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Nigerian Exchange Group records growth w-o-w, up 0.70%

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By Philemon Adedeji

The Nigerian equities market closed bullish during the week as the All-Share index appreciated by 0.70 per cent in the week ended 5th August 2022. This is following the 3.10 per cent decline recorded in the previous week.

This is according to the information contained in the weekly stock market report, released by the Nigerian Exchange Group.

The benchmark index, ASI, appreciated by 0.70 per cent from 50,370.25 index points recorded as of the end of last week to close the week at 50,722.33 index points, in Naira term market capitalization followed suit to close at N27.36 trillion.

This brings the month-to-date performance of the Nigerian stock market to 0.70 per cent and a year-to-date gain of 18.74 per cent.

A total of 705.636 million shares valued at N12.850 billion were traded during the week across 22,124 deals on the floor of the Exchange, compared to the 1.546 billion units of shares valued at N16.289 billion that exchanged hands in the previous week in 23,873 deals.

Similar to the previous week, the Financial Services Industry led the activity chart in terms of volume of shares traded with 442.525 million shares valued at N4.345 billion traded in 9,995 deals; thereby contributing 62.71 per cent and 33.81 per cent to the total equity turnover volume and value respectively.

The Consumer Goods Industry followed with 82.126 million shares worth N2.176 billion in 3,875 deals, while the Conglomerates Industry, stood in third place with a turnover of 51.083 million shares worth N242.084 million in 694 deals

Trading in the top three equities by volume namely Guaranty Trust Holding Company Plc, Zenith Bank Plc and First Bank of Nigeria Holdings Plc accounted for 173.852 million shares worth N3.073 billion in 4,324 deals, contributing 24.64 per cent  and 23.91 per cent to the total equity turnover volume and value respectively.

Similarly, 14 indices finished high, while 4 indexes declined with the exception of NGX ASeM Index which remained unchanged.

JAPAULGOLD up  by 47.83  per cent to close at,  N0.34, followed by HONEYFLOUR MILL which rose by 36.10 per cent to close at N2.79 per share while, PZ grew significantly by 20.59 per cent to close at N10.25 per cent, COURTVILLE BUSINESS SOLUTION moved up by 17.50 per cent to close at N0.47 per share, CAVERTON PLC gained 17.00 per cent to close at N1.17 per cent.

MCNICHOLS  which led the losers down  by 18.68 per cent to close at N0.74 per share, as followed by LEARNAFRCA  which depreciated by 15.38 per cent to close at N2.20  per share, BUA CEMENT declined by 15.15 per cent to close at N58.80 per share, UPL dipped by 9.79 per cent to close at N2.12 per share.

NEIMETH pharmaceutical industry down by 9.68  per cent to close at N1.40 per share.

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Naira depreciates to N1,170/$ in parallel market

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The Naira on Monday depreciated to N1,170 per dollar in the parallel market from N1,166 per dollar last week Friday.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N837.77 per dollar from N927.19 per dollar last week Friday, indicating N89.42 kobo appreciation for the naira.

The Naira appreciated to N837.77 per dollar in the Nigerian Foreign Exchange Market (NAFEM) yesterday.

The volume of dollars traded (turnover) on NAFEM fell by 32.8 percent to $73.93 million from $110.14 million last week Friday.

As a result, the gap between the official and parallel market exchange rates widened to N332.23 per dollar yesterday from N238.81 per dollar last week Friday.

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Stock market plummets with investors losing N258.85bn

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Trading yester day at the Nigerian equities market closed negatively for the new week. This is as the NGX Market CAP also recorded a loss of N258.85bn in Naira terms.

UNIVINSURE had the highest volume contribution with 16.42 percent, while TRANSCORP and GTCO followed closely.

According to the value chart, AIRTELAFRICA is at the top with a 46.04 percent contribution while GTCO and ZENITHBANK followed closely behind

The NGX All-Share Index (ASI) declined by 0.66 percent, closing at 70,946.83 basis points, compared to the previous day’s gain of 0.08 percent, which closed at 71,419.87 basis points.

The NGXASI now stands at 38.43 percent.

Meanwhile, the total volume traded declined by 0.72 percent to close at N358.53m, valued at N7.10bn and traded in 6,433 deals. UNIVINSURE was the most traded stock by volume with N58.85m, while AIRTELAFRI was the most traded stock by value with N3.27bn units traded.

The Gate Index declined by 0.04 percent to close at 183.36, while the Toni index advanced by 0.38 percent to close at 374.27 basis points.

At the close of trading, the market recorded 33 gainers, 26 losers, and 58 unchanged. THOMASWY topped the gainers list, while BUACEMENT topped the list of losers.

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Flour Mills of Nigeria completes repayment of N51.64bn Series 2 Commercial Paper

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Flour Mills of Nigeria Plc (FMN), a Nigerian food and agro-allied company, has repaid its N51.64 billion Series 2 Commercial Paper (CP) on November 17, 2023.

This repayment follows the earlier completion of the N13.33 billion Series 1 payment on August 22, 2023.

The successful repayment of these Commercial Paper Programs highlights FMN’s robust financial position and the trust it commands within the market, according to Anders Kristiansson, FMN’s Group Chief Finance Officer. He also noted the company’s commitment using the Debt Capital Market to fulfill its operational financial needs in a statement shared with Businessday.

“We are delighted to confirm the prompt and successful repayment of our Series 2 Commercial Paper. This accomplishment mirrors FMN’s dedication to sound financial management and the faith vested in our organization by the investing community. “We extend our appreciation to our stakeholders for their unwavering support and affirm our dedication to delivering sustainable value while upholding the highest standards of corporate governance,” Kristiansson said.

The Series 1 CP and Series 2 CP, totaling N64.97 billion, were initially issued on February 22, 2023, as part of FMN’s N200 billion Commercial Paper Programme introduced earlier that month.

The company also initiated its N200 billion Commercial Paper Programme on February 10, 2023, launching Series 1 and Series 2 on February 22. Series 1, raising N13.33 billion with a yield of 13.0 percent, and Series 2, raising N51.64 billion with a yield of 14.0 percent.

Following the successful issuance of Series 1 and 2, FMN made strategic strides by introducing its Series 3 Commercial Paper in June 2023. The subscriptions from banks and Pension Fund Administrators contributed to the success, with banks at 39.7 percent and Pension Fund Administrators at 40.8 percent.

The management of this transaction was led by FBNQuest Merchant Bank Limited as the Lead Arranger, supported by ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.

Established in September 1960 and listed on the Nigerian Stock Exchange since 1978, Flour Mills of Nigeria (FMN) Plc, known for the Golden Penny Food brand, has emerged as a frontrunner in Nigeria’s food and agro-allied industry.

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