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capital market

Equities market drops by 0.03% as YTD return hits -2.04%



By Kayode Tokede

Transaction on the equities market of the Nigerian Exchange Limited (NGX) on Wednesday closed negative with 0.03 per cent declined, reversing the rally recorded in the previous trading session.

The bearish performance was buoyed by investors’ profit-taking sentiment in all the major sectors except the Industrial sector that was unchanged.

In summary, the NGX All-Share Index (ASI) dropped by 10.68 absolute points, representing a decrease of 0.03 per cent, to close at 39,449.82  basis points. Similarly, the overall market capitalisation value lost N6 billion to close at N20.554 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Dangote Sugar Refinery, Guaranty Trust Bank Holding Company (GTCO), Pharma Deko, Zenith Bank and Oando.

Analysts at Afrinvest Limited said “In the next trading session, we expect to see profit-taking activities dominate the market in the absence of any positive catalyst.”

Also, investors sentiment as measured by  market breadth closed negative, recording 19 gainers as against 17 losers. Capital Hotels and Eterna Plc recorded the highest price gain of 10 per cent each to close at N3.19 and N6.82, while  Morison Industries followed with a gain 9.74 per cent to close at N1.69, per share.

Transcorp Hotels, went up by 9.30 per cent to close at N4.70, while UACN Property Development Company (UPDC) appreciated by 9.22 per cent to close at N1.54,  per share. On the other hand, Academy Press led the losers’ chart by 9.76 per cent to close at 37 kobo, per share. Pharma Deko Plc followed with a decline of 9.52 per cent to close at N1.71, while Mutual Benefits Assurance declined by 8.57 per cent to close at 32 kobo, per share.

Associated Bus Company shed 7.69 per cent to close at 36 kobo, while Unity Bank depreciated by 6.67 per cent to close at 56 kobo, per share.

Meanwhile, the total volume traded increased by 0.3 per cent to 198.332 million shares, worth N1.056 billion, and traded in 3,336 deals. Transactions in the shares of Sovreign Trust Insurance topped the activity chart with 48.384 million shares valued at N11.167 million. Mutual Benefits Assurance followed with 27.092 million shares worth N8.707 million, while Jaiz Bank traded 10.905 million shares valued at N6.790 million.

Regency Alliance Insurance, traded 9.008 million shares valued at N3.943 million, while Transnational Corporation of Nigeria (Transcorp) transacted 6.944 million shares worth N6.641 million.

capital market

Ecobank declares N182.92bn PAT in Q3 2023



Ecobank Transnational Incorporated, has recorded a profit of N182.92 billion in its third quarter 2023 results.

According to the results posted on the Nigerian Exchange Limited (NGX) website, the Bank announced a 59 percent gross earnings growth in Q3 2023 Results.

The Gross earnings also grew by 59 percent from N761.30 billion to N1.211 trillion.

According to the results, profit before tax stood at N262.17 billion.

Meanwhile in its second quarter results Pre-tax profit increased to N92.52 billion from N56.89 billion profit in Q2 2022.

The increase in second-quarter profits helped its half-year profit before tax to rise by 38 percent to N150.31 billion compared to N108.96 billion in the same period last year.

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capital market

Market capitalisation gains N44.16bn as NGX ASI advances by 0.11%



Since the recent announcement of recapitalisation by the Central Bank of Nigeria Governor, the market had continued to see a rise in investment moves amongst banks thereby boosting the market capitalisation of the NGX.

As at yesterday’s trading, the NGX Market CAP recorded a gain of N44.16billion in Naira terms while the NGX All-Share Index (ASI) advanced by 0.11 percent.

Compared to the previous day’s gain of 0.34 percent, which closed at 71,284.56 basis points, the NGXASI now stands at 39.25 percent.

The total volume of stocks traded also advanced by 49.77 percent to close at N540.09 million, valued at N10.24 billion and traded in 6,516 deals. GTCO was the most traded stock by volume and value, with N67.23 million and N2.60 billion units traded.

At the close of trading, the market recorded 25 gainers, 31 losers, and 55 unchanged. NNFM topped the gainers list, while NSLTECH topped the list of losers.

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capital market

Naira hits N831.47/$1 in official market



The Nigerian naira appreciated against the dollar on Wednesday, 29th November 2023, closing at N831.47/$1 at the official market.

The positive trajectory aligns with expectations among experts, who anticipated that the Central Bank of Nigeria’s (CBN) recent initiative to clear a portion of its FX backlog would boost confidence in the currency.

The domestic currency appreciated 6.06 percent to close at N831.47 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.

This represents an N50.41 gain or a 6.06 percent increase in the local currency compared to the N841.14 it closed on Tuesday.

The intraday high recorded was N1159/$1, while the intraday low was N700/$1, representing a wide spread of N459/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $140.35 million, representing a 18.88 percent growth compared to the previous day.

However, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.26 percent, quoted at N1160/$1, while peer-to-peer traders quoted around N1159.47/$1.

The Central Bank of Nigeria (CBN) has said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.

The apex bank also disclosed that it has set up foreign exchange frameworks to address the FX issues.

Governor of the CBN, Yemi Cardoso, disclosed this on Friday at the bankers’ dinner in Lagos.

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