Connect with us

Economy

Oando, FBN Holdings, GTCO Shares Witness Increase in Trades

Published

on

oando nigeria

By Dipo Olowookere

Shares of Oando, FBN Holdings and Guaranty Trust Holding Company (GTCO) were very busy on the floor of the Nigerian Exchange (NGX) Limited last week.

The trio were the most active, accounting for 2.3 billion units worth N17.4 billion in 3,645 deals, contributing 66.47 per cent and 56.27 per cent to the total trading volume and value respectively.

Data obtained by Business Post indicated that in the week, investors transacted 3.4 billion equities worth N30.9 billion in 21,109 deals in contrast to the 1.4 billion equities worth N27.9 billion traded in 19,990 deals in the preceding week.

A critical look into the activity chart revealed that, unlike the preceding session, energy stocks, mainly from a cross deal in Oando, topped with 2.0 billion units worth N13.5 billion traded in 1,350 deals, contributing 58.63 per cent and 43.50 per cent to the total trading volume and value respectively.

Financial equities dropped to second with 1.1 billion shares valued at N10.2 billion executed in 10,941 deals, while consumer goods shares occupied the third place for selling 183.8 million units worth N4.5 billion in 4,007 deals.

On the price movement chart, 29 stocks closed on the gainers’ side, higher than 15 stocks of the preceding week, while 36 shares finished on the losers’ end, lower than 49 shares of the earlier week, with 91 equities closing flat, lower than 92 equities of the previous week.

University Press was the best-performing stock, rising in the week by 27.83 per cent to N2.94. Ikeja Hotel rose by 17.39 per cent to N1.35, Honeywell Flour gained 16.81 per cent to trade at N3.96, Royal Exchange appreciated by 12.24 per cent to 55 kobo, while ABC Transport moved up by 10.00 per cent to 33 kobo.

On the flip side, UPDC was the worst-performing stock, losing 14.94 per cent to finish at N1.31. Cutix depreciated by 14.02 per cent to N2.76, MRS Oil depreciated by 9.87 per cent to N13.70, UPDC REIT fell by 9.82 per cent, while The Initiates dropped 9.76 per cent to 37 kobo.

When the market closed for the week, the All-Share Index (ASI) and the market capitalisation appreciated by 0.25 per cent and 0.24 per cent respectively to 43,308.29 points and N22.598 trillion respectively.

Similarly, all other indices finished higher with the exception of NGX 30, NGX CG, banking, pension, NGX-AFR Bank Value, NGX MERI Growth, consumer goods, energy and industrial goods indices, which depreciated by 0.43 per cent, 0.36 per cent, 0.29 per cent, 0.07 per cent, 0.16 per cent, 0.26 per cent, 2.00 per cent, 0.87 per cent and 0.03 per cent respectively, while the ASeM index closed flat.

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

Economy

I Fully Agree Oil Has Been a Curse to Nigeria—Moghalu

Published

on

kingsley moghalu

By Aduragbemi Omiyale

A former deputy governor of the Central Bank of Nigeria (CBN), Mr Kingsley Moghalu, has said oil has been a curse to Nigeria.

He said this in reaction to the discovery of oil in the northern part of the country.

On Tuesday, President Muhammadu Buhari flagged off the Kolmani Integrated Development Project in Bauchi, and he said the country attracted $3 billion investment in fossil energy from the project at a time when the oil and gas sector was becoming less attractive.

“It is, therefore, to the credit of this administration that at a time when there is near zero appetites for investment in fossil energy, coupled with the location challenges, we are able to attract investment of over $3 billion to this project,” Mr Buhari said.

The Kolmani Integrated Development Project is a fully integrated in-situ development project comprising upstream production, oil refining, power generation and fertilizer.

The Kolmani River field has huge commercial deposits of hydrocarbons, which the President said is “over one billion barrels of oil reserves and 500 billion cubic feet of gas.”

But Mr Moghalu, who contested to be the President of Nigeria in 2019 under the Young Progressives Party (YPP), believes that the country has not gained anything meaningful from being an oil-producing nation.

Nigeria is one of the leading producers of crude oil in Africa. Most of the foreign exchange (FX) earnings come from the sale of the commodity. However, oil theft and corruption have subjected its citizens to abject poverty, with the government resorting to borrowing to fund its budgets.

“I fully agree with those who say oil has been a curse to Nigeria. Many of them question the ultimate value of the reported Kolmani oil find in Northern Nigeria.

“But I am also practical enough to know three things. First, some countries like Saudi Arabia, Gulf States, and Norway were smart enough to use oil to build their economies but diversified into other means of wealth creation and also built-up savings (reserves/Sovereign Wealth Funds) for the rainy day that have served them well.

“Secondly, the real secret of the wealth of nations does NOT lie in natural resources. It lies in economic complexity – the ability to prioritize technological innovation and use it to manufacture complex products that are value-added and competitively produced and then exported to dominate the world trading system. Singapore, South Korea, Japan, Switzerland and many other of the world’s wealthiest countries have NOTHING of value under their soil but have used this principle to create wealth for their citizens. That’s why they are rich, but we in Nigeria and most other African countries, with our so-called blessing of natural resources, are in a poverty trap.

“We in fact have the resource curse. 70% of the world’s strategic minerals are in Africa, but the continent’s share of world trade is just 3% in 2022.

“The third thing I am practical enough to know is that, as Nigeria is currently led and configured, the dominant mentality of its political leadership is still fixated on natural resources and resource rents. They simply do not share in, & do not care, about the secret of the wealth of nations.

“Their minds still haven’t evolved to that knowledge or, more accurately, the political will to de-emphasize natural resource thinking and shift to real wealth creation,” the respected economist said in a series of tweets via his verified Twitter handle, @MoghaluKingsley.

Continue Reading

Economy

Index Rises 2.04% on Interest Airtel Africa, MTN Nigeria Shares

Published

on

NSE lists Airtel Africa Shares

By Dipo Olowookere

It was another positive outing for the Nigerian Exchange (NGX) Limited on Friday as it closed higher by 2.04 per cent on the back of buying interest in Airtel Africa, MTN Nigeria and 16 others.

The sustained upward movement was buoyed yesterday by the 1.10 per cent growth posted by the insurance sector, the 0.26 per cent improvement in the industrial goods space, and the 0.25 per cent rise in the banking counter.

The trio offset the 2.37 per cent loss printed by the consumer goods counter, as the energy index closed flat when trading activities were brought to an end at 2:30 pm.

Consequently, the All-Share Index (ASI) closed higher by 949.40 points to 47,554.34 points from 46,604.94 points, as the market capitalisation grew by N517 billion to settle at N25.902 trillion compared with Thursday’s closing value of N25.385 trillion.

The stock market was quiet on Friday as the most active stock, FCMB, only traded 16.8 million units, while MTN Nigeria sold 16.4 million units. Fidelity Bank traded 7.5 million shares, Zenith Bank exchanged 6.4 million equities, and Access Holdings transacted 5.8 million equities.

From an analysis of the activity chart, a total of 99.0 million stocks worth N5.5 billion were traded by investors yesterday in 2,780 deals compared with the 138.6 million stocks worth N2.2 billion traded in 3,434 deals, indicating an increase in the trading value of 154.41 per cent, a decline in the number of deals by 19.04 deals and a drop in the trading volume by 28.58 per cent.

Red Star Express ended the day on top of the gainers’ chart after its value rose by 9.66 per cent to N2.27, Regency Assurance appreciated by 8.70 per cent to 25 Kobo, Livestock Feeds grew by 8.16 per cent to N1.06, Prestige Assurance expanded by 7.50 per cent to 43 Kobo, and Airtel Africa improved by 7.41 per cent to N1,450.00.

Conversely, Capital Hotel topped the losers’ log yesterday after it went down by 10.00 per cent to N3.06, Nestle Nigeria fell by 10.00 per cent to N963.90, International Breweries drained by 2.27 per cent to N4.30, GTCO lost 1.48 per cent to N20.00, and Wema Bank depreciated by 0.97 per cent to N3.07.

Continue Reading

Economy

Naira Gains at P2P, Weakens at I&E

Published

on

naira value

By Adedapo Adesanya

The Naira closed stronger against the United States Dollar at the Peer-to-Peer (P2P) window of the foreign exchange (FX) market on the last trading session of the week by N1 to sell at N786/$1 compared with the previous day’s exchange rate of N787/$1.

Similarly, in the black market, the Naira appreciated against the American Dollar by N2 to trade at N775/$1 yesterday, in contrast to the N777/$1 it closed on Thursday.

However, in the Investors and Exporters (I&E) segment of the forex market, the domestic currency depreciated against its US counterpart by 0.3 per cent or N1.33 to settle at N446.33/$1 compared with the preceding session’s N445/$1.

Data from FMDQ Securities Exchange indicated that the FX turnover at the I&E window on Friday was $117.26 million, lower than the $145.89 million reported a day earlier by $28.63 million or 19.6 per cent.

In the interbank segment, the Nigerian Naira closed flat against the Pound Sterling and the Euro yesterday at N526.97/£1 or N455.56/€1, respectively.

Meanwhile, in the cryptocurrency market, there were recoveries as a majority of the 10 cryptos tracked by Business Post pointed north, with Dogecoin (DOGE) surging by 14.6 per cent to trade at $0.093.

This happened as the crypto market is still reeling after a brutal month, with investor confidence shattered following news that FTX, once one of the biggest and most popular crypto exchanges, went bust.

Binance Coin (BNB) recorded a 5.5 per cent appreciation to trade at $311.11, Ethereum (ETH) saw its value go up by 3.8 per cent to sell at $1,220.31, Cardano (ADA) recorded a 2.9 per cent rise to quote at $0.319, and Solana (SOL) appreciated by 2.8 per cent to trade at $14.41.

Further, Ripple (XRP) recorded a 2.4 per cent gain to settle at $0.4079, Bitcoin (BTC) made a 1.4 per cent improvement to sell at $16,626.37, Litecoin (LTC) jumped by 1.3 per cent to trade at $77.20.

But the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $0.9995 and $1.00 apiece.

Continue Reading
%d bloggers like this: