Economy

NSE Index Weakens Further by 0.73% Amid Panic Selling

Published

6 years ago

12/06/2019

By Modupe Gbadeyanka

Worries about the security situation in the country further impacted on the Nigerian Stock Exchange (NSE) on Tuesday, resulting in another 0.73 percent loss at the close of business.

There have been massive sell-offs of stocks at the market recently by some foreign portfolio investors, who constitute a larger part of investors at the exchange.

At yesterday’s trading session, investors further pulled out N98 billion from the stock market amid heightened security worries.

At the close of transactions, the All-Share Index (ASI) went down by 222.36 points to settle at 30,099.83 points, while the market capitalisation reduced by N98 billion to close at N13.256 trillion.

A total of 15 counters recorded losses during the Tuesday’s trading session, while 10 companies posted gains, leaving the market breadth negative.

Mobil Oil Nigeria led the loser’s chart after a price depreciation of N6.50k to close for the day at N163.50k per share.

It was followed by Dangote Cement, which went down by N4 to close at N185 per share, and Nigerian Breweries, which fell by N1 to end at N57 per share.

Also going down by N1 yesterday was MTN Nigeria to finish at N135 per share, while Dangote Sugar depreciated by 50 kobo to settle at N11 per share.

On the gainers’ table, Unilever Nigeria claimed the number one spot after appreciating by N2.35k to finish at N30.95k per share.

Access Bank gained 10 kobo to close at N6.40k per share, while NEM Insurance went up by 5 kobo to end at N2.10k per share.

NAHCO rose by 3 kobo to finish at N3.09k per share, while ABC Transport increased its share value by 2 kobo to close at 30 kobo per share.

Business Post reports that the level of activity at the market yesterday was mixed with the volume of shares transacted declining by 5.64 percent, while the value increased by 1.04 percent.

A total of 233.5 million equities exchanged hands on Tuesday compared with the 247.4 million units on Monday, while stocks worth N3.5 billion were traded yesterday in contrast to 3.4 billion in the previous session.

An analysis of the trades showed that 50.3 million units of WAPIC Insurance shares worth N20.1 million were traded by investors during the trading day.

Zenith Bank sold 28.2 million shares valued at N566.5 million, while Courtville Business Solutions exchanged 25.2 million equities worth N5 million.

Access Bank transacted 25.1 million shares for N157.3 million, while Sterling Bank traded 21.1 million shares valued at N49.6 million.

Economy

Shippers Council Reiterates Promise to Boosting Trade

Published

4 hours ago

24/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigerian Shippers Council (NSC) has reiterated its commitment to prioritising shipping activities and promoting importers and exporters in the country.

The Executive Secretary of the Council, Mr Pius Akutah, in a statement on Wednesday, said this after a familiarisation visit to the North East Zonal Directorate in Bauchi State.

The visit marked a strategic step in assessing the activities of the council in the region and reinforcing its role in trade facilitation and port economic regulation.

“The purpose of the visit was to promote regional integration in shipping activities and support exportation.

“This aligns with the current administration’s goal of enhancing the nation’s resources through the blue economy.

“We have had interactive meeting with stakeholders aimed at advancing shipping activities in the region and the role of shippers’ association in representing the interests of importers and exporters.

“The NSC is committed to improving ease of doing business,” he said.

On the Inland Dry Ports project in Bauchi, an initiative by the state government, Mr Akutah said it was laudable as it would attract both import and export activities to the area.

Economy

UBN Property Sinks OTC Bourse by 0.48% at Midweek

Published

8 hours ago

24/04/2025

Adedapo Adesanya

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.

Economy

FG to Sell N1.2trn Bonds in Q2 2025

Published

8 hours ago

24/04/2025

Aduragbemi Omiyale

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.