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Economy

Stock Market Gains 0.08% Amid Drop in Trading Value to N2.5bn

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Stock Investors

By Dipo Olowookere

Trading activities on the floor of the Nigerian Stock Exchange (NSE) closed bullish on the first trading session of the new week on Monday.

The market appreciated by 0.08 per cent when transactions were brought to an end at 2:30pm. It was observed that the bourse was looking to close bearish yesterday, but the buying pressure on stocks in the energy, consumer goods and banking sectors overturned this.

Business Post reports that at the close of business, the energy counter gained 0.85 per cent, the consumer goods space rose by 0.46 per cent, while the banking index grew by 0.19 per cent. Only the insurance sector closed negative with a 0.72 per cent loss, while the industrial goods space closed flat.

But the All-Share Index (ASI) appreciated on Monday by 30.56 points to settle at 40,150.78 points in contrast to the previous 40,120.22 points, while the market capitalisation increased by N16 billion to close at N20.994 trillion versus N20.978 trillion it ended last Friday.

During the trading day, investors traded 335.7 million stocks worth N2.5 billion in 5,338 deals as against the 333.3 million equities valued at N3.7 billion traded the preceding session in 5,142 deals.

This indicated a 31.75 decline in the trading value, a 0.72 per cent rise in the trading volume and a 3.81 per cent increase in the number of deals.

Further insight into the activity chart showed that Mutual Benefits was the most active stock during the session, trading 104.2 million units valued at N31.0 million.

Axa Mansard Insurance exchanged 26.3 million shares valued at N30.4 million, Lafarge Africa traded 14.4 million stocks worth N320.5 million, Fidelity Bank sold 13.4 million equities for N36.1 million, while Zenith Bank traded 13.4 million stocks valued at N344.7 million.

On the price movement chart, Ardova topped the price risers’ gang on Monday with N1.60 added to its share price to close at N17.95 per unit.

Presco gained N1 to finish at N72 per share, Flour Mills grew by 75 kobo to sell at N27.45 per unit, Berger Paints appreciated by 70 kobo to close at N8.05 per share, while Okomu Oil increased by 50 kobo to N93 per unit.

On the flip side, BOC Gases lost N1.26 to finish at N11.39 per share, Cutix depreciated by 24 kobo to sell for N2.16 per unit, United Capital declined by 17 kobo to trade at N4.83 per share, GTBank dropped 15 kobo to close at N32.85 per unit, while Caverton went down by 14 kobo to settle at N1.84 per share.

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

CBN Adds New Feature to Yet-to-be-Launched eNaira

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eNaira

By Sodeinde Temidayo David

The Central Bank of Nigeria (CBN) has announced that the yet-to-be-launched eNaira will have a new add-on that will enable users to complete transactions with mobile phones without Internet capability.

The apex bank, in a document titled Design paper for the eNaira, disclosed that maximising the value and use cases of the nation’s digital currency would depend largely on devices with Internet capabilities.

A few months ago, the CBN said it would launch eNaira on October 1, 2021, but it later suspended this without giving a new date for the unveiling.

This digital currency, which is expected to promote the cashless policy, is expected to become operational after the central bank stopped the trading of unregulated digital currencies in the country like Bitcoin, Ethereum and others.

The eNaira is to be introduced into the country under the Central Bank Digital Currency (CBDC), an electronic record or digital token of the local currency and is to be issued and regulated by the monetary authority.

Given the reason, the CBN noted that, “The eNaira thus risks further alienating sections of the population who are uneducated, lack exposure and access to internet services or digital devices.”

The apex bank is adding the new feature to the eNaira following a recent publication that estimated that 35 per cent or about 37.1 million of the nation’s adult population was illiterate.

To face the risk of losing adoption of the digital currency to this segment of the population, the CBN added that the bank has factored in the need for inclusiveness as part of the core design principle of the eNaira.

According to the central bank, this principle has enabled the bank to focus on simplicity and ease on the use of the e-Naira, to ensure that Nigerians without Internet-enabled phones can access the digital service.

The CBN said the eNaira would complement existing payment options available via the mobile banking apps, Point of Sale (POS) terminals, Unstructured Supplementary Service Data (USSD), quick response code and Internet banking, among other channels.

GSMA, a global industry organisation that represents the interests of mobile network operators, had said in a recent report that 19 per cent of people living in Nigeria do not have access to mobile broadband coverage.

In its design paper, the central bank, in a bid to ensure inclusive access while also ensuring the integrity of the financial system, has chosen the account-based CBDC model for the eNaira.

The CBN said, “The account-based CBDC model at its core mirrors the progress made on the National Financial Inclusion Strategy which enables access to financial services by leveraging last-mile networks to identify users and to provide banking services through channels such as PoS and USSD.

“With the account-based model, the CBN seeks to enable access by leveraging the existing identity infrastructure in Nigeria such as the BVN, NIN, TIN, etc., to uniquely identify individuals and corporate entities.

“Specifically, identity frameworks such as the NIN will enable access for the financially excluded as they can be uniquely identified, thereby enabling the provision of financial services. These identity systems will help ensure a robust KYC framework positioned to enable access for all Nigerians.”

The CBN also added that this would help improve cross-border payments and address issues of dollarisation of the economy, as it could be recalled that Visa, a payments company, recently noted that the ease of operating CBDCs would determine the success of digital currencies.

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Economy

Nigerian Exporters Fail Due to Poor Training, Exposure—NEPC

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Nigerian exporters

By Ashemiriogwa Emmanuel

The Nigerian Export Promotion Council (NEPC) has revealed that many Nigerian exporters, including women entrepreneurs, fail in the international market as a result of poor training and exposure to the business.

According to the federal agency, it is necessary for anyone who wants to venture and succeed in the business to undergo adequate training in order to grasp the scope of the competitive venture.

The Executive Director/CEO of the NEPC, Mr Olusegun Awolowo, disclosed this at a capacity building workshop organized for women-owned businesses in the non-oil export value chain in Akure, Ondo State on Friday, October 15

Speaking at the event, which was organised by the Export Development and Incentive Department of the NEPC, Mr Awolowo said that, “Lack of export market training is one of the major reasons Nigerian exporters fail in the international market.

“Exporters need to learn the specific requirements of the target markets as well as the certification needed for the product to be exported.”

Represented by the Head/Trade Promotion Advisor at NEPC Akure, Mr Macpherson Fred-Ileogben, the agency’s head noted that it was for this reason that the council decided to organise the workshop.

The training featured coaching and networking sessions to give women entrepreneurs the opportunity to improve their knowledge of competitiveness in the export market.

He cited that the involvement of women in trade will not only promote gender equality but also increase the growth potential of the nation.

As a result of the gradual recovery from the global pandemic, players in the non-oil exporting business into the international market have been tasked to think outside the box to ensure continuity.

To realize this, it would be recalled that the agency also organized a sensitisation workshop in Lagos in September 2021 which was themed Earn Dollars by Selling on Amazon to help stakeholders see the opportunities in leveraging e-commerce.

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Economy

Investors Lose N24.3bn at NASD Bourse in One Week

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NASD OTC Bourse

By Adedapo Adesanya

The 41st week of trading at the NASD Over-the-Counter (OTC) Securities Exchange closed with a N24.3 billion loss largely as a result of the exit of the Nigerian Exchange (NGX) Group Plc from the platform.

According to the weekly NASD market review and analysis by Business Post, the market capitalisation dropped to N616.99 billion from N641.28 billion in Week 40.

NGX Group Plc exited the bourse as it listed its stocks by introduction on the floor of the Nigerian Exchange (NGX) Limited, which is its demutualised exchange.

On the other hand, the NASD Security Index (NSI) rose in the week by 1.22 points to close at 746.8 million in contrast to 737.80 points of the preceding week.

Data showed that the market saw a 500.6 per cent increase in the total value of transactions in the week to N584.5 million from N97.3 million, while the total volume of trades rose by 10,546.9 per cent to 1.1 billion units from 10.3 million units, with the number of deals decreasing by 63.6 per cent to 40 deals from 110 deals.

During the week, there were two price decliners and two price advancers on the NASD bourse with the losers led by Central Securities Clearing System (CSCS) Plc as a result of the 2.4 per cent fall it posted to settle at N16.60 per share compared with the previous rate of N17.00 per share.

Also, Niger Delta Exploration and Production (NDEP) Plc went down by 1.0 per cent to trade at N245.00 per unit in contrast to N247.50 per unit of the preceding week.

On the gainers’ side, Afriland Properties Plc topped with a growth of 8.6 per cent to finish at N1.14 per share compared with N1.05 per share of the earlier week, while FrieslandCampina WAMCO Nigeria Plc gained 8.5 per cent to trade at N128.00 per unit versus the previous week’s N118.00 per unit.

Lighthouse Financial Service Plc was the most traded stock by volume with 1.1 billion units. It was followed by UBN Property Plc with 3 million units, First Trust Microfinance Bank Plc with 2.1 million units, CSCS Plc with 853,000 units, and NASD Plc with 721,000 units.

Also, Lighthouse Financial Service Plc was the most active by value with N544.2 million, CSCS Plc followed with N15.0 million, NDEP Plc traded N10.3 million, NASD Plc exchanged N8.4 million, while UBN Property Plc transacted N2.9 million.

On a year-to-date basis, investors have traded 12.8 billion securities worth N29.7 billion in 4,564 deals.

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