By Dipo Olowookere
It was a positive start for Nigerian stocks on Monday as they appreciated by 0.37 per cent after enduring a string of losses in the past trading sessions.
The Nigerian Stock Exchange (NSE) recorded this growth on the back of renewed bargain hunting in value equities as well as positive investor sentiment. This reflected in the market breadth, which had 31 price gainers and 13 price losers.
According to the price movement chart, Seplat was the best-performing stock as it appreciated by 10 per cent to close at N544.50 per unit.
Japaul improved by 9.86 per cent to trade at 78 kobo per share, Mutual Benefits Assurance gained 9.52 per cent to sell for 46 kobo per unit, AIICO Insurance grew by 9.26 per cent to settle at N1.18 per share, while Multiverse rose by 9.09 per cent to quote at 24 kobo per unit.
For the worst-performing stocks on Monday, Royal Exchange and Conoil topped the table with a 10 per cent decline each to quote at 27 kobo per share and N18.90 per unit respectively.
RT Briscoe depreciated by 9.09 per cent to trade at 20 kobo per share, CHI lost 8.70 per cent to finish at 42 kobo per unit, while Sovereign Trust Insurance fell by 7.69 per cent to 24 kobo per share.
Analysis of the performance of the sectors of the market indicated that only the consumer goods counter recorded a loss as it deflated by 0.03 per cent.
The energy space gained 5.35 per cent, the banking sector appreciated by 1.81 per cent, the insurance industry improved by 1.38 per cent, while the industrial goods index chalked up 0.35 per cent.
Business Post reports that when trading activities were paused for the day at 2:30 pm, the All-Share Index (ASI) increased by 133.46 points to 40,573.31 points from 40,439.85 points, while the market capitalisation expanded by N70 billion to N21.226 trillion from N21.156 trillion.
It was keenly observed that despite the growth achieved by the market yesterday, the level of activity reduced as investors traded 206.2 million stocks worth N2.2 billion in 4,264 deals compared with the 395.6 million equities worth N5.2 billion transacted last Friday in 5,321 deals.
This signified that the trading volume slipped by 47.87 per cent, the trading value decreased by 58.31 per cent and the number of deals dropped 19.86 per cent.
Zenith Bank dominated the activity chart for trading 21.5 million shares valued at N539.6 million, with Mutual Benefits Assurance trailing after selling 15.0 million units for N6.8 million.
UAC Property transacted 14.8 million stocks worth N12.1 million, Fidelity Bank exchanged 14.7 million shares for N35.9 million, while United Capital exchanged 13.1 million equities valued at N77.8 million.
NASD, CSCS Lift Unlisted Securities Exchange by 0.07%
By Adedapo Adesanya
The duo of NASD Plc and Central Securities Clearing System (CSCS) Plc tugged the NASD Over-the-Counter (OTC) Securities Exchange to the positive territory on Tuesday, June 28 by 0.07 per cent.
Shares of NASD Plc appreciated by N1.32 or 9.65 per cent to close at N15.00 per unit compared to N13.68 per unit of the previous session as its cousin, CSCS Plc, rose by 2 Kobo to trade at N14.40 per unit as against N14.38 per unit of Monday’s session.
At the end of the day’s trading, the NASD Unlisted Securities Index (NSI) gained 0.56 points to settle at 762.62 points in contrast to the previous day’s 762.06 points, while the market capitalisation increased by N750 million to N1.004 trillion from N1.003 trillion.
However, the volume of shares transacted during the session depreciated by 86.2 per cent to 89,440 units from 647,785 units, the value of transactions went down by 67.7 per cent to N1.8 million from N5.6 million, while the number of deals increased by 37.5 per cent to 11 deals from eight deals.
AG Mortgage Bank Plc finished the trading day as the most traded stock by volume on a year-to-date basis with the sale of 2.3 billion units worth N1.2 billion, CSCS Plc also retained the second spot with the sale of 674.4 million units valued at N14.1 billion, while Food Concepts Plc was in third place for trading 146.5 million units valued at N127.2 million.
CSCS Plc maintained its position as the most active stock by value on a year-to-date basis with a turnover of 674.4 million units valued at N14.1 billion, VFD Group Plc was in second place with 10.9 million units worth N3.2 billion, while FrieslandCampina WAMCO Nigeria Plc retained the third place with the sale of 9.7 million units valued at N1.2 billion.
Panic as Naira Crashes to N621/$1 at P2P, N609/$1 at Black Market
By Adedapo Adesanya
The woes of the Nigerian currency continued on Tuesday at the peer-to-peer (P2P) and the black market sides of the foreign exchange (FX) market as it further depreciated against the United States Dollar but maintained stability against the greenback at the Investors and Exporters (I&E) window at the close of business.
Data obtained by Business Post from the FMDQ Securities Exchange showed that the domestic currency closed flat against the American currency at N421/$1, but it could not replicate this feat at the two other segments, which have become very critical lately due to the inability of forex users to obtain FX from commercial banks for quick usage.
Though the situation was different at the I&E segment yesterday as traders were able to considerably meet the demands of their customers as forex trades worth $206.65 million were carried out compared with the $152.96 million recorded on Monday, indicating a 35.1 per cent or $53.69 million increase.
At the P2P window, the Naira lost N4 or 0.65 per cent against the US currency to trade at N621/$1 compared with the preceding session’s N617/$1 and at the black market, it depreciated by N4 or 0.66 per cent to settle at N609/$1 in contrast to Monday’s value of N605/$1.
In the interbank segment of the market, the value of the domestic currency against the Pound Sterling remained unchanged at N509.82/£1 and it was a similar situation against the Euro as it closed flat at N439.49/€1 yesterday.
Meanwhile, the cryptocurrency market was bearish though the fear of missing out (FOMO) has seen the price of the crisis-hit coin, Terra USTC, return to profitability. The stablecoin has taken the 84th spot among the largest cryptocurrencies in the world, growing by 300 per cent in the past 24 hours to settle at $0.0767.
Solana (SOL) dropped 8.6 per cent yesterday to sell at $35.13, Dogecoin (DOGE) fell by 8.0 per cent to $0.0653, Binance Coin (BNB) dropped 7.2 per cent in value to sell at $218.97, Litecoin (LTC) went down by 6.1 per cent to $52.22, Ethereum (ETH) depleted by 5.7 per cent to $1,129.13, Ripple (XRP) took a 4.6 per cent hit to trade at $0.3325, Cardano (ADA) depreciated by 4.3 per cent to $0.4661, Bitcoin (BTC) dropped 3.5 per cent to $20,119.98 and the US Dollar Tether (USDT) lost 0.05 per cent to quote at $0.9986.
Bears Overwhelm Nigerian Exchange as Index Drops 0.31%
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited succumbed to the bears as it reversed the gains of the previous sessions by losing 0.31 per cent on Tuesday due to renewed profit-taking.
The bears chopped off N86 billion from the market capitalisation of the bourse as it slipped back to the N27 trillion region, closing at N27.928 trillion compared with the previous day’s N28.014 trillion.
The All-Share Index (ASI), which was looking to cross the 52,000 points, went down yesterday by 158.87 points to settle at 51,803.98 points in contrast to the 51,962.85 points it finished on Monday.
The outcome of the key sectors of the market reflected the general mood as the energy index lost 0.47 per cent, the insurance space fell by 0.06 per cent, the industrial goods counter depreciated by 0.03 per cent, while the banking sector went down by 0.02 per cent. The consumer goods counter appreciated during the session by 0.29 per cent due to the good performances of Nigerian Breweries and Okomu Oil.
During the session, investors traded 314.6 million shares valued at N12.9 billion in 4,708 deals compared with the 266.5 million shares worth N2.6 billion traded in 5,050 deals on Monday, representing an increase in the trading volume and value by 18.05 per cent and 393.67 per cent respectively and a 6.77 per cent decline in the number of trades.
Livingtrust Mortgage Bank closed the session as the most active stock yesterday with the sale of 100.0 million shares valued at N120.0 million and was trailed by MTN Nigeria with a turnover of 42.9 million equities worth N9.9 billion.
FBN Holdings transacted 19.8 million shares for N219.1 million, UBA traded 16.1 million stocks for N120.0 million, while Zenith Bank sold 16.1 million equities for N348.9 million.
Business Post reports that investor sentiment was weak on Tuesday as the exchange closed the session with 19 depreciating equities and 10 appreciating stocks.
University Press lost 9.72 per cent to trade at N2.60, NGX Group fell by 6.71 per cent to N22.95, Caverton depreciated by 4.76 per cent to N1.00, Livestock Feeds went down by 3.57 per cent to N1.35, while Fidelity Bank declined by 3.53 per cent to N3.28.
At the close of transactions, Sovereign Trust Insurance gained 8.00 per cent to quote at 27 kobo, Chams grew by 4.17 per cent to 25 kobo, Regency Assurance improved by 3.85 per cent to 27 kobo, Ecobank appreciated by 3.29 per cent to N11.00, while Okomu Oil rose by 3.29 per cent to N216.90.
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