Rising Stock Value Pushes NSE Index Above 39,000 Mark, Investors Gain N202b

Image

By Modupe Gbadeyanka

Trading of shares on the floor of the Nigerian Stock Exchange (NSE) ended again on a positive note on Wednesday.

This was as a result of the continuous gains recorded by equities traded at the stock market, indicating renewed confidence investors have in the local bourse.

At the close of business in the midweek trading, the equity market appreciated by 1.51 percent, leaving the year-to-date return to push further to 45.40 percent.

The number of price gainers increased again today with the market closing with 40 appreciating stocks and 13 depreciating equities.

Okomu Oil topped the gainers’ log, appreciating by N2.78k to close at N70 per share, and was followed by Nigerian Breweries, which rose by N2.40k to finish at N140.40k per share.

Flour Mills of Nigeria increased by N1.60k to settle at N34.70k per share, Unilever gained N1.45k to end at N44.40k per share, while NASCON grew by N1.38k to close at N17.12k per share.

At the other end, GlaxoSmithKline emerged the day’s biggest loser, shedding N1.14k to close at N21.66k per share.

It was followed by Julius Berger, which went down by N1 to finish at N27 per share, and PZ Cussons, which depreciated by 89k to close at N22.1k per share.

Red Star Express lost 13k to settle at N4.91k per share, while United Capital also declined by 13k to end at N3.47k per share.

Business Post reports that the Nigerian stock market hit another record high today with the All-Share Index (ASI) rising above the 39,000 mark.

The index increased on Wednesday by 580.87 absolute points to settle at 39,075.30 absolute points, while the market capitalisation garnered N202.3 billion to close at N113.6 trillion.

Though the volume stocks transacted by investors increased on Wednesday, the value slightly depreciated.

At the close of trading activities today, a total of 703.7 million shares worth N7.3 billion were traded in 6,125 deals, against 522.4 million shares sold yesterday in 5,150 deals valued at N7.5 billion.

Custodian and Allied further closed the day at the most transacted stock in terms of volume, selling a total of 131.8 million units worth N494.4 million. This transaction was carried out in 25 trades with the price closing the same way it traded yesterday, N3.75k per share.

UBA exchanged a total of 92.5 million shares today worth N986.7 million, while FBN Holdings traded 86.5 million shares valued at N732 million.

Zenith Bank sold 71.2 million shares for N1.8 billion, while Transcorp transacted 46.5 million shares valued at N69.6 million.

Going by past trends, the investors might begin to take profit from tomorrow, plunging the market to a fall.

Share
Related Stories
Image
25-September-2023

FG Targets $55.2bn Investments from Oil and Gas Sector

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

Image
23-September-2023

Naira Falls at I&E, P2P, Gains at Black Market on New CBN Leadership

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

Image
26-September-2023

Oil Prices Drop as Russia Modifies Fuel Export Ban

By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

Image
23-September-2023

Food Concepts, Two Others Rescue OTC Exchange From Bears

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

More Stories
Image
02-September-2020

OPEC Output Rises 1mbdp as Producers Ease Cuts in August

By Adedapo Adesanya Oil output from the Organization of the Petroleum Exporting Countries (OPEC) rose by about 1 million barrels per day in August, a Reuters survey has found. This happened as the group and its allies eased record oil supply curbs as the global economy and demand began to recover from the coronavirus pandemic. The 13-member association pumped 24.27 million barrels per day on average in August, the survey noted, up 950,000 barrels per day from July’s figure and a further boost from the three-decade low reached in June. OPEC and its allies, known as OPEC+, from May 2020

Image
02-January-2022

Akande-Sadipe Mourns Olubadan

By Modupe Gbadeyanka The lawmaker representing Oluyole Federal Constituency at the National Assembly, Ms Tolulope Akande-Sadipe, has mourned the death of Olubadan of Ibadanland, Oba Saliu Adetunji, describing him as a brave and courageous leader. The House of Representatives member, in a condolence message issued in Ibadan on Sunday by her media aide, Mr Olamilekan Olusada, noted that the late monarch led his people with utmost diligence and unassuming dedication, commending his strong adherence for peace, progress and development. Business Post reports that the revered traditional ruler joined his ancestors today at the age of 93. He died at the

Image
03-August-2019

Police Describe Proposed #RevolutionNow Protest Treason, Criminal, Terrorism

By Dipo Olowookere The planned protest for Monday, August 5, 2019 organized by Publisher of Sahara Reporters, Mr Yele Sowore, has been described as criminal, treason, felony and an act of terrorism by the Nigeria Police Force. A statement signed by the spokesman of the NPF, Mr Frank Mba, warned organisers of the march to desist from going on with the demonstration or be prepared to face the full wrath of the law. In the early hours of Saturday, Mr Sowore was picked up by men of the Department for State Services (DSS) at his Ikeja, Lagos residence and taken

Image
10-January-2017

LAUTECH Gets N.5b Lifeline

By Dipo Olowookere As part of efforts to meet the end of January 2017 deadline for the reopening of the Ladoke Akintola University of Technology (LAUTECH) in Ogbomoso, Oyo State, the state Governor, Mr Abiola Ajimobi, has disclosed that a total of N500 million has been earmarked to achieve this. Mr Ajimobi made this disclosure on Monday while addressing some students of the school, who staged a peaceful protest to his office in Ibadan. During his speech, the Governor said he had to suspend the State Executive Council meeting to address them because of his concern for their plight and

Image
10-September-2019

Court Orders Permanent Forfeiture of Diezani $40m Jewellery to FG

By Adedapo Adesanya A Federal High Court sitting in Lagos on Tuesday ordered the permanent forfeiture of the 2,149 pieces of jewellery and a customised gold iPhone, valued at $40 million, recovered from the Abuja home of Mrs Diezani Alison-Madueke, a former Minister of Petroleum Resources. In Tuesday’s ruling, Justice Nicholas Nicholas Oweibo held that Mrs Alison-Madueke, through her lawyer, Mr Awa Kalu (SAN), failed to give a concrete reason why the items should not be permanently forfeited to the Federal Government. The Economic and Financial Crimes Commission (EFCC) had told the judge that the jewellery and iPhone were reasonably

Image
15-September-2016

Unity Bank Donates Relief Materials To Borno IDPs

By Modupe Gbadeyanka Unity Bank has been commended by the Borno State Governor, Mr Kashim Shettima, for donating relief materials worth millions of Naira to the Internally Displaced Persons (IDPs) in the state to help alleviate the sufferings of victims of insurgency in the North East. Executive Director in charge of North East/North West, Alhaji Abubakar Abba Bello and former Minister of State for Finance and Director of the Bank, Mrs Yabawa Lawan Hamma Wabi, led the Unity Bank’s delegation to deliver the relief items to the Borno State Government in Maiduguri recently for onward distribution to different IDP camps.

Image
31-August-2021

FAAN to Fix Lagos Airport Runway Lights in Six Months

By Ashemiriogwa Emmanuel The Federal Airport Authority of Nigeria (FAAN) has said that it would address and resolve the issues hindering the installation of lights on Lagos airport runway 18L/36R (domestic airway). It was gathered that the AirField Lighting on Runway 18 Left at the airport has been uninstalled for the past 13 years and has prevented aircraft from landing or taking off when it is dark on the runway. The unserviceable state of the runway lights had, in June, forced British Airways to divert all its flights out of London to enable it to land at Lagos airport in

Image
29-August-2018

Stakeholders to Discuss MSME Funding Gap at CIBN Forum

By Modupe Gbadeyanka The 2018 edition of Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) will focus on ways to bridge the funding gap for micro, small and medium enterprises (MSMEs) towards stimulating economic growth and development in Nigeria, organisers have said. The forum will take place from September 11 to 12, 2018 in Abuja. President and Chairman of Council, CIBN, Mr Uche Olowu, speaking at a media parley last Friday in Lagos, disclosed that the theme of the programme is ‘MSMEs: The Game Changer for Economic Growth and Development.’ Mr Olowu, who was

Ad
Ad
Recent Stories
Image
26-September-2023

Smart Recycling Hub Opens in Ibadan

By Aduragbemi Omiyale A smart recycling hub has been unveiled at the Ojoo terminal in Ibadan, the Oyo State capital, courtesy of a waste management consultant, Mottainai Recycling Limited. The facility was opened on Monday at a ceremony attended by the representatives of the state government, the consultant, and the Akinyele Local Government, among others. The Director of Environment of the local council, Mrs Ahmed B.D., said the initiative was aimed to raise awareness among traders, market women, and the general public about climate change, stressing the hazards and consequences of indiscriminate waste disposal, and other undesirable waste management practices.

Image
26-September-2023

Small Business Owners Fret Over Exchange Rate Instability

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

Image
26-September-2023

NGX RegCo’s Code of Conduct for Stockbrokers Takes Effect October 3

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

Image
26-September-2023

Sustainable Development is a Necessity for Every Society in the World

By Professor Maurice Okoli For the majority of African leaders and delegates, it was a momentous achievement, to participate and contribute speeches with diverse themes at the podium during the 78th session of the UN General Assembly (UNGA) in New York. The UNGA traditionally meets in September, the highest global gathering to make several significant decisions on what the organization, consisting of 193 UN members, is generally expected to do. It has wrapped up its 78th annual session with another huge pack of commitments to engage in reshaping a better life for the entire population and Development paradigms in the

Image
26-September-2023

Equinor to Sell 20.2% Stake in Nigeria Oil Field Asset to Chappal

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

Image
26-September-2023

400-year-old British Institution Opens $150m School in Lagos

By Adedapo Adesanya A 400-year-old British educational institution, Charterhouse, has commissioned its first African school, currently in progress on a sprawling 70-hectare site located at Ogombo in Lekki, Lagos. The introduction of Charterhouse Lagos marks the convergence of British independent school heritage with cutting-edge educational practices, ushering in a new era of excellence in West African education. Charterhouse Lagos will represent a remarkable educational undertaking in the commercial capital of the country, with the planned $150 million campus expected to be fully delivered in 2028. The school’s development will unfold gradually, with the first intake of primary school students in

Image
26-September-2023

Moniepoint Partners Nithub UNILAG to Train HatchDev Participants

By Modupe Gbadeyanka As part of efforts to meet the target of equipping one million technical talents with the requisite knowledge to excel in the industry, Moniepoint has sponsored the training of the pioneer cohort of the HatchDev programme. The HatchDev initiative is the brainchild of Nithub University of Lagos, designed to produce hundreds of market-ready software engineers every year. The scheme, which runs for nine months and started in October 2022, aspires to shape 300 junior software engineers, 100 intelligent systems developers, and 100 IoT/embedded systems engineers. The first beneficiaries have been trained to be readily absorbed into a

Image
26-September-2023

Senate Resumes, to Screen Acting CBN Governor, FIRS Chief

By Adedapo Adesanya  The Senate and the House of Representatives will on Tuesday resume plenary after weeks of vacation with expectations that they will attend to correspondences from President Bola Tinubu. The upper chamber adjourned for a six-week annual recess on August 17 after confirmating 45 out of the 48 ministerial nominees of President Tinubu. The Senate President, Mr Godswill Akpabio, also announced the composition of 74 standing committees on that day. Upon resumption, the Senate will commence its legislative duties by attending to correspondences from the President requesting the confirmation of some appointments he made. The appointments include those

Image
26-September-2023

FrieslandCampina, CSCS Raise Unlisted Securities Market By 0.54%

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

Image
26-September-2023

Naira Falls to N773.25/$1, N1.006/$1 at P2P

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3