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Stock market closes bullish with market capitalisation up N12bn



By Philemon Adedeji

Equities market on the Nigerian Exchange Limited (NGX) was mixed yesterday, albeit with a bullish tilt as the benchmark All-Share Index (ASI) closed 0.04 per cent higher to close at 55,822.14 basis points. Gains in Dangote Cement (+1.05 per cent) and Guaranty Trust Holding Company (GTCO) (+0.57 per cent) offset the decline in MTNN (-0.48 per cent) and WAPCO Insurance.

As a result, the market remains on track for a weekly gain. The year-to-date (YTD) return rose to 8.92 per cent, while the market capitalisation rose by N12 billion to close at N30.409 trillion.

The market performance was driven by gain recorded in medium and large capitalised stocks which are Transcorp, Royalex Exchange, Dangote Cement and others.

The breakdown of yesterday’s market performance showed that trade turnover closed lower relative to the previous session, with the value of transactions down by 13.42 per cent.

Yesterday, the trade volume increased by 311,476,310 million shares valued at N3.093 billion were exchanged in 3,627 deals.

TRANSCORP led the volume chart with 179.84million units traded while GTCO led the value chart in deals worth N1.098 billion.

On the leaders table, Transcorp led as the highest price gainer which appreciated by 8.66 per cent to close at N1.35 per share, closely followed by Royalex Exchange which rose significantly by 5.63 per cent to close at N0.75 per share, while Champion Breweries went up by 4.60 per cent to close at N5.00 per share.

Living Trust Mortgage Bank which recorded as the last fourth loser grew by 4.21 per cent to close at N2. 97 per cent, while Chams Plc which recorded as the last fifth gainer appreciated by 4.00 per cent to close N0.26 per cent.

However, on the laggards logs, NCR and Conoil Plc led the losers with 9.93 per cent each to close at N2.63 and N42.20 per share respectively, while UPL which recorded as the last third loser went down by 9.00 per cent to close at N1. 82 per share.

Prestige Assurance depreciated by 8.89 per cent to close at N0.41 per share.

Ardova oil which recorded as the last fifth loser dipped by 8.33 per cent to close at N15.95 per share.

Transaction in the shares of Transnational Corporation topped the activities chart with 179.841 million shares worth N239.244 million, followed by Guaranty Trust Holding Company trading 41.396 million shares valued at N1.098 billion, while Zenith Bank transacted 18.492 million shares valued at N480.368 million.

Stanbic IBTC accounted 7.950 million shares worth N317.984 million, while Sterling Bank sold 6.731 million shares valued at N10.101 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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