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NGX Index closes Santa Claus rally, up 0.12%



By Philemon Adedeji

Bullish sentiment persisted yesterday on the Lagos bourse to close the seven-trading session Santa Claus rally. Gains in Buafoods (+2.10 per cent), Zenith Bank (+0.42 per cent) and GuarantyTrust Holding Company (+1.08 per cent) offset losses in Buaccement (-1.79 per cent), First Bank Holdings (-1.78 per cent) and Accedd Corporation (-0.57 per cent), keeping the market in the green.

Absolutely, All-Share Index (ASI), gained 61.9 basis points representing 0.12 per cent to close at 51,657.56 index points from 51595.66 Index points it closed for previous trading day.

As a result, the year-to-date (YTD) return rose to 0.79 per cent, while market capitalization value inched weight by N33.71 billion to close at N28.136 trillion from N28.102 trillion it closed trade on Tuesday.

The upturn was impacted by price appreciation in medium and large capitalized stocks amongst are Buafoods, Nigerian Breweries, Nigerian Aviation Handling Company and others.

However, trading activities at the Nigerian Exchange Limited (NGX) were highly impressive as analysis revealed trade turnover closed higher relative to the previous session, with the value of transactions up by 211.02 per cent.

Sectoral performance was broadly positive as 12 NGX sector index closed northward, three closed southward and three closed flat. The NGX GROWTH index advanced by 7.72 per cent to top the gainer’s chart while the NGX-IND index declined by 0.77 per cent to top the losers’ chart.

Buacement led the volume chart and value chart with 101.65 million units traded in deals worth N9.85 billion.

The market sentiments as measured by market breadth closed positive, as Nigeria Breweries led 19 gainers, while Champion Breweries led 12 losers.

At the close of trade yesterday, trade volume declined by 17.4 per cent to close at 265,725,890 million share worth N13.528 billion were exchanged in 4,156 deals.

On the positive side, Nigerian Breweries, Nigerian Aviation Handling Company and Living Trust Mortgage Bank emerged as the highest price gainer which appreciated by 10 per cent each increased to close at N45.10, N7.70,N1.76 per share respectively.

First City Monument Bank (FCMB) which recorded as the last fourth gainer went up by 9.97 per cent to close at N3.86 per share.

Fidelity Bank which recorded as the last fifth gainer rose significantly by 9.86 per cent to close at N4.79 per share.

On the negative side, Champion Breweries led the laggards table with 10 per cent to close at N4.95 per share, followed by Unity Bank which lost 6.78 per cent to close at N0.55 per share , while United Bank of Africa (UBA) dropped by 3.61 per cent to close at N8.00 per share.

Jaizbank which recorded as the last fourth dipped by 3.33 per cent to close at N0.87 per share.

Consolidated Hallmark Insurance went down by 2.99 per cent to close at N0.65 per share.

Transaction in the shares of BuaCement topped the activities chart with 101.653 million shares worth N9.851 billion, followed by Transcorp Plc which transacted 32.770 million shares valued at N37.143 million, while Accesscorp accounted 22.955 million shares worth N199.940 million.

Guaranty Trust Holding Company transacted 12.226 million shares valued at N284.427 million, while United Bank of Africa traded 12.213 million shares worth N99.412 million.

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capital market

Transcorp Power Plc grows PBT by 775% in Q1 2024



Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223 percent.

The strong performance is further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy.

Commenting on the financial highlights, Evans Okpogoro, the Chief Financial Officer said, “The Q1 2024 results saw a gross margin of 51 percent, a cost to income ratio of 70 percent and net profit margin of 30 percent compared to Q1 2023 gross margin of 37 percent, cost to income ratio of 87 percent and net profit margin of 13 percent.

“This highlights the remarkable operational efficiency gains of the Company. Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years.  We expect that by year end 2024, we will see a similar growth trajectory recorded between FY 2022 and FY 2023.”

Transcorp Power MD/CEO, Peter Ikenga, commented on the results, saying, “We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges.  Our ability to sustain growth amidst this environment shows the resilience of our business model and the efficient execution of our strategic initiatives.

“We remain committed to leveraging our strengths to capitalise on emerging opportunities, drive sustainable growth and provide superior value to all our stakeholders.

“We will continue to prioritise ingenuity, operational excellence, corporate governance, and stakeholder engagement, to deliver superior value for our long-term growth,” he added.

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Investors end week’s trading with N173bn loss



Investors in the Nigerian equities market ended the week’s trading with a N173 billion loss on Friday.

This followed the slump in the share value of Unity Bank, FBNH, Tantalizer, and Deap Capital Management & Trust, amongst others on the trading floor today.

After five hours of trading at the capital market, the equity capitalisation crashed to N56.2 trillion from N56.4 trillion posted by the bourse on Thursday.

Similarly, the All-Share Index (ASI) fell to 99,539.75 from 99,845.91 achieved by the bourse the previous day.

The market breadth was negative as 14 stocks advanced, 19 declined while 87 others remained unchanged in 7,168 deals.

FTN Cocoa Processors led other gainers with 9.60 percent growth in share price to close at N1.37 from its previous N1.25 per share.

R.T. Briscoe, Livestock Feeds, and Royal Exchange also raised their share prices by 9.26 percent, 9.02 percent, and 8.06 percent respectively.

On the flip side, Unity Bank led other price decliners as it shed 10 percent off its share price to close at N1.62 from the previous N1.80 per share.

Tantalizers, Deap Capital, and Caverton Offshore equally shed their share prices by 8.57 percent, 7.35 percent, and 6.83 percent respectively.

On the volume index, United Bank for Africa (UBA) traded 38.715 million shares valued at N880.5 million in 687 deals followed by Guaranty Trust Holding Company (GTCO) which traded 38.296 million shares worth N1.31 billion in 629 deals.

Access Holdings traded 34.339 million shares valued at N584.5 million in 660 deals.

On the value index, banking stocks led the way again as GTCO recorded the highest value for the day, trading stocks worth N1.31 billion in 629 deals followed by UBA which traded stocks worth N880 million in 687 deals.

Zenith Bank traded equities worth N875 million in 622 deals.

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capital market

NGX: Sell-offs in banking stocks drop value of transactions down 2.60%



Bearish sentiment persisted on banking stocks at the equity market on Friday, making the value of transactions traded on the floor of the Nigerian Exchange Ltd.(NGX) down by 2.60 per cent.

Analysis of the market activities indicated trade turnover settled lower relative to the previous session.
Specifically, investors transacted a total of 257.86 million shares valued at N5.40 billion exchanged in 7,168 deals, as against 285.91 million shares worth N5.54 billion exchange in 7,726 deals posted on Thursday.
Consequently, the market capitalisation, which opened at N56.469 trillion, shed N173 billion or 0.31 per cent to close at N56.296 trillion.
The All-Share Index also dropped 0.31 per cent or 306 points to settle at 99,539.75, compared to 99,845.91 recorded in the previous session.
As a result, the Year-To-Date (YTD) return dipped to 33.12 per cent.
Sell-offs in Guaranty Trust Holding Company (GTCO), FBN Holdings, Zenith Bank,  Access Corporation,  Stanbic IBTC Bank, Jaiz Bank, as well as United Capital and Unilever Nigeria, among other top decliners, drove the market to a negative terrain.
Meanwhile, market breadth closed negative with 20 losers and 14 gainers.
On the losers’ chart, United Bank led by 10 per cent to close at N1.62, FBN Holdings followed by 9.83 per cent to close at N24.30, Tantalizers declined by 8.57 per cent to close at 32k per share.
Deap Capital Management shed 7.35 per cent to close at 63k and Caverton went down by 6.83 per cent to close at 1.50 per share.
On the gainers’ chart, FTN Cocoa Processors led by 9.60 per cent to close at N1.37, RT Briscoe trailed by 9.26 per cent to close at 59k, Livestock Feed gained N1.45 per share.
Royal Exchange Assurance added 8.06 per cent to close at 67k, while Consolidated Hallmark Plc rose by 7.44 per cent to close at N1.30 per share.
On the activity chart, UBA led in volume with 38.72 million shares traded in value of N888.55 million, while GTCO led in value with 38.30 million shares worth N1.31 biliion.
Access Corporation also sold 34.34 million shares worth N584.54 million, Zenith Bank traded 24.41 million shares worth N875.85 million and The Initiative Plc transacted 17.52 million shares worth N34.13 million.
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