By Kayode Tokede
Trading activities on the equities market of the Nigerian Stock Exchange (NSE) extended losing streak on Tuesday, declining further by 0.07 per cent over investors profit taking.
The All-Share Index lost 30.75 basis points or 0.07 per cent to close at 41,051.63 basis points, from 41,082.38 basis points posted on Monday.
Consequently, month-to-date and year-to-date returns moderated to 1.9 per cent.
In the same vein, the market capitalisation lost N16 billion to close at N21.47 trillion compared with N21.49 trillion recorded on Monday.
Sector performances were negative today with the Banking (-0.73 per cent), Oil & Gas (-0.46 per cent) and Industrial (-0.36 per cent) sectors all closing in the red, while the Consumer Goods (+0.56 per cent) sector closed positively.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Ardova Plc, BUA Cement, UACN, Access Bank and Red Star Express.
Japaul Gold and Ventures led the losers’ chart in percentage terms with 9.86 per cent to close at N1.28 per share.
Ardova followed with 8.63 per cent to close at N18 per share.
FTN Cocoa Processors and Honeywell Flour Mill shed 8.33 per cent each to close at 66k and N1.10, while Chams lost 6.67 per cent to close at 28k per share.
Conversely, Afromedia, Guinea Insurance, NEM Insurance, Prestige Assurance, Union Diagnostic & Clinical Services and Wapic Insurance drove the gainers’ chart in percentage terms, gaining 10 per cent each, to close at 22k, 22k, N2.53, 55k, 33k and 66k per share, respectively.
Livestock Feeds followed with 9.91 per cent to close at N2.55, while AIICO Insurance rose by 9.85 per cent to close at N1.45 per share.
Transcorp topped the activity chart with an exchange of 42.94 million shares valued at N50.24 million.
Japaul Gold and Ventures followed with 39.59 million shares worth N50.87 million, while Zenith Bank traded 28.53 million shares valued at N745.99 million.
BUA Cement sold 25.69 million shares worth N2.05 billion, while Courteville Business Solutions transacted 21.97 million shares worth N5.33 million.
In all, the total volume of shares traded dropped by 28.9 per cent as investors bought and sold 525.01 million shares worth N5.34 billion in 5,965 deals.
This was in contrast with a turnover of 738.52 million shares valued at N4.17 billion transacted on 7,396 deals on Monday.
Analysts at Afrinvest Limited said, “Following two consecutive days of losses, we expect investors to take position in bellwethers.”
Also, Analysts at Investment One research stated that, “The equities market closed down today due to the losses recorded in most sectors.
“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns amidst a low interest-rate environment.
“Nonetheless, we reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”
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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