OTC Stock Market Drops 0.22% as 11, CSCS Record Losses

Image

By Adedapo Adesanya

Central Securities Clearing System (CSCS) Plc and 11 Plc suffered losses on Thursday, causing the NASD Over-the-Counter (OTC) Securities Exchange to deflate by 0.22 per cent.

The duo overturned the gains recorded by FrieslandCampina WAMCO Nigeria Plc and Geo-Fluids Plc.

Data obtained by Business Post showed that CSCS Plc lost 5 Kobo to quote at N14.00 per unit versus the previous day’s N14.05 per unit, while 11 Plc lost N10 to close at N140.00 per unit compared with Wednesday’s value of N150.00 per unit.

On the flip side, FrieslandCampina appreciated by 59 Kobo to finish at N76.00 per share versus the previous closing price of N75.41 per share, as Geo-Fluids Plc gained 14 Kobo to close at N1.64 per share as against the previous day’s N1.50 per share.

At the close of transactions, investors lost N2.11 billion as the value of the OTC stock market closed at N959.06 billion, in contrast to the midweek’s N961.17 billion.

Following the same trend, the NASD Unlisted Securities Index (NSI) decreased at the close of trades by 1.61 points to 729.87 points from 731.48 points.

It was observed that the volume of securities traded in the session went down by 77.2 per cent to 5.2 million from 23.1 million units, the value of stocks expanded by 139.5 per cent to N24.3 million from N10.1 million, while the number of deals increased by 7.7 per cent to 14 deals from 13 deals.

Geo-Fluids Plc remained the most traded stock by volume on a year-to-date basis with 460.3 million units valued at N501.9 million, UBN Property Plc transacted 365.8 units worth N309.5 million, while IGI Plc was in third place with 71.1 million units valued at N5.1 million.

Conversely, VFD Group Plc was the most traded stock by value on a year-to-date basis with 7.3 million units worth N1.7 billion, Geo-Fluids Plc has transacted 460.3 million units valued at N501.9 million to retained second place, while UBN Property Plc was in third place with 365.8 million units worth N309.5 million.

Share
Related Stories
Image
15-March-2024

Naira Appreciates to N1,608/$1 at NAFEM, N1,605/$1 at Parallel Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday by 0.4 per cent or N6.96 to close at N1,608.98/$1 versus Wednesday’s closing rate of N1,615.94/$1. However, it performed badly against the British Pound Sterling during the session by N30.27 to trade at N2,066.33/£1 compared with the midweek’s value of N2,036.06/£1, and against the Euro, the Nigerian currency depreciated by N26.08 to settle at N1,766.62/€1 versus the N1,740.54/€1 it traded a day earlier. During the trading day, the value of foreign exchange (FX) transactions slightly went down by 2.1

Image
15-March-2024

Investors’ Wealth Grows N581bn as NGX Index Gains 0.99%

By Dipo Olowookere The 0.99 per cent rise recorded by the Nigerian Exchange (NGX) Limited on Friday increased investors’ wealth by N581 billion at the close of transactions. This was because the market capitalisation of the exchange, which measures the total value of equities on the bourse, closed at N59.416 trillion today compared with Thursday’s closing value of N58.835 trillion. This was buoyed by sustained bargain-hunting activities from investors, raising the All-Share Index (ASI) by 1,029.04 points to 105,085.25 points from 104,056.21 points. GTCO led the gainers’ table today after its share price rose by 9.99 per cent to N48.45,

Image
18-March-2024

In Five Days, Investors Transact 1.773 billion Shares Worth N52.867bn in 44,713 Deals

By Dipo Olowookere In one week, 1.773 billion shares worth N52.867 billion were transacted by investors in 44,713 deals on the floor of the Nigerian Exchange (NGX) Limited versus the 2.157 billion shares valued at N108.824 billion traded a week earlier in 51,556 deals. Transcorp, GTCO, and Access Holdings accounted for 677.439 million shares worth N17.287 billion in 7,789 deals, contributing 38.21 per cent and 32.70 per cent to the total trading volume and value, respectively. It was observed that financial services equities topped the activity chart with 1.136 billion units valued at N23.185 billion traded in 19,896 deals, contributing

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

More Stories
Image
24-June-2020

Eyebrows Raised as Key Investor in UAC Nigeria Sells 40 million Stocks

By Dipo Olowookere News of a major shareholder in UAC of Nigeria Plc selling up to 40 million units of the company’s stocks recently has caused some raised eyebrows. Some members of the investing community who spoke with Business Post on the matter said trades like this by a key investor of a firm like UAC Nigeria call for concern. Last Wednesday, June 17, 2020, a “substantial shareholder” in UAC Nigeria, Blakeney LLP, freed its portfolio with 40 million units of the firm’s stocks. According to a notice from the organisation, the shareholder sold the equities at a unit of

Image
04-February-2022

Four Ways FMCG Distributors Can Use Embedded Finance to Grow Trade Within Supply Chains

By Ope Adeoye You have a shop in the neighbourhood or market selling things like milk, noodles, sugar, etc. Now imagine that your plug for Nestle, Unilever or Flours Mill of Nigeria (FMN) products provides you with a special bank account. “That’s absurd, why?” You say. Let’s take a step back a little… This distributor has probably done business with you for five, 10 years or more, knows your business, your purchase, sales and payment patterns, and can, in fact, offer financial services better suited to your business. This is because they know more about you than perhaps the big-name

Image
12-November-2019

How to Unlock Africa’s $3trn Free Trade Opportunity

New research from global law firm Baker McKenzie and Oxford Economics, AfCFTA’s $3 trillion Opportunity: Weighing Existing Barriers against Potential Economic Gains, shows that if fully implemented, the African Continental Free Trade Area (AfCFTA) will unlock significant but uneven growth opportunities on the continent. The African Union is putting the Africa Continental Free Trade Area (AfCFTA) into operation. It will be the world’s largest free trade area by number of countries and is so far in force across 27 countries. Open economy key to success Some countries are currently better placed than others to reap the rewards of intraregional trade

Image
21-May-2020

Inflation in Nigeria Reaches 12.34% in April

By Modupe Gbadeyanka Inflation in Nigeria increased to 12.34 percent year-on-year in the month of April 2020, data from the National Bureau of Statistics (NBS) said on Thursday afternoon. The agency said the inflation figure recorded a marginal 0.08 percent increment when compared with the rate it was in March 2020, which was 12.26 percent. The rise was attributed to increase in food prices during month as well as the effect of the lockdown in the whole of April due to the coronavirus pandemic. According to the NBS, the composite food index last month rose by 15.03 percent from 14.98

Image
17-October-2018

Senate Approves Buhari’s Request to Issue $2.8b Eurobond

By Dipo Olowookere The Nigerian Senate on Wednesday approved the request by President Muhammadu Buhari to raise Eurobonds worth $2.786 billion. The proposed external borrowing is mainly to fund part of the 2018 budget signed into law in June 2018 by the President. Last week, Mr Buhari, in a letter to the National Assembly, had requested the resolutions of the parliament to approve the borrowing. At the plenary today, the Senate said President Buhari can go ahead with the external borrowing through the issuance of the Eurobond. This was after Chairman of the Senate Committee on Local and Foreign Debts,

Image
23-January-2018

European Stocks Broadly Highers as US Govt Reopens After Shutdown

By Investors Hub European stocks were broadly higher on Tuesday as U.S. Senators voted to move forward on a deal to end federal government shutdown and the Bank of Japan kept its massive monetary stimulus program unchanged, helping ease worries that it might shift toward a tighter policy. The pan-European Stoxx Europe 600 index was up 0.3 percent at 403.34 in late opening deals after rising 0.3 percent on Monday to log a fresh two-year high. The German DAX was up 0.8 percent to hover near a record high reached earlier in the day, while France’s CAC 40 index was

Image
24-June-2020

Guinness Nigeria Assures Investors Improved Performance

By Tenebe Anthonia The chief executive officer of Guinness Nigeria Plc, Mr Baker Magunda, has assured shareholders of the company of better value through improvement in its performance. This assurance was given on Monday at a closing gong ceremony to mark the 70th anniversary of the establishment of the brewery firm as well as its listing on the Nigerian Stock Exchange (NSE) about 55 years ago. Guinness Nigeria Plc is one of the pioneer companies to be listed on the local bourse and since its admission in 1965, it has remained consistent, giving value to investors. At the cement held

Image
07-December-2016

Oyo Sacks 662 Workers; Removes 2,021 From Payroll

By Modupe Gbadeyanka Oyo State government has dismissed 662 workers from its workforce for various offences including certificate forgery. Also, it has wiped out about 2,021 fictional names on its payroll. Addressing newsmen on Tuesday in Ibadan, the state capital, the state’s Head of Service, Mr Soji Eniade, explained that the government took these decisions after the completion of a thorough verification exercise. Furthermore, he stated that at the last State Executive Council (SEC) meeting, the government discussed the need to restructure the civil and public service of the state in terms of quality and quantity. According to him, the

Ad
Ad
Recent Stories
Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

Image
18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry