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Economy

University Press, Cadbury, Guinness Rescue Market by 0.41%

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university press plc ibadan

By Dipo Olowookere

Transactions on the floor of the Nigerian Exchange (NGX) Limited closed bullish on Thursday with a 0.41 per cent growth after closing bearish a day earlier.

Buying interest across the major sectors of the market yesterday triggered the reversal of the loss, with the consumer goods sector emerging as the darling of investors with a 1.47 per cent rise.

The banking index appreciated by 0.67 per cent, the energy space grew by 0.19 per cent, the industrial goods counter improved by 0.10 per cent, while the insurance sector depreciated by 0.21 per cent.

At the close of trading activities, the All-Share Index (ASI) went up by 171.55 points to settle at 41,961.14 points as against the preceding day’s 41,789.59 points, while the market capitalisation by N89 billion to N21.898 trillion from N21.809 trillion.

Business Post reports that investors traded a total of 558.9 million shares worth N4.4 billion in 4,683 deals on Thursday compared with the 284.6 million shares worth N3.2 billion traded in 5,036 deals at the midweek session, implying that the trading volume and value increased by 96.38 per cent and 37.50 per cent respectively, while the number of deals declined by 7.01 per cent.

The interest in FBN Holdings shares continued yesterday, especially with the announcement of the appointment of Mr Nnamdi Okonkwo, the immediate past Managing Director of Fidelity Bank, as the incoming Group MD of FBN Holdings.

The stock was the most traded by investors at the equity market yesterday as a total of 162.6 units worth N1.9 billion were bought and sold, followed by Transcorp, which traded 115.7 million units valued at N123.9 million.

C & I Leasing transacted 63.4 million units worth N291.8 million, UBA exchanged 60.0 million units valued at N509.4 million, while Access Bank traded 29.0 million units valued at N273.3 million.

The market breadth closed positive with 13 price losers and 21 price gainers led by University Press, Cadbury Nigeria and Guinness Nigeria, which appreciated each by 10.00 per cent to settle at N1.98, N8.80 and N33.00 respectively, while AIICO Insurance gained 9.71 per cent to trade at N1.13, with Nigerian Breweries rising by 6.37 per cent to N54.25.

On the reverse side, Axa Mansard Insurance led the chart after it lost 6.02 per cent to sell for N2.34, followed by Japaul, which went down by 4.44 per cent to 43 kobo.

Courtville depreciated by 4.35 per cent to trade at 44 kobo, Mutual Benefits Assurance declined by 3.45 per cent to sell at 28 kobo, while Lasaco Assurance fell by 2.50 per cent to close at N1.17.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Economy

Investors Give Nigeria’s Orda $1.1m to Grow Services in Africa

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Orda restaurant management

By Adedapo Adesanya

A Nigerian restaurant management startup, Orda, has raised a $1.1 million pre-seed funding round to speed its growth and expand across Africa.

The pre-seed round was led by Lofty Inc Capital Management, with participation from Techstars – Boulder, Magic Fund, Hustle Fund, Norrsken Foundation, Microtraction, DFS Labs, Oxford Seed Fund, Enza Capital and Agroly Advisors, as well as Ire Aderinokun, Jesse Ovia, Ademola Adesina and other angel investors.

Following the raise, the startup is looking to increase its rate of growth and expansion across the continent.

Orda has developed a full-stack approach to integrating local payments, logistic companies while building inventory management, and business analytics for small to medium-sized food businesses.

It says it is the only technology solution on the continent that allows restaurants to accept and process all their in-store, website, social media, WhatsApp, Jumia Food, Glovo and Bolt Food orders from one easy-to-use interface.

The startup’s cloud-based solution is currently available for restaurants in Nigeria and Kenya.

In addition, its Gross Merchandise Value (GMV) has been growing at more than 15 per cent week-on-week as Orda now processes thousands of weekly transactions.

Speaking on the inspiration behind the technology, Mr Guy Futi, the startup’s CEO, said the team had kept trying to address the real pain points of chefs, caterers and small restaurants.

“From that Orda grew. Before Orda, a small food business owner could spend up to four hours a day reconciling transactions while trying to figure out losses. We looked to alleviate that burden. In the process, we noticed that food business owners were not fully integrated with local payment solutions, online sales channels, and logistic providers. This made their operations even more difficult,” he said.

On his part, the company’s Chief Technology Officer, Mr Fikayo Akinwale said, “Orda was built from a near 18 months of a collaborative customer feedback loop. We listened to everything, from how African restaurants reconcile inventory, how customers pay, to how they handle logistics and more.

“We can confidently say that no one has done as much work as we have to build an end-to-end solution for our food business owners. We are excited to usher in much-needed digitisation to the sector.”

Mr Idris Ayodeji Bello, a managing partner of LoftyInc Capital Management, said his team invested in Orda because it was building the core digital infrastructure for restaurants across Africa.

“The team has done the hard work of figuring out the core problems that African restaurant owners are facing and is building a solution that can revolutionise the food business across the continent. LoftyInc is excited to back a solution-focused team like Orda,” he said.

Launched in 2020, Orda is a cloud-based restaurant management system provider that hopes to provide one operating system to power African restaurants. Since its launch, the Lagos-based startup has worked with several well-known African and global restaurants including Barcelos, Eric Kayser, Johnny Rockets and Ofadaboy.

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Economy

Unlisted Securities Market Closes Flat on Wednesday

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Unlisted Securities Market

By Adedapo Adesanya

The key performance indices of the NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, January 19 as investors begin to trade cautiously.

It was observed that during the trading session, none of the securities on the platform recorded a movement as their prices remained unchanged at the close of business.

According to data obtained by Business Post, the market capitalisation of the NASD Exchange retained its previous value of N633.06 billion, while the NASD Unlisted Securities Index (NSI) remained at 747.61 points.

However, trading data showed that there were declines in the volume, value, and deals carried out at the unlisted securities market.

Investors traded a total of 195.2 million units of securities in contrast to the 453.7 million units of securities transacted at the preceding session, indicating a fall of 56.9 per cent.

The value of shares exchanged by the market participants also depreciated, this time by 58.4 per cent to N4.1 billion from N9.8 billion published at the bourse at the Tuesday session.

In the same vein, the total number of deals executed by traders went down by 9.1 per cent as 10 deals were performed at the exchange as against the 11 deals printed at the preceding session.

At the close of transactions, the most traded stock by volume on a year-to-date basis was Central Securities Clearing Systems (CSCS) Plc with the sale of 844.7 million units valued at N17.7 million. VFD Group Plc followed with 916,161 units of its stocks valued at N331.5 million, while Friesland Campina WAMCO Nigeria Plc was in third place with 207,030 units valued at N24.5 million.

Also, CSCS Plc closed as the most traded stock by value (year-to-date) with the sale of 844.7 million units exchanged for N17.7 million, VFD Group Plc was also in second place with 916,161 units worth N331.5 million, while Friesland Campina WAMCO Nigeria Plc was in third place with 207,030 units valued at N24.5 million.

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Economy

Naira Trades N566.22/£1 at Interbank, Bitcoin Gains 0.8%

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Bitcoin loses

By Adedapo Adesanya

The Naira appreciated by 84 kobo against the British Pound Sterling at the interbank segment of the foreign exchange (FX) market on Wednesday to close at N566.22/£1 compared with the preceding day’s N567.06/£1.

Equally, the indigenous currency edged higher by N2.73 against the Euro at the same market window to finish at N470.99/€1 in contrast to N473.72/€1 it was exchanged a day earlier.

However, against the United States Dollar, the local currency suffered a loss as it depreciated by 30 kobo to close at N415.30/$1 versus N415.00/$1 it ended on Tuesday.

It was not the same scenario with the Naira at the Investors and Exporters (I&E) window as the Naira closed stronger than the greenback, appreciating by 17 kobo or 0.04 per cent to trade at N416.33/$1 compared with the previous day’s exchange rate of N416.50/$1.

This occurred amid an increase in the FX trades at the market window as the turnover went up by 12.2 per cent or $13.55 million to $124.57 million from the preceding session’s turnover of $111.02 million.

Meanwhile, at the digital currency market, the bulls took control amid a renewed investor confidence, causing seven of the 10 tokens tracked by Business Post to end in the positive territory yesterday.

The highest gainer for the session was Tron (TRX) as its value went up by 1.7 per cent to sell for N39.43, followed by Ripple (XRP) which appreciated by 1.4 per cent to N436.99, and Binance Coin (BNB), which grew by 0.9 per cent to trade at N192,540.74.

In addition, Bitcoin (BTC) gained 0.8 per cent to trade at N24,183,994.94, Dash (DASH) recorded a 0.7 per cent appreciation to sell at N74,381.31, Litecoin (LTC) added 0.7 per cent to its value to close at N80,114.51, while Ethereum (ETH) made a 0.4 per cent jump to trade at N1,802,564.40.

However, Cardano (ADA) depreciated during the session by 7.3 per cent to N805.27, Dogecoin (DOGE) retreated by 0.6 per cent to sell at N99.9, while the US Dollar Tether (USDT) declined by 0.1 per cent to sell for N577.45.

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