Nigerian Stocks Further Drown in Losses, Down 0.46%

Image

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) remained bearish on Tuesday after going down by 0.46 percent to stretch the year-to-date loss to 11.49 percent. This was caused by the huge losses posted by equities in the consumer goods sector as well as those in the banking industry.

The poor performance of these stocks consequently dragged the All-Share Index (ASI) lower by 129.79 points to 27,820.57 points and the market capitalisation by N64 billion to N13.558 trillion.

Business Post reports that Nestle Nigeria dominated the losers’ chart at the market yesterday after losing N10.50k to finish at N1299.50k per share. Nigerian Breweries depreciated by N5 to close at N55 per unit, while Dangote Flour declined by 30 kobo to settle at N19.30k.

Furthermore, GTBank decreased by 20 kobo to end at N28.50k per unit, while UBA fell by 10 kobo to exchange at N5.80k per share.

On the other hand, Julius Berger topped the gainers’ table yesterday, appreciating by 65 kobo to close at N18.75k per unit. It was followed by Vitafoam, which gained 21 kobo to finish at N4.30k per share, and Lafarge Africa, which appreciated by 20 kobo to exchange at N14.60k per unit.

Also, Dangote Sugar improved by 20 kobo on Tuesday to finish at N10.80k per share, while CCNN increased its share price by 20k too to settle at N11.95k per unit.

Despite the overall market performance yesterday, the volume and value of transactions improved significantly by 66.70 percent and 101.24 percent respectively. The volume of equities traded by investors increased to 155.2 million from 93.1 million, while the value rose to N2.2 billion from N1.1 billion.

GTBank emerged the most traded equity on Tuesday, closing with a turnover of 22.3 million units worth N640.1 million and was followed by UBA, which sold 21.2 million shares worth N123.8 million.

Zenith Bank exchanged 15 million equities for N276.3 million, FBN Holdings transacted 12.1 million shares valued at N67.5 million, while African Alliance Insurance traded 10 million shares worth N2 million.

Share
Related Stories
Image
04-March-2024

NASD OTC Exchange Records First Weekly Decline in Week 9

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange, for the first time in the 2024 trading year, declined in Week 9 by 3.92 per cent, shrinking the value of investors’ portfolio by N27 billion, as the market capitalisation went down to N1,548 trillion from N1.611 trillion in Week 8. Equally, the NASD Unlisted Security Index (NSI) depreciated by 47.17 points to wrap the week at 1,141.61 points compared with the 1,188.78 points recorded in the previous week. In the week, there was a 65.1 per cent decrease in the total value of securities traded by investors to N620 million

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
04-March-2024

Annual Tax Return Submission: LIRS Reminds Taxpayers of March 31 Deadline

In compliance with the stipulations outlined in the Personal Income Tax Amendment Act (PITA) Cap P8 2011, the Lagos State Internal Revenue Service (LIRS), has issued a formal notification to all individual taxpayers, including self-employed individuals and employees under the PAYE Scheme to file their Annual Tax Returns on or before March 31, 2024. Mr Ayodele Subair, the Executive Chairman of the LIRS, announced this in a statement signed by the Head of Corporate Communications, Ms Monsurat Amasa-Oyelude, on Sunday. Under Section 41 of the Amendment Act, all taxable entities must submit a return reflecting their total income from all

Image
04-March-2024

Tinubu Assures Qatari Investors Seamless Repatriation of Funds

By Aduragbemi Omiyale Any investor, especially from Qatar, who wants to invest in the Nigerian economy will not encounter bottlenecks while repatriating their funds, President Bola Tinubu has assured. Due to the foreign exchange (FX) crisis in the country, many companies, particularly foreign airline operators, have had their funds trapped, forcing a few of them, including Emirates, to suspend operations in Nigeria. On Sunday, at the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu said such may never happen again, urging business persons from the Middle East nation not to “miss out on the golden opportunity we present.” “I

More Stories
Image
24-January-2020

IPPIS: FG Halts Payment of January Salaries of Academic Staff

By Adedapo Adesanya The Federal Government has suspended the January salaries of tertiary institutions academic and non-academic staff who are yet to be registered on the Integrated Personnel and Payroll Information Systems (IPPIS) over non-compliance. In a letter titled Request for Stoppage of Release of Funds for January Salaries to Federal Universities, Polytechnics and Colleges of Education from the Office of the Accountant General of the Federation dated January 23, 2020 addressed to the Minister of Finance and National Planning, Mrs Zainab Ahmed, the FG requested the stoppage of the release of funds for the payment of salaries of the

Image
29-August-2023

FG Ready to Assist Flood-Prone States—Betta Edu

By Adedapo Adesanya Following the opening of Cameroon’s Lagdo Dam, the federal government has said that intense flooding would be experienced in some states in the next seven days, and it is ready to assist them. The Minister of Humanitarian Affairs and Poverty Alleviation, Ms Betta Edu, said this on Monday when she hosted the Minister of Water Resources,  Mr Joseph Utsev, as well as other stakeholders on ways to mitigate the impact of the flooding in Nigeria. The Minister assured Nigerians that shelters would be provided to residents in flood-prone states. Although she didn’t mention the states, based on

Image
18-October-2019

Ghanaian Traders Lament Over Closure of Nigerian Borders

By Adedapo Adesanya Following the closure of Nigeria’s land borders, which prevented the entry and exit of goods to tackle smuggling, one of its West African country, Ghana, called on authorities to rescind their decision. Ghana’s foreign and regional integration minister, Ms Shirley Ayorkor Botchwey, during a meeting with the Nigerian High Commissioner to Ghana, Mr Olufemi Abikoye, on Tuesday, said her government will deploy all diplomatic channels to ensure that Nigeria reopens its borders to the sub-region for free movement of goods. “As we speak, Nigerian goods are entering Ghana without any problem. “I think that we should find

Image
01-November-2017

European Stocks Close Higher as Catalonia Worries Ease

European stocks have moved mostly higher on Wednesday, with German shares leading the surge as traders returned to their desks after a bank holiday the previous day. Underlying sentiment remained supported as Catalonia worries eased and encouraging data from the U.S. and China stoked optimism about the global economy. Catalonia’s ousted leader Carles Puigdemont has agreed to the snap election called by Spain’s central government but said the fight for independence would go on. On a light day on the economic front, market participants awaited the outcome of the Federal Reserve’s policy meeting later in the day for clues as

Image
14-December-2022

Best Trading License Holder Award Win Motivates CardinalStone

By Modupe Gbadeyanka CardinalStone Securities Limited, a wholly owned securities trading subsidiary of CardinalStone Partners Limited, a full-service investment banking firm and financial services company with diverse domestic and foreign clientele, has expressed delight at winning an award at the recently-concluded Nigerian Exchange (NGX) Limited’s Made of Africa (MOA) Awards. At the ceremony held in Lagos, which had in attendance various stakeholders in the capital market, the company was named the winner of the Best Trading License Holder Across Asset Classes. The firm was recognised for being the highest rating in terms of quality and completeness of documentation for listing

Image
23-March-2020

Access Bank Shuts Down Lagos Branch after Visitor Tests Positive for COVID-19

By Modupe Gbadeyanka The Ligali Ayorinde branch of Access Bank Plc in Victoria Island, Lagos has been temporarily closed by management of the financial institution after a visitor tested positive for the coronavirus disease also known as COVID-19. The visitor, a former employee of Access Bank, who returned from the United Kingdom recently, was said to have checked into the banking hall on Monday, March 16, 2020 and was then not exhibiting any symptom of the disease, but later tested positive and has been taken to the Isolation Centre in Yaba for monitoring. In a statement issued today, Access Bank

Image
06-September-2023

Survey Ranks Sir Alex Ferguson Greatest Premier League Manager

By Adedapo Adesanya A new study has revealed that former Manchester United coach, Sir Alex Ferguson, is the greatest Premier League manager of all time. The study, by casino experts KiwiGambler, ranked the best Premier League managers of all time based on a variety of factors, including win percentage, total points gained, points per game, total games in charge, and goal difference. The Scot, who managed Manchester United from 1986 to 2014, led the poll with a score of 88.34 out of 100. His success at Manchester United, where he won the Premier League and the UEFA Champions League, among

Image
05-April-2022

Local Currency Trades Flat at Spot Market, P2P

By Adedapo Adesanya The local currency opened the new week in a stalemate against the United States Dollar at two separate segments of the foreign exchange (FX) market on Monday. At the Investors and Exporters (I&E) window of the forex market, the value of the domestic currency compared with the greenback remained unchanged at N416.63/$1 yesterday. However, the Nigerian currency appreciated against the British Pound Sterling at the spot market on Monday by N1.13 to close at N545.41/£1 in contrast to the N546.54/£1 it traded at the previous trading session. In the same vein, the Naira was strengthened against the

Ad
Ad
Recent Stories
Image
05-March-2024

Naira Value Improves at Official Market, Deflates at Parallel Market

By Adedapo Adesanya The Naira appreciated further against the greenback in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the FX market on Monday, March 5 by N14.06 or 0.9 per cent to trade at N1,534.19/$1 compared with last Friday’s value of N1,548.25/$1. The improvement in the value of the domestic currency happened as the forex market attempts to find stability after months of turbulence due to a shortfall in the supply of Dollars into the system. Yesterday, the value of forex trades depreciated by 39.7 per cent or $117.37 million to $178.63 million from the $296.00 million recorded

Image
05-March-2024

Oil Market Falls Despite OPEC+ Cut Extension

By Adedapo Adesanya  The oil market fell slightly on Monday, as demand headwinds outweighed a widely expected extension of voluntary output cuts through the middle of the year by the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent futures dropped 81 cents to quote at $82.74 a barrel while the US West Texas Intermediate (WTI) weakened by $1.22 to trade at $78.75 a barrel. The OPEC+ producers agreed over the weekend to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to cushion the market amid global economic concerns and

Image
05-March-2024

Investors Mop up Nigerian Stocks on Economic Optimism

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.10 per cent growth on Monday amid optimism that the trip of President Bola Tinubu to Qatar over the weekend will yield positive results. At the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu assured Qatari investors that they would not face any bottleneck while attempting to repatriate their funds. This assurance was welcomed by stock investors, who saw light at the end of the tunnel for the nation’s economy, which is currently suffering because of the shortage in the supply of foreign exchange (FX) into the market. Since

Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists