Connect with us

capital market

MTN loses over N20bn in a day as broad market closes flat



At the end of yesterday’s trading session, MTNN Plc share price depreciated by 0.49 per cent to close at N205 per share, taking the market capitalisation to N4.17 trillion.

The telecommunications company recorded decline in share prices which can be attributed to investors’ negative sentiment which triggered sell-offs dragging the company’s value down by 49 basis points.

Hence, sell-pressures in the shares of the company resulted in a loss of N20.35 billion in market capitalisation at the close of trading activities on Nigeria’s stock exchange.

The shares of the quoted company decreased from N206 per share at the start of the trading day to N205 per share, the lowest price traded at the close of the market, to represent a decline of 0.49 per cent which in monetary terms is N1.00.

The profit-taking witnessed in the shares of MTNN Plc negatively influenced the company’s market capitalisation from N4.19 trillion to N4.17 trillion at the end of the day’s trading activities, taking the loss to N20.35 billion.

The shares of the company have gained 4.06 per cent from year-to-date, starting the year at N197.00 and currently traded at N205.00.

The company’s shares are currently trading 2.33 per cent lower than their 52-week high at N209.90. However, the shares of the company have returned about 30.57 per cent gains for investors who bought them at their 52-week low trading price of N157.00 per share. During the day’s trading hours, 5,833,122 ordinary shares of MTNN Plc worth about N1.20 billion, were exchanged in 244 executed deals.

At the end of the yesterday’s trading activities, the NGX All-Share Index and market capitalization depreciated by 0.02 per cent from the previous trading day, to close at 47,428.67 index points and N25.56 trillion respectively.

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.

Continue Reading

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.

Continue Reading

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.

Continue Reading