Economy
Nigerian Stocks Gain 0.19% on Strong Investor Sentiment
By Dipo Olowookere
The local stock market further appreciated by 0.19 per cent on Tuesday as the bulls maintained their grip on the Nigerian Exchange (NGX) Limited.
The release of the full-year financial statements of Zenith Bank and the declaration of final dividend triggered a buying pressure on the bourse during the session.
This also encouraged investors to look at other equities with possible price appreciation in the coming days, leading to strong investor sentiment as the market closed with 34 price gainers and 15 price losers.
At the close of trades, Seplat recorded the highest gain, rising by 9.99 per cent to N945.80, followed by Royal Exchange, which grew by 9.49 per cent to N1.50.
Courteville appreciated by 9.09 per cent to 60 kobo, Veritas Kapital improved by 4.55 per cent to 23 kobo, while FCMB gained 3.23 per cent to sell for N3.20.
On the flip side, Cutix recorded the biggest loss as its value went down by 10.00 per cent to N2.43, Learn Africa depreciated by 9.96 per cent to N2.35, Global Spectrum Energy fell by 9.79 per cent to N3.78, Caverton declined by 9.68 per cent to N1.40, while RT Briscoe depreciated by 9.41 per cent to 77 kobo.
During the trading day, investors exchanged 370.5 million shares worth N7.9 billion in 6,045 deals compared with the 300.8 million shares worth N2.8 billion executed in 5,434 deals, indicating an increase in the trading volume, value and number of deals by 23.20 per cent, 183.41 per cent and 11.24 per cent respectively.
Like in the preceding session, FCMB was the most active stock with the sale of 57.6 million units valued at N183.9 million, followed by Transcorp with 45.2 million units valued at N52.2 million.
Zenith Bank exchanged 23.1 million shares worth N624.8 million, MTN Nigeria transacted 22.3 million equities valued at N4.6 billion, while Niger Insurance sold 19.7 million stocks valued at N6.1 million.
Business Post reports that only the energy sector closed in the green territory of the five key sectors of the exchange, rising by 5.36 per cent at the first trading session of March 2022.
The insurance space lost 1.32 per cent, the banking index depreciated by 0.75 per cent, the industrial goods sector went down by 0.27 per cent, while the consumer goods counter declined by 0.17 per cent.
However, when the closing gong was beaten by 2:30 pm, the All-Share Index (ASI) was up by 88.20 points to 47,482.73 points from 47,394.53 points, while the market capitalisation was up by N48 billion to N25.591 trillion from N25.543 trillion.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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