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Selling Pressure Weakens NASD Index by 3.2% in Week 28

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fresh selling pressure

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange fell by 3.2 per cent in the 28th week of trading in 2024 last week, leaving the market capitalisation down by N67 billion to N2.045 trillion from the preceding week’s N2.112 trillion.

Also, the NASD Unlisted Security Index (NSI) wrapped the trading week at 1,492.39 points from the 1,541.03 points it closed a week earlier, indicating a decline of 48.64 points.

The week had five price losers and two price gainers.

Nipco Plc led the losers’ group with a 16.3 per cent loss to close at N66.28 per share compared with the previous closing value of N79.20 per share, FrieslandCampina Wamco Nigeria Plc declined by 7.4 per cent to end at N46.95 per unit against the previous week’s N50.72 per unit, Afriland Properties Plc recorded a 6.4 per cent loss to finish at N16.84 per share versus N18.00 per share, Aradel Holdings Plc slid by 4.9 per cent to N4,745.61 per unit from the previous closing value of N4,990.00 per unit, and Central Securities Clearing System (CSCS) Plc moderated by 2.4 per cent to N20.00 per share from N20.25 per share.

On the gainers’ angle, First Trust Microfinance Bank rose by 8.1 per cent to close at 40 Kobo per unit from the previous closing value of 37 Kobo per unit, and Geo-Fluids Plc made a 2.00 per cent appreciation to end at N2.04 per share versus N2.00 per share.

The total volume of trade during the week surged by 14,329 per cent to 231.3 million units from 1.6 million units in the previous week, and the total value of transactions went up by 355.6 per cent to N5.5 billion from N1.2 billion, while the number of deals decreased by 11.7 per cent to 136 deals from 154 deals.

Afriland Properties Plc was the most traded security by volume with 225.8 million units, Geo Fluids Plc traded 5.0 million units, Aradel Holdings Plc exchanged 0.29 million units, CSCS Plc transacted 0.14 million units, and Nipco Plc traded 0.05 million units.

Afriland Properties Plc was also the most active stock by value with N4.1 billion, Aradel Holdings Plc followed with N1.4 billion, Geo-Fluids Plc posted N100 million, Nipco Plc recorded N40 million, and CSCS Plc reported N30 million.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Afriland Properties, Geo-Fluids Shrink OTC Securities Exchange by 0.06%

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Geo-Fluids

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.

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Economy

Naira Weakens to N1,547/$1 at Official Market, N1,670/$1 at Black Market

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Naira-Dollar exchange rate gap

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.

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Economy

Dangote Refinery Makes First PMS Exports to Cameroon

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dangote refinery trucks

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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