Economy
NSE Index Sheds 0.08% on Profit-Taking, Trading Remains Upbeat
By Dipo Olowookere
The Nigerian Stock Exchange (NSE) closed bearish on Thursday as a result of profit-taking embarked upon by investors.
Investors quickly capitalised on the recent rise in stock value to take gains of equities in their portfolios, leaving the market to settle in the red territory at the close of business today.
The NSE marginally went down by 0.08 percent, shrinking the year-to-date return to 17.27 percent when market closed for the day.
However, despite the market closing lower today, trading volume on the floor of the exchange remained upbeat.
At the close of trading activities at the stock market on Thursday, investors bought and sold a total of 1.4 billion shares worth N10.7 billion executed in 11,355 deals. This is in contrast to the 960.8 million units traded on Wednesday in 8,866 deals valued at N12.5 billion.
Business Post reports that the All-Share Index (ASI) depreciated by 36.50 points to settle at 44,848.74 points, while the market capitalisation declined by N13 billion to finish at N16.1 trillion.
The biggest price loser at the market on Thursday was Nigerian Breweries, which depleted by N4.5k to close at N142 per share.
It was closely followed by Presco, which fell by N3.61k to end at N68.69k per share, and Unilever, which slumped by N2.2k to settle at N45 per share.
Lafarge went down by N2.1k to close at N51.99k per share, while NASCON declined by N1.52k to finish at N19.48k per share.
On the flip side, Nestle topped the gainers’ chart after adding N20 to its share value to settle at N1500 per share.
CCNN appreciated by N1.64k to close at N17.78k per share, while FBN Holdings went up by 99k to end at N14.75k per share.
GTBank rose by 96k to finish at N52.11k per share, while Guinness Nigeria increased by 55k to close at N120.25k per share.
The most traded equity at the stock market today was Transcorp, which sold a total of 211.3 million shares worth N553.6 million.
Wema Bank traded 157.9 million shares valued at N163.8 million, while FCMB transacted 143.6 million shares valued at N516.8 million.
Furthermore, FBN Holdings sold 141 million shares valued at N2.1 billion, while Diamond Bank exchanged 140.8 million shares worth N487.9 million.
According to some analysts, who spoke with Business Post at the close of market today, investors should not worry about today’s slight loss.
They argued that it was normal for some investors to take profit due to the recent boom at the market.
The stock market is predicted to rebound tomorrow, though new highs may not be recorded at the close of business on Friday.
Business Post gathered that today’s loss was the second in the year 2018.
Economy
Dangote Refinery Makes First PMS Exports to Cameroon
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.”
Economy
Strong Investor Sentiment Keeps NGX Index in Green Territory by 0.31%
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited remained in the green territory on Wednesday after it rallied by 0.31 per cent on the back of sustained bargain-hunting activities by investors.
Business Post reports that all the key sectors of the market closed higher at midweek as a result of the renewed interest in local equities.
Data showed that the energy index appreciated by 2.59 per cent, the insurance space grew by 2.34 per cent, the industrial goods sector improved by 0.15 per cent, the banking counter expanded by 0.06 per cent, and the consumer goods industry rose by 0.04 per cent.
At the close of business, the All-Share Index (ASI) gained 302.71 points to settle at 98,509.68 points compared with Tuesday’s closing value of 98,206.97 points and the market capitalisation added N183 billion to close at N59.715 trillion versus the preceding day’s N59.532 trillion.
It was observed that the level of activity yesterday waned as the trading volume, value and number of deals decreased by 65.93 per cent, 49.22 per cent, and 12.70 per cent, respectively.
On Wednesday, a total of 320.1 million stocks valued at N6.5 billion were transacted in 7,943 deals, in contrast to the 939.4 million stocks worth N12.8 billion traded in 9,098 deals.
The busiest equity at midweek was eTranzact, which transacted 70.3 million units for N474.2 million, Universal Insurance traded 23.8 million units worth 8.1 million, Zenith Bank exchanged 21.2 million units valued at N933.5 million, FBN Holdings sold 18.6 million units worth N491.2 million, and UBA traded 14.0 million units valued at N465.8 million.
At the close of transactions, 34 shares ended on the gainers’ log and 17 shares finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.
Africa Prudential gained 10.00 per cent to quote at N14.30, Conoil also improved by 10.00 per cent to N352.00, and RT Briscoe expanded by 10.00 per cent to N2.42, as Golden Guinea Breweries jumped by 9.95 per cent to N7.18, while NEM Insurance grew by 9.74 per cent to N10.70.
However, Julius Berger lost 10.00 per cent to close at N155.25, Secure Electronic Technology shed 9.52 per cent to trade at 57 Kobo, Multiverse declined by 7.63 per cent to N5.45, Haldane McCall tumbled by 6.07 per cent to N4.95, and Honeywell Flour crashed by 5.62 per cent to N4.70.
Economy
Crude Oil Jumps as EU Slams Fresh Sanctions on Russia
By Adedapo Adesanya
Crude oil prices went up on Wednesday after the European Union (EU) agreed to an additional round of sanctions threatening Russian oil flows that could tighten global crude supplies.
During the session, Brent crude futures jumped by $1.33 or 1.84 per cent to $73.52 a barrel and the US West Texas Intermediate (WTI) crude futures rose by $1.70 or 2.48 per cent to $70.29 per barrel.
EU ambassadors agreed on a 15th package of sanctions on Russia over its war against Ukraine, targeting its shadow tanker fleet and Chinese firms making drones for the country.
The sanctions would target vessels from third countries supporting Russia’s war in Ukraine and add more individuals and entities to the sanctions list. It will not be adopted until after foreign ministers approve the package on Monday.
The shadow fleet has aided Russia in bypassing the $60 per barrel price cap imposed by the G7 on Russian seaborne crude oil in 2022 and has helped keep Russian oil flowing.
Prices were supported by the Energy Information Administration (EIA) which reported an estimated inventory decline of 1.4 million barrels for the week to December 6. In fuels, however, the EIA estimated sizable builds.
The crude oil inventory figure compares with a draw of 5.1 million barrels for the previous week that pushed prices higher for a while but the gains soon got erased by weak global demand growth prospects.
A day before the EIA, the American Petroleum Institute (API) had estimated inventory changes at a positive 499,000 barrels for the week to December 6.
Meanwhile, on Wednesday, the Organisation of the Petroleum Exporting Countries (OPEC) cut its 2024 global oil demand growth forecast for a fifth straight month and by the largest amount.
In its December report, the cartel expects 2024 global oil demand to rise by 1.61 million barrels per day, down from 1.82 million barrels per day last month.
OPEC also cut its 2025 growth estimate to 1.45 million barrels per day from 1.54 million barrels per day.
The 210,000 barrels per day cut in the 2024 figure is the largest of the five reductions OPEC has made in its monthly reports since August. In July, OPEC had expected world demand to rise by 2.25 million barrels per day.
Weak demand, particularly in top importer China, and non-OPEC+ supply growth were two factors behind the move.
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