Economy
Unity Bank, GTBank, Others Drive N19bn Investment in Domestic Stocks
By Dipo Olowookere
Last week, on the floor of the local exchange, the volume of transactions increased by 35.29 per cent to 2.3 billion units from 1.7 billion units as a result of interests in stocks in the banking sector.
The market witnessed this rise in the number of traded equities despite the recent decline due to the absence of triggers to propel a buying pressure, though the release of the audited 2020 earnings of GTBank and the completion of the demutualisation of the Nigerian Stock Exchange (NSE) spurred bargain hunting in two of the five-day trading week.
Business Post observed that despite the increase in the trading volume, the value of the investment in domestic stocks reduced by 17.87 per cent as shares worth N19.3 billion exchanged hands in 20,173 deals during the week compared with the N23.5 billion equities transacted in 21,732 deals the preceding week.
Trading in Unity Bank, GTBank and Multiverse Mining and Exploration accounted for 1.5 billion shares worth N7.1 billion in 2,317 deals, contributing 62.82 per cent and 36.91 per cent to the total trading volume and value respectively.
At the close of business, financial stocks led the activity log by volume with the sale of 1.9 billion shares valued at N12.5 billion in 12,019 deals, accounting for 80.60 per cent and 64.58 per cent of the total equity turnover volume and value respectively.
Equities in the natural resources industry recorded 201.3 million units worth N41.295 million in 27 deals, while stocks in the conglomerate sector traded 62.1 million units valued at N65.7 million in 612 deals.
According to data from the exchange, 33 equities appreciated in price during the week, lower than 35 equities in the previous week, while 25 equities depreciated in price, lower than 38 equities in the previous week, with 104 equities closing flat, higher than 89 equities recorded in the preceding week.
Eterna was the biggest price riser as its share price improved by 20.78 per cent to N5.58 and was trailed by SFS REIT, which grew by 9.94 per cent to N68.60.
Northern Nigerian Flour Mills gained 9.73 per cent to close at N6.20, Unity Bank appreciated by 9.09 per cent to trade at 72 kobo, while Smart Products Nigeria rose by 8.33 per cent to 26 kobo.
On the flip side, Neimeth topped the losers’ log after its share price went down by 14.83 per cent to N1.78 and was followed by Africa Prudential, which fell by 10.08 per cent to N5.35.
NCR Nigeria depreciated by 9.71 per cent to N2.79, Linkage Assurance declined by 9.09 per cent to 50 kobo, while Lasaco Assurance dropped 6.92 per cent to N1.21.
When the market closed for the week last Friday, the All-Share Index (ASI) and market capitalisation reduced by 0.69 per cent to 38,382.39 points and N20.082 trillion respectively.
However, all other indices finished higher with the exception of the NSE mainboard, NSE 30, insurance, consumer goods, NSE Lotus II, industrial and growth indices, which declined by 1.68 per cent, 0.99 per cent, 0.01 per cent, 1.46 per cent, 1.51 per cent, 2.62 per cent and 0.25 per cent while the sovereign bond index closed flat.
By Modupe Gbadeyanka
Nigeria’s First Lady, Mrs Oluremi Tinubu, has given Nigerians business advice that may not involve a lot of money to start.
Speaking with newsmen recently, the wife of President Bola Tinubu said businesses like akara (fried bean cake), kulikuli (a crunchy snack from roasted peanuts or groundnuts) and roasted corn can be set up without breaking the bank.
She disclosed that to support her husband’s Renewed Hope agenda, she has provided funding packages to traders and others to the tune of N3.5 billion.
“To start akara business doesn’t take a lot of money. To start roasting corn and kuli-kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant,” she stated.
She further said, “We’ve encouraged Nigerians as best as we could, what is within our hands, I have given, and I keep giving. Those are the things we’ve done.”
“I remember giving for TB (tuberculosis) when I heard of many TB cases; I gave N2 billion, to breast cancer, I gave N1 billion, and to [tackle] malnutrition, I gave N500 million.
“These are the things we’ve been doing to assist the government. So, we’ve had impact in agriculture, social investment, education (as scholarship and ICT training) and others. We are still open to doing more,” she disclosed.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.70 per cent on Thursday, June 25, after three price gainers overpowered the two price losers recorded at the close of business.
Consequently, the market capitalisation of the trading platform increased by N43.79 billion to N2.618 trillion from N2.574 trillion, and the NASD Security Index (NSI) improved by 72.96 points to close at 4,362.32 points, in contrast to Wednesday’s 4,289.36 points.
Yesterday, the price advancers were led by Nipco Plc, which chalked up N31.79 to close at N349.76 per unit versus the preceding day’s N317.97 per unit. Okitipupa Plc gained N18.00 to end at N298.00 per share versus the previous session’s N280.00 per share, and Central Securities Clearing System (CSCS) Plc went up by N7.11 to N86.79 per unit from N79.68 per unit.
On the flip side, Nitrox Industrial Gases Plc crumbled by 32 Kobo to close at N21.09 per share compared with the N21.41 per share it closed at midweek, and Food Concepts Plc depreciated by 25 Kobo to N2.51 per unit from N2.76 per unit.
During the session, the value of securities traded by investors went down by 86.7 per cent to N10.9 million from the preceding session’s N82.9 million, and the volume of securities dropped 84.9 per cent to 10.9 million units from the previous 82.9 million, while the number of deals grew by 84.2 per cent to 35 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.4 million units exchanged for N4.7 billion.
GNI Plc was also 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 traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further suffered a 0.64 per cent decline on Thursday as the bears tightened their grip on the bourse.
For the second straight session, all the key sectors of Customs Street pointed south, with the energy counter down by 5.22 per cent. The insurance index slumped by 2.59 per cent, the banking space depreciated by 0.28 per cent, and the consumer goods segment moderated by 0.06 per cent, while the industrial goods sector was flat, though with a marginal fall.
As a result, the All-Share Index (ASI) contracted by 1,493.71 points to 233,580.83 points from 235,074.54 points, and the market capitalisation retreated by N959 billion to N149.888 trillion from N150.847 trillion.
Investor sentiment remained weak after a negative market breadth index, as there were 21 price gainers and 34 price losers.
Aradel and Deap Capital went down by 10.00 per cent each to N1,575.00 and N4.05, respectively. Trans-Nationwide Express fell by 9.90 per cent to N3.64, Regency Alliance slipped by 9.57 per cent to N85 Kobo, and C&I Leasing dipped by 9.48 per cent to N28.12.
Conversely, Red Star Express grew by 9.60 per cent to N24.55, Legend Internet expanded by 9.09 per cent to N6.00, Neimeth appreciated by 7.10 per cent to N8.30, Abbey Mortgage Bank rose by 5.45 per cent to N8.70, and Ellah Lakes improved by 4.65 per cent to N9.00.
Yesterday, market participants traded 393.7 million equities valued at N19.2 billion in 45,813 deals compared with the 488.1 million equities worth N20.9 billion transacted in 46,239 deals recorded a day earlier, implying a shortfall in the trading volume, value, and number of deals by 19.34 per cent, 8.13 per cent, and 0.92 per cent, respectively.
The most active stock for the session was Access Holdings with a turnover of 39.1 million units worth N896.2 million, Chams traded 24.5 million units valued at N96.5 million, Fidelity Bank sold 24.1 million units for N436.9 million, Sterling Holdings exchanged 23.8 million units valued at N182.2 million, and Zenith Bank transacted 18.9 million units worth N2.1 billion.
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