Stock Market Regains 1.24% Despite Sell-Offs in Lafarge, 40 Others

Image

By Dipo Olowookere

The local stock market returned to the positive territory on Wednesday on the back of bargain-hunting in Airtel Africa, Nigerian Exchange (NGX) Group, UAC Nigeria and others.

Business Post observed that investors used the opportunity of the panic selling to mop up shares trading at low prices and this resulted in the exchange growing by 1.24 per cent in the midweek session.

As a result, the All Share Index (ASI) improved by 641.77 points to 52,591.41 points from 51,949.64 points while the market capitalisation increased by N346 billion to N28.353 trillion from N28.007 trillion.

The domestic bourse closed with only 11 price gainers yesterday led by Chams, which gained 9.52 per cent to settle at 23 kobo and was trailed by Airtel Africa, which rose by 9.39 per cent to N1608.00.

FTN Cocoa appreciated by 6.06 per cent to trade at 35 kobo, Veritas Kapital improved its share price by 4.76 per cent to 22 kobo, while Royal Exchange went up by 3.64 per cent to N1.14.

A total of 41 equities depreciated in price on Wednesday, with McNichols and Champion Breweries recording the heaviest fall as they lost 10.00 per cent each to close at N1.98 and N3.42 respectively. PZ Cussons depreciated by 9.92 per cent to N11.35, Regency Assurance fell by 9.68 per cent to 28 kobo, while NEM Insurance declined by 9.25 per cent to N3.63.

As earlier stated, the mood of the market was weak during the midweek session as reflected in the market breadth and the performance of the sectors, which closed in the red zone due to heavy profit-taking.

The insurance sector deflated by 3.70 per cent, the banking index went down by 2.13 per cent, the consumer goods counter decreased by 1.33 per cent, the energy space crashed by 0.76 per cent, and the industrial goods sector declined by 0.40 per cent.

Unlike the previous day, the level of activity was low as the trading volume declined by 46.90 per cent to 382.5 million units from 720.2 million units, the trading value depreciated by 52.25 per cent to N4.2 billion from N8.9 billion, while the number of trades contracted by 2.85 per cent to 5,922 deals from 6,096 deals.

UAC Nigeria attracted the highest trading volume with a turnover of 48.2 million shares worth N618.6 million, UBA sold 31.9 million equities valued at N250.5 million, Access Holdings exchanged 30.7 million stocks for N300.8 million, FBN Holdings traded 30.6 million equities valued at N327.3 million, while Transcorp transacted 27.3 million shares worth N32.4 million.

Share
Related Stories
Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

More Stories
Image
20-June-2018

AETOSWire Introduces Innovative Press Video Service

By Modupe Gbadeyanka Dubai-based news distribution firm, AETOSWire, has launched its the innovative Press Video Service that transforms textual press releases into a less than 60-Seconds Animated Press Video. The Press Video is one of the latest services launched by AETOSWire along with the few most sought-after communication services, like the Audio Alerts for Journalists, to mark its 10 years in the industry. It came about as a response to the influx of press releases on various media outlets, whereby clients’ messages would get lost in the mound of press releases. With thousands of news available online, clients have to

Image
06-July-2022

Guinness Nigeria to Expand Benin City Factory

By Adedapo Adesanya Guinness Nigeria Plc has announced plans to expand its factory in Benin City, Edo State as part of efforts to deepen investment and boost job creation in the Heart Beat of Nigeria. At a presentation on Tuesday, Mr Baker Magunda, the Managing Director of Guinness Nigeria, said during a courtesy visit to the acting Governor of Edo, Mr Philip Shaibu, that the brewery giant would also invest in clean water projects for both the company’s utilisation and communities in the state. “We are interested in the opportunities we see in Edo, Guinness success is beyond dividends for

Image
13-January-2017

Jubilation as MMM Nigeria Returns

By Dipo Olowookere Many participants of the popular Ponzi scheme called MMM Nigeria were happy as news of return of the programme hit the blogosphere on Friday, a day earlier than the planned return date. Last December, administrators of the scheme blocked accounts of participants in Nigeria, promising to return on Saturday, January 14, 2017. However, this was doubted because countries where the scheme had had issues in the past, it started with the same format. But some of the participants were hopeful that the scheme would return, while some inpatient ones had taken drastic measures. “This is to officially

Image
14-August-2023

NIMASA Lists Achievements Under Bashir Jamoh

By Adedapo Adesanya The Nigerian Maritime Administration and Safety Agency (NIMASA) has brought the country to speed in the maritime world with the ratification of 6 conventions under the leadership of Mr Bashir Yusuf Jamoh in the last three years. In a statement, the agency said the Jamoh-led management had doubled Nigeria’s momentum for a viable blue economy that seeks to harness maritime potentials for economic sustainability and growth. Not less than 6 International maritime conventions have been ratified by Nigeria for proper governance of the country’s maritime space. These ratified conventions spell out proper modes of governance for various

Image
19-March-2020

Coronavirus: Lagos Closes Schools, Suspends Religious Gatherings

Lagos State government has said from Monday, March 23, 2020, all public and private schools in the state would be shut down as part of the preventive measures against the spread of the Coronavirus pandemic. A statement issued on Wednesday explained that the move became necessary to prevent children and their teachers from getting more vulnerable to the pandemic. According to the state government, the closure is not intended to create panic, but to arrest the spread of the disease, which has become a global threat. “It is important for parents to ensure that their children practise ‘social distancing’ while

Image
13-August-2020

Buhari Commissions NCDMB Tower, Promises More Jobs

By Adedapo Adesanya President Muhammadu Buhari has pledged to spend more on infrastructure across the country, focusing on finishing projects delivered by local contractors and technology that create jobs for Nigerians.’ The President made this pledge on Thursday while speaking virtually at the official commissioning of the new headquarters building of the Nigerian Content Development and Monitoring Board, (NCDMB) in Yenagoa, Bayelsa State. Speaking during the commissioning of the iconic 17-storey building, known as the NCDMB Tower, Mr Buhari noted that the structure reflects his administration’s drive to provide infrastructure across the country to attract investments, create jobs and eradicate

Image
09-August-2016

Dangote To Kick Off Coal Mining

Plans have been concluded by Dangote Cement Plc, a subsidiary of Dangote Group, to commence mining its own coal at Ankpa in Kogi State. This, the company said, will begin by the fourth quarter of 2016. Dangote Group Chief Executive Officer, Mr Onne van der Weijde, while addressing stockbrokers at the company’s Facts Behind Figures on the Nigerian Stock Exchange (NSE), noted that the company was switching its plant lines to coal in order to minimize cost and increase margin because of acute gas shortages in the country caused by Niger Delta militants. Mr Weijde assured that the quality of

Image
24-February-2017

UN Seeks $1b to Save Millions in Northeast Nigeria

By Dipo Olowookere About $1 billion is required to sustain life-saving assistance to millions people devastated by Boko Haram-linked violence, the United Nations relief aid wing has said. This is as a result of relief organizations increase response to the humanitarian emergency in the north-east of Nigeria. “If the resources do not arrive in time, one in five children suffering sever acute malnutrition could die,” said Peter Lundberg, the Deputy Humanitarian Coordinator for Nigeria in a press release issued yesterday by the UN Office for the Coordination of Humanitarian Affairs (OCHA). “The likelihood of a child with severe acute malnutrition

Ad
Ad
Recent Stories
Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its