Stock Market Rebounds by 0.40% as Investors Gain N78bn

Image

By Dipo Olowookere

The Nigerian stock market rebounded on Thursday by 0.40 per cent after it recorded a significant loss on Wednesday as a result of profit-taking.

Yesterday, a bit of bargain hunting was witnessed, especially in large-cap equities like Zenith Bank, the newly listed GT HoldCo, BUA Cement, amongst others.

As a result, the All-Share Index (ASI) moved up by 149.89 points to 37,954.35 points from 37,804.46 points, while the market capitalisation increased by N78 billion to N19.781 trillion from N19.703 trillion.

Data showed that only the insurance sector closed lower during the session and this was by 0.30 per cent as the industrial goods, banking, energy and consumer goods counters appreciated by 0.88 per cent, 0.61 per cent, 0.33 per cent and 0.20 per cent respectively.

Business Post reports that there were 20 price gainers yesterday, while there were 14 price losers, indicating that the market breadth closed positive.

Portland Paints finished on top of the price gainers’ chart on the trading day with a growth of 10.00 per cent to finish at N2.64 and was trailed by Mutual Benefits Assurance, which also grew by 10.00 per cent to settle at 44 kobo.

Learn Africa appreciated by 3.96 per cent to close at N1.05, Eterna gained 3.92 per cent to sell for N7.95, while Oando chalked up 3.45 per cent to trade at N3.00.

On the other side of the table, Juli was on top after its share price went down by 9.56 per cent to N1.23 and was closely followed by AIICO Insurance, which declined by 7.41 per cent to N1.00.

Chams depreciated by 4.76 per cent to sell for 20 kobo, Champion Breweries declined by 2.44 per cent to N2.00, while Honeywell Flour dropped 2.08 per cent to N1.41.

In terms of the level of activity, the market witnessed a 14.17 per cent rise in the value of shares transacted by investors, N1.8 billion versus N1.6 billion on Wednesday.

However, the volume of the share went down by 19.65 per cent to 167.4 million units from 208.4 million units just as the number of deals decreased by 3.24 per cent to 3,256 deals from 3,365 deals.

Just like on Wednesday, Zenith Bank was the most active stock on Thursday with the sale of 13.9 million units valued at N330.1 million.

Sovereign Trust Insurance transacted 12.8 million units worth N3.4 million, UBA traded 11.8 million units for N84.7 million, Mutual Benefits exchanged 11.0 million units worth N4.8 million, while FBN Holdings traded 8.9 million units valued at N63.4 million.

Share
Related Stories
Image
18-March-2024

Consumers Must Know Key Information About Products, Services—Dangote

By Aduragbemi Omiyale Manufacturers and others have been charged to focus on consumers’ rights, as they are entitled to know all the key information on the products and services they are paying for. This was the submission of the Group Executive Director for Commercial Operations at Dangote Industries Limited (DIL), Ms Fatima Aliko Dangote. The daughter of Africa’s richest man, Mr Aliko Dangote, while speaking last Friday in Lagos, stressed that the information must be accurate, transparent, and easily understandable. “In these days of artificial intelligence, where consumers are buffeted with information on many products and services which may turn

Image
15-March-2024

Naira Appreciates to N1,608/$1 at NAFEM, N1,605/$1 at Parallel Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday by 0.4 per cent or N6.96 to close at N1,608.98/$1 versus Wednesday’s closing rate of N1,615.94/$1. However, it performed badly against the British Pound Sterling during the session by N30.27 to trade at N2,066.33/£1 compared with the midweek’s value of N2,036.06/£1, and against the Euro, the Nigerian currency depreciated by N26.08 to settle at N1,766.62/€1 versus the N1,740.54/€1 it traded a day earlier. During the trading day, the value of foreign exchange (FX) transactions slightly went down by 2.1

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
17-March-2024

Naira Gains at Official Market, Maintains Stability at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 15 by 0.4 per cent or N6.23 to close at N1,602.75/$1 compared with the previous day’s value of N1,608.98/$1. It also improved its value against the Pound Sterling in the official market by N11.51 to sell at N2,066.33/£1 compared with the preceding session’s N2,054.82/£1 and against the Euro, it calked up N12.04 to quote at N1,751.58/€1 versus Thursday’s rate of N1,766.62/€1. The value of foreign exchange (FX) trades during the session went down by $106.22 million or 43.6 per

More Stories
Image
22-March-2023

Unlisted Securities Extend Loss by 0.02%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal loss of 0.02 per cent on Tuesday, March 21, to remain in the red territory. Recall that a day earlier, unlisted securities in Nigeria depreciated by 0.05 per cent due to renewed profit-taking, and yesterday, this action persisted as investors make efforts to rebalance their portfolios due to the macroeconomic environment. As a result, the NASD Unlisted Securities Index (NSI) went down by 0.15 points on Tuesday to 730.94 points from the 731.09 points reported in the previous session, while the market capitalisation of the alternative bourse depleted

Image
25-October-2017

Mahindra Comviva wins Digital Impact Awards Africa for Mobiquity Platform

By Modupe Gbadeyanka Global leader in providing mobility solutions, Mahindra Comviva, has won the Digital Impact Awards Africa in the ‘Best Digital Financial Service Platform for Africa’ for its mobiquity® platform. The awards were presented recently at a glittering award ceremony at the Kampala Serena Hotel in Uganda. This recognition came against tough competition with the likes of Ericsson Converged Wallet, Huawei Mobile Money and OboPay also in the fray. With 50 mobile money deployments in 36 countries, mobiquity® is the largest mobile money platform in Africa. It offers a plethora of features and services, including domestic and international remittances,

Image
04-December-2022

South Korea Pledges Mpox Vaccine Supplies

By Kestér Kenn Klomegâh Sadly, African health authorities for several months have pursued vaccines for curing mpox and its further spread mostly in vain as worldwide outbreaks were reported during this year. But there is some light at the end of the tunnel as some considerable assistance might come from the Republic of South Korea. The Africa Centers for Disease Control and Prevention said some few thousand doses being the first consignment of mpox vaccines as a donation, would arrive shortly and be used for health workers and people living with the disease in the hardest-hit areas in Africa. The

Image
27-July-2020

NLC Rejects 6% Tenancy, Lease Agreements Tax

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has rejected the decision of the federal government to impose a six per cent stamp duty on every tenancy and lease agreement in the country. The group in a statement issued on Saturday by its President, Mr Ayuba Waba, called the move a harsh fiscal policy that is insensitive to the plights of citizens. They rejected the new stamp duty policy of the Federal Inland Revenue Service (FIRS) and instead, recommended that the government considers introducing property tax on the numerous unoccupied houses across the country that are presumably owned by the

Image
02-February-2022

Hospitals are Established to Admit Sick Patients, Not Turn Them Away: The LASUTH Perspective

By Oluwaseyi Adewale With good intent, every generation has reasons for taking certain humanitarian decisions for the betterment of the society. This can also be said of the evolution of the Cottage Hospital located in Ikeja, Lagos, which has metamorphosed into the Lagos State University Teaching Hospital (LASUTH). The hospital began operations in 1955 as a cottage hospital founded by the Old Western Regional Government to provide healthcare services for the people of Ikeja and its suburbs. A cottage hospital is a small rural hospital with a few beds. This cottage hospital concept is a type of hospital mostly located

Image
29-June-2021

Naira Crashes to N502/$1 at Parallel Market

By Adedapo Adesanya The Naira weakened at the opening trading session of the week against the US Dollar at the parallel market segment of the foreign exchange market on Monday, June 28. The local currency depreciated by N2 against the greenback to sell for N502/$1 compared with N500/$1 it traded last Friday. However, at the same unregulated segment of the market, the local currency closed flat against both the Pound Sterling and the Euro, trading at N710/£1 and N600/£1 respectively. It was a different outcome for the domestic currency at the Investors and Exporters (I&E) window as it appreciated by

Image
15-December-2018

Aisha Buhari Reaffirms Resolve on Poverty Reduction

By Dipo Olowookere Wife of the President, Mrs Aisha Buhari, has restated her resolve to contribute to the reduction of the level of poverty in the country and ensuring self-reliance among Nigerian women. She was flagging-off a Women Empowerment Programme of Future Assured Programme, organized in partnership with the National Directorate of Employment (NDE) at Uyo, Akwa Ibom State, Mrs Buhari, while addressing a massive crowd said 11,600 women and youth would benefit from the programme and 1,500 women and youths would be trained on vocational skills, while 1,000 others undergoing training would be given starter packs and a sum

Image
30-August-2019

Asian Equities Rise Amid Protests in Hong Kong

By Investors Hub Asian stocks ended mostly higher on Friday, even as Chinese and Hong Kong markets ended on a muted note amid the ongoing mass protests in Hong Kong calling for political freedom and self-determination for the semi-autonomous territory. Underlying sentiment remained supported by signs that the U.S. and China are set to resume trade talks in September. Chinese shares slipped into the red as investors awaited manufacturing data for directional cues. The benchmark Shanghai Composite Index edged down 4.68 points, or 0.2 percent, to 2,886.24, while Hong Kong’s Hang Seng Index gave up early gains to end roughly

Ad
Ad
Recent Stories
Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

Image
18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry