, and others.

Business Post reports that investor sentiment remained weak after the Nigerian Exchange (NGX) Limited ended the session with 25 price gainers and 31 price losers, indicating a negative market breadth index.

McNichols lost 10.00 per cent to trade at N7.74, ABC Transport slipped by 9.88 per cent to N6.20, Eterna shrank by 9.85 per cent to N29.75, Aradel Holdings depreciated by 9.51 per cent to N1,749.90, and NPF Microfinance Bank contracted by 8.45 per cent to N5.20.

On the flip side, International Energy Insurance gained 10.00 per cent to close at N6.60, Omatek improved by 9.73 per cent to N2.03, Abbey Mortgage Bank surged by 9.68 per cent to N8.50, Cutix expanded by 9.66 per cent to N3.18, and John Holt grew by 7.79 per cent to N14.90.

As for the sectorial performance, the industrial goods and banking indices chalked up 0.54 per cent and 0.31 per cent, respectively. But the energy sector depleted by 4.90 per cent, the insurance counter tumbled by 0.58 per cent, and the consumer goods index slumped by 0.03 per cent.

As a result, the All-Share Index (ASI) dipped by 905.30 points to 242,227.31 points from 243,132.61 points, and the market capitalisation stumbled by N581 billion to N155.359 trillion from N155.940 trillion.

During the session, investors traded 588.5 million equities valued at N27.9 billion in 57,352 deals compared with the 923.0 million equities worth N42.3 billion transacted in 69,332 deals on Wednesday, showing a drop in the trading volume, value, and number of deals by 36.24 per cent, 34.04 per cent, and 17.28 per cent, respectively.

The most active equity yesterday was Access Holdings with 109.7 million units sold for N2.6 billion, FCMB traded 35.6 million units valued at N384.2 million, NGX Group transacted 28.1 million units worth N3.9 billion, Zenith Bank exchanged 26.9 million units for N3.3 billion, and Sterling Holdings recorded a turnover of 22.5 million units worth N176.1 million.

Economy

Naira Slips 0.1% to N1,358/$1 at Official FX Market

Published

4 hours ago

05/06/2026

Adedapo Adesanya

By Adedapo Adesanya

A 0.1 per cent or N1,49 loss was recorded by the Nigerian Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, June 4, closing at N1,358.75/$1 compared with the previous day’s N1,347.26/$1.

In the same vein, the Naira depreciated against the Pound Sterling in the official FX market during the session by N5.39 to trade at N1,828.06/£1 versus Wednesday’s closing rate of N1,822.67/£1, but gained N6.75 against the Euro to sell at N1,574.83/€1 versus the preceding session’s N1,584.39/€1.

At the black market and GTBank FX desk, the local currency traded flat against the Dollar during the session at N1,375/$1 and N1,372/$1, respectively.

Data from the Central Bank of Nigeria (CBN) showed that NFEM interbank FX turnover contracted to $128.117 million in 121 deals on Thursday from $133.731 million the previous day.

On the positive side, Nigeria’s external reserves moved closer to a 2009 high of $50 billion, enhancing analysts’ confidence about the local currency outlook in the second half of 2026.

This improvement has been helped by heightened global uncertainty, which has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.

As for the cryptocurrency market, prices extended steep weekly losses as the broader artificial-intelligence trade that has driven global risk assets since 2026 faltered.

The sell-off was led by equity and currency markets, with semiconductor stocks, Asian indexes and several regional currencies sliding in a broad risk-off shift.

Persistent outflows from US spot Bitcoin ETFs and a rare BTC sale by Strategy have removed a key source of support, leaving markets focused on Friday’s US jobs report for clues on Federal Reserve policy and the fate of the AI trade. The most valued coin slipped 3.6 per cent to $61,914.58.

Cardano (ADA) plunged by 17.6 per cent to $0.1630, Solana (SOL) declined by 7.0 per cent to $65.69, Ethereum (ETH) slipped by 6.9 per cent to $1,666.13, Dogecoin (DOGE) went down by 6.5 per cent to $0.8445, and Ripple (XRP) crashed by 6.5 per cent to $1.11.

Further, Binance Coin (BNB) slumped by 4.3 per cent to $581.45, and TRON (TRX) dropped 1.9 per cent to sell at $0.3261, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) gained 0.01 per cent each to sell at $0.9990 and $0.9998, respectively.