Economy
Traders Gain N1.23bn at 40th Trading Week on NASD
By Adedapo Adesanya
It was a positive week for traders at the NASD Over-the-Counter (OTC) Securities Exchange as they gained N1.23 billion at the 40th trading week of the year at the exchange.
As a result of this development, the market capitalisation of the bourse appreciated to N638.39 billion from N637.16 billion recorded at the preceding week.
Also, the NASD Security Index (NSI) increased by 0.19 per cent or 9.34 points to close the week at 734.48 points as against 733.06 points it ended at the previous week.
Business Post reports that three securities were responsible for the expansion in the total value of stocks on the NASD exchange and they were led by Nigerian Exchange (NGX) Group Plc, which grew by 22.6 per cent to N16.15 per unit from the previous close of N13.17 per unit.
NASD Plc appreciated in the week by 8.9 per cent to settle at N12.00 per share compared with N11.01 per share of the earlier week, while Central Securities Clearing Systems (CSCS) Plc appreciated by 3.00 per cent to close at N17.00 per unit in contrast to N16.50 per unit it finished at week 39.
On the flip side, there were four price losers led by Afriland Plc, which lost 12.5 per cent to trade at N1.05 per share versus the previous week’s N1.20 per share.
Swap Technologies and Telecomms Plc declined by 9.9 per cent to close at 64 kobo per unit as against 71 kobo per unit of the preceding week, NDEP Plc went down by 8.3 per cent to N247.50 per share from N270.00 per share, while Mixta Real Estate Plc decreased by 1.0 per cent to N1.95 per unit from N1.97 per unit it closed the earlier week.
In the week, there was a 99.2 per cent decrease in the total value of trades to N97.3 million from N12.2 billion, while the volume of transactions fell by 99.9 per cent to 10.3 million stocks from 9.7 billion stocks, with the number of deals rising by 10.0 per cent to 110 deals from 100 deals of the previous week.
At the close of the week, Swap Technologies and Telecomms Plc was the most traded security by volume with 4 million units. NASD Plc traded 3.1 million units, NGX Group Plc exchanged 1.6 million units, CSCS Plc traded 796,000 units, while Mixta Real Estate Plc recorded 610,00 units.
In terms of the value, NASD Plc topped with N36.8 million, NGX Group Plc recorded N22.8 million, Niger Delta Exploration and Production (NDEP) Plc traded N19.1 million, CSCS Plc posted N13.3 million, while Swap Technologies and Telecomms Plc had N2.6 million.
In the year so far, NASD Security Index has recorded a year-to-date loss of 0.97 per cent, while investors have transacted 11,685,252,344 shares worth N29.1 billion in 4,524 deals.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further chalked up 0.32 per cent on Wednesday, May 20, spurred by price appreciation in 11 Plc, and Central Securities and Clearing System (CSCS) Plc.
11 Plc, which used to be known as Mobil, added N22.11 to sell at N243.21 per unit compared with the previous day’s N221.10 per unit, and CSCS Plc gained N1.19 to trade at N71.81 per share versus Tuesday’s N70.62 per share.
The growth posted by the duo raised the market capitalisation by N8.04 billion to N2.495 trillion from N2.487 trillion, and lifted the NASD Unlisted Security Index (NSI) by 13.44 points to 4,171.19 points from 4,157.75 points.
Yesterday, there were two price losers, led by Nipco Plc, which shed N22.60 to close at N287.00 per unit compared with the preceding day’s N309.60 per unit, and FrieslandCampina Wamco, which lost 84 Kobo to sell for N150.95 per share, in contrast to the N151.79 per share it was traded a day earlier.
The volume of trades recorded at midweek dipped by 99.9 per cent to 2.3 million units from 1.9 billion units, the value of transactions fell by 93.7 per cent to N334.2 million from the preceding session’s N5.3 billion, and the number of deals went down by 43.3 per cent to 34 deals from 60 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion sold for N6.5 billion, and CSCS Plc with 60.9 million units exchanged for N4.1 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 Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira broke its weakening streak in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, May 20, after it appreciated against the US Dollar by 53 Kobo or 0.04 per cent to trade at N1,373.34/$1, in contrast to Tuesday’s closing rate of N1,373.87/$1.
The domestic currency also improved its value against the Euro in the official FX market during the midweek session by N1.99 to close at N1,592.53/€1 compared with Tuesday’s closing value of N1,594.52/€1, but depreciated against the Pound Sterling at the official FX market during the midweek session by 39 Kobo to trade at N1,840.00/£1 versus the previous day’s value of N1,839.61/£1.
Data from GTBank FX bench showed that the Naira appreciated against the Dollar yesterday by N2 to sell at N1,379/$1 versus N1,381/$1, but closed flat in the parallel market at N1,390/$1.
The performance of the local currency in the different segments of the forex market comes as the Central Bank of Nigeria (CBN) insisted that it is no longer aggressively intervening in the foreign exchange market to defend the Naira, as it held interest rate steady despite happenings in the global economy.
Governor of the apex bank, Mr Yemi Cardoso, disclosed after the Monetary Policy Committee (MPC) meeting in Abuja on Wednesday that the structure of Nigeria’s foreign exchange market has changed significantly under the ongoing reforms, adding that increased market liquidity has reduced the need for heavy intervention by the CBN.
Currency traders and investors are expected to continue monitoring CBN policy direction, foreign portfolio inflows, crude oil earnings, and external reserve performance as key indicators influencing the naira’s trajectory in the coming months.
According to Mr Cardoso, the CBN will continue with its current policy direction to sustain the fight against inflation and stabilise the exchange rate.
He described exchange rate stability as the centrepiece of the apex bank’s policy toolkit and stressed the need for stronger collaboration between monetary and fiscal authorities to reduce inflationary pressures in the economy.
As for the cryptocurrency market, it was in green on Wednesday as the US Securities and Exchange Commission (SEC) is delaying the launch of a recent wave of “novel ETFs,” including those that offer prediction-market style event contracts, to consider the implications of introducing the new products.
Prediction markets have become one of crypto’s hottest use cases over the past 18 months and now consistently record more than $15 billion in monthly trading volume across markets spanning from sports and elections to financial results and cultural events.
Dogecoin (DOGE) appreciated by 2.2 per cent to $0.1058, Solana (SOL) grew by 1.99 per cent to $86.42, Binance Coin (BNB) jumped 1.6 per cent to $652.01, TRON (TRX) rose by 1.4 per cent to $0.3604, Bitcoin (BTC) improved by 0.8 per cent to $77,769.62, Ethereum (ETH) soared by 0.5 per cent to $2,135.25, and Ripple (XRP) gained 0.5 per cent to quote at $1.37.
However, Cardano (ADA) dropped 0.4 per cent to trade at $0.2490, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The bears quickly took control of the Nigerian Exchange (NGX) Limited on Wednesday, plunging the stock trading platform by 1.02 per cent after the Central Bank of Nigeria (CBN) left the benchmark interest rate at 26.50 per cent.
The bourse sank at midweek as BUA Cement led the losers’ chart, after closing lower by 10.00 per cent to N414.00. CAP lost 9.99 per cent to trade at N210.35, eTranzact shrank by 7.03 per cent to N17.20, International Breweries depreciated by 5.38 per cent to N12.30, and Deap Capital crashed by 4.92 per cent to N5.80.
On the flip side, Zichis led the gainers’ chart after it chalked up 9.99 per cent to sell for N32.04, ABC Transport rose by 9.99 per cent to N8.26, Japaul expanded by 9.95 per cent to N4.09, LivingTrust Mortgage Bank grew by 9.92 per cent to N4.21, and FTN Cocoa soared by 9.91 per cent to N10.76.
Business Post observed that despite the loss, investor sentiment remained bullish, as Customs Street finished yesterday with 42 price gainers and 24 price losers, indicating a positive market breadth index.
The insurance counter was the only riser at midweek, closing higher by 0.80 per cent due to bargain-hunting in the space.
However, profit-taking in the other sectors was responsible for the contraction recorded by the stock market on Wednesday.
The industrial goods segment lost 3.84 per cent, the consumer goods sector depreciated by 0.45 per cent, the banking index slumped by 0.31 per cent, and the energy industry dropped 0.10 per cent.
As a result, the All-Share Index (ASI) moderated by 2,573.05 points to 249,062.37 points from 251,635.42 points, and the market capitalisation depleted by N1.619 trillion to N159.661 trillion from N161.280 trillion.
A look at the activity chart showed that 600.2 million shares worth N32.7 billion exchanged hands in 58,958 deals on Wednesday compared with the 704.0 million shares valued at N32.2 billion transacted in 64,539 deals on Tuesday, implying a jump in the trading value by 1.55 per cent, and a shortfall in the trading volume and number of deals by 14.74 per cent, and 8.65 per cent, respectively.
Access Holdings led the activity chart with a turnover of 56.0 million units valued at N1.4 billion, Japaul transacted 49.9 million units worth N202.9 million, Zenith Bank traded 36.7 million units for N4.8 billion, Sterling Holdings sold 25.9 million units valued at N200.8 million, and Fidelity Bank exchanged 21.7 million units worth N499.6 million.
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