Economy
Zenith Bank, MTN, 20 Others Bring Back Bulls to Stock Market
By Dipo Olowookere
The bulls made a return to the Nigerian Stock Exchange (NSE) on Thursday after they were chased out by profit-takers, who brought in bears to devour the market.
At the equity market yesterday, gains in some large-cap stocks propelled the local bourse to a 0.38 per cent growth, which reduced the year-to-date loss to 4.92 per cent.
It equally boosted the All-Share Index (ASI) by 96.06 per cent to 25,520.97 points from 25,424.91 points and jerked up the market capitalisation by N50 billion to N13.314 trillion from N13.264 trillion.
Business Post observed that the growth witnessed yesterday was as a result of demand for the shares of some tier-one banks, which proposed the payment of interim dividend a few days ago.
As the qualification date for the cash reward is getting closer, dividend hunters have started to pick them up after their prices went low in the previous sessions.
At the close of business, Zenith Bank led the gainers’ chart, which had 22 members on Thursday, after adding 55 kobo to its share value to settle at N16.95 per unit.
MTN Nigeria gained 50 kobo to close at N120 per share, GTBank appreciated by 45 kobo to sell for N24.75 per unit, C&I Leasing improved by 30 kobo to trade at N3.85 per share, while Access Bank grew by 25 kobo to quote at N6.75 per unit.
On the losers’ log, which had 12 members, Seplat took the first spot after shedding N10 to close at N390 per share, while Fidson depreciated by 18 kobo to quote at N3.80 per share.
Custodian Investment declined by 15 kobo to sell for N4.80 per share, FCMB dropped 11 kobo to settle at N2.15 per share, while Africa Prudential decreased by 8 kobo to sell for N4.30 per share.
At the market on Thursday, a total of 236.5 million stocks worth N1.7 billion exchanged hands in 3,251 deals compared with the 269.6 million shares valued at N2.9 billion traded in 4,155 deals on Wednesday. This indicated 12.29 per cent decline in the trading volume, 42.62 per cent drop in the trading value and 21.76 per cent reduction in the number of deals yesterday.
Zenith Bank closed the session as the most active stock, transacting 33.2 million units worth N546.8 million, while Fidelity Bank traded 30.0 million shares valued at N52.7 million.
Mutual Benefits traded 25.0 million equities for N5.0 million, Wema Bank exchanged 20.2 million shares for N11.0 million, while FBN Holdings traded 20.1 million stocks for N100.3 million.
For the performance of the five major sub-sectors of the market, the banking space recorded the highest growth, rising by 2.28 per cent and was followed by the consumer goods counter, which gained 0.08 per cent and the industrial goods sector, which rose by 0.02 per cent.
The insurance index lost 1.66 per cent during the trading day, while the energy counter depreciated by 1.28 per cent.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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