capital market
Investors gain N61.65bn, as NGXASI advance by 0.11%
Investors gained N61.65bn on Tuesday trading as the NGX All-Share Index (NGXASI) advanced by 0.11% to 98,285.33 points.
The total volume traded declined by 45.05 percent to close at N222.90m, valued at N5.15bn and traded in 7,228 deals. GTCO was the most traded stock by volume and value, with N40.64m and N1.62bn units traded.
At the close of trading, the market breadth index (MBI) closed flat with 20 gainers against 20 losers, while 81 others remained unchanged. BERGER topped the gainers’ list, while INTENEGINS topped the losers’ list.
Meanwhile, GTCO had the highest volume, contributing 18.23 percent, while ACCESSCORP and UBA followed closely.
The value chart shows that GTCO contributed the most, with a 31.39 percent share. MTNN and UBA followed closely behind.
With the increased rate by the Central Bank of Nigeria (CBN), Commercio Partners predict that the recent interest rate hike is expected to stimulate activity in the fixed-income market by making new securities more attractive.
“New bonds will be issued with higher yields to reflect the increased policy rate. Investors will demand higher returns to compensate for the elevated interest rate environment.
“As a result, long-duration bonds, which are more sensitive to interest rate changes, are likely to experience greater price declines compared to short-duration bonds as rates rise,” the firm stated.
By Ifeoluwakitan Afolabi
Shareholders of Total Nigeria Plc have praised the company for its consistent dividend payment despite the challenging operating environment.
At the company’s Pre-Annual General Meeting (AGM) held in Lagos, stakeholders commended Total’s entrenched safety culture, innovation, and good corporate governance for its impressive performance.
Mrs. Ifeyinwa Chinwe, a stakeholder, attributed the company’s success to its commitment to excellence and urged the government to create a more business-friendly environment to encourage companies like Total to thrive.
She also emphasised the importance of individual actions in promoting sustainability, encouraging everyone to adopt eco-friendly practices like recycling, conserving energy, and reducing plastic use.
The shareholders’ appreciation and Mrs. Chinwe’s call to action highlight the importance of collaboration between businesses and individuals in driving growth and sustainability in Nigeria.
Addressing the shareholders, the chairman Mr Jean-Phillipe Torres said he was glad to meet everyone once again, especially the fact that he’s back to Nigeria and that Nigeria has become a place where he could call home.
He encouraged everyone to please do better and ensure they are doing the right thing at the right time.
“In 2023, TotalEnergies reported a turnover of $281.7 billion. For 2024, their Q1 2024 results indicate a slight increase in turnover compared to Q1 2023, reflecting higher energy prices and increased production,” he said.
The equities market resumed from the Eid-El-Kabir holiday with investors losing N47 billion at the end of trading session on Wednesday.
This followed a dip in the share price of stocks like Caverton, ABC Transport, and NB amongst others on the trading floor today.
After five hours of trading at the capital market, the equity capitalisation crashed to N56.4 trillion from N56.5 trillion posted by the bourse on Friday.
Similarly, the All-Share Index (ASI) decreased to 99,840.95 from 99,925.29 recorded the previous trading day.
The market breadth was positive as 40 stocks advanced, 15 declined, while 70 others remained unchanged in 9, 899 deals.
UPL, Guinness, and Champion led other gainers with 10 percent, 9.96 percent, and 9.83 percent growth in share price to close at N2.75, N66.25, and N3.24 from the previous N2.50, N60.25, and N2.95 per share.
On the flip side, Caverton, ABC Transport, and NB led other price decliners as they shed 9.62 percent, 9.52 percent, and 8.37 percent each to close at N1.41, N0.57, and N29.00 from the initial N1.56, N0.63, and N31.65 per share.
Veritaskap traded 55.731 million shares valued at N443 million in 103 deals.
On the value index, Fidelity Bank recorded the highest value for the day trading stocks worth N11.3 billion in 466 deals followed by Geregu which traded equities worth N1.09 billion in 61 deals.
MTN Nigeria traded stocks worth N596 million in 454 deals.
The naira, Nigeria’s currency on Wednesday traded flat at N1,490 on the parallel market, popularly called the black market, following improved dollar liquidity in the foreign exchange (FX) market.
When compared to last week’s rate of N1,495, the naira recorded a marginal gain of 0.33 percent per dollar on the black market.
A total of $5.95 billion from the World Bank and Afreximbank entered into the Nigerian economy, helping to strengthen Nigeria’s external reserves and the naira.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed flat on Friday, gaining marginally by 0.06 percent as the dollar was quoted at N1,482.72 on Friday as against N1,483.62 closed on June 10, 2024, according to the data obtained from the FMDQ Securities Exchange Limited.
The dollar supply by willing buyers and willing sellers increased by 13.47 percent to $183.47 million on Friday, June 15, 2024 from $161.69 million as of June 10, 2024, according to data from the FMDQ Securities Exchange Limited.
Nigeria‘s foreign currency reserves have risen by 2.19 percent month-on-month, following streams of dollar inflows from international financial institutions.
Data from the Central Bank of Nigeria (CBN) revealed that external reserves grew to $33.159 billion as of June 11, 2024 from $32.447 billion in May 10, 2024.
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