capital market

NGX Index records first loss in year 2023, down 1.53%

Published

1 year ago

January 6, 2023

By Philemon Adedeji

Bearish sentiments persisted yesterday on the Nigerian Exchange Limited (NGX), ending its thirteen-day winning streak. Selloff in index heavyweight Airtel Africa (-8.26 per cent) was the major drag on the overall market.

The Nigerian Exchange Limited (NGX), All-Share Index (ASI) shed 789.04 basis points or 1.53 per cent to close at 50,868.52 index points from 51,657.56 index points it closed for previous trading.

Respectively, the year-to-date (YTD) return fell to -0.75 per cent, while market capitalisation value dipped by N430 billion to close at N27.706 trillion from N28.136 trillion it closed trade on Wednesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks which are Prestige Assurance, Airtel Africa, and others.

Yesterday, trading activities at the Nigerian Exchange Limited (NGX) was not impressive as analysis showed trade turnover which settled lower relative to the previous session, with the value of transactions down by 86.49 per cent

Trade volume declined by 47.8 per cent to close at 138,716,449 million shares worth N1.828 billion were exchanged in 3,673 deals.

Sterling Bank led the volume chart with 29.154 million shares traded, while Guaranty Trust Holding Company led the value chart in deals worth N477.77 million.

The Market sentiments as measured by market breadth closed positive as Johnholts led 17 gainers on the advancers table while Airtel Africa topped 12 losers on the laggard’s log.

On the advancers’ table, Johnholts emerged as the highest price gainer with 10 per cent increase to close at N0.88 per share, Honey Flour which followed appreciated by 9.95 per cent to close at N2.45 per share, while Computer Warehouse Group which recorded as the last third gainer grew significantly by 9.78 per cent to close at N1.01 per share.

UACN rose from N10.25 to N10.75, up by 4.88 per cent, while Nigerian Breweries which recorded as the last fifth gainer grew from N45.10 to N47.00, up by 4.21 per cent.

However, Prestige Assurance led the losers chart with 8.70 per cent to close at N0.42 per share, Airtel Africa which followed lost 8.26 per cent to close at N1500 per share, while UPL which recorded as the last third loser dipped by 7.37 per cent to close at N1.78 per share.

Nigerian Police Force Microfinance Bank which recorded as the last fourth loser depreciated by 7.10 per cent to close at N1.57 per share.

Royalex Exchange which recorded as the last fifth loser dropped by 6.30 per cent to close at N1.03 per share.

Transaction in the shares of Sterling Bank topped the activities chart with 29.154 million shares worth N41.014 million, Guaranty Trust Holding Company which followed transacted 19.945 million shares valued at N477.768 million, while Access Corporation traded 11.347 million shares worth N99.855 million.

First Bank Holding of Nigeria sold 10.993 million shares worth N120.967 million.

Zenith Bank accounted 6.245 million shares worth at N152.138 million.

capital market

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

Published

47 mins ago

April 20, 2024

NewsDirect

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.

capital market

Financial expert seeks alignment of FG’s fiscal policy with CBN’s monetary policy

Published

2 days ago

April 18, 2024

NewsDirect

A financial expert, Mr Eddie Osarenkhoe, has advised the Federal Government to align its fiscal policy with the Central Bank of Nigeria’s monetary policy to achieve economic stability.

Osarenkhoe, the immediate past President of Finance Houses Association of Nigeria (FHAN), gave the advice while speaking with newsmen on Wednesday in Ota, Ogun.

He attributed the current steady appreciation of the naira to CBN’s reforms and the country’s ability to pay some of its debts.

Osarenkhoe applauded the CBN reforms which, he said, had helped to sustain the steady appreciation of the naira against the dollar.

The financial expert stated that CBN was able to check speculators in the foreign exchange, thus resulting in continuous appreciation of the nation’s currency.

“If the federal government is able to come up with fiscal policy in alignment with that of CBN, it will help the nation’s economy a great deal,” he said.

According to him, the economy needs to improve through exports to enable the country to earn more foreign exchange.

The naira has shown a remarkable strength against the US dollar, trading below N1,000 at the official market.

This development has been attributed to the strategic financial policies being implemented by the President Bola Tinubu-led administration and CBN.

capital market

Investors lose N457bn as bearish sentiment continues

Published

2 days ago

April 18, 2024

NewsDirect

Investors in the Nigerian equities market lost N457 billion at the end of trading on Wednesday.

This followed the dip in the share value of Livestock Feeds, Computer Warehouse Group, International Energy Insurance, and FTN Cocoa Processors on the trading floor today.

After five hours of trading at the capital market, the equity capitalisation crashed to N56.5 trillion from N56.9 trillion posted by the bourse on Tuesday.

Similarly, the All-Share Index (ASI) fell below the 100,000-mark to 99,908.89 from 100,717.21 achieved by the bourse the previous day.

The market breadth was negative as 17 stocks advanced, 26 declined, while 78 others remained unchanged in 9, 074 deals.

Ikeja Hotel topped the gainers’ list with +10.00 percent to close at N7.26 from its previous N6.60 per share.

Fidelity Bank, Academy, Morison, and Prestige also increased their share prices by 9.88 percent, 9.77 percent, 9.71 percent, and 9.26 percent respectively.

On the flip side, Livestock Feeds, Computer Warehouse Group, International Energy Insurance, and FTN Cocoa Processors led other price decliners as they shed 10.00 percent, 9.79 percent, 9.79 percent and 9.72 percent each off their share prices.

UBA recorded the highest volume by trading 55.013 million shares valued at N1.28 billion in 1,092 deals followed by Zenith Bank with 47.029 million shares worth N1.69 billion traded by investors in 907 deals.

Access Corp traded 44.986 million shares valued at N789 million in 845 deals.

On the value index, Zenith Bank recorded the highest value for the day trading stocks worth N1.69 billion in 907 deals followed by UBA which traded equities worth N1.284bn in 1,092 deals.

Access Corp traded stocks worth N789 million in 845 deals.