By Modupe Gbadeyanka
At the just concluded week, the Nigerian Stock Exchange (NSE) all-share index (ASI) and market capitalisation declined by 0.65% to close at 27,577.52 points and N9.473 trillion respectively.
The stock market depreciated 179.15 having moved down from 27,756.67 it stood the previous week while for the market capitalisation, the bourse lost N61 billion dropping from N9.534 trillion it closed the previous week.
All other Indices finished lower during the week, with the exception of the NSE Main Board Index, NSE Insurance Index, NSE Consumer Goods Index and the NSE Pension Index that appreciated by 0.01 per cent, 0.12 per cent, 0.50 per cent and 0.26 per cent respectively while the NSE ASeM Index closed flat.
In terms of volume and value of trading, a turnover of 1.183 billion shares worth N10.300 billion in 16,522 deals were traded this week by investors on the floor of the exchange in contrast to a total of 1.115 billion shares valued at N13.817 billion that exchanged hands last week in 16,083 deals.
A breakdown of trading activities revealed that the Financial Services Industry (measured by volume) led the activity chart with 1.015 billion shares valued at N7.136 billion traded in 11,012 deals. The figures represented 85.83per cent and 69.28per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed from a distance with 69.777 million shares worth N473.308 million in 564 deals.
The third place was occupied by the Services Industry with a turnover of 42.223 million shares worth N75.881 million in 202 deals. Trading in the top three equities namely – United Bank for Africa Plc, Guaranty Trust Bank Plc and FBN Holdings Plc (measured by volume) accounted for 444.004 million shares worth N4.958 billion in 4,153 deals, contributing 37.53per cent and 48.13per cent to the total equity turnover volume and value respectively.
For the Exchange Traded Products (ETPs), traded during the week were a total of 943 units of ETPs valued at N1.357 million executed in 28 deals, compared with a total of 29,242 units valued at N283,495.57 transacted last week in 42 deals.
Meanwhile, a total of 9,140 units of Federal Government Bonds valued at N9.198 million were traded in 6 deals compared to a total of 4,470 units of Federal Government Bonds valued at N4.313 million transacted last week in 8 deals.
Analysis of trading on Friday showed that at the close of trading, the NSE ASI inched up by 0.01 percentage points to close at 27,577.52, bringing the year-to-date return to -3.72per cent (-6.37per cent – over the last one year on an annualized basis).
Friday’s trading was driven by; Conoil (+10.19per cent, N23.79), 7UP (+4.61per cent, N146.45), PZ Cussons (+4.07per cent, N18.65), Stanbic IBTC (+3.38per cent, N15.00), UBA (+2.50per cent, N4.51), Guinness (+2.20per cent, N100.00), Oando (+1.41per cent, N5.00), Access Bank (+1.10per cent, N5.53), Unilever (+0.57per cent, N40.27), and Total (+0.45per cent, N241.08). Gainers numbering 22 dominated trading as against 17 that were losers.
For the week under review, 24 equities appreciated in price, lower than 28 equities of the previous week. Thirty-eight equities depreciated in price, higher than 31 equities of the previous week, while 118 equities remained unchanged lower than 121 equities recorded in the preceding week. May & Baker was the highest gainer for the week having risen 22.22 per cent in share price while Wema Bank was the highest loser with 12 per cent drop in share price.
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Sterling Bank Assures Shareholders More Value With New Structure
By Aduragbemi Omiyale
Recently, shareholders of Sterling Bank Plc authorised the board of the company to transform its organizational structure into a holding firm to be known as Sterling Financial Holdings Company.
A holding company or Holdco is a company set up for the purpose of making and managing, for its own account, equity investment in two or more companies, being its subsidiaries, engaged in the provision of financial services, one of which must be a bank.
The Chief Executive of Sterling Bank, Mr Abubakar Suleiman, said with the new arrangement, shareholders would have value for their money as the company would have the opportunity to increase its income streams because of its involvement in new ventures.
He disclosed that the advantages of the newly formed holding company include value creation to maximise earnings through new businesses, agility to optimise for opportunities and adapt to a rapidly changing market, maximise current and future talent potential with opportunities within the group and subsidiaries to nurture and engage its wealth of young and innovative talent.
According to him, the holding company also affords Sterling another opportunity to leverage its successful HEART strategy, which has seen the bank make consolidated investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors, growing the company’s year-on-year profits to record highs despite strong economic headwinds.
With the adoption of a Holdco structure, Sterling now possesses the latitude to make inroads into other sectors within financial services, such as pensions, asset management, payment services, real estate, and different verticals, along with the current banking licenses held by the commercial and non-interest banking subsidiaries, Sterling Bank and The Alternative Bank.
In recent times, the bank has doubled down on digitisation with specialised products through the development and introduction of Specta, OneBank, I-invest, Gazelle and Omni X to fulfil the market’s needs for innovative retail and commercial banking solutions.
On his part, the Chairman of Sterling Bank, Mr Asue Ighodalo, said, “Following the implementation of the scheme, shareholders will exchange their shares in the Bank for shares in HoldCo in the same proportion as their current holdings in the Bank, which will be a regulated entity for CBN purposes.”
He added that the scheme would provide several benefits to the shareholders of the bank, some of which include facilitating diversification into other permissible business lines, thereby promoting growth and enhancing shareholder value and facilitating a consolidated financial strength of the group, which will improve access and ability to raise capital.
It was gathered that upon the final ratification by the regulators, the commercial banking subsidiary of the holding company, Sterling Bank; will continue to operate with its current name as a limited liability company, with shares transferred from the publicly traded company transferred to the newly formed Sterling Financial Holdings Company.
Friesland Extends NASD OTC Securities Growth by 0.98%
By Adedapo Adesanya
FrieslandCampina WAMCO Nigeria Plc extended the bulls’ presence at the NASD Over-the-Counter (OTC) Securities Exchange by 0.98 per cent on Tuesday, September 27.
This expanded the market capitalisation of the bourse by N9.38 billion to N963.94 billion from N954.56 billion and jerked the NASD Unlisted Securities Index (NSI) up by 3.19 basis points to end the day at 762.12 points as against the 765.31 points it recorded in the previous session.
FrieslandCampina WAMCO Nigeria Plc appreciated yesterday by N4.90 to sell at N78.00 per unit compared to the N73.10 per unit it was transacted a day earlier.
Despite the growth posted yesterday by the NASD OTC securities, there was a price loser and it was Niger Delta Exploration and Production (NDEP) Plc, which declined by N1.00 to settle at N199.00 per share compared with Monday’s value of N198.00 per share.
During the session, there was a rise in the volume of securities traded by 408.8 per cent to 189,296 units from the 37,205 units transacted by market participants in the preceding session.
In the same pattern, there was a rise in the value of shares traded by 129.1 per cent to N6.2 million from the N2.7 million recorded on Monday.
These transactions were completed in 18 deals, the same amount of deals carried out in the previous trading session.
At the close of trades, AG Mortgage Bank Plc was the most traded stock by volume (year-to-date) with the sale of 2.3 billion units valued at N1.2 billion, Central Securities Clearing System (CSCS) Plc stood in second place with 687.6 million units worth N14.3 billion, and Mixta Real Estate Plc was in third place with 178.1 million units worth N313.4 million.
The most traded stock by value on a year-to-date basis was CSCS Plc with the sale of 687.6 million units worth N14.3 billion, VFD Group Plc was in second place with 27.7 million units valued at N7.4 billion, as FrieslandCampina WAMCO Nigeria Plc was in third place with 14.3 million units valued at N1.7 billion.
Naira Appreciates at P2P, Falls at I&E, Stable at Black Market
By Adedapo Adesanya
The value of the Naira appreciated against the United States currency in the Peer-to-Peer (P2P) segment of the foreign exchange market on Tuesday by N2 to close at N740/$1 compared with the previous day’s value of N742/$1.
However, it depreciated against the American Dollar at the Investors and Exporters (I&E) window of the FX market yesterday by 33 Kobo or 0.08 per cent to trade at N436.33/$1 in contrast to Monday’s value of N436.00/$1.
Data from the FMDQ Securities Exchange disclosed that the value of forex transactions recorded at the spot market yesterday went up by 27.31 per cent or $21.33 million to $99.43 million from the $78.10 million reported a day earlier.
In the interbank segment of the market, the Naira closed flat against the Pound Sterling at N463.96/£1 and against the Euro, it also remained unchanged at N416.15/€1 on Tuesday.
In the same vein, the exchange rate of the local currency paired with the greenback closed flat at the parallel market yesterday at N722/$1.
Meanwhile, the digital currency market was bearish yesterday, with Bitcoin (BTC) falling below the $20,000 mark again after it managed to rise above that level a day earlier.
On Tuesday, its value went down by 6.5 per cent to close at $18,765.50 as Ripple (XRP) recorded a 10.1 per cent slump to trade at $0.4282.
Ethereum (ETH) saw its value go down by 6.9 per cent to sell at $1,284.29, Solana (SOL) recorded a 6.5 per cent slide to quote at $32.44, Cardano (ADA) recorded a 5.6 per cent decline to settle at $0.4312, Binance Coin (BNB) shed 5.1 per cent to sell for $270.03, Litecoin (LTC) went down by 5.0 per cent to trade at $52.07, and Dogecoin (DOGE) saw a 4.5 per cent slump to trade $0.0594.
But Binance USD and the US Dollar Tether (USDT) closed flat at $1.00.a
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