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capital market

Stocks market appreciates 0.20%, W/W



By Philemon Adedeji

The Nigerian Exchange Limited (NGX) All-Share Index ,(ASl) and Market Capitalization appreciated by 0.20 per cent to close the week at 55,930.97 absolute points and N30.455 trillion respectively.

Similarly, all other indices finished higher with the exception of NGX Premium; NGX AFR Div. Yield; NGX Lotus II; NGX Industrial Goods; NGX Growth and NGX Sovereign Bond which depreciated by 0.75 per cent 0.06 per cent, 0.08 per cent 1.31 per cent, 0.51 per cent, and 1.50 per cent, respectively while the NGX ASeM index closed flat

The breakdown of market performance showed total turnover of 2.196 billion shares worth N45.971 billion in 31,655 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.586 billion shares valued at N46.643 billion that exchanged hands last week in 35,122 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.578 billion shares valued at N15.652 billion traded in 14,851 deals; thus contributing 71.82 per cent and 34.05 per cent to the total equity turnover volume and value respectively.

The Oil and Gas Industry followed with 157.221 million shares worth N1.304 billion in 3,549 deals. The third place was the Consumer Goods Industry, with a turnover of 101.562 million shares worth N1.939 billion in 3,944 deals.

Trading in the top three equities namely United Bank for Africa Plc, FCMB Group Plc and NPF Microfinance Bank Plc (measured by volume) accounted for 696.244 million shares worth N4.019 billion in 2,398 deals, contributing 31.70 per cent and 8.74 per cent to the total equity turnover volume and value respectively.

On the advancers table, Eternal Oil came as the highest price gainer which appreciated by 46.51 per cent increased to close at N13.45 per share, Unity Bank which followed went up by 44.00 per cent to close at N0.72 per share, while FTNCOCOA Processor rose by 40.91 per cent to close at N0.93 per share.

Secure Electronics Technology which recorded as the last fourth loser grew by 38.46 per cent to close at N0.36 per share, while Cornerstone Insurance which recorded as the last fifth gainer grew by 37.35 per cent to close at N1.14 per share.

On the other hand, Johnholts which recorded as the highest price loser suffered 26.70 per cent to close at N1.40 per share, RT. BRISCOE which followed shed 10.53 per cent to close at N0.34 per share, while Sunu Assurance dipped by 10.42 per cent to close at N0.43 per share.

Courtville Business Solution which emerged as the last fourth loser went down by 9.80 per cent to close at N0.46 per share, while Multiverse and Mining Evaporation which recorded as the last fifth loser decreased by 9.54 per cent to close at N3.70 per share.

The summary of price changes at the close of week last week Friday revealed Fifty-two (52) equities appreciated in price during the week lower than sixty-six (66) equities in the previous week.

Twenty-seven (27) equities depreciated in price higher than twentythree (23) in the previous week, while seventy-seven (77) equities remained unchanged, higher than sixty-seven (67) recorded in the previous week.

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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