By Philemon Adedeji
Equities market of Nigeria Exchange Limited (NGX) on Tuesday closed on negative note to halt a day bullish sentiment.
The market loss that occurred yesterday was due to down turn in price in large and medium capitalized stocks amongst which are, Nahco, Mutual Benefit Assurance Wemabank, MTNN and 32 others
Basically, All shares index depreciated by 97.07 basis points to represent 0.18 per cent to close trade at 51,805.41 index points from 51,902.48 index points it closed trade on Monday.
Meanwhile,overall market capitalisation value dropped by N53 billion to close trade at N27.928 trllion from N27.981 trillion it closed trade on Monday.
In all, volume of share traded yesterday declined by 0.17 per cent as investors bought and sold 331.521 million units valued by N5.035 billion, exchanged in 6,689 deals.
However, investors sentiments as measured by market breadth closed negative as 36 stocks advanced, while 13 stocks declined.
On the gainers table, May & Baker, Okomu oil plc, Multiverse emerged as the overall best gainer which rose by 10 per cent increase to close trade at N4.84, N187, N0.22 per share respectively.
Champion breweries gained 9.81 per cent or 0.36 kobo to close trade at N4.03 per share and Mcnichols which recorded as the last fifth gainer appreciated by 9.78 per cent or 0.09 kobo increased to close trade at N1.01 per share.
On the decliners table, Nahco emerged as the highest decliners which dropped by 4.12 per cent or 0.28 kobo to close trade at N6.51 per share, Mutual Benefit Assurance dipped by 3.85 per cent to close trade at N0.25 per share.
While, Wemabank depreciated by 0.14 kobo or 3.73 per cent to close trade at N3.61 per share, MTNN went down by 3.61 per cent or 9 kobo to close trade at N240 per share and Regalins which recorded as the last fifth decliners declined by 0.01 kobo or 3.33 per cent to close trade at N0.29 per share
Transaction in the share of Guaranty Trust Holding Company topped the activity chart which transacted 51.963 million shares worth 1.228 billion, Transcorp followed which traded 41.337 million shares valued at 49.618 million.
First Bank Of Nigeria Holding traded 14.089 million shares worth 171.283 million, Oando plc transacted 13.596 million shares valued at 80.855 million shares while, Regalins transacted 11.976 million shares worth 3.311 million.
Guaranty Trust Holding Company recorded as the highest in terms of volume and value
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.
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.
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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