NSE Records N2.5tr Transactions in 2017

Image

**As Foreign, Domestic Transactions Rise

By Dipo Olowookere

The value of transactions carried out on the floor of the Nigerian Stock Exchange in the year 2017 recorded a significant growth, rising by 68.25 percent, Business Post has learnt.

Since 2011, foreign transactions have consistently outperformed domestic transactions, but in 2016 and 2017, domestic transactions marginally outperformed foreign transactions, accounting for 52 percent of the total transaction value in 2017.

According to a report released by the local bourse, the aggregate value of transactions from January to December 2017 increased significantly from N1.511 trillion recorded in 2016 to N2.543 trillion in 2017.

From this amount, our correspondent gathered, foreign transactions carried out at the NSE last year accounted for N1.207 trillion, a huge rise from the N517.55 billion worth of transactions recorded in 2016.

It was further gathered from the report that the value of domestic transactions carried out on the floor of the NSE in 2017 was N1.335 trillion compared with N633.82 billion achieved in 2016.

The report also indicated that institutional composition of the domestic market increased by 673.97 percent from N31.19 billion in January to N241.40 billion in December.

The retail composition also increased by 63.62 percent from N20.12 billion to N32.92 billion within the same period, indicating a higher participation by institutional investors over their retail counterpart.

In the month of December 2017 alone, the report said the total transactions at the local stock market significantly increased by 72.64 percent from N278.49 billion recorded in November 2017 to N480.80 billion in December 2017.

A breakdown showed that during the month, the total foreign transactions increased by 37.56 percent from N150.10 billion recorded in November 2017 to N206.48 billion in December 2017, while the domestic transactions rose by 113.66 percent from N128.39 billion to N274.32 billion within the same period.

The NSE has continued to attract more investors as a result of rising prices of oil in the global market as well as growth in the local economy.

Last year, the nation’s bourse appreciated by over 40 percent and was one of the best performers in the world.

Analysts have predicted a further growth in 2018 for the Nigerian stock market. Already, the market has gained over 15 percent this year.

Share
Related Stories
Image
21-February-2024

Nigerian Stock Market Further Falls by 1.30% Amid Panic Selling

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed panic selling from investors on Tuesday as the foreign exchange (FX) market continued to dampen mood. The free fall of the exchange rate of the Naira to the Dollar in the currency market is making Naira-denominated investments unattractive and yesterday, it further inflicted a 1.30 per cent loss to the equity market. It was observed that traders sold off some of their blue-chip equities, particularly in the financial and industrial goods sectors. Business Post reports that the insurance index went down by 3.89 per cent, the industrial goods counter lost 3.62

Image
20-February-2024

WACOT Rice Concludes Argungu Outgrower Expansion Programme

By Aduragbemi Omiyale An initiative of WACOT Rice aimed at enhancing rice production in Nigeria, the Argungu Outgrower Expansion Programme (AOEP), has been concluded, the company has confirmed in a statement. The scheme was put in place in 2020 by the subsidiary of Tropical General Investments (TGI) Group in collaboration with the USAID-funded West Africa Trade and Investment Hub. It was to leverage WACOT’s existing outgrower programme to improve the livelihoods of smallholder farmers by providing access to essential agricultural inputs, financing, and training on Yield Enhancement Techniques (YET), and Good Agronomic Practices (GAP). At the closing of the scheme

Image
21-February-2024

Oil Prices Slide on Global Demand Worries

By Adedapo Adesanya Oil prices settled lower on Tuesday, with worries about global demand offsetting price support from the Israel-Hamas conflict, causing the Brent futures to lose $1.22 or 1.5 per cent to sell at $82.34 a barrel, as the US West Texas Intermediate (WTI) crude shed $1.30 or 1.4 per cent to trade at $77.04 a barrel. The crude oil market was lower following the quiet trading over the Presidents’ Day holiday in the US and as demand concerns offset ongoing Middle Eastern geopolitical tensions. Shipping has been impacted by escalating attacks on shipping lanes in the Red Sea

Image
20-February-2024

FG to Audit CBN N22.7bn Ways and Means Under Buhari

By Adedapo Adesanya The President Bola Tinubu administration is auditing the N22.7 trillion Ways and Means loans approved by the Central Bank of Nigeria (CBN) to the immediate past government of Mr Muhammadu Buhari. Ways and Means are advances that the federal government obtains from the central bank through loans to meet short-term needs or emergencies. During his administration, President Buhari received about N22.7 trillion (now N23.8 trillion) from the apex bank under the former governor, Mr Godwin Emefiele, against what is stipulated by Section 38 (2) of the CBN Act. The part of the law makes it clear that

More Stories
Image
07-April-2019

Investors Trade N20bn Shares in One Week as Index Sheds 4.59%

By Dipo Olowookere A total turnover of 3.544 billion shares worth N20.264 billion in 19,130 deals were traded last week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 2.629 billion shares valued at N12.794 billion that exchanged hands the previous week in 15,558 deals. In the week, the financial services sector, measured by volume, led the activity chart with 3.060 billion shares valued at N14.469 billion traded in 11,738 deals. With this, the sector contributed 86.35 percent and 71.40 percent to the total equity turnover volume and value respectively. Following were

Image
26-April-2017

Oil & Gas Council Honours Tonye Cole

By Modupe Gbadeyanka Nigerian business mogul, Mr Tonye Cole, has been announced by the Oil & Gas Council as winner of the 2017 Lifetime Achievement Award. Mr Cole is the Executive Director/Founder of the Sahara Group, a firm he established in Founded in 1996 and has grown from a single entity to a group made up of 10 firms across the energy value chain. The Oil & Gas Council’s Lifetime Achievement Award recognises Mr Cole’s individual role and the Sahara Group’s corporate role in promoting inclusive economic growth for poverty eradication, capacity building, food security and access to potable water

Image
13-April-2020

Nigeria Discharges 85 COVID-19 Patients

By Modupe Gbadeyanka About 85 persons, who earlier contracted Coronavirus disease (COVID-19), have been discharged from where they were getting medical attention. This disclosure was made by the Nigeria Centre for Disease Control (NCDC) on Sunday night when it announced five new cases of the virus in the country. During the announcement, the agency said the five cases were recorded from Lagos, Kaduna and Kwara. It two each were reported in Lagos and Kwara, while one was reported in Kaduna. This brought the total number of confirmed cases of the disease in the country to 323, while 10 people have

Image
28-May-2020

IMF Urges Banks to Suspend Dividend Payment to Shareholders

By Adedapo Adesanya The International Monetary Fund (IMF) has advised top commercial banks in the world to suspend dividend payment to their shareholders so as to retain earnings during the COVID-19 pandemic. The Managing Director of IMF, Ms Kristalina Georgieva, made this call in a recent blog post titled Halt bank dividends and buybacks now, which was published on the lender’s website. Ms Georgieva said retaining earnings through suspension of dividend payments would provide banks with enough capital to serve as a buffer against the adverse effects of the pandemic. She pointed out that after the 2008 global financial crisis,

Image
18-February-2017

Total Nigeria Holds Board Meeting March 10

By Modupe Gbadeyanka One of the leading firms in petroleum marketing and services in Nigeria, Total Nigeria, has revealed that it will hold its board of directors meeting next month. In a statement issued by the company, it was stated that the said meeting will take place on Friday, March 10, 2017, at 10am. According to the statement, the scheduled meeting will hold in the boardroom of the Total House, located at 4 Churchgate Street, Victoria Island, Lagos. During the meeting, items to be discussed include to consider and approve the Financial Statements for the year ended December 31, 2016, recommend

Image
08-August-2016

Linda Ikeji Leads Others In 2016 YNaija Power List

YNaija.com, the internet newspaper for young Nigerians, has released the definitive list of the most influential people in media under 40. The 2016 #YNaijaPowerList is a honour roll of the most powerful young Nigerians who have excelled in the media industry. From the Guardian Newspapers Executive Director, Toke Ibru, to Pulse.ng’s Editor-in-Chief, Osagie Alonge, to the indisputable queen of blogging in Africa, Linda Ikeji, the list pulls together those who hold the levers in Nigeria’s media space. The #YNaijaPowerList which launched on Monday, 1 August, 2016 with the release of its Entertainment and Technology shortlist will run through the week

Image
15-January-2021

Naira Weakens Against Dollar at Black Market, I&E

By Adedapo Adesanya, Ahmed Rahma The value of the Naira against the Dollar moved southwards on Thursday at the Investors and Exporters (I&E) and the black market segments of the foreign exchange market. This was mainly influenced by the significant rise in the demand for forex at the market windows. Data harvested by Business Post showed that at the I&E window, transactions worth $215.63 million were carried out compared with the $17.23 million recorded the preceding day, indicating a rise of $198.4 million or 1,151.5 per cent. This put pressure on the local currency yesterday, causing it to depreciate by

Image
04-May-2021

Mourinho Returns to Italy to Coach AS Roma

By Dipo Olowookere Controversial football coach, Mr Jose Mourinho, will return to Italy for a second spell to coach AS Roma for next season. The Serie A top-flight football outfit confirmed the appointment of the Portuguese coach on Tuesday in a post via its official Twitter handle. “The club are delighted to announce an agreement has been reached with Jose Mourinho for him to become our new head coach ahead of the 2021-22 season,” AS Roma said. Mr Mourinho, who is fondly called the Special One, had his first stint in Italy at Inter Milan, where he helped the club

Ad
Ad
Recent Stories
Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine

Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling

Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the

Image
21-February-2024

Panic at Black Market as EFCC Intensifies Clampdown on BDCs

By Dipo Olowookere There is apprehension at the black market segment of the foreign exchange (FX) market in Lagos and other cities across the country as security officials, especially from the Economic and Financial Crimes Commission (EFCC), are going after traders at the landscape. Recall that on Monday, some agents of the organisation disrupted business activities in Abuja, and on Tuesday, a similar scenario occurred at the popular Alade Market in Lagos. On Wednesday, Business Post gathered that more places were touched, with two of the Bureaux De Change (BDC) operators allegedly picked up by security operatives in the Agege

Image
21-February-2024

VFD Group Donates Books to Comenius Nursery and Primary School

By Modupe Gbadeyanka About 1,000 copies of Mama’s Sleeping Scarf by renowned Nigerian writer, Ms Chimamanda Ngozi Adichie, have been donated to the pupils of Comenius Nursery and Primary School in the Ikola area of Lagos State. The educational items were given to the elementary school by a leading proprietary investment company, VFD Group Plc, as part of its Corporate Social Responsibility (CSR) initiative. The firm, which is committed to fostering growth across diverse industries in Africa, said the books were donated to promote reading culture among children and inspire young minds to explore limitless possibilities. Mama’s Sleeping Scarf is

Image
21-February-2024

DSS Warns Organised Labour To Shun Planned Protest

By Adedapo Adesanya The Department of State Services (DSS) has urged Nigerians planning to protest next week led by organised labour to halt the idea. According to a statement from the spokesperson of the Nigerian secret police on Wednesday, Mr Peter Afunanya, there were plans by sections of the organised labour to stage protests in parts of the country over sundry economic issues between February 27 and 28, 2024 “While the Service recognises such action as the legitimate right of the labour movement, it, however, urges the body to shelve the plan in the interest of peace and public order,”

Image
21-February-2024

FG Completes $70m Yearly Concessionaire of Zungeru Plant to Penstock

By Adedapo Adesanya The federal government has completed the transfer of the operations of the Zungeru Hydroelectric Power Plant (ZHPP) to a concessionaire, Penstock Limited, in a move that will see the country earn $70 million yearly from the deal. The Vice President, Mr Kashim Shettima, confirmed this during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. A concession is a kind of partnership between the public sector and often private companies that have shown its added value in a specific area, for example developing infrastructure. The