Economy
Stock Market Loses 0.53% After INEC Announces Tinubu President-Elect
By Dipo Olowookere
The Nigerian stock market reacted negatively to the announcement of Mr Bola Tinubu of the ruling All Progressives Congress (APC) as the president-elect.
At about 4:30 am on Wednesday, March 1, 2023, the Independent National Electoral Commission (INEC) declared the former Governor of Lagos State as the winner of the presidential election held on Saturday, February 25, 2023.
The credibility of the process has been questioned by some Nigerians, observers, and even the two major opposition parties in the race, the Peoples Democratic Party (PDP) and the Labour Party (LP), which pulled out of the collation of results because they (results) were not uploaded into a dedicated platform meant for this from the polling units.
At the first trading session of this month, the Nigerian Exchange (NGX) Limited, which had maintained an upward trajectory for the five previous consecutive trading sessions, weakened by 0.53 per cent after Mr Tinubu was announced as the winner of the election organised to produce the next Nigerian to replace President Muhammadu Buhari at Aso Rock on May 29, 2023.
Data obtained by Business Post revealed that investors sold off their shares in the industrial goods and the banking sectors today, resulting in a decline of 0.08 per cent and 0.04 per cent, respectively.
However, the consumer goods counter expanded by 2.48 per cent, the energy space grew by 0.77 per cent, and the insurance sector appreciated by 0.23 per cent.
At the close of business, the All-Share Index (ASI) weakened by 297.65 points to 55,508.61 points from 55,806.26 points, while the market capitalisation went down by N162 billion to N30.239 trillion from N30.401 trillion.
The market breadth was positive in the midweek session, as the bourse closed with 30 price gainers and 11 price losers, indicating a strong investor sentiment.
Veritas Kapital gained 10.00 per cent to settle at 22 Kobo, Ardova rose by 9.76 per cent to N18.55, Wema Bank grew by 8.75 per cent to N4.35, The Initiates expanded by 8.33 per cent to 52 Kobo, and Geregu Power improved by 8.20 per cent to N298.10.
On the flip side, John Holt lost 9.66 per cent to close at N1.59, Ecobank shed 7.69 per cent to finish at N12.00, Airtel Africa depleted by 5.24 per cent to N1,535.00, United Capital depreciated by 3.91 per cent to N14.75, and FTN Cocoa went down by 3.45 per cent to 28 Kobo.
A look at the activity chart showed that a total of 565.8 million shares worth N6.6 billion exchanged hands in 4,340 deals during the session compared with the 237.2 million shares worth N4.4 billion traded in 4,435 deals a day earlier, representing a decline in the number of deals by 2.14 per cent, and an increase in the trading volume and value by 138.53 per cent, and 50.00 per cent, respectively.
The significant increase in the trading volume was due to an off-market deal involving the shares of Capital Hotels. The hospitality firm topped the table with the sale of 333.2 million units.
Transcorp exchanged 47.9 million stocks, GTCO traded 46.6 million equities, Oando sold 20.0 million shares, and Access Holdings transacted 19.4 million stocks.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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