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Equity market: Capitalisation gains N53bn



The equity market on Tuesday maintained a bullish trend, gaining N53 billion amid sustained buying interest in large and medium stocks.

The market capitalisation which rose by N53 billion, or 0.20 per cent, closed at N26.344 trillion as against N26.291 trillion on Monday.

Also, the All-Share Index was up by 96.46 points or 0.20 per cent to close at 48,366.69 compared to 48,270.23 on Monday.

The market’s positive performance was largely driven by some stocks, which included United Bank for Africa (UBA), BUA Cement, Ecobank Transnational Incorporated and WAPCO Cement.

Consequently, the year-to-date (YTD) return rose to 13.23 per cent.

Market breadth closed positive as 15 stocks advanced, while 12 declined.

Honeywell Flour Mills led the gainers’ chart in percentage terms by 8.06 per cent to close at N3.28 per share.

Champion Breweries followed with 7.14 per cent to close at N3.75, while ETI rose 4.98 per cent to close at N10.55 per share.

LASACO Assurance appreciated by 4.71 per cent to close at 89k, while RT Briscoe garnered four per cent to close at 26k per share.

Conversely, UPDC dominated the losers’ chart in percentage terms with 7.07 per cent to close at 92k per share.

Wema Bank followed with 6.12 per cent to close at N3.22, while FTN Cocoa Processors declined by 3.33 per cent to close at 29k per share.

WAPIC Assurance lost by 2.63 per cent to close at 37k, while Oando depreciated by 2.44 per cent to close at N3.90 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 13.37 per cent.

A total of 182.80 million shares valued at N3.55 billion were exchanged in 3,189 deals.

Also, the total volume traded rose by 24.8 per cent to 297.25 million units valued at N4.69 billion and exchanged in 4,661 deals.

Transactions in the shares of FBN Holdings topped the activity chart with 66.11 million shares valued at N727.03 million.

Transcorp followed with 36.6million shares worth N43.45 million, while Geregu Power traded 17.47 million shares valued at N1.75 billion.

Access Corporation traded 7.35 million shares valued at N62.93 million, while R.T.Briscoe transacted 5.63 million shares worth N1.53 million.

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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