Economy
Oando Gains 60.47% in One Week as Demand Spikes
By Dipo Olowookere
The share price of Oando Plc witnessed a 60.47 per cent week-on-week rise at the Nigerian Exchange (NGX) Limited last week amid rising appetite for the company’s securities by investors.
Oando, which was selling at about N5 some months ago due to the issues it had with the capital market regulator, the Securities and Exchange Commission (SEC), gained 60.47 per cent last week to close at N40.60 compared with the previous week’s N25.30.
The company, which some investors avoided like a plague in the past, has now become the darling of traders, with demand rising by the day at the stock market because of the recent acquisition of Eni oil assets in Nigeria by Oando.
It topped the gainers’ chart in the week under review, followed by RT Briscoe, which appreciated by 51.19 per cent to N1.27, and Japual, which rose by 35.80 per cent to N2.39. Academy Press increased by 34.58 per cent to N2.88, and United Capital advanced by 31.28 per cent to N15.95.
On the flip side, Champion Breweries lost 15.03 per cent to quote at N2.77, BUA Cement fell by 9.99 per cent to N128.90, University Press declined by 9.92 per cent to N2.18, Union Dicon shed 9.88 per cent to N7.30, and Deap Capital dropped 9.62 per cent to 47 Kobo.
Business Post reports that when trading activities ended for the week last Friday, the bourse recorded 46 price advancers versus 40 in the preceding week, 38 price decliners versus 40 in the previous week, and 67 equities closed flat versus the 71 equities recorded a week earlier.
The renewed confidence of investors propelled the NGX to a week-on-week growth of 0.87 per cent, with the All-Share Index (ASI) closing higher to 98,592.12 points, and the market capitalisation rising to N55.978 trillion.
All other indices finished higher apart from the NGX Main Board and industrial goods indices, which moderated by 0.09 per cent and 3.67 per cent, respectively, while the ASeM and sovereign bond indices closed flat.
In the week, traders traded 2.679 billion shares worth N49.017 billion in 47,451 deals compared with the 3.393 billion shares worth N52.304 billion transacted in 44,814 deals in the preceding week.
Financial stocks dominated the activity chart with 1.982 billion units valued at N31.985 billion in 23,467 deals, contributing 74.00 per cent and 65.25 per cent to the total trading volume and value, respectively.
Energy shares sold 229.680 million units worth N7.441 billion in 4,021 deals, and ICT equities transacted 113.887 million units for N3.059 billion in 4,260 deals.
Access Holdings, Veritas Kapital Assurance, and UBA accounted for 756.035 million shares worth N10.726 billion in 6,985 deals, contributing 28.22 per cent and 21.88 per cent to the total trading volume and value, respectively.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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