Economy
Oando Tops Weekly Gainers’ Log, Soars 60.71% to N76.90
By Dipo Olowookere
Oando maintained its impressive performance at the Nigerian Exchange (NGX) Limited last week with a 60.71 per cent gain to finish at N76.90 per unit.
This followed the recent completion of the acquisition of the assets of the Nigerian Agip Oil Company (NAOC), owned by Italian energy giant, Eni.
The indigenous energy company topped the advancers’ club in the week under review.
Analysis of the stock exchange data showed that last week, 56 equities appreciated versus 43 equities in the previous week, and 26 stocks depreciated versus 34 stocks a week earlier, while 69 shares closed flat versus 74 shares in the preceding week.
Trailing Oando on the gainers’ log was Deap Capital, which chalked yp 57.14 per cent to settle at 88 Kobo, McNichols rose by 56.57 per cent to N1.55, DAAR Communications increased by 55.32 per cent to 73 Kobo, and Secure Electronic Technology expanded by 53.49 per cent to 66 Kobo.
On the flip side, Transcorp Power lost 9.99 per cent to N335.20, MTN Nigeria depreciated by 9.91 per cent to N180.00, University Press fell by 9.45 per cent to N2.30, United Capital shrank by 7.85 per cent to N18.20, and Eunisell Interlinked tumbled by 6.25 per cent to N3.00.
Business Post observed that the gains recorded by Oando and others helped the All-Share Index (ASI) and the market capitalisation to rise by 0.63 per cent week-on-week to 96,579.54 points and N55.478 trillion, respectively.
Similarly, all other indices finished higher except the NGX CG, NGX Premium, AFR Div Yield and Pension Broad, which fell by 0.42 per cent, 1.72 per cent, 2.38 per cent, and 0.07 per cent, respectively, while the ASeM and sovereign bond indices closed flat.
In the five-day trading week, investors bought and sold 2.821 billion shares worth N53.048 billion in 50,488 deals compared with the 5.641 billion shares worth N33.052 billion transacted in 42,006 deals in the previous week.
The financial services industry led the activity chart with 1.857 billion stocks sold for N15.825 billion in 19,937 deals, accounting for 65.82 per cent and 29.83 per cent of the total trading volume and value apiece.
The energy space followed with 288.807 million equities worth N11.302 billion in 9,365 deals, and the services sector traded 177.666 million shares valued at N437.174 million in 3,604 deals.
Consolidated Hallmark, Veritas Kapital and Access Holdings were the busiest in the week with 862.499 million shares worth N3.795 billion in 3,511deals, contributing 30.57 per cent and 7.15 per cent to the total equity 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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