By Dipo Olowookere
The first trading day of the new week at the Nigerian Exchange (NGX) Limited finished on a bad note due to the 0.71 per cent loss recorded on Monday as a result of profit-taking by investors.
After recording gains in the past sessions, holders of FBN Holdings equities started to offload them gradually and with selloffs in MTN Nigeria, Nestle Nigeria, Oando and 20 others, the stock market succumbed to the authority of the bears.
Consequently, the All-Share Index (ASI) went down by 293.48 points to 41,144.67 points from 41,438.15 points, while the market capitalisation fell by N153 billion to N21.472 trillion from N21.625 trillion.
In terms of the performance of the sectors, the banking and the industrial goods counters appreciated by 0.43 per cent and 0.34 per cent respectively, while the consumer goods, insurance and energy sectors depreciated by 2.53 per cent, 1.65 per cent and 0.31 per cent apiece.
The heaviest price loser of the day was May & Baker as its value went down by 8.02 per cent to N4.36, Royal Exchange declined by 7.81 per cent to 59 kobo, NPF Microfinance Bank dropped 7.57 per cent to N1.71, FBN Holdings lost 7.48 per cent to quote at N11.75, while Mutual Benefits Assurance depleted by 6.67 per cent to 28 kobo.
There were 19 price gainers at the market yesterday and as expected, the Nigerian Exchange (NGX) Group Plc, which had its first full trading session on the exchange, topped the chart after its price went up by 9.86 per cent to N19.50.
Ikeja Hotels grew by 9.52 per cent to N1.15, Custodian Investment appreciated by 7.53 per cent to N7.85, Honeywell Flour gained 6.48 per cent to sell for N3.78, while Chams rose by 4.55 per cent to 23 kobo.
Business Post reports that investors traded 338.7 million stocks worth N4.1 billion in 5,866 deals on Monday as against the 729.0 million stocks worth N8.5 billion traded in 4,852 deals last Friday.
This showed that the volume of shares transacted by the market participants decreased by 53.53 per cent, while the value of shares fell by 52.43 per cent, with the number of deals rising by 20.90 per cent, according to data from the exchange.
FBN Holdings was the most active stock at the close of transactions as it sold 67.6 million units valued at N832.8 million, followed by Access Bank, which traded 36.6 million units worth N351.2 million.
Transcorp transacted 26.6 million shares valued at N26.6 million, GTCO exchanged 25.6 million equities for N755.3 million, while Fidelity Bank traded 19.5 million stocks for N53.3 million.
Investors Gain N1.09bn as NASD Share Price Rises 9.1%
By Adedapo Adesanya
The unlisted securities market closed the last trading session of the week on a positive note after it appreciated by 0.18 per cent on the back of growth in the share price of NASD Plc.
Business Post reports that the NASD Over-the-Counter (OTC) Securities Exchange returned to the bulls’ territory on Friday after it closed flat on Thursday.
NASD Plc was the major driver of the return of the bourse to the green region as its value went up during the session by N2.45 or 9.1 per cent to close at N26.99 per unit in contrast to N24.54 per unit it closed at the previous session.
As a result of this, the NASD unlisted security index (NSI) moved up by 1.32 points to 745.44 points from 744.12 points, while the market capitalisation gained N1.09 billion to wrap the day at N615.86 billion in contrast to the previous day’s N614.77 billion.
On the activity chart, there was an improvement as the trading volume surged by 34,985.6 per cent because of the 2.3 million units of shares exchanged by market participants compared with the 6,688 units transacted at the previous session.
In the same vein, the trading value rose by 17,680.6 per cent to N63.4 million from the previous day’s N356,563.60, while the number of deals witnessed a 100 per cent rise as investors carried out 12 deals compared to the six deals executed at the previous session.
At the close of trades, Food Concepts Plc was the most traded stock by volume (year-to-date) with 11.4 billion units of its shares worth N14.4 billion, Lighthouse Financial Service Plc followed with 1.1 billion units valued at N546.2 million, while Geo Fluids Plc was in third place with 1.0 billion units worth N700.1 million.
Food Concepts Plc was also the most traded stock by value on a year-to-date basis with 11.4 billion units worth N14.4 billion, trailed by Nigerian Exchange (NGX) Group Plc with 456.4 million units valued at N9.2 billion, VFD Group Plc with 10.4 million units valued at N3.5 billion.
Naira Trades N414.73/$1 as Cryptos Bleed Heavily
By Adedapo Adesanya
The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market by 0.02 per cent or 7 kobo on Friday, December 4.
Data showed that the local currency was sold for N414.73/$1 at the investors’ window yesterday compared with the N414.80/$1 it traded on Thursday.
At the final trading session of the week, the turnover was $103.01 million as against $139.67 million achieved at the preceding session, indicating a $36.66 million or 26.62 per cent decline.
Also, the exchange rate of the Naira to the United States currency recorded a movement on Friday, though downward as the Nigerian currency depreciated by 4 kobo as it closed at N411.74/$1 versus the preceding day’s N411.70/$1.
The local currency, however, appreciated by N2.17 against the British Pound Sterling to settle at N546.26/£1 compared to N548.43/£1 it traded at the previous trading session and 57 kobo against the Euro to trade at N465.68/€1 compared to the preceding day’s N466.25/€1.
At the cryptocurrency market, investors counted a heavy loss as the new variant of the coronavirus called Omicron and hawkish comments by the US Federal Reserve that it could raise interest rates have raised serious concerns, causing cryptos to bleed heavily.
The heaviest loss was suffered by Dash (DASH), which plunged by 35.3 per cent to sell for N66,595.85. Ripple (XRP) depreciated 30.6 per cent to trade at N381.85, while Litecoin (LTC) sold for N66,595.85 after declining by 24.1 per cent.
Dogecoin (DOGE) went down by 22.7 per cent to sell at N90.29, Cardano (ADA) depreciated by 20.8 per cent to N652.82, Bitcoin (BTC) depleted by 16.9 per cent to quote at N26,800,504.20, Ethereum (ETH) equally saw a 16.9 per cent depreciation to trade at N2,100,100.39, Binance Coin (BNB) recorded a 12.9 per cent depreciation to trade at N218,577.24, Tron (TRX) went down by 12.7 per cent to trade at N48.00, while the US Dollar Tether (USDT) recorded a 0.1 per cent marginal loss to sell for N554.76.
Crude Mixed as Market Remains Unsettled by Omicron Jitters
By Adedapo Adesanya
Crude prices closed mixed on Friday, December 3 after erasing earlier big gains on growing worries that rising coronavirus cases and a new variant could reduce global oil demand.
Brent crude gained 21 cents or 0.3 per cent to trade at $69.88 per barrel while on the other hand, the United States West Texas Intermediate (WTI) crude lost 24 cents or 0.36 per cent to sell at $66.26 per barrel.
Both benchmarks declined for a sixth week in a row for the first time since November 2018.
Oil prices had witnessed one of the most troubled weeks as the market reeled from the fear brought about by the Omicron variant of the coronavirus with speculations that it could spark new lockdowns and dent fuel demand.
The World Health Organization (WHO) urged countries to vaccinate their people to fight the virus, saying travel curbs were not the answer.
Even with this, the Organisation of the Petroleum Exporting Countries and allies (OPEC+) surprised the market on Thursday when it stuck to its plans to add 400,000 barrels per day supply in January.
However, it said it will continue to monitor the market and this could make it change course if demand suffered from measures to contain the spread of the Omicron coronavirus variant.
The alliance said they could meet again before their next scheduled meeting on January 4.
Analysts noted that with the coronavirus cases rising, the US jobs report for November also didn’t help demand outlook even as the unemployment rate plunged to a 21-month low of 4.2 per cent, suggesting the country’s labour market was rapidly tightening.
US employment growth slowed considerably in November amid job losses at retailers and in local government education.
Meanwhile, in Vienna, diplomats attempting to restore the nuclear deal between Iran and world powers face substantial challenges that need urgent solutions, the top European envoy said Friday. Talks are set to resume next week.
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