Economy
NSE Index Sheds 0.75% as Bearish Investor Sentiment Persists
By Dipo Olowookere
Trading activities resumed on the floor of the Nigerian Stock Exchange (NSE) on Monday, but when the market closed by 2:30pm today, it ended again in the negative territory.
Business Post reports that the local bourse depreciated today by 0.75 percent as profit-taking activities continued, with the Year-to-Date (YtD) returns reducing to 2.05 percent.
While the market capitalisation decreased by N107 billion to close at N14.137 trillion, the All-Share Index (ASI) went down by 295.11 points to settle at 39,028.51 points.
The volume of shares traded by investors on Monday decreased by 24.89 percent, while the value of stocks sold went down by 44.30 percent.
A total of 222.3 million shares were exchanged today in 4,461 deals worth N1.6 billion in contrast to the 296 million equities transacted in the last session valued at N3 billion.
These trades were dominated by the Financial Services sector, which traded 186.9 million shares valued at N1.1 billion, while the Consumer Goods industry followed with 10.4 million equities sold for N370 million.
AIICO Insurance was investors’ toast at the market on Monday, trading a total of 40.8 million shares valued at N23.6 million.
It was trailed by Access Bank, which sold 27.4 million equities worth N292.1 million, and FBN Holdings, which transacted 26.5 million shares valued at N245.6 million.
Fidelity Bank exchanged 12.5 million shares for N22.7 million, while UBA traded 10.2 million equities for N105.4 million.
Business Post reports further that the market breadth remained negative as the market recorded 10 gainers and 36 losers.
The day’s heaviest loser was Lafarge, which depreciated by N2 to close at N38.50k per share and was followed by MRS Oil Nigeria, which went down by N1.80k to end at N34.25k per share.
GTBank declined by 95k to settle at N41 per share, Zenith Bank fell by 55k to finish at N26.10k per share, while FBN Holdings decreased by 45k to settle at N9.25k per share.
On the flip side, Dangote Cement led the gainers’ table after appreciating by N1 to settle at N245 per share.
It was followed by Flour Mills of Nigeria, which gained 60k to close at N30.10k per share, and Eterna, which grew by 26k to end at N5.53k per share.
Ikeja Hotels went up by 12k to finish at N2.70k per share, while Dangote Sugar increased by 5k to close at N16.55k per share.
The market will go on a break tomorrow as Nigeria marks her Democracy Day. It will also be exactly three years President Muhammadu Buhari assumed office.
Tomorrow, President Buhari will address the nation and observers will expect the President to say what will lift the spirits of investors ahead of opening of the market again on Wednesday.
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.
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.
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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