Stock Market Gains N1.5trn After Tinubu Vows to Jump-Start Economy

Image

By Dipo Olowookere

The first trading session on the floor of the Nigerian Exchange (NGX) Limited after the inauguration of Mr Bola Tinubu as the new President of Nigeria closed higher by 5.22 per cent on Tuesday.

Yesterday, the stock market did not open its doors to investors due to the public holiday declared by the federal government for the inauguration of the country’s 16th President.

During his inaugural speech, Mr Tinubu promised to make the business environment friendly to investors, stating that he would ensure a minimum of 6 per cent economic growth, unify the exchange rate regimes, address multiple taxes, improve the electricity supply, and others.

These assurances touched the right places and spurred stock investors to buy up some equities in anticipation of good times ahead.

It was observed that most of the sectors of the bourse leapt to levels last seen in years, as the banking space rose by 8.20 per cent. The consumer goods improved by 6.48 per cent, the industrial goods sector appreciated by 6.08 per cent, the energy index increased by 4.04 per cent, and the insurance counter grew by 2.29 per cent.

Consequently, the All-Share Index (ASI) jumped by 2,764.47 to 55,738.35 points from 52,973.88 points, and the market capitalisation rose by N1.495 trillion to N30.340 trillion from N28.845 trillion.

Business Post reports that 64 equities appreciated in price at the close of business today, and 12 shares ended on the losers’ table, indicating a very strong investor sentiment boosted by a positive market breadth index.

The strong demand for stocks on Tuesday pushed the prices of Deap Capital, FCMB, Nigerian Breweries, Jaiz Bank and Eterna higher by 10.00 per cent to 22 Kobo, N4.62, N42.35, N1.10, and N7.70, respectively.

On the flip side, Ikeja Hotel lost 10.00 per cent to trade at N2.16, NCR Nigeria depreciated by 9.80 per cent to N2.76, Tantalizers fell by 8.00 per cent to 23 Kobo, International Energy Insurance went down by 6.98 per cent to N1.20, and Consolidated Hallmark Insurance depleted by 6.56 per cent to 57 Kobo.

The most active stock of the trading session was Access Holdings, transacting 199.6 million units valued at 2.5 billion, FBN Holdings traded 127.9 million units worth 1.8 billion, Transcorp sold 95.7 million units worth N309.2 million, UBA exchanged 82.0 million units valued at N831.5 million, and GTCO transacted 76.4 million units worth N2.2 billion.

Data showed that a total of 1.1 billion stocks worth N15.8 billion exchanged hands in 9,916 deals on Tuesday compared with the 461.8 million stocks valued at N7.7 billion traded in 6,520 deals last Friday, implying an increase in the trading volume, value and number of deals by 133.49 per cent, 105.20 per cent, and 52.09 per cent, respectively.

Share
Related Stories
Image
02-October-2023

Oando-Eni Deal: Workers Threaten to Shutdown Operations

By Adedapo Adesanya  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to down tools and shut down all oil field locations if demands following the acquisition of Nigerian Agip Oil Company (NAOC) are not met. Business Post had reported in September that Oando Plc had acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni. However, the deal allegedly happened without management addressing the welfare and benefits of the workers and without due process. The development has led to several protests by members of PENGASSAN since the beginning of September 2023.

Image
30-September-2023

NGX Sheds N37bn as Investors Sell Stocks in Panic to Buy FX

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

Image
03-October-2023

Norwegian Start-up Invests $13m in WATT Renewable

By Aduragbemi Omiyale A Norwegian start-up, Empower New Energy, has injected about $13 million into a Nigerian hybrid solar solutions provider, WATT Renewable Corporation, to reduce the country’s carbon footprint through innovative technologies. A statement from WATT said the funds would be used to improve the renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria. The firm stated that this is set to make a substantial impact on the availability and reliability of clean energy in the region and reduce the consumption of diesel

More Stories
Image
06-September-2021

NGX Hints at Change in Securities Trading Patterns

By Aduragbemi Omiyale In the next few months, securities trading patterns on the floor of the Nigerian Exchange (NGX) Limited by investors would witness changes, the Chief Executive Officer of the bourse, Mr Temi Popoola, has hinted. Speaking on Business Morning Show on Channels Television last Tuesday, Mr Popoola said the exchange will carry out these changes through technology. According to him, the major aim for this is to digitize securities investment and other market-related transactions to attract more investors, especially Generation Z, known as zoomers, the demographic cohort succeeding Millennials and preceding Generation Alpha. “The exchange on its part

Image
10-May-2021

Group Begins Campaign to Stop Underage Drinking in Calabar

By Modupe Gbadeyanka An initiative aimed at breaking the culture of underage drinking and reducing alcohol-related harm among underage persons in Nigeria has been launched in Calabar, Cross River State. The scheme tagged SMASHED Project was unveiled last Tuesday by the Beer Sectoral Group (BSG) of the Manufacturers Association of Nigeria (MAN) in collaboration with the Cross River State Ministry of Quality Education. “We are pleased to collaborate with the BSG on the SMASHED Project in Cross River State, as a public-private sector partnership on social responsibility. “Partnerships of this nature are crucial, as the government and private sector have

Image
26-September-2017

Equities Investors Lose N140.5b as 19 Stocks Fall

By Modupe Gbadeyanka Negative sentiments continued on the floor of the Nigerian Stock Exchange (NSE) on Tuesday, resulting in investors losing N140.5 billion at the close of transactions. The All-Share Index (ASI) depreciated by 407.46 points to close at 34,951.27 points, while the market capitalisation lost N140.5 billion to settle at N12 trillion. As the Central Bank of Nigeria (CBN) announced outcome of its Monetary Policy Committee (MPC) meeting today, leaving the key rates unchanged, the stock market, according to our correspondent, ended 1.15 percent lower on profit-taking, trimming the year-to-date to 30.05 percent. However, the volume and value of

Image
25-April-2019

Buhari Embarks on 10-day Private Visit to United Kingdom

By Dipo Olowookere President Muhammadu Buhari has concluded plans to go on a 10-day visit to the United Kingdom, his Special Adviser on Media & Publicity, Mr Femi Adesina, has disclosed. In a statement issued on Thursday, Mr Adesina said the President will leave Nigeria for the “private visit” after his working visit today to Maiduguri, the Borno State capital. On Wednesday, Mr Buhari was in Lagos to commission a number of projects executed by the state government. During his official visit to Maiduguri today, the President is expected to commission developmental projects especially in the sectors of education, healthcare

Image
05-January-2018

Drop in T-Bill Supply May Affect Profits of Nigerian Banks—Fitch

By Modupe Gbadeyanka Banks operating in Nigeria may suffer a drop in their profit in the first quarter of 2018 as a result in the slowdown in the supply of treasury bills, London-based rating agency, Fitch Ratings, has revealed. In a statement issued yesterday by the firm, it said Nigerian banks may find it more difficult to sustain profitability given the decline in net treasury bill (T-bill) issuance in Nigeria’s 1Q18 issuance programme. The slowdown in T-bill issuance marks a change of strategy as the government looks to increase its financing from external sources and longer-dated domestic issuances. Record T-bill

Image
12-September-2022

Sahara Foundation Honours African Social Innovators, Entrepreneurs at SIPA

By Modupe Gbadeyanka Some entrepreneurs, whose businesses promote sustainable development across Africa have been honoured at an event held on Thursday, September 8, 2022, at Eko Hotels & Suites, Lagos. The beneficiaries were honoured by Sahara Foundation, the personal and corporate social responsibility vehicle for Sahara Group, in collaboration with LEAP Africa, Ford Foundation, and Impact Investors Foundation. At the event known as LEAP Africa Social Innovators Programme & Awards (SIPA) with the theme Reawaken, Redesign and Re-emerge: Africa Beyond Potential, participants discussed challenges that impede Africa’s growth and development with a keen focus on social entrepreneurship while providing novel

Image
29-January-2017

Crude Oil Flat for the Week

By Dipo Olowookere Crude oil prices on Friday were lower to end a topsy turvy week little changed. March WTI oil fell 61 cents, or 1.1%, to settle at USD53.17/bbl. Morning Star reports that US Drillers added 15 oil rigs in the week to January 27, bringing the total count to 566, the most since November 2015, Baker Hughes Inc. Companies have added rigs 12 of 13 weeks, hoping to take advantage of stable prices above $50. With US oil inventories on the rise, analysts say the global supply glut may prove stubborn even as OPEC trims production. In economic

Image
04-June-2020

Prestige Assurance Gives Shareholders Bonus Shares

By Dipo Olowookere The board of Prestige Assurance Plc has proposed to give shareholders of the company bonus shares, a notice to the Nigerian Stock Exchange (NSE) on Thursday disclosed. In the disclosure, the insurer said the bonus shares would be given to those whose names appear on the register of members of the company as at the close of business of Friday, June 19, 2020. It further said the bonus, which is in the ratio of two new stocks for every 11 existing stocks held by investors, is subject to the approval of the appropriate regulatory authorities, including the

Ad
Ad
Recent Stories
Image
03-October-2023

September PMI: Nigeria’s Business Activity Improves

By Modupe Gbadeyanka Nigeria’s business activity improved in September despite cost pressures limiting demand, according to the latest Purchasing Managers’ Index (PMI) released by Stanbic IBTC Bank Plc. The lender said in the period under review, the private sector had a reading of 51.1 points compared with the 50.2 points achieved in August 2023. It was the rise in business activity in the country was influenced by the growth in order, though the rates of expansion in each were only modest. New orders increased for the sixth month running in September as some firms signalled an improvement in demand. While

Image
03-October-2023

Agostini, Two Others Win 2023 Nobel Prize in Physics for Attosecond Pulses

By Adedapo Adesanya Three scientists will share the Nobel Prize in Physics as the Royal Swedish Academy of Sciences recognised Pierre Agostini, Ferenc Krausz and Anne L’Huillier as this year’s recipients for experimental methods that generate attosecond pulses of light for the study of electron dynamics in matter. The three Nobel Laureates in Physics 2023 were recognised for their experiments, which have given humanity new tools for exploring the world of electrons inside atoms and molecules. BREAKING NEWSThe Royal Swedish Academy of Sciences has decided to award the 2023 #NobelPrize in Physics to Pierre Agostini, Ferenc Krausz and Anne L’Huillier

Image
03-October-2023

Nigeria Targets 22% ICT Contribution to GDP by 2027

By Adedapo Adesanya Nigeria plans to increase the net contribution of the telecommunications sector to the gross domestic product (GDP) by 22 per cent by the end of 2027. This is part of efforts announced by the Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, in the ministry’s 31-page Strategic Blueprint document titled Accelerating our Collective Prosperity through Technical Efficiency, seen by Business Post. In the document, the ministry noted that “As telecommunications continues to evolve in line with new technology and associated opportunities, it is critical to revamp our national approach to account for changing imperatives and

Image
03-October-2023

Union Bank, Fate Foundation Empower SMEs in Nigeria

By Modupe Gbadeyanka Small and Medium Enterprises (SMEs) in Nigeria recently had the opportunity to gain more knowledge on how to scale their operations at a training organised by the Fate Foundation Alumni Conference. The event, in its 8th edition, was bankrolled by one of the leading financial institutions in the country, Union Bank of Nigeria Plc. It was gathered that at the programme, participants, including chief executive officers of major businesses, SME and MSME owners, exhibitors, and Fate Foundation Alumni shared knowledge on crucial topical subjects essential for entrepreneurial growth and success from seasoned entrepreneurial leaders and influencers. At

Image
03-October-2023

Stock Market Witnesses N30.379 billion Transactions in Four Days

By Dipo Olowookere Transactions worth N30.379 billion were recorded at the Nigerian Exchange (NGX) Limited last week, which had four trading sessions due to the public holiday observed last Wednesday for Eid-el Maulud. Data obtained by Business Post showed that the stock market posted these trades from the sale of 3.911 billion shares in 38,536 deals. When compared with the preceding week, which had five trading days, the value of transactions weakened by 36.00 per cent, as investors bought and sold 2.933 billion shares valued at N47.449 billion in 44,654 deals. A breakdown indicated that the financial services industry led

Image
03-October-2023

Schneider Electric Shares Insights on Improving Customer Satisfaction

In recognition of Customer Service Week 2023 (October 2 – 6), Schneider Electric shares valuable insights on improving customer satisfaction. Ajibola Akindele, Country President, Schneider Electric, West Africa, shares strategies and insights on how Schneider Electric has built long-lasting customer relations over the years through customer satisfaction. How would you describe Customer Service? The heart of Schneider Electric is its customer service. It represents our guiding principles and is essential to how we conduct business every day. At Schneider Electric, we consider providing exceptional customer service to be more than just a department, but rather a part of who we

Image
03-October-2023

NDIC Begins Payment of N16.18bn to Depositors of 20 Failed Banks

By Adedapo Adesanya The Nigeria Deposit Insurance Corporation (NDIC) has disclosed playing N16.18 billion in liquidation dividends to depositors, creditors, and stakeholders of 20 banks in liquidation. According to a statement from the corporation’s Director of Communication and Public Affairs, Mr Bashir Nuhu, this follows impressive recoveries from debtors and the realisation of assets of banks in liquidation. As a result, the NDIC, which is responsible for protecting depositors and guaranteeing the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, said it had commenced verification and payment of stakeholders covered by the declarations

Image
03-October-2023

NASD Index Rises 0.83% in Week 39

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed Week 39 mixed as the unlisted securities index rose by 0.83 per cent, while the market capitalisation depreciated by 2.63 per cent after VFD Group Plc finally delisted after three years of trading on the platform. According to data from the bourse, the NASD index went up by 6.70 points to 815.65 points from 808.95 points, while the value of the exchange shrank by N30 billion to N1.110 trillion from N1.140 trillion. In the week, Nipco Plc improved its value by 9.8 per cent to close at N95.00 per share

Image
03-October-2023

Norwegian Start-up Invests $13m in WATT Renewable

By Aduragbemi Omiyale A Norwegian start-up, Empower New Energy, has injected about $13 million into a Nigerian hybrid solar solutions provider, WATT Renewable Corporation, to reduce the country’s carbon footprint through innovative technologies. A statement from WATT said the funds would be used to improve the renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria. The firm stated that this is set to make a substantial impact on the availability and reliability of clean energy in the region and reduce the consumption of diesel

Image
03-October-2023

Naira Value Appreciates at P2P as Bitcoin Trades Above $27000

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) wing of the foreign exchange market on Monday, October 2, as the official market, the Investors and Exporters (I&E) window closed for the Independence Day holiday. In the P2P segment, the Nigerian Naira appreciated against the American currency by N3 to sell at N998/$1 compared with the preceding session’s value of N1,001/$1. In the same vein, the local currency improved its value against the US Dollar on Tuesday by N1 to sell at N1001/$1 versus the previous session’s exchange rate of N1002/$1. During the Independence Day