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Economy

Shares of Mutual Benefits Assurance Rise 50%

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Mutual Benefits Assurance AGM

By Dipo Olowookere

It was a good week for holders of Mutual Benefits Assurance Plc as the equity value of the company appreciated by 50 per cent, closing at 42 kobo per unit.

The share price of the firm was the second on the weekly gainers’ chart in the second trading week of 2021, behind Japaul Gold & Ventures Plc, which maintained its bull run with a 56.70 per cent growth to settle at N1.52 per share.

Royal Exchange occupied the third spot with a 47.83 per cent gain to trade at 34 kobo per unit, Axa Mansard Insurance grew by 34.45 per cent to finish at N1.60 per unit, while Champion Breweries appreciated by 32.35 per cent to sell at N1.35 per share.

In all, a total of 60 equities appreciated in price during the week, higher than 50 equities in the previous week.

On the flip side, Cutix was the worst-performing stock last week with a price depreciation of 12.92 per cent to close at N2.09 per share. DAAR Communications went down by 10.00 per cent to sell at 27 kobo per unit, Chellarams depressed by 9.96 per cent to N2.26 per share, Deap Capital lost 9.09 per cent to close at 20 kobo per unit, while Union Diagnostic deflated by 6.25 per cent to 30 kobo per share.

In all, 19 equities depreciated in price during the week, lower than 21 of the preceding week.

Business Post reports that in the week, the All-Share Index and market capitalisation of the Nigerian Stock Exchange (NSE) appreciated by 2.63 per cent to close at 41,176.14 and N21.530 trillion respectively.

Similarly, all other indices finished higher with the exception of the growth index, which depreciated by 3.32 per cent while the NSE ASeM index closed flat.

On the activity chart, investors traded 3.5 billion shares worth N32.7 billion in 30,327 deals, in contrast to the 3.4 billion shares valued at N19.9 billion transacted in 26,808 deals a week earlier.

The financial services sector dominated the chart with 1.7 billion equities worth N13.4 billion traded in 15,102 deals, contributing 49.74 per cent and 40.80 per cent to the total trading volume and value respectively.

The construction/real estate industry followed with 768.1 million shares worth N4.2 billion executed in 430 deals, while the conglomerates counter traded 279.8 million shares worth N578.7 million in 1,199 deals.

UPDC REIT, Mutual Benefits and Transcorp accounted for 1.2 billion shares worth N4.5 billion in 929 deals, contributing 35.52 per cent and 13.63 per cent to the total equity turnover volume and value respectively.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

Unlisted Stocks Languish in Red Zone after 0.25% Fall Wednesday

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unlisted stocks

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the bearish zone on Wednesday, December 8 as the trio of FrieslandCampina WAMCO Nigeria Plc, NASD Plc, and Central Securities Clearing Systems (CSCS) Plc compounded its woes by 0.25 per cent.

FrieslandCampina WAMCO Nigeria Plc depreciated by N1 or 0.9 per cent at the midweek session to settle at N110.80 per share in contrast to the preceding day’s value of N111.80 per share.

It was followed by NASD Plc, which closed at N27.00 per unit compared with the previous day’s N27.15 per unit, indicating a decline of 15 kobo or 0.6 per cent.

On its part, CSCS Plc declined yesterday by 9 kobo or 0.5 per cent to close the session at N16.91 per share in contrast to N17 per share of the previous session.

The losses posted by these unlisted stocks chopped off N1.49 billion from the market capitalisation of the bourse during the session to close the day at N602.96 billion versus N604.45 billion it ended on Tuesday.

In the same vein, the NASD Unlisted Security Index (NSI) closed lower by 1.8 points to wrap the session at 729.82 points compared with 731.62 points of the previous session.

At the market on Wednesday, there was an increase in the volume of securities traded by investors and this was by 168.9 per cent as 1.9 million units of stocks exchanged hands compared with the earlier day’s 694,849 units of securities.

In the same vein, the value of shares traded at the midweek amounted to N37.9 million, which by evaluation is 72.5 per cent higher than the N22.0 million posted on Tuesday.

All these transactions were executed in 14 deals, according to data from the exchange, 12.5 per cent lower than the 16 deals carried out at the preceding day.

Food Concepts Plc closed the day as the most active stock by volume (year-to-date) for selling 11.4 billion units for N14.4 billion, Lighthouse Financial Services Plc has traded 1.1 billion for N546.2 million, while Geo Fluids Plc has sold 1.0 billion units for N700.1 million.

Also, Food Concepts Plc finished the day as the most active stock by value (year-to-date) with a turnover of 11.4 billion units worth N14.4 billion, Nigerian Exchange (NGX) Group Plc, which is no longer on the platform maintained its second spot with 456.5 million units worth N9.2 billion, while the third spot was taken by VFD Group Plc with 10.4 million units valued at N3.5 billion.

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Economy

Naira Trades Flat at I&E as Bitcoin, Ethereum Fall at Crypto Market

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Ethereum

By Adedapo Adesanya

It was a stalemate between the Naira and the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Wednesday, December 8.

This was because, at the specialised window where investors source FX for approved needs, the local currency closed against the greenback at N415.07/$1, the same value it was sold at the previous session.

This happened despite a 51.7 per cent or $76.98 million rise in the demand for forex at the market window, as data obtained by Business Post from FMDQ Securities Exchange showed that yesterday, the turnover rose to $225.99 million from the previous day’s turnover of $149.01 million.

Also, the Naira recorded the same outcome at the interbank window of the forex market as the exchange rate of the domestic currency compared with its American counterpart remained unchanged at N411.74/$1 at the close of transactions at the midweek session.

However, the Nigerian Naira appreciated against the British Pound Sterling during the session by N2.68 to settle at N543.04/£1 versus Tuesday’s closing rate of N545.72/£1 and against the Euro, the local currency performed badly as it lost 53 kobo to trade at N474.07/€1 compared with N463.54/€1 it closed a day earlier.

Meanwhile, the scales tilted to the bullish side on aggregate at the crypto market yesterday as six of the 10 cryptocurrencies tracked by this newspaper closed on the green side.

The highest gainer was Tron (TRX) as it appreciated by 9.1 per cent to sell for N52.50, just as Dash (DASH) rose by 6.6 per cent to sell at N85,000.00, with Ripple (XRP) appreciating by 5.9 per cent to N487.19.

In addition, Binance Coin (BNB) gained 5.3 per cent to trade at N249,686.22, Litecoin (LTC) rose by 1.5 per cent to sell at N96,110.37, while Cardano (ADA) pointed north by making a 0.9 per cent gain to quote at N815.96.

On the losers’ side, Ethereum (ETH) made a 3.4 per cent slump to trade at N2,300,500.02, Bitcoin (BTC) fell by 0.9 per cent to trade at N28,330,347.37, Dogecoin (DOGE) retreated by 0.6 per cent to sell at N103.74, while the US Dollar Tether (USDT) depreciated by 0.5 per cent to sell for N571.85.

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Economy

Crude Oil Prices Rise on Small US Inventory Draw

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crude oil prices

By Adedapo Adesanya

Crude oil prices continued to rise on Wednesday after the Energy Information Administration (EIA) reported an inventory draw of 0.2 million barrels for the week to December 3.

This came a day after the American Petroleum Institute surprised markets with an estimated crude oil inventory draw of over 3 million barrels that helped push prices higher.

In EIA estimates, last week’s draw was in comparison with a modest decline of 900,000 barrels for the first week of December and at 432.9 million barrels, US crude oil inventories remain below the five-year seasonal average.

Consequently, the price of the Brent crude appreciated yesterday by 1.02 per cent or 77 cents to settle at $76.59 per barrel, while the West Texas Intermediate (WTI) crude gained 1.17 per cent or 85 cents to sell for $73.26 per barrel.

Prices have been on the rise since the start of the week as the initial fear that the new Omicron variant could prompt new lockdowns began to subside amid reports of mild symptoms that don’t require hospitalization.

According to reports, early studies suggest two shots of the Pfizer-BioNTech shot may protect only partially against Omicron, but a third dose may improve that protection.

Market analysts also warned that some of the Omicron oil demand-related concerns might have been too pessimistic, and following some positive news related to the variant being released in recent days, oil prices recovered.

However, prices are still far below their October highs but have rebounded from below the $70 mark that they fell towards the end of November.

The outlook remains uncertain as researchers caution it is early days for Omicron and more data will become available as time passes.

Meanwhile, the market expects that supply will exceed demand by early 2022, due to rising US production and ongoing supply additions from the Middle East.

Also posing a bullish outlook was members of the Organisation of the Petroleum Exporting Countries (OPEC) raising oil prices for Asian and US buyers, and Iraq’s oil minister noted that would oil reach $75 a barrel.

On the geopolitical front, tensions between Western powers and Russia over Ukraine also remained high after American President Joe Biden warned Russian President Vladimir Putin that the West would impose strong economic and other measures on Russia if it invades Ukraine.

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