Economy
Stock Market Loses N66bn Amid Weak Trading Activity
By Dipo Olowookere
The stock market in Nigeria retreated to its normal position in recent times, the bearish territory, on Thursday following the decision of investors to book profit.
Business Post reports that there was a 0.31 per cent decline at the Nigerian Stock Exchange (NSE) yesterday as a result of the profit-taking.
The announcement from Zenith Bank that it was paying a final dividend of N2.70 per unit had brightened the mood at the market, but after two days of growth, the performance dropped.
At the close of business, the All-Share Index (ASI) depreciated by 125.81 points to 40,095.49 points from 40,221.30 points, while the market capitalisation reduced by N66 billion to N20.978 trillion from N21.044 trillion.
At the trading day, the level of activities decreased as investors only traded 326.0 million shares worth N3.7 billion in 4,567 deals as against the 469.6 million shares worth N7.1 billion traded at the midweek session in 5,470 deals.
This signified that the trading volume went down by 30.56 per cent, the trading value depleted by 47.56 per cent and the number of deals crashed by 16.51 per cent.
By the close of transactions, Transcorp topped the activity chart by volume as it sold 48.4 million shares valued at N43.7 million and was trailed by Dangote Sugar, which exchanged 33.9 million stocks for N611.8 million.
UBA transacted 27.5 million equities worth N229.6 million, Zenith Bank sold 24.6 million shares valued at N637.6 million, while United Capital exchanged 19.2 million stocks for N118.0 million.
It was observed that the market breadth closed negative on Thursday as a result of 24 price losers and 14 price gainers recorded.
The downward slide in the shares of LASACO Assurance after its reconstruction continued yesterday as the company lost 9.68 per cent to settle at N1.12 per share.
Fidson went down by 8.41 per cent to close at N4.90 per unit, Ecobank fell by 6.31 per cent to N5.20 per share, Mutual Benefits Assurance lost 5.13 per cent to trade at 37 kobo per unit, while UAC Nigeria dropped 5.03 per cent to N7.55 per share.
The appointment of the immediate past managing director of Wema Bank Plc, Mr Segun Oloketuyi, to the board of Chams Plc has generated interest in the company’s stocks. Yesterday, its equity price rose by 9.09 per cent to 24 kobo per share to lead the gainers’ table.
Royal Exchange gained 8.00 per cent to finish at 27 kobo per unit, Wema Bank grew by 7.69 per cent to 70 kobo per share, Red Star Express gained 5.77 per cent to close at N3.30 per unit, while Prestige Assurance appreciated by 4.55 per cent to 46 kobo per share.
By Modupe Gbadeyanka
The management of Dangote Petroleum Refinery and Petrochemicals Limited has revealed that the price of Premium Motor Spirit (PMS) remains at N1,275 per litre.
Earlier on Wednesday, there were reports that the company increased its ex‑depot price by N75, some hours after renewed hostilities in the Middle East.
On Monday evening, it was reported that Iran fired missiles at its neighbours in the Gulf region after the United States seized two Iranian-linked vessels on the Strait of Hormuz.
These actions briefly raised the price of crude oil on the global market to over $115 per barrel, but it quickly eased to almost $100 per barrel on Wednesday.
Shortly after it was reported that Dangote Refinery had pushed its PMS gantry price to N1,350 per litre, the price was reversed.
Confirming this in a statement made available to Business Post, Dangote Refinery said it is sustaining its current prices to reaffirm “its commitment to supporting stability in the domestic energy market and cushioning the wider economy against external shocks.”
“By absorbing prevailing cost pressures, the refinery continues to help moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply amid ongoing global uncertainties,” another part of the statement read.
The private refiner “reaffirmed its dedication to the steady supply of high‑quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security.”
It urged the public “to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate and up‑to‑date information on its operations and pricing.”
By Aduragbemi Omiyale
Dangote Refinery has reversed a N75 ex-depot price increase of premium motor spirit (PMS), also known as petrol, on Wednesday.
On Wednesday, the private crude oil refinery raised the price of the product to N1,350 per litre, but this was quickly reversed to N1,275 per litre.
The company had carried out a second increment in less than two weeks, amid renewed attacks in the Middle East, though the crude oil price went down on Tuesday to $109 per barrel.
According to a report by pricing platform Petroleumprice.ng, the upward price adjustment was suspended shortly after it was raised, restoring the previous pricing structure at the loading gantry and easing immediate concerns among downstream marketers.
Industry operators say the move has helped calm nerves across the market, where traders had already begun repositioning on expectations of a higher pricing cycle.
Before the previous price hike, the gantry price was N1,200 per litre, but the organisation pushed it higher by N75.
As of the time of filing this report, Business Post observed that Brent crude futures were traded at $101.00 per barrel, while the US West Texas Intermediate (WTI) crude futures were sold for $93.01 per barrel.
By Adedapo Adesanya
Four securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.85 per cent on Tuesday, May 5, with the market capitalisation growing by N20.52 billion to N2.429 trillion from N2.409 trillion, and the Unlisted Security Index (NSI) advancing by 34.30 points to 4,060.94 points from 4,026.64 points.
Yesterday, FrieslandCampina Wamco Nigeria Plc, the parent company of popular milk brands like Peak Milk and Three Crowns, appreciated by N8.72 to N106.90 per share from N98.14 per share, NASD Plc increased its value by N6.13 to N37.36 per unit from N31.23 per unit, Lagos Building Investment Company (LBIC) Plc gained 35 Kobo to close at N3.82 per share versus N3.47 per share, and Geo-Fluids Plc jumped by 10 Kobo to N3.10 per unit versus N3.00 per unit.
However, the price of Food Concepts Plc, which has the popular Chicken Republic under its belt, lost 5 Kobo during the session to trade at N2.36 per share versus N2.41 per share.
The volume of securities traded fell by 9.5 per cent to 679,768 units from 751,518 units, and the value of securities dropped 12.6 per cent to N30.9 million from N35.4 million, while the number of deals surged by 41.9 per cent to 44 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.3 million units traded for N4.1 billion, and Okitipupa Plc with 27.8 million units valued at N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.
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