Economy
Standard Insurance, Jaiz Bank, GTCO Account for 70% of Weekly Trading Volume
By Dipo Olowookere
Last week, the trio of Standard Insurance, Jaiz Bank, and Guaranty Trust Holding Company (GTCO) accounted for 70.00 per cent and 24.04 per cent of the total trading volume and value, respectively at the Nigerian Exchange (NGX) Limited.
Business Post reports that this was because investors transacted 3.951 billion shares of the three companies worth N7.947 billion in 1,839 deals in the trading week.
Data showed that in the five-day trading week, a total of 5.641 billion shares worth N33.052 billion exchanged hands in 42,006 deals compared with the 2.033 billion shares valued at N42.155 billion traded in 45,157 deals in the preceding week.
Financial stocks led the activity chart with 4.977 billion units sold for N17.877 billion in 19,064 deals, contributing 88.22 per cent and 54.09 per cent to the total trading volume and value, respectively.
Energy equities recorded a turnover of 179.469 million units worth N8.954 billion in 5,780 deals, and services shares posted 123.505 million units worth N525.417 million in 2,436 deals.
A total of 43 equities appreciated last week versus 39 equities in the previous week, 34 stocks depreciated versus 46 stocks a week earlier, and 74 shares remained unchanged versus 66 shares in the preceding week.
Cutix topped the losers’ chart after it fell by 37.37 per cent to N3.10, Dangote Cement lost 10.00 per cent to close at N532.00, The Initiates declined by 9.78 per cent to N2.03, Thomas Wyatt depreciated by 9.71 per cent to N1.58, and Beta Glass tumbled by 9.43 per cent to N48.00.
Conversely, RT Briscoe led the gainers’ group with 59.41 per cent appreciation to settle at N2.71, Tantalizers gained 54.55 per cent to quote at 68 Kobo, Oando expanded by 33.47 per cent to N47.85, Deap Capital improved by 30.23 per cent to 56 Kobo, and United Capital soared by 26.60 per cent to N19.75.
The week was marred with profit-taking, causing the All-Share Index (ASI) and the market capitalisation to crash by 1.162 per cent and 0.004 per cent to 95,973.45 points and N55.129 trillion, respectively.
In the same vein, all other indices closed lower apart from the Main Board, NGX CG, banking, insurance, AFR Bank Value, AFR Div Yield, MERI Growth, MERI Value and energy indices, which finished higher by 0.98 per cent, 0.17 per cent, 0.37 per cent, 1.90 per cent, 0.47 per cent, 6.31 per cent, 3.94 per cent, 0.38 per cent and 3.54 per cent, respectively, while the ASeM index closed flat.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, August 5, as the market witnessed weaker trading activity with only two deals executed.
In the midweek session, the volume of securities exchanged by investors dropped 99.9 per cent to 802 units from the 1.6 million units recorded on Tuesday. The value of securities further decreased by 99.6 per cent to N208,240 from the preceding session’s N47.6 million, and the number of deals significantly went down by 93.9 per cent to two deals from the 33 deals recorded a day earlier.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 76.9 million units transacted for N5.5 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
There were no price gainers or losers yesterday.
As a result, the market capitalisation stood unmoving at N2.739 trillion, while the NASD Security Index (NSI) remained unchanged at 4,563.96 points.
By Adedapo Adesanya
The Naira slid against the US Dollar by N2.28 or 0.17 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, August 5, to N1,363.85/$1 from N1,362.55/$1.
The local currency also declined against the Pound Sterling in the official market during the session by N5.97 to close at N1,837.38/£1 compared with Tuesday’s closing rate of N1,831.41/£1, and against the Euro, it crashed by N6.54 to quote at N1,575.25/€1 versus the preceding session’s N1,568.71/€1.
But at the black market, the Nigerian Naira traded flat against the greenback yesterday at N1,400/$1, and also remained unchanged at the GTBank FX desk at N1,373/$1.
The Central Bank of Nigeria (CBN) says rates have narrowed to below two per cent, while the country’s external reserves have risen above $52.5 billion, reflecting the impact of its ongoing monetary and foreign exchange reforms.
CBN Governor Yemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, disclosed this on Tuesday during the CBN Fair in Gombe. He noted that reforms introduced since 2023 had significantly reduced the disparity between the official FX market and the parallel market.
“The Naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said, adding that reserves at $52.5 billion were supported by sustained inflows and renewed investor confidence in the economy.
Interbank FX transactions slid as weaker market activities dropped total Dollar volume exchanged to $75.35 million, a 51.8 per cent decline from $156.23 million in turnover quoted at the previous close.
The deals at the NFEM window also fell as data from the central bank put Wednesday’s quote at 82 from 139.
In the cryptocurrency market, major were down as global risk sentiment softened as a key world equity index slipped and chipmakers fell.
The MSCI All Country World Index snapped a five-day run to fall 0.2 per cent as chipmakers retreated on both sides of the Pacific. South Korea’s Kospi, a bellwether for the AI trade, dropped 4.4 per cent.
Ripple (XRP) depleted by 1.7 per cent to $1.05, Binance Coin (BNB) decreased by 1.0 per cent to $594.87, Cardano (ADA) depreciated by 0.9 per cent to $0.1884, TRON (TRX) shrank by 0.2 per cent to $0.3261, Solana (SOL) crumbled by 0.1 per cent to $74.00, and Dogecoin (DOGE) went down by 0.1 per cent to $0.0697.
On the flip side, Ethereum (ETH) gained 2.3 per cent to trade at $1,911.41, and Bitcoin (BTC) rose by 0.8 per cent to $64,759.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Dipo Olowookere
The domestic stock exchange rebounded by 0.05 per cent on Wednesday on the back of renewed bargain-hunting by investors, though the level of activity waned.
After bleeding for a few days, the Nigerian Exchange (NGX) Limited heaved a sigh of relief yesterday, as the All-Share Index (ASI) gained 109.41 points to close at 244,912.24 points compared with the previous day’s 244,802.83 points, and the market capitalisation garnered N71 billion to settle at N158.087 trillion versus Tuesday’s N158.016 trillion.
Business Post reports that despite the rebound recorded by Customs Street at midweek, the market breadth index remained negative, as there were 20 price advancers and 29 price decliners, implying bearish investor sentiment.
Linkage Assurance appreciated by 9.94 per cent to N1.77, AVA Capital rose by 9.55 per cent to N10.90, Fortis Global Insurance advanced by 7.69 per cent to N2.80, McNichols gained 7.34 per cent to finish at N5.85, and Coronation Insurance surged by 5.51 per cent to N2.49.
Conversely, Honeywell Flour depreciated by 9.94 per cent to N16.30, PZ Cussons gave up 9.94 per cent to trade at N74.75, Zichis crashed by 9.74 per cent to N20.76, Learn Africa slipped by 9.62 per cent to N9.40, and Neimeth tumbled by 8.33 per cent to N8.25.
The busiest equity was FCMB, with a turnover of 369.2 million units valued at N4.1 billion. Chams transacted 46.7 million units worth N201.8 million, First Holdco transacted 43.5 million units for N5.7 billion, Access Holdings sold 29.8 million units worth N778.0 million, and Linkage Assurance exchanged 19.6 million units valued at N33.5 million.
At the close of transactions, market participants bought and sold 824.1 million units worth N25.5 billion in 48,114 deals, in contrast to the 1.6 billion units sold for N28.7 billion in 54,160 deals a day earlier, showing a shortfall in the trading volume, value, and number of deals by 48.49 per cent, 11.15 per cent, and 11.16 per cent, respectively.
