By Kayode Tokede
Transactions on the equities market of the Nigerian Exchange Limited (NGX) on Monday closed the first trading session of the week on a negative note with a decline of 0.40 per cent as profit-taking dominated all the major sectors.
The NGX All-Share Index (ASI) reduced by 158.98 basis points, representing a decline of 0.40 per cent to close at 39,326.67 basis points, while the overall market capitalisation value lost N83 billion to close at N20.490 trillion.
Accordingly, Month-to-Date gain moderated to +two per cent, while Year-to-Date loss increased to -2.3per cent.
On sectors, the Industrial Goods (-1.4 per cent), Oil and Gas (-1.2 per cent) and Banking (-0.2 per cent) indices declined, while the Consumer Goods (+1.2 per cent) and Insurance (+0.8 per cent) indices recorded gains.
The market lose was driven by price depreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Eterna, Oando, Ecobank Transnational Incorporated (ETI), Champion Breweries and Zenith Bank.
This week, analysts at United Capital Plc expected the pendulum of a sentiments to be swayed by the outcome of audited numbers of the big banks during the week.
As measured by market breadth, market sentiment closed positive, as 21 stocks gained, relative to 18 losers. Honeywell Flour Mills followed with a gain 9.86 per cent to close at N3.90, per share. UACN Property Development Company (UPDC) followed with a gain of 9.84 per cent to close at N2.01 and Associated Bus Company went up 9.09 per cent to close at 36 kobo, per share.
Presco up by 8.90 per cent to close at N79.50, while FTN Cocoa processors appreciated by 8.33 per cent to close at 52 kobo, per share. On the other hand, Champion Breweries led the losers’ chart by 7.73 per cent to close at N2.03, per share. Eterna followed with a decline of 7.20 per cent to close at N6.96, while Linkage Assurance shed 6.45 per cent to close at 58 kobo, per share.
Oando lost five per cent to close at N4.56, while Caverton Offshore Support Group shed 4.86 per cent to close at N1.76, per share.
The total volume of trades increased by 38.0 per cent to 301.014 million units, valued at N1.535 billion and exchanged in 4,715 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 51.691 million shares valued at N46.840 million. Honeywell Flour Mills followed with 43.733 million shares worth N167.914 million, while Consolidated Hallmark Insurance traded 17.606 million shares valued at N10.632 million.
Oando traded 16.119 million shares valued at N71.450 million, while UPDC transacted 15.114 million shares worth N29.913 million.
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.
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.
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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