Economy
Stock Market Value up by N210b as Investors’ Confidence Returns
By Dipo Olowookere
Transactions on the floor of the Nigerian Stock Exchange (NSE) closed on a positive note for the third straight session on Wednesday.
This occurred as investors’ confidence on the Nigerian market gradually returns despite political drama in the country, especially with an impeachment threat given on Tuesday by the parliament to President Muhammadu Buhari over affairs of the nation.
At the close of midweek trade, the equity market improved by 1.53 percent, while the Year-to-Date (YtD) returns ended at 0.50 percent, going back into the positive zone after it slipped into the danger territory last week.
Business Post reports that the All-Share Index (ASI) increased by 580.37 points to settle 38,435.29 points, while the market capitalisation, which measures the value of quoted stocks on the NSE, appreciated by N210.2 billion to close at N13.922 trillion.
A look as the sector performance showed that they all ended in the positive region. The NSEIND, NSEOILG5, NSEBNK10, NSEINS10, and NSEFBT10 appreciated by 4.16 percent, 0.63 percent, 1.15 percent, 0.99 percent and 2.51 percent respectively.
Investors’ mood as reflected by the market breadth finished positive with 44 price gainers and 16 price losers.
Nigerian Breweries topped the gainers’ chart with N5.50k added to its share value to settle at N116.80k per share.
It was followed by Guinness Nigeria, which went up by N4.75k to finish at N99.75k per share, and Lafarge, which improved by N3.25k to end at N38 per share.
Dangote Cement increased by N2 to close at N230 per share, while Flour Mills went up by N1.80k to finish at N32.95k per share.
On the flip side, it was a bad day for Okomu Oil as the stock depreciated by N2 to settle at N82 per share.
CCNN lost 95 kobo to close at N28 per share, while May and Baker declined by 11 kobo to finish at N2.54k per share.
GTBank went down by 10 kobo to settle at N41.90k per share, while NPF Microfinance Bank fell by 8 kobo to end at N1.61k per share.
Business Post reports that the volume and value of equities transacted by investors increased by 15.73 percent and 11.91 percent respectively.
A total of 393.1 million shares were exchanged at the market yesterday in 5,285 deals valued at N6.7 billion compared with the 339.7 million equities sold in the previous session worth N6 billion executed in 4,436 deals.
The Financial Services sector led the activity chart on Wednesday with 311.6 million shares traded at N4.4 billion. This was followed by the Consumer Goods industry, which exchanged 28.2 million equities for N563 million.
Zenith Bank emerged the most traded stock at the market with 110.6 million units sold for N3.1 billion.
It was followed by Fidelity Bank, which traded 63.9 million shares valued at N148.4 million, and UBA, which exchanged 22.5 million equities worth N255.3 million.
Access Bank transacted 20.3 million shares for N220.3 million, while Diamond Bank sold 17.5 million equities for N27.9 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.
During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.
Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.
As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.
During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Dipo Olowookere
The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.
The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.
The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.
Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.
Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.
The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.
Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.
Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.
By Adedapo Adesanya
The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.
However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.
At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.
The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the market settling into a balance.
Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.
Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.
Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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