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Access Bank, GTBank, others join Meristem Growth Index

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By Kayode Tokede

The Nigerian Stock Exchange (NSE) has announced the results of its annual full year market index review for the following indices – the NSE 30, NSE Lotus Islamic, NSE Pension, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, Meristem Value Index; and the five Sectoral Indices of The Exchange – NSE Banking, NSE Insurance, NSE Industrial, NSE Consumer Goods and NSE Oil & Gas.

The review has led to the entry and exit of major companies from several indices which will take effect when the market opens on Monday.

Access Bank Plc, Cadbury Nigeria Plc, Guaranty Trust Bank Plc and Julius Berger Nig. Plc joined Meristem Growth Index as while BUA Cement Plc, Glaxo Smithkline Consumer Nig. Plc, Okomu Oil Plc and Wema Bank Plc are outing.

The Meristem Value Index has  Dangote Sugar Plc and Total Plc are incoming,  Cadbury Nigeria Plc, Dangote Cement Plc, Fidelity Bank Plc and UACN Property Development Company Plc as outgoing shares.

The indices were developed to allow investors to follow market movements and properly manage investment portfolios. Designed using the market capitalization methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July.

The bourse began publishing the NSE 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NSE developed five sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The sectoral indices comprise the top fifteen most capitalized and liquid companies in the Insurance and Consumer Goods sectors; the top ten most capitalized and liquid companies in the Banking and Industrial Goods sector; and the top seven most capitalized and liquid companies in the Oil & Gas sector.

In July 2012, the Nigerian bourse launched The NSE Lotus Islamic Index (NSE LII) which consists of companies whose business practices are in conformity with Shari’ah Investment Principles, with the aim of increasing the breadth of the market and creating an important benchmark for investments as the alternative ethical and noninterest investment space widened. The companies that appear on the Islamic Index have been thoroughly screened by Lotus Capital Halal Investment, in accordance with a methodology approved by an internationally recognized Shari’ah Advisory Board comprising of renowned Islamic scholars.

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capital market

Total Nigeria Plc shareholders laud consistent dividend payment, urge govt support

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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.

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Investors return from Sallah break with N47bn loss

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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.

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Naira trades flat on black market as dollar liquidity improves

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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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