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Economy

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

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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.

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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

Index Gains 0.63% as Value of Nigerian Exchange Crosses N60trn

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Nigerian Exchange Limited

By Dipo Olowookere

For the fourth consecutive trading session, the Nigerian Exchange (NGX) Limited closed higher on Friday by 0.63 per cent on sustained renewed buying pressure.

Apart from the energy and industrial goods sectors which closed flat, every other sector ended in the green territory, according to data obtained from the bourse.

Business Post reports that the insurance index appreciated by 1.52 per cent, the banking space improved by 0.63 per cent, and the consumer goods counter expanded by 0.46 per cent.

As a result, the All-Share Index (ASI) gained 617.47 points to settle at 99,378.06 points compared with the preceding day’s 98,760.59 points and the market capitalisation went up by 375 billion to close at N60.242 trillion, in contrast to Thursday’s closing value of N59.867 trillion.

The volume of transactions on Customs Street yesterday grew by 11.13 per cent to 544.2 million shares from the 489.7 million shares transacted a day earlier.

The value of transactions increased during the session by 49.30 per cent to N10.6 billion from N7.1 billion and the number of deals went up by 1.93 per cent to 8,464 deals from the 8,304 deals posted in the previous trading session.

The busiest equity for the trading day was Japaul with the sale of 71.7 million units valued at N158.0 million, eTranzact exchanged 70.7 million units worth N477.5 million, Tantalizers sold 57.3 million units for N101.2 million, FCMB traded 33.0 million units worth N297.3 million, and Universal Insurance transacted 27.1 million units valued at N9.6 million.

A total of 36 stocks ended on the gainers’ chart, while 15 stocks finished on the losers’ table, indicating a positive market breadth index and strong investor sentiment.

The trio of Aradel Holdings, Ikeja Hotel and Caverton gained 10.00 per cent each to trade at N550.00, N8.80, and N1.98, respectively, as Africa Prudential rose by 9.87 per cent to N17.25 and Golden Guinea Breweries soared by 9.64 per cent to N8.64.

On the flip side, Austin Laz lost 10.00 per cent to close at N1.62, ABC Transport crashed by 8.00 per cent to N1.15, Royal Exchange slumped by 7.69 per cent to 60 Kobo, Secure Electronic Technology plunged by 5.26 per cent to 54 Kobo, and The Initiates crumbled by 4.26 per cent to N2.25.

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Economy

Oil Jumps on Fresh Sanctions Amid Ease in Interest Rates, Demand Boost

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crude oil supply disruption

By Adedapo Adesanya

Oil climbed by about 2 per cent on Friday on expectations that additional sanctions on Russia and Iran could tighten supplies and that lower interest rates in Europe and the US could boost fuel demand.

Brent futures went up by $1.08 or 1.5 per cent to settle at $74.49 a barrel and the US West Texas Intermediate (WTI) futures expanded by $1.27 or 1.8 per cent to close at $71.29 per barrel.

European Union ambassadors agreed to impose a 15th package of sanctions on Russia this week over its war against Ukraine, targeting its shadow tanker fleet.

The sanctions would target vessels from third countries supporting Russia’s war in Ukraine and add more individuals and entities to the sanctions list.

The sanctions package is likely to be formally adopted at a meeting of EU foreign ministers on Monday and will target close to 30 entities, over 50 individuals and 45 tankers.

Also, the US is considering similar moves that might target some Russian oil exports, before Donald Trump returns to the White House.

Britain, France and Germany told the United Nations Security Council they were ready if necessary to trigger a so-called “snap back” of all international sanctions on Iran to prevent the country from acquiring nuclear weapons.

The move comes as Iran has suffered a series of strategic setbacks, including Israel’s assault on Tehran’s proxy militias Hamas in Gaza and Hezbollah in Lebanon and the ouster of Iranian ally Bashar al-Assad in Syria.

Meanwhile, data from China this week showed that crude imports in the world’s top importer grew annually in November for the first time in seven months.

There are expectations that China’s crude imports will remain elevated into early 2025 as refiners opt to lift more supply from top exporter Saudi Arabia, drawn by lower prices, while independent refiners rush to use their quota.

The International Energy Agency (IEA) increased its forecast for 2025 global oil demand growth to 1.1 million barrels per day from 990,000 barrels per day last month, citing China’s stimulus measures.

The Paris-based energy watchdog forecast an oil surplus for next year, when nations not in the Organisation of the Petroleum Exporting Countries (OPEC) and allies, OPEC+ group, are set to boost supply by about 1.5 million barrels per day, driven by Argentina, Brazil, Canada, Guyana and the US.

The United Arab Emirates (UAE), an OPEC member, plans to reduce oil shipments early next year as OPEC+ seeks tighter discipline.

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Economy

Seplat to Boost Nigeria’s Oil Production With Mobil Assets Acquisition

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Seplat Energy

By Adedapo Adesanya

Seplat Energy Plc will revive hundreds of Nigerian oil wells laying fallow after completing the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil.

The company said it aims to lift oil output to about 200,000 barrels a day, a move that will help boost Nigeria’s oil production levels, as it aims to reach 2 million barrels per day next year.

The transaction, according to Seplat, “is transformative for Seplat Energy, more than doubling production and positioning the company to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.”

The completion of the Seplat-ExxonMobil deal has created Nigeria’s leading independent energy company, with the enlarged company having equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas processing facilities; and 3 export terminals.

Recall that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October approved the deal as part of a series of approvals, while it blocked Shell’s asset sale of up to $2.4 billion to the Renaissance consortium.

The acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40 per cent operated interest in OML 67, 68, 70 and 104; 40 per cent operated interest in the Qua Iboe export terminal and the Yoho FSO; 51 per cent operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6 per cent participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors will transition to the Seplat Group.

MPNU adds substantial reserves and production to Seplat Energy; 409 million barrels of oil equivalent (MMboe) 2P reserves and 670 MMboe 2P + 2C reserves and resources as at 30 June 2024 and 6M 2024 average daily production of 71.4 kboepd (thousand barrels of oil equivalent).

Business Post reports that Seplat will be part of the payment this year, and will defer some to next year,

Speaking on the transaction, the Chairman of Seplat Energy, Mr Udoma Udo Udoma commended President Bola Tinubu for supporting this transaction and appreciated the support and diligence of the various ministries and regulators for all the work to reach a successful conclusion.

“We are delighted to welcome the MPNU employees to Seplat Energy. We are excited to begin our journey in a new region of the country, and we look forward to replicating the positive impacts we have achieved within our communities in our current areas of operations.

“Seplat’s mission is to deliver value to all our stakeholders, and we treasure the good relationships we have developed with the government, regulators, communities and our staff.”

On his part, the chief executive of Seplat Energy, Mr Roger Brown, described the acquisition as a major milestone, adding, “I extend my thanks to the entire Seplat team for their hard work and perseverance to complete this transaction.

“MPNU’s employees and contractors have a strong reputation for safety and operational excellence, and I welcome them to the Seplat Energy Group.

“We have acquired a company with one of the best portfolios of assets and related infrastructure in a world-class basin, providing enormous potential for the Seplat Group. Our commitment is to invest to increase oil and gas production while reducing costs and emissions, maximising value for all our stakeholders.

“MPNU is a perfect fit with our strategy to build a sustainable business that can deliver affordable, accessible and reliable energy for Nigeria alongside attractive returns to our shareholders”.

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