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Economy

NSE Index Drops 0.06% as 37 Stocks Appreciate in Price in Four Days

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NSE index falls

By Dipo Olowookere

A total of 37 equities appreciated in price this week higher than 33 in the previous week, Business Post reports.

Also, 32 equities depreciated in price lower than 41 equities in the previous week, while 100 shares remained unchanged higher than 95 equities recorded in the preceding week.

Business Post reports further that it was a four-day trading sessions this week as the Federal Government of Nigeria declared Tuesday, May 1, 2018 a public holiday to mark the Workers Day  celebration.

At the close of the week at the Nigerian Stock Exchange (NSE), the All-Share Index (ASI) and market capitalization depreciated by 0.06 percent to close the week at 41,218.72 and N14.931 trillion respectively.

Similarly, all other indices finished lower with the exception of NSE Premium, NSE Banking, NSE Industrial goods, and NSE Pension indices that appreciated by 0.12 percent, 1.56 percent, 1.06 percent and 0.21 percent respectively, while the NSE ASeM closed flat.

It was observed that a total turnover of 1.331 billion shares worth N20.835 billion in 18,695 deals were traded this week by investors on the floor of the NSE in contrast to a total of 1.825 billion shares valued at N24.653 billion that exchanged hands last week in 23,148 deals.

The Financial Services Industry measured by volume led the activity chart with 1.042 billion shares valued at N11.275 billion traded in 9,665 deals; contributing 78.32 percent and 54.11 percent to the total equity turnover volume and value respectively.

The Consumer Goods Industry followed with 84.124 million shares worth N4.322 billion in 3,691 deals, while the third place was occupied by Oil and Gas Industry with a turnover of 51.918 million shares worth N596.463 million in 2,307 deals.

Trading in the top three equities namely – United Bank for Africa Plc, Mutual Benefits Assurance Plc and Access Bank Plc measured by volume accounted for 457.930 million shares worth N3.784 billion in 1,469 deals, contributing 34.41 percent and 18.16 percent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 709,058 units of Exchange Traded Products (ETPs) valued at N3.845 million executed in 10 deals, compared with a total of 56,260 units valued at N376,387.48 that was transacted last week in 6 deals.

In addition, a total of 80,152 units of Federal Government and State Bonds valued at N82.543 million were traded this week in 14 deals, compared with a total of 725 units valued at N660,984.55 transacted last week in 10 deals.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Economy

Afriland Properties, Geo-Fluids Shrink OTC Securities Exchange by 0.06%

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Geo-Fluids

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.

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Economy

Naira Weakens to N1,547/$1 at Official Market, N1,670/$1 at Black Market

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Naira-Dollar exchange rate gap

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.

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Economy

Dangote Refinery Makes First PMS Exports to Cameroon

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dangote refinery trucks

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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