capital market
Stock market down by N15bn on sell-off in some stocks
By Philemon Adedeji
As the week opened yesterday, trading activities on the floor of the Nigerian Exchange Limited (NGX), opened on negative note due to sell-off in some stocks.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are FTNcocoa, Lasaco Wapic Insurance and 16 others.
This is as market capitalisation of equities dropped by N15billion from N26.614 trillion the previous day to N26.629 trillion as market sentiment continue on negative territory.
Similarly, the stock market recorded 9 gainers against 19 losers led by Ftncocoa processor to close the market breadth negative.
Absolutely, the All-Share Index decreased by 25.95 absolute points or 0.05 per cent to close at 49,344.67 index points as against 49,370.62 index points recorded on Friday the last trading day.
Similarly, the stock market recorded 9 gainers led by Courtville Business Solution against 19 losers led by Ftncocoa processor to close the market breadth negative.
In yesterday trading, the total trade volume of stood at 122.735 million shares valued by N1.301 billion and exchange in 3,915 deals.
On the gainers table, Courtville Business Solution led the gainers table with 9.09 per cent or 0.04 kobo to close at N0.48 per share, accompanied by Honey Flour which gained 8.68 per cent to close at N2.63 per cent, while Mutual Benefit Assurance grew significantly by 8 per cent to close at N0.27 per share.
Nem Insurance appreciated by 4.71 per cent to close at N4 per share and Champion Breweries up by 2.90 increased to close trade at N3.90 per share.
On the other hand, FTNcocoa processor led the losers table with 9.09 per cent to close at N0.30 per share, as followed by Lasaco which dipped by 8.65 per cent or 0.09 kobo to close trade at N0.95 per share, while Wapic Insurance which recorded as the third best loser depreciated by 0.03 kobo to close trade at N0.38 per share.
Ecobank Transnational Incorporated declined by 5.66 per cent to close at N10 per share and NGXGROUP diminished by 4.62 per cent or 0.95 kobo to close at N19.60 per share.
Transaction in the shares of Mutual Benefit Assurance topped the activity chart with 18.428 million shares valued by N4.975 million, followed by Transcorp which traded 9.230 million shares worth N9.717 million, while Guaranty Trust Holding Company accounted 8.576 million shares worth N173.740 million.
Sterling Bank transacted 7.938 million shares valued N11.909 million and Accesscorp accounted 7.866 million shares valued by N65.415 million.
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.
capital market
Financial expert seeks alignment of FG’s fiscal policy with CBN’s monetary policy
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
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.
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