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Economy

NSE Posts Weekly 13.49% Loss, Moves 4 Billion Stocks Worth N44bn

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Pricing Methodology for stocks

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) recorded one of its worst weeks in many years last week when its depreciated by nearly 14 percent.

Business Post reports that the local bourse specifically went down by 13.49 percent after its All-Share Index (ASI) and market capitalisation decreased to 22,733.35 points and N11.847 trillion respectively.

Almost throughout the week, investors were involved in panic selling, crashing prices of most stocks to their lowest in one year.

At the close of transactions for the week, a total of 4.0 billion shares worth N43.7 billion were traded in 26,054 deals in contrast to 1.8 billion shares valued at N26.0 billion transacted in the preceding week in 23,494 deals.

A breakdown of the trades indicated that the financial services sector led the activity chart with 3.6 billion stocks worth N33.6 billion traded in 19,150 deals, contributing 89.48 percent and 76.94 percent to the total equity turnover volume and value respectively.

The consumer goods sector followed with 91.1 million equities valued at N6.0 billion were transacted in 2,341 deals, while the conglomerates industry had a turnover of 88.4 million shares worth N132.5 million executed in 679 deals.

A further analysis showed that Zenith Bank, GTBank and UBA accounted for 2.5 billion shares worth N29.6 billion in 12,301 deals, contributing 61.75 percent and 67.64 percent to the total equity volume and value respectively.

On the price movement chart, only two equities appreciated in price during the trading week, lower than 36 equities in the previous week, while 64 equities depreciated in price, higher than 25 equities in the previous week, with 97 equities remaining unchanged, lower than 102 equities recorded in the preceding week.

During the week, Consolidated Hallmark Insurance gained 7.14 percent to close at 30 kobo per share, while Cornerstone Insurance grew by 6 percent to close at 53 kobo per share.

On the losers’ chart, Cadbury Nigeria depreciated by 38.89 percent to close at N4.95 per share, Zenith Bank lost 36.70 percent to close at N11.90 percent, Access BAnk fell by 36.47 percent to close at N5.40 per share, United Capital declined by 35.48 percent to close at N2 per share, while Nigerian Breweries went down by 31.06 percent to close at N28 per share.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

NNPC Denies Selling Substandard Petrol at Retail Stations

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NNPC fuel retail station

By Aduragbemi Omiyale

The Nigerian National Petroleum Company (NNPC) Limited has refuted claims that it sells substandard premium motor spirit (PMS), otherwise known as petrol, at its retail stations, especially in Lagos.

The state-owned oil company was reacting to a viral video, which said petrol bought at NNPC retail stations burns faster.

Reacting to this in a statement on Saturday, the Chief Corporate Communications Officer of the NNPC, Mr Olufemi Soneye, said the said fuel being talked about in the video may have been the product bought from a rival refinery in the country, Dangote Petroleum Refinery.

“It is important to emphasize that a significant percentage of Premium Motor Spirit (PMS) sold at NNPC retail stations in Lagos—where this deceptive video was created—is sourced from the Dangote Refinery, a strategic partner in promoting local production and energy security. Dangote Refinery adheres to strict industry standards, guaranteeing the quality of petroleum products supplied to our consumers,” a part of the statement said.

It, therefore, described the allegations in the viral video as “false and misleading,” adding that it is also “baseless and entirely unfounded” as it originated “from unverified and amateur research that lacks credibility, accuracy, and professional oversight.”

“NNPC reaffirms that its fuel is carefully formulated with one of the best compositions, ensuring optimal efficiency, durability, and environmental sustainability for consumers,” the company stated.

However, it warned that, “Henceforth, NNPC will take firm legal action against individuals or groups who intentionally spread falsehoods about our brand and operations. Those engaged in such malicious activities will be held fully accountable under the law.”

It lamented that the video was done by “economic saboteurs to misinform the public and tarnish NNPC’s reputation,” warning that it “will not tolerate deliberate misinformation designed to undermine our operations and mislead Nigerians.”

NNPC urged “the public to disregard such fabricated content and rely on verified sources for accurate information,” noting that it “remains steadfast in its mission to ensure fuel availability, affordability, and quality for all Nigerians while maintaining global industry standards.”

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Economy

Four Stocks Show Investors Love at NASD Valentine’s Day Trading

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NASD OTC exchange

By Adedapo Adesanya

Four price gainers lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.54 per cent on Friday, February 14.

Okitipupa Plc improved its share price by N11.29 to close at N124.18 per unit versus N112.89 per unit, Mixta Real Estate Plc appreciated by 34 Kobo to finish at N3.76 per share versus the preceding day’s N3.42 per share, Afriland Properties Plc went up by 62 Kobo to settle at N21.03 per unit compared with N20.41 per unit, and FrieslandCampina Wamco Nigeria Plc jumped by 5 Kobo to trade at N39.95 per share, in contrast to the preceding day’s N39.90 per share.

At the close of business, the market capitalization rose by N9.91 billion to N1.828 trillion from N1.818 trillion and the NASD Unlisted Security Index (NSI) increased by 17.49 points to 3,227.53 points from the 3,210.04 points recorded on Thursday.

During yesterday’s session, the volume of securities transacted by investors jumped by 1,001.3 per cent to 5.1 million units from the 465,820 units transacted in the previous trading day.

Also, the value of transactions surged by 1,025.4 per cent to N108.5 million from N9.6 million, while the number of deals went south by 10 per cent to nine deals from 10 deals recorded on Thursday.

Impresit Bakolori Plc finished the day as the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, trailed by FrieslandCampina Wamco Nigeria Plc with 7.4 million units valued at N293.2 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.

Similarly, Impresit Bakolori Plc ended the session as the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, followed by Industrial and General Insurance (IGI) Plc with 69.6 million units sold for N23.6 million, and Geo-Fluids Plc with 10.7 million units valued at N51.2 million.

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Economy

Naira Stable at Official Market, NAFEM, Appreciates at Black Market

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sellers of Naira

By Adedapo Adesanya

The Naira was relatively stable against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 14, though it shed 10 Kobo or 0.01 per cent to sell at at N1,510.10/$1 compared with the previous day’s value of N1,510.00/$1.

However, it depreciated against the Pound Sterling in the official market during the trading day by N7.32 to quote at N1,879.42/£1 versus the N1,872.42/£1 it was sold at the previous session and lost N6.27 against the Euro to settle at N1,566.23/€1, in contrast to Thursday’s closing rate of N1,559.96/€1.

At the parallel market, the Nigerian Naira improved its value against the US Dollar yesterday by N5 to finish at N1565/$1 compared with the preceding session’s value of N1,570/$1.

As for the cryptocurrency market, it was positive on Friday after investors overlooked recent data that frustrated the landscape.

This week, the US data released showed increment in the Consumer Price Index (CPI). This shows the US Federal Reserve will likely wait till June before making changes to the current interest rate levels.

Over the last two weeks, the US Securities and Exchange Commission (SEC) has also acknowledged applications for Litecoin and Solana exchange traded funds (ETFs) — indicating that the SEC’s leadership under the Donald Trump administration has changed its tact to crypto-related listings.

Ethereum (ETH) expanded its value by 5.4 per cent to sell at $3,394.79, Solana (SOL) recorded a 4.4 per cent appreciation to end at $260.86, Cardano (ADA) jumped by 2.9 per cent to trade at $1.00, and Litecoin (LTC) saw a 2.6 per cent surge to quote at $116.78.

In addition, Bitcoin (BTC) appreciated by 2.1 per cent to settle at $1o4,978.31, Ripple (XRP) rose 0.7 per cent to $3.16,  Dogecoin (DOGE) increased by 0.6 per cent to finish at $0.3572, and Binance Coin (BNB) gained 1.6 per cent to sell for $710.31, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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