Nigerian Stocks Resume Easter Holiday with N105b Loss

Image

By Modupe Gbadeyanka

Trading activities resumed on Tuesday on the floor of the Nigerian Stock Exchange (NSE) after two trading days of public holiday to mark the Good Friday and Easter Monday celebrations.

As investors settled for business, the stock market kicked off on a bearish trend, resulting into a loss of N105 billion at the first day of trading after the break.

The All-Share Index depreciated by 302.94 points or by 1.19 percent to close at 25,207.07 points, while the market capitalisation dropped N104.8 billion to finish at N8.722 trillion with the year-to-date return ending at -6.16 percent.

Though the volume of shares traded today declined, the value slightly closed higher than what was achieved last Thursday, the last trading day on the floor of the NSE.

Business Post correspondent reports that investors exchanged a total 255 million shares on Tuesday valued at N2.5 billion executed in 2,854 deals compared with 349.3 million shares transacted last Thursday in 2,826 deals worth N2.3 billion.

On the price movement chart, Nestle emerged the biggest loser with a fall of N21.93k to close at N728.7k per share.

Dangote Cement dropped N4 to finish at N160 per share, while Ecobank depreciated by 41k to end at N7.79k per share.

Oando declined by 27k to close at N5.32k per share and Union Bank of Nigeria slumped by 26k to end at N4.98k per share.

At the other end, Seplat gained N10 to finish at N400 per share, leading the gainers table on Tuesday.

It was trailed by Forte Oil, which advanced by 50k to close at N44.50k per share and Dangote Flour progressed by 18k to end at N4.40k per share.

First Bank went up by 16k to finish at N3.36k per share and Stanbic IBTC grew by 14k to wrap the day at N18.90k per share.

The market breadth, our correspondent reports, closed negative today with 19 declining stocks and 13 advancing stocks.

Share
Related Stories
Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

Image
01-March-2024

Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,

More Stories
Image
06-August-2016

FG Moves To Cut Power Consumption

  The Nigerian government says it has taken steps to reduce power consumed by households, businesses and government agencies in the country by 85 per cent. This was disclosed on Friday in Lagos by the Minister of Science and Technology, Dr Ogbonnaya Onu, while addressing newsmen. The Minister said the idea was due to the need to diversify the Nigerian economy, which at the moment relies heavily on oil as the major source of foreign exchange earnings. Dr Onu noted that the President Muhammadu Buhari-led administration is bent on leveraging Information and Communications Technology and Science and Technology as tools

Image
20-September-2019

CBN Retains Benchmark Interest Rate at 13.5%

By Dipo Olowookere The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Friday announced the retention of its Monetary Policy Rate (MPR) at 13.5 percent. This announcement was made by Governor of the CBN, Mr Godwin Emefiele, while addressing newsmen in Abuja on outcome of the two-day meeting of the MPC, which started yesterday. According to the apex bank chief, the committee decided to leave the benchmark interest rate unchanged in order to monitor developments in both the global and local spaces. The central bank further said the MPC agreed to leave the asymmetric corridor at

Image
03-May-2019

HOW Foundation Gives Makoko Residents Educational, Medical Items

By Modupe Gbadeyanka On Wednesday, May 01, 2019, residents of Makoko Community, a slum in Lagos State, received valuable gift materials from a non-governmental organization, Herbert Onyewumbu Wigwe (HOW) Foundation. During the visit to the community, the foundation doled out sundry educational materials to the Hope Centre School and more goodies in the form of medical materials for preventing and combating the malaria via the project tagged, ‘Give Malaria No Place (GMNP),’ which was in line with the ‘World Malaria Day’ recently celebrated across the world. The NGO foundation is set to distribute over 2000 free mosquito nets, 4000 free

Image
10-August-2020

Blood Service Industry Could Generate High Revenue—FG

By Modupe Gbadeyanka The federal government has said the blood service industry could become “a goldmine if explored” and turn to a “highly revenue generating” venture. This was the view of the Minister of Health, Dr Osagie Ehanire, when he received members of the National Blood Transfusion Service (NBTS) led by its National Coordinator, Dr Joseph Amedu, recently. The Minister said the commercialisation of the blood service industry was not a bad idea because Nigeria has a pool of donors more than Europe’s “with a huge population of 200 million with majority young people.” “We have the materials right here,

Image
07-February-2022

The Future of Russia-Africa Relations

By Joseph Siegle Russia has been aggressively pursuing its strategic objectives in Africa in recent years—securing a foothold in the eastern Mediterranean, gaining naval port access in the Red Sea, expanding natural resource extraction opportunities, displacing Western influence, and promoting alternatives to democracy as a regional norm. Africa, thus, is a “theatre” for Russia’s geostrategic interests rather than a destination itself—a perspective reflected in the means that Russia employs. Unlike most major external partners, Russia is not investing significantly in conventional statecraft in Africa—e.g., economic investment, trade, and security assistance. Rather, Russia relies on a series of asymmetric (and often

Image
07-September-2020

How We Recorded Impressive Half Year Results—Fidelity Bank CEO

By Modupe Gbadeyanka In the first six months of 2020, Fidelity Bank Plc sustained the financial performance trajectory of recent years despite the economic challenges occasioned by the COVID-19 pandemic. In the half-year results filed to the Nigerian Stock Exchange (NSE) last week, the top Nigerian lender churned another set of impressive performance, with strong growth in profits and other indices. For instance, the bank printed a 22 per cent surge in pre-tax profit of N12.0 billion as against N9.8 billion in 2019, while the net profits grew by 33 per cent from N8.5 billion to N11.3 billion in the

Image
23-November-2016

Phone Theft: Seun Egbegbe Says Case Already Settled

By Dipo Olowookere One Tuesday, a famous Lagos socialite and filmmaker, Mr Seun Egbegbe, was accused of stealing some iPhones at the popular Computer Village in Ikeja, Lagos. The report dominated the blogosphere yesterday and pictures of the filmmaker with bloodied face as a result of mob action on him filtered the internet also. According to reports, the Ebony Films Productions boss ‘stole’ nine iPhones valued at over N2 million. But his spokesman, BK Media Concepts, has issued a statement concerning the issue, insisting Mr Egbegbe never stole the high-end phones as alleged. “Seun Egbegbe was at Keelcech shop, located

Image
08-October-2016

4 ‘Unnecessary’ Things Nigerian Celebs Should Stop on Social Media

By Adeniyi Ogunfowoke Celebrities are always in the eyes of the storm! The things they do are not hidden especially in today’s social media world. Immediately something happens to them, they are trending on twitter and before the flip of a finger, the story has gone viral. Recently, Kim Kardashian West was robbed in her home in Paris by five men and they made away with valuables. Although we sympathize with her, we know Kim’s ‘social media extravagance’ where shares picture of her million dollar jewellery. From reports, the robbers may have gotten information from her different social media accounts.

Ad
Ad
Recent Stories
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

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the