Connect with us

Economy

NSE Market Cap Sheds N59b As Forte Oil Tops Losers’ Chart

Published

on

NSE Floor

By Modupe Gbadeyanka

The bullish trend recorded on the Nigerian Stock Exchange (NSE) since the beginning of this week slumped further today after yesterday’s initial loss.

The all-share index, which fell by 0.03 percent on Wednesday, depreciated further on Thursday by 0.62 percent. The ASI finished at 27,854.78 basis points today after it closed at 28,027.23 basis points the previous day with a loss of 172.45 basis points.

The market capitalisation, which ended at N9.626 trillion yesterday, closed at N9.567 trillion today, recording a loss of N59.236 billion. On Wednesday, the market lost N2.431 billion.

Forte Oil fell by N7.69k today to lead the losers’ chart, closing at N152 per share.

7up took the second position with a loss of N3.50k to end at N154.50k per share, while WAPCO lost N1.21k to finish at N45.60k per share.

GTBank and PZ wrapped up the top five losers chart on Thursday, depreciating by N1.14k and 64k respectively to close at N22.86k per share and N18 per share.

On the other end, Nigerian Breweries topped the gainers’ table, closing at N149.20k per share after it grew by N1.22k, while Mobil ended at N186 per share after appreciating by N1.

Guinness gained 32k to finish at N80.6k per share, Dangote Sugar added by 18k to close at N6.50k per share and NAHCO chalked up 13k to finish at N3.30k.

Market activity measured by volume showed 380.754 million units of shares traded in 2.954 deals worth N1.833 billion.

To sponsor Business Post Nigeria daily NSE report, kindly contact us via 08180851450 or businesspostnigeria@gmail.com

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 dipo.olowookere@businesspost.ng

Click to comment

Leave a Reply

Economy

Nigerian Exchange Jumps 0.14% on Renewed Investor Confidence

Published

on

nigerian stock exchange

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further appreciated by 0.14 per cent on Friday on the back of a renewed investor confidence, triggering a rise in the level of activities.

This was largely driven by demand for the shares of FBN Holdings, Ecobank, Cutix, amongst others and at the end of the session, the trading volume rose by135.98 per cent to 510.2 million units from the previous day’s 216.2 million units.

In the same vein, the trading value increased yesterday by 73.47 per cent to N5.9 billion from N3.4 billion, while the number of deals appreciated by 28.39 per cent to 5,485 deals from 4,272 deals.

Business Post reports that news that Mr Femi Otedola has acquired First Bank further triggered a buy pressure on FBN Holdings stocks, closing again as the most active with the sale of 154.4 million units valued at N1.9 billion.

Ecobank transacted 56.1 million units worth N421.5 million, Transcorp traded 32.0 million units valued at N32.3 million, NGX Group sold 29.9 million units valued at N723.2 million, while Wema Bank exchanged 24.1 million units worth N17.4 million.

On the price movement chart, Cutix led the gainers’ group with a price appreciation of 10.00 per cent to trade at N6.05, followed by Unilever Nigeria, which gained 9.85 per cent to quote at N14.50.

ABC Transport appreciated by 9.68 per cent to sell for 34 kobo, PZ Cussons gained 9.26 per cent to trade at N5.90, while Total Energies went up by 6.17 per cent to settle at N204.90.

On the other hand, the losers’ gang was led by NEM Insurance after its value went down by 8.57 per cent to N1.92. Ikeja Hotels dropped 7.83 per cent to N1.06, NGX Group depreciated by 6.58 per cent to N22.00, Coronation Insurance fell by 5.88 per cent to 48 kobo, while NASCON declined by 5.48 per cent to N14.65.

During the trading day, the insurance sector lost 1.75 per cent, while the energy, consumer goods, banking and industrial goods counters gained 2.48 per cent, 0.31 per cent, 0.29 per cent and 0.04 per cent respectively.

At the close of transactions, the All-Share Index (ASI) improved by 59.15 points to 41,763.26 points from 41,704.11 points, while the market capitalisation grew by N30 billion to N21.794 trillion from N21.764 trillion.

Continue Reading

Economy

Investors, Exporters Exchange Dollar at N415.07 Friday

Published

on

naira and dollar

By Adedapo Adesanya

The Naira to Dollar exchange rate at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market in Nigeria maintained stability on Friday.

According to data harvested from FMDQ Securities Exchange by Business Post yesterday, the domestic currency was traded at N415.07/$1, the same amount it was sold on Thursday.

It was observed that the local currency closed flat during the session despite a significant increase in the demand for forex at the market window.

At the last trading session of the week on the FX category, transactions valued at $240.97 million were carried out compared with the $103.16 million recorded at the preceding session, indicating a surge of $137.81 million or 133.6 per cent.

But at the interbank segment of the FX market, the Nigerian currency had a bad day against the United States currency as it depreciated by 5 kobo or 0.01 per cent to sell for N410.96/$1 in contrast to N410.91/$1 it traded a day earlier, according to data from the Central Bank of Nigeria (CBN).

At the digital currency market, four of the 10 cryptos monitored by this newspaper on Friday declined, with Bitcoin (BTC), the most popular of the digital currencies, losing 4.7 per cent to sell at N34,434,127.72.

The loss occurred after it went on to chart a brand new all-time high in the week as the market witnessed the approval of the first-ever futures BTC ETF in the US.

Litecoin depreciated by 5.8 per cent to sell at N107,359.81, Ripple (XRP) tumbled by 2.7 per cent to N621.99, while Tron (TRX) recorded a 0.4 per cent drop to trade at N55.94.

However, Ethereum (ETH) recorded the highest gain of the day with a 5.0 per cent growth to trade at N2,400,000.00, Dash (DASH) climbed higher by 3.4 per cent to sell for N112,490.00, Dogecoin (DOGE) rose by 3.2 per cent to N149.35, Cardano (ADA) grew by 0.8 per cent to sell at N1,278.84, Binance Coin (BNB) improved by 0.5 per cent to quote at N197,123.45, while the US Dollar Tether (USDT) increased by 0.2 per cent to sell for N564.99.

Continue Reading

Economy

Road Infrastructure Tax is to Bridge Nigeria’s Revenue Gap—Nami

Published

on

Road Infrastructure Tax

By Adedapo Adesanya

To help cover Nigeria’s revenue shortfall, the Federal Inland Revenue Service (FIRS) says it is proposing the introduction of road infrastructure tax by making the informal sector contribute to building a modern society.

The Executive Chairman of FIRS, Mr Muhammad Mamman Nami said this when a delegation of the Nigeria Union of Journalists (NUJ) led by its National President, Mr Chris Isiguzo, met him in Abuja.

Mr Nami said the proposed road tax to be administered by the FIRS will provide the government with adequate funding for road construction, rehabilitation, and maintenance, as well as providing the needed security for roads in the country.

According to the FIRS boss, “One quick and very important intervention required of you is in the area of the Road Infrastructure Funding Scheme that the country needs in order fix our roads and bringing the informal sector to the tax net.”

He noted that in many jurisdictions, road users pay for the use of road infrastructure, adding that this should not be seen as an additional burden on the people because it has the potential of making life better for all.

Speaking further, Mr Nami stated that Nigeria’s economy presently relies heavily on non-oil revenues to discharge its statutory responsibility of paying salaries and providing social amenities to the citizenry.

“Without the tax that you pay, governments at all levels would not be able to fulfil their mandate to the electorates. Tax money also helps to ensure the roads you travel are safe and always in good condition,” he said.

He disclosed that the recent rise in the price of crude oil ordinarily should have impacted positively on the Petroleum Profit Tax payable by oil-producing companies. However, it has shown otherwise due to some reasons.

On the challenges facing the service of delivering on its mandate, he said “crude oil production has been limited by OPEC quota. Nigerian OPEC quota as at July 2021 was about 1.5 million barrels per day as against its crude oil production budget of 1.8 million barrels per day.

“This is a shortfall of 300,000 barrels per day. Our average daily crude oil production is around 1.250 million barrels per day as against the allocated 1.5 million barrels per day OPEC quota which has resulted in a shortfall of almost 250,000 barrels per day mainly caused by crude oil theft and force majeure declared by some of the IOCs.

“The total shortfall to FGN budgeted production is about 550,000 barrels per day.

“Huge losses brought forward and un-recouped capital allowances reported by most of the companies due to production shut in and the fall in oil price in 2020 as a result of the covid-19 pandemic which reduced their revenue.“

He said with challenges in the oil and gas sector, reforms have been carried out by the agency with a visible impact on the economy such as the deployment of technology in tax administration to improve domestic revenue mobilisation in view of dwindling oil prices.

Mr Nami added that the service created 10 Value Added Tax, VAT, Regional Coordination Offices across the country to drive collection of VAT.

He said, “We have commenced the usage of VAT Form 002A for enrolment and tracking of branch offices of major VAT payers. This will certainly improve our VAT collection and capacity. We achieved 114.66 per cent of our VAT collection target in the first half of the year.

“It will interest you to know that the service collected a total of N4.2 trillion between January to September 2021. This feat was achieved as a result of the efficiency and effectiveness of the TaxProMax Solution and intelligence/data we gathered, mined and analyzed in the period under review.

“The service successfully facilitated both the mock and external audits for the ISO 27001:2013 certification of the Exchange of Information (EOI) centre, to meet international information security management standards.”

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: