Economy
Nigerian Stocks Investors Lose N68bn on April Fool’s Day
By Dipo Olowookere
The first trading session in the month of April 2021 ended on a bearish note as the Nigerian Stock Exchange (NSE) lost 0.33 per cent on Thursday.
The market depreciated on April Fool’s Day despite the good results released by Access Bank. The lender had increased its dividend payout to 55 kobo from 40 kobo paid in the previous year.
However, this did not sway the market as investors continued with their profit-taking in preparation for the Easter holidays.
At the close of transactions, the All-Share Index (ASI) dropped below the 39,000 region after it lost 128.39 points to close at 38,916.74 points versus the previous day’s 39,045.13 points.
In the same vein, the market capitalisation depreciated by N68 billion to finish at N20.361 trillion in contrast to the previous session’s N20.429 trillion.
Business Post observed that sell-offs in the banking space was majorly responsible for the loss incurred by the market yesterday as its index dropped 3.62 per cent, with GTBank, Stanbic IBTC and Zenith Bank as the chief culprits.
The industrial goods sector was depressed on Thursday by 0.10 per cent, no thanks to Lafarge Africa, which again came under selling pressure.
The two counters suppressed the gains recorded by the consumer goods sector, which rose by 1.28 per cent, the energy sector, which gained 0.23 per cent, and the insurance sector, which appreciated by 0.19 per cent.
During the session, the trading volume reduced by 31.04 per cent to 239.4 million units from 347.2 million just as the trading value went down by 17.40 per cent to N2.3 billion from N2.8 billion, while the number of deals rose by 11.53 per cent to 4,450 deals from 3,990 deals.
There was significant interest in the shares of UAC Nigeria at the market yesterday and this made the company close as the most active with the sale of 37.4 million units valued at N370.0 million.
Transcorp traded 25.9 million shares for N20.9 million, Fidelity Bank exchanged 12.6 million stocks for N31.5 million, Flour Mills transacted 10.4 million equities worth N300.4 million, while GTBank sold 9.7 million shares valued at N289.6 million.
On the price movement chart, FTN Cocoa closed as the worst-performing stock as a result of the 8.70 per cent price depreciation it suffered, closing at 42 kobo.
NEM Insurance shed 7.39 per cent to finish at N2.13, Unity Bank lost 6.67 per cent to trade at 70 kobo, Regency Alliance Insurance went down by 3.33 per cent to 29 kobo, while Livestock Feeds fell by 2.60 per cent to close at N1.87.
UAC Nigeria and Royal Exchange were the best-performing stocks on Thursday as they appreciated by 10.00 per cent each to close at N9.90 and 33 kobo respectively.
Japaul gained 9.76 per cent to end at 45 kobo, Cutix appreciated by 9.31 per cent to sell for N2.23, while Linkage Assurance grew by 9.09 per cent to 72 kobo.
The market will close for today and Monday for the Easter celebration. The federal government declared the two days as public holidays.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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