Economy
Northern Nigeria Flour Mills, Others Pull Down NGX by 0.34%
By Dipo Olowookere
The Nigerian Exchange remained in the bears’ territory on Monday after it further shrank by 0.34 per cent due to continued profit-taking by investors.
The absence of a positive market trigger compounded the woes of Customs Street on the first trading session of the week.
Business Post observed that all the key sectors of the bourse suffered sell-offs during the trading day, though the commodity space closed flat.
The banking sector depreciated by 1.44 per cent, the insurance counter went down by 0.86 per cent, the energy index declined by 0.27 per cent, the consumer goods sector plunged by 0.15 per cent, and the industrial goods industry slumped by 0.07 per cent.
At the close of business, the All-Share Index (ASI) was down by 370.43 points to 108,126.97 points from 108,497.40 points and the market capitalisation tumbled by N230 billion to close at N67.384 trillion versus the previous session’s N67.614 trillion.
Investor sentiment was bearish yesterday after the NGX ended with 17 price gainers and 37 price losers, representing a negative market breadth index.
Northern Nigeria Flour Mills lost 9.99 per cent to trade at N72.55, Eunisell declined by 9.96 per cent to N10.85, Sovereign Trust Insurance weakened by 9.09 per cent to N1.20, Secure Electronic Technology plunged by 7.46 per cent to 62 Kobo, and UPDC REIT slipped by 6.67 per cent to N6.30.
Conversely, Ikeja Hotel gained 10.00 per cent to settle at N12.10, UH REIT expanded by 9.97 per cent to N40.25, PZ Cussons appreciated by 9.26 per cent to N29.50, Consolidated Hallmark went up by 8.85 per cent to N4.18, and DAAR Communications improved by 8.82 per cent to 74 Kobo.
The level of activity increased on Monday, with the trading volume, value, and number of deals going up by 13.34 per cent, 9.52 per cent, and 19.25 per cent, respectively.
This was because investors bought and sold 357.8 million shares worth N9.2 billion in 15,914 deals yesterday versus the 315.7 million shares valued at N8.4 billion traded in 13,345 deals last Friday.
Jaiz Bank topped the activity chart with 48.2 million stocks valued at N161.6 million, Zenith Bank sold 28.2 million equities for N1.4 billion, Universal Insurance traded 18.7 million shares worth N12.7 million, GTCO exchanged 17.9 million shares worth N1.1 billion, and Access Holdings transacted 15.5 million equities valued at N403.6 million.
By Adedapo Adesanya
UBN Property Plc further sank the NASD Over-the-Counter (OTC) Securities Exchange in the red territory by 0.48 per cent on Wednesday, April 23.
The property investment company lost 7 Kobo of its share value to settle at N2.10 per unit compared with the preceding day’s price of N2.17 per unit.
As a result, the market capitalisation of the bourse went down by N9.19 billion to N1.908 trillion from N1.917 trillion and the NASD Unlisted Security Index (NSI) slumped by 105.70 points to 3,259.08 points from the previous session’s 3,274.78 points.
There was a 500.5 per cent rise in the volume of securities transacted in the midweek session to 1.05 million units from the 174,634 units traded in the previous trading day.
However, the value of transactions decreased by 9.1 per cent to N2.6 million from N2.86 million and the number of deals dropped by 31.3 per cent to 11 deals from 16 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, trailed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.8 million units for N572.0 million, and Impresit Bakolori Plc with a turnover of 533.9 million units worth N520.9 million.
By Aduragbemi Omiyale
Between April and June 2025, the federal government intends to sell bonds between N900 billion and N1.2 trillion to investors.
This information was revealed by the Debt Management Office (DMO) in its Bond Issuance Calendar for Q2 2025
The sales will take place once in a month, precisely on April 28, May 26, and June 23, according to the data released by the DMO.
It was stated that the debt office will offer the debt instrument in two maturities, with N300 billion and N400 billion offered for sale at each auction.
In April and May, the DMO will reopen the 19.30 per cent FGN APR 2029 and 19.89 per cent FGN MAY 2033 bonds, and in June, it will introduce the FGN JAN 2030 and FGN JAN 2032 and five and seven-year, respectively.
In April, the APR 2029 bond will have a remaining tenor of four years, while the MAY 2033 bond will have six years and one month left.
By May, those terms shorten to three years and eleven months, and six years, respectively. Both bonds retain their original coupon rates of 19.30 per cent and 19.89 per cent.
The DMO has also released details for its April auction. The Federal Government plans to raise N350bn through the reopening of the APR 2029 and MAY 2033 bonds.
According to the circular, N200bn will be offered in the APR 2029 and N150bn in the MAY 2033. The auction will be held on Monday, April 28, with settlement on Wednesday, April 30.
By Adedapo Adesanya
The Naira marginally depleted against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, April 23.
During the session, it lost 35 Kobo or 0.02 per cent against the greenback to sell for N1,603.51/$1 compared with the previous day’s value of N1,603.16/$1.
Also, in the same official FX market, the value of the local currency depreciated against the Pound Sterling yesterday by N17.31 to quote at N2,137.55/£1 versus Tuesday’s closing price of N2,120.24/£1 and tumbled against the Euro by N19.89 to close at N1,837.58/€1 compared with the preceding session’s N1,817.69/€1.
However, in the parallel market segment, the domestic currency appreciated against the Dollar during the trading day by N5 to trade at N1,605/$1 versus the previous day’s N1,610/$1.
The Nigerian Naira has been under pressure lately after a recent ease in concerns about the country’s FX reserves, which have been been dropping.
A look at the digital currency market showed that it was bearish at midweek due to profit-taking amid declining US Dollar index, which is largely tied to mixed signals out of the world’s largest economy.
Earlier this week, President Donald Trump said he had no intention to fire US Federal Reserve Chair, Mr Jerome Powell, and that a deal with China (which is facing tariffs as high as 245 per cent on some items) would significantly reduce some of its levies.
The mixed signals and frequent tone shift are worrying traders, however, who continue to monitor comments for further cues on positioning, with market analysts noting that trade frictions, geopolitical jitters, and regulatory issues continue to cast long shadows on assets like crypto.
Dogecoin (DOGE) dipped by 4.9 per cent to sell at $0.1730, Ripple (XRP) fell by 3.9 per cent to $2.17, Litecoin (LTC) declined by 2.3 per cent to $82.23, and Binance Coin (BNB) depreciated by 2.2 per cent to $604.59.
In addition, Cardano (ADA) slumped by 1.9 per cent to $0.6837, Solana (SOL) also lost 1.9 per cent to close at $148.13. Bitcoin (BTC) slid by 1.3 per cent to $92,479.80, and Ethereum (ETH) crashed by 1.1 per cent to $1,770.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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