Economy
Stocks Shed N110bn as Investors Await Buhari’s Team
By Dipo Olowookere
The stock market commenced trading for the new week on a negative note on Monday with a 0.79 percent loss as the wait for news of the release of ministerial list to the Senate for confirmation continues.
During his term in office in 2015, President Muhammadu Buhari waited for nearly six months to announce his cabinet members and this had a negative effect on the economy, which eventually slipped into recession some months later.
On May 29, 2019, Mr Buhari was sworn into office for a second term, having emerged winner of the keenly contested presidential election held in February.
Nearly two months after he officially commenced the second part of his 8-year rule as President of Nigeria and barely five months after he won the election, Mr Buhari is yet to announce those who will help him achieve his ‘next level’ campaign slogan. Last week, he was reported to have asked the Senate for more time to choose those he personally knows well into his cabinet.
As investors await his team, the stock market continues to bleed further as evident in the year-to-date loss yesterday, which extended to 9.83 percent.
Business Post reports that the All-Share Index (ASI) depreciated by 228.76 points to finish at 28,341.03 points, while the market capitalisation reduced by N110 billion to close at N13.812 trillion.
The negative sentiment on Monday was hugely impacted by the performance of 21 counters which declined during the day as against the 10 price gainers recorded at the session.
Total Nigeria topped the losers’ chart yesterday with a price depreciation of N10 to settle at N130 per unit. Dangote Cement, which followed, went down by N3 to finish at N170 per share.
GTBank lost 90 kobo to end at N29 per share, MTN Nigeria fell by 65 kobo to close at N129 per share, while Eterna declined by 25 kobo to settle at N3.40k per unit.
At the other end, Nestle Nigeria emerged the best performing stock at the market on Monday, appreciating by N33 to finish at N1228 per unit.
Nigerian Breweries gained 50 kobo to close at N58.50k per share, while Conoil increased its share value by 40 kobo to settle at N20.40k per share.
In addition, Vitafoam garnered 16 kobo to finish at N3.70k per unit, while Dangote Flour went up by 10 kobo to close at N17.50k per share.
At the market yesterday, investors transacted a total of 175.2 million shares worth N2.2 billion executed in 3,111 deals, with Waic Insurance emerging as the most traded with a total of 42 million units sold for N16.8 million.
UBA traded 24.2 million shares worth N142 million, GTBank sold 16 million equities valued at N478.8 million, LASACO Assurance exchanged 15.1 million shares for N4.7 million, while Transcorp transacted 14.6 million equities worth N15 million.
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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