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NGX index down 0.47%, as market capitalisation drops by N124.91bn



By Philemon Adedeji

Nigerian Equities Market closed on negative performance as the key market indicator depreciated further by 231.57 basis points amid increased sell pressure.

The NGX All-Share Index declined by 0.47 per cent to close at 49,190.34 basis points as against 0.05 per cent loss recorded previously to close at 49,421.91 basis points at the end of the last trading session. In Naira terms, the market capitalisation value lost N124.91 billion to close at N26.532 trillion.

The total volume traded advanced by 144.51 per cent to close at 51.88 million units valued at N590.01 million and exchanged in 2,981 deals.

NGXGROUP was the most traded stock by volume with 30.75 million units traded while NGXGROUP was also the most traded stock by value which is put at N553.54 million

Sectoral performance was broadly negative as four (4) NGX sector index closed northward, eleven (11) closed southward while three (3) closed flat. The NGX Banking Index inched up by 0.42 per cent to top the gainers chart while the NGX Industrial Index dipped by 2.30 per cent to top the losers’ chart.

At the close of trade yesterday, 9 stock constituted the gainers while 14 stocks constituted zone losers .

Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.07x.

Transexpr led the gainers table with 8.70 per cent to close at N0.75 per share, followed by Nem insurance which appreciated by 2.67 per cent to close at N5.39 per share, While Cutix gained 2.50 per cent to close at N2.05 per share

Academy Press which recorded as the last fourth gainer grew by 2.41 per cent to close at N1.70 per share and International Breweries went up 2.02 per cent to close at N5.05 per share

On the Other hand, Cornest recorded as the highest price loser with a dip of 10 per cent to close at N0.54 per share, followed by Multiverse and Mining Exploration depreciated by 9.90 per cent to close at N2.82 per share while Cadbury dropped by 9.62 per cent to close at N11.75 per share.

Buacement declined by 6.18 per cent to close at N50.10 per share and Guinness Nigeria diminished by 5.57 per cent to close at  N83 per share.

Transaction in the share of NGXGROUP topped the activities chart with 30.754 million share worth N553.540 million, followed by Zenith bank which transacted 24.391 million share valued at  N488.008 million while Fidelity bank traded 13.837 million shares worth N50.658 million.

First Bank Holding of Nigeria accounted 11.033 million shares worth N110.813 million and Accesscorp traded 8.228 million shares valued at N68.213 million.

NGXGROUP led the volume’s chart with 24.25 per cent contribution and closely followed by ZENITHBANK and FIDELITYBK.

NGXGROUP tops the value’s chart with 31.07 per cent contribution and closely followed by ZENITH.

capital market

Naira closes at N881/$ in official trading window



The Nigerian Naira on Tuesday depreciated 7.63 percent to close at N881.88 to a dollar at the close of business on Tuesday, data from the NAFEM where forex is officially traded, showed./ /

Nigerian NewsDirect also gathered that the naira traded N1157 to a dollar at the close of market in the parallel market./ /

This represents an N67.28 loss or a 7.63 percent decline in the local currency compared to the N814.60 it closed on Monday.

The intraday high recorded was N1159/$1, while the intraday low was N701/$1, representing a wide spread of N458/$1./ /

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $118.06 million, representing a 17.99 percent increase compared to the previous day.

Similarly, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.17 percent, quoted at N1157/$1, while peer-to-peer traders quoted around N1160.18/$1. 

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capital market

FBNH, Access Corporation lead gainers on NGX



First Bank of Nigeria Holdings and Access Corporation led gainers on the Nigerian equities market on Monday.

This is as investors also lost N132.43billion on the Nigerian equities market yesterday.

The NGX All-Share Index advanced by 0.17 percent, closing at 71,353.81 basis points, compared to the previous day’s gain of 0.25 percent, which closed at 71,230.48 basis points.

YTD, the NGXASI stands at 39.22 percent. 

The total volume traded advanced by 28.12 percent to close at N746.67 million, valued at N5.95 billion and traded in 9,267 deals. UNIVINSURE was the most traded stock by volume with N161.10 million, while ACCESSCORP was the most traded stock by value with N1.47 billion units traded.

The Gate Index closed flat at 188.47, while the Toni index advanced by 1.39 percent to close at 371.15 basis points.

At the close of trading, the market recorded 32 gainers, 20 losers, and 69 unchanged. FBNH topped the gainers list, while ETRANZACT topped the list of losers.

Thus, market breadth closed positively as the Market Breadth Index (MBI) is 0.17x.

UNIVINSURE had the highest volume contribution with 21.58 percent, while ACCESSCORP and UNITYBNK followed closely behind.

According to the value chart, ACCESSCORP is at the top with a 24.68 percent contribution. UBA and ZENITHBANK followed closely behind.

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capital market

FG raises oil price, exchange rate projections



The Federal Government of Nigeria has pegged its 2024 projections for crude oil and the dollar to naira exchange rate at $77.96 and N750 respectively.

This new projection is a deviation from the earlier projection announced by Atiku Bagudu, Minister of budget and planning in October.

Bagudu had earlier stated that the FEC established a reference price of $73.96 per barrel for crude oil and an exchange rate of N700/$ as key assumptions for budgetary planning.

“Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability by particularly the deregulation of petroleum prices, which we maintained that subsidies are gone and indeed the regulation of the foreign exchange market,” he said.

Nigerian NewsDirect however gathered that the projected crude oil price benchmark by the Federal Government is below the $94.91 projection of the US Energy Information Administration (EIA) and the $100 a barrel forecast by Goldman Sachs for next year.

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