Economy
Weekly Turnover Sheds 39% as NGX Adjusts Prices of Jaiz Bank, Two Others
By Dipo Olowookere
The volume of trades in the nation’s equity market depreciated last week by 1.181 billion units or 39.1 per cent week-on-week to 1.840 billion units from the preceding week’s 3.021 billion units. This was mainly caused by the lower volume of cross deals in the week under review.
Also, the value of transactions decreased last week as shares worth N27.286 billion exchanged hands in 27,273 deals compared with the equities valued at N31.784 billion traded in 29,153 deals a week earlier.
Amid the low weekly turnover, the All Share Index (ASI) and market capitalisation appreciated w-o-w by 2.09 per cent to 54,085.30 points and N29.158 trillion respectively.
However, all other indices finished lower with the exception of the main board index, which appreciated at 6.03 per cent, while the Asem and sovereign bond indices closed flat.
A look at the spread of the trades in terms of sectors showed that the financial services industry led the activity chart with 1.286 billion shares valued at N10.745 billion traded in 12,379 deals, contributing 69.90 per cent and 39.37 per cent to the total trading volume and value respectively.
It was trailed by the conglomerates sector with 251.105 million shares worth 1.659 billion in 1,371 deals and the consumer goods space with the sale of 105.601 million shares valued at N2.522 billion in 4,263 deals.
Ecobank, Jaiz Bank and Access Holdings were the most active stocks in the five-day trading week with a turnover of 640.650 million units worth N4.825 billion in 2,098 deals, accounting for 34.81 per cent and 17.68 per cent of the total trading volume and value respectively.
As for the price movement index, 23 equities gained in the week, lower than 37 equities in the previous week, 54 equities shed weight, higher than 42 equities in the preceding week, while 79 equities closed flat, higher than 77 equities in the earlier week.
Industrial and Medical Gases recorded the highest increment as its value rose by 20.88 per cent to N11.00, MRS Oil chalked up 20.59 per cent to sell for N16.40, Airtel Africa grew by 20.20 per cent to N1,767.00, Conoil appreciated by 9.95 per cent to N34.25, while FTN Cocoa expanded by 9.37 per cent to 35 kobo.
On the flip side, UAC Nigeria suffered the heaviest loss as its price shrank by 27.08 per cent to N10.50, Global Spectrum Energy Services crashed by 18.77 per cent to N2.77, Royal Exchange shed 14.04 per cent to 98 kobo, RT Briscoe declined by 13.85 per cent to 56 kobo, while Jaiz Bank went down by 13.33 per cent to 78 kobo.
Meanwhile, in the week, the NGX adjusted the equity prices of Jaiz Bank, AIICO Insurance and Prestige Assurance as a result of the dividend proposed by their respective boards.
The value of Jaiz Bank was modified last Friday for the 4 kobo cash reward to shareholders after the qualification date. The price moved from 81 kobo to 77 kobo after the adjustment.
As for AIICO Insurance, the 2 kobo dividend resulted in its price being modified to 76 kobo from 78 kobo last Monday and on the same day, the price of Prestige Assurance was changed to 41 kobo from 42 kobo due to the deduction of N0.015 from its previous closing value.
By Adedapo Adesanya
The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended 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 transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
By Dipo Olowookere
Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.
Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.
This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.
Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.
The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.
On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.
Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.
Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.
At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.
However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.
For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.
The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.
Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.
Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.
Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.
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