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capital market

MTN, Meyer, Fidelity Bank lift equities market to 0.07%



By Philemon Adedeji

Trading activities commenced on equities market segment of the Nigerian Exchange Limited (NGX), on Tuesday increasing by 0.8 per cent as a result of investors buying interest in MTNN, MEYER, FIDELITY BANK.

Precisely, the All Shares Index on Tuesday increased further by 35.48 basis points or  0.8 per cent to 47,545.86 basis points from 47,510.38 basis points recorded on Thursday.

Meanwhile, Overall market capitalisation value gained N19 billion to close trade at N25.632 trillions.

The upturn was impacted by gains recorded in medium and large capitalised stocks amongst are, Meyer, Guinness PLC, Unilever plc, Nigerian police Force Microfinance bank and 16 others.

As measured by market breadth, market sentiments was positive as Meyer led 21 gainers, while Academy led 31 losers. The total trade volume declined by 5.1 per cent from 385,182,496 million units it closed trade on Thursday to 365,453,508 million units it closed trade on Tuesday, valued by N7.106 billion which exchange by 5790 deals.

Meyer recorded as the highest price gainer which rose by 0.16 kobo or 10.00 per cent increased to close trade at N1.76 per share, followed by Guiness plc which gained 6.86 per cent or 4.80 kobo increased to close trade at N74.80 per share. While Nigeria Police Force Microfinance Bank appreciated by 0.14 kobo representing, 6.80 per cent increased to close trade at N2.20 per share.

Cadbury which recorded as the fourth most gainer grew by 5 per cent or 0.40 kobo increased to close trade at N8.40 per share and Unilever Plc went up by 0.55 kobo or 4.51 per cent to close trade at N12.75 per share.

On the other hand, Academy dropped by 9.72 per cent or 0.14 kobo to close trade at N1.30 per share, Johnholt declined by 0.08 kobo to represent 9.30 per cent to close trade at N0.78 per share.

Japaulgold went down by 0.03 kobo to close trade at N0.30 per share.

Neimeith pharmaceutical industry depreciated by 8.23 per cent or 0.13 kobo to close trade at N1.45 per share and lastly, Pharmadeko which recorded as the last fifth loser declined by 0.13 kobo or 7.51 per cent to close trade at N1.60 per share.

Transaction in the share of Fidelity Bank topped the activity chart which traded 33.757 million shares valued at 132.130 million. Followed by Accesscorp which traded 23.960 million shares worth 247.074 Million.

MTNN transacted 22.152 million shares valued at 4.718 billion, While Omatek traded 17.899 million shares worth 35.789 million and lastly, RTBRISCOE transacted 15.074 million shares worth 8.891 million.

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.

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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.

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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.

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