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Equities market close week by 0.33%



By Philemon Adedeji

At the Nigerian Exchange Limited, equities market maintained negative posture as the key market indicator dipped further by 163.72 basis points as sell pressure persists.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Zenith Bank, Computer Warehouse Group and 18 others.

The Nigerian Exchange Limited (NGX), All-Share Index decreased by 0.33 per cent to close at 49,026.62 index points as against 0.47 per cent loss recorded previously to close at 49,190.34 index points points at the end of the last trading session. Specifically, in naira terms market capitalisation value lost N88.31 billion to close at N26.444 trillion.

The total volume traded advanced by 33.38 per cent to close at 169.18million units, exchanged at N3.19 billion and traded in 3,206 deals.

Courtville Business Solution was the most traded stock by volume with 27.68 million units while MTNN was the most traded stock by value which is put at N1.29 billion.

Sectoral performance was broadly negative as ix (6) NGX sector index closed northward, nine (9) closed southward while three (3) closed flat. The NGX Banking Index inched up by 0.85 per cent to top the gainers chart while the NGX Industrial Index dipped by 1.61 per cent to top the losers’ chart.

At the close of trade on Friday, market recorded 11 gainers as against 20 that declined  VITAFOAM topped the list of gainers while Computer Warehouse Group topped the list of losers.

Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.14x.

Vitafoam emerged as the highest price gainer with 6.90 per cent to close at N22.45 per share,  followed by Rt.briscoe which gained 6.06 per cent increase to close at N0.35 per share, While Accesscorp which recorded as the last third gainer rose significantly by 6.02 per cent increase to close at N8.80 per share

Cornest which recorded as the last fourth gainer grew by 3.70 per cent to close at N0.56 per share and Fidelity bank appreciated by 3.00 per cent to close at N3.78 per share

On the other hand, Computer Warehouse Group recorded as the most losers on Friday by 10 per cent to close at N0.81 per share as followed by Berger paint which dipped by 9.85 per cent to close at N5.95 per share, while Eterna Plc dipped by 9.45 per cent to close at N5.15 per share.

Sunu Assurance diminished by 8.57 per cent to close at N0.32 per share and Cham Plc which recorded as the last fifth loser declined by 6.90 per cent to close at N0.27 per share.

Transaction in the share of Courtville Business Solution topped the activities chart with 27.679 million shares worth N12.490 million, followed by NGXGROUP which transacted 24.535 million shares valued at N417.392 million, While Zenith Bank accounted 20.832 million shares valued at N416.750 million.

Transcorp transacted 11.149 million shares worth N11.592 million and Jaizbank traded 10.852 million shares worth N8.659 million.

Courtville Business Solution led the volume’s chart with 16.36 per cent contribution and closely followed by NGXGROUP and ZENITH BANK.

MTNN tops the value’s chart with 40.40 per cent contribution and closely followed by BUACEMENT and NGXGROUP.

capital market

Naira depreciates to N1,170/$ in parallel market



The Naira on Monday depreciated to N1,170 per dollar in the parallel market from N1,166 per dollar last week Friday.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N837.77 per dollar from N927.19 per dollar last week Friday, indicating N89.42 kobo appreciation for the naira.

The Naira appreciated to N837.77 per dollar in the Nigerian Foreign Exchange Market (NAFEM) yesterday.

The volume of dollars traded (turnover) on NAFEM fell by 32.8 percent to $73.93 million from $110.14 million last week Friday.

As a result, the gap between the official and parallel market exchange rates widened to N332.23 per dollar yesterday from N238.81 per dollar last week Friday.

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capital market

Stock market plummets with investors losing N258.85bn



Trading yester day at the Nigerian equities market closed negatively for the new week. This is as the NGX Market CAP also recorded a loss of N258.85bn in Naira terms.

UNIVINSURE had the highest volume contribution with 16.42 percent, while TRANSCORP and GTCO followed closely.

According to the value chart, AIRTELAFRICA is at the top with a 46.04 percent contribution while GTCO and ZENITHBANK followed closely behind

The NGX All-Share Index (ASI) declined by 0.66 percent, closing at 70,946.83 basis points, compared to the previous day’s gain of 0.08 percent, which closed at 71,419.87 basis points.

The NGXASI now stands at 38.43 percent.

Meanwhile, the total volume traded declined by 0.72 percent to close at N358.53m, valued at N7.10bn and traded in 6,433 deals. UNIVINSURE was the most traded stock by volume with N58.85m, while AIRTELAFRI was the most traded stock by value with N3.27bn units traded.

The Gate Index declined by 0.04 percent to close at 183.36, while the Toni index advanced by 0.38 percent to close at 374.27 basis points.

At the close of trading, the market recorded 33 gainers, 26 losers, and 58 unchanged. THOMASWY topped the gainers list, while BUACEMENT topped the list of losers.

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Flour Mills of Nigeria completes repayment of N51.64bn Series 2 Commercial Paper



Flour Mills of Nigeria Plc (FMN), a Nigerian food and agro-allied company, has repaid its N51.64 billion Series 2 Commercial Paper (CP) on November 17, 2023.

This repayment follows the earlier completion of the N13.33 billion Series 1 payment on August 22, 2023.

The successful repayment of these Commercial Paper Programs highlights FMN’s robust financial position and the trust it commands within the market, according to Anders Kristiansson, FMN’s Group Chief Finance Officer. He also noted the company’s commitment using the Debt Capital Market to fulfill its operational financial needs in a statement shared with Businessday.

“We are delighted to confirm the prompt and successful repayment of our Series 2 Commercial Paper. This accomplishment mirrors FMN’s dedication to sound financial management and the faith vested in our organization by the investing community. “We extend our appreciation to our stakeholders for their unwavering support and affirm our dedication to delivering sustainable value while upholding the highest standards of corporate governance,” Kristiansson said.

The Series 1 CP and Series 2 CP, totaling N64.97 billion, were initially issued on February 22, 2023, as part of FMN’s N200 billion Commercial Paper Programme introduced earlier that month.

The company also initiated its N200 billion Commercial Paper Programme on February 10, 2023, launching Series 1 and Series 2 on February 22. Series 1, raising N13.33 billion with a yield of 13.0 percent, and Series 2, raising N51.64 billion with a yield of 14.0 percent.

Following the successful issuance of Series 1 and 2, FMN made strategic strides by introducing its Series 3 Commercial Paper in June 2023. The subscriptions from banks and Pension Fund Administrators contributed to the success, with banks at 39.7 percent and Pension Fund Administrators at 40.8 percent.

The management of this transaction was led by FBNQuest Merchant Bank Limited as the Lead Arranger, supported by ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.

Established in September 1960 and listed on the Nigerian Stock Exchange since 1978, Flour Mills of Nigeria (FMN) Plc, known for the Golden Penny Food brand, has emerged as a frontrunner in Nigeria’s food and agro-allied industry.

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