Local Equity Market Dips By N296bn

Trading activities on the floor of Nigerian Exchange (NGX) Thursday returned to  bearish run,  shedding N296 billion as depreciation in the share price of MTN Nigeria, and other 27 companies weigh down the market. Market capitalisation of listed equities declined by 0.76 per cent to N38.481 trillion from N38.777 trillion reported on Wednesday. The NGX All Share Index also depreciated by 539.48 basis points to 70042.28 points from 70581.76 points it closed the previous day. The NGX trading result showed that Omatek led gainers table during the day with a gain of 10 per cent to close at N0.55 per share, Academy Press followed with a gain of 9.83 per cent to close at N1.90 per share, Tantalizer and Prestige insurance added 9.76 per cent each to close at N0.45 and N0.45 per share respectively. Daar Communication increased by 8.70 per cent to close at N0.25 per share. On the contrary, Chams Plc traded 9.84 per cent to close at N2.20 per unit, International Breweries trailed with a loss of 8.79 per cent to close at N4.15 per unit, RTBriscoe traded 8.51 per cent to close at N0.43 per share, Thomas Way declined by 8.42 per cent to close at N3.70 per share,  FBNHoldings dipped by 8.14 per cent to close at N18.05 per unit Volume of transactions declined by 76.275 million, representing 12.68 per cent as investors  traded 525.457 million shares valued at N6.088 billion in 8396 deals against  601.732 million shares valued at N11.016 billion exchanged hands the previous day in 7444 deals. Trading  in the shares of  Japaul Gold recorded the highest volume of activities with 92.015 million shares valued at N124.950 million, Fidelity Bank followed with account of 67.032 million shares worth N557.364 million, United Bank for Africa exchanged 46.312 million shares valued at N971.341 million, FCMB traded 42.616 million shares cost N262.589 million while Chams Plc sold 30.951 million shares valued at N728.810 million.

Complaints over services, metering decline, says NERC

In the first quarter of 2023, Nigeria’s eleven power distribution companies (Discos) recorded a total of 249,683 complaints from consumers regarding service interruptions, metering, and billing issues, as revealed by the Nigerian Electricity Regulatory Commission (NERC). The regulatory body disclosed that the DisCos successfully resolved 229,101 of these complaints, achieving a commendable resolution rate of 91.76%, surpassing the 91.38% rate recorded in the previous quarter of 2022. The cumulative consumer complaints in 2023/Q1 were 4.44% lower than those reported in 2022/Q4, amounting to 11,595 fewer grievances. Among the issues raised, metering, billing, and service interruption constituted the majority, contributing to over 79% of the total complaints for the quarter. During this period, the average available generation capacity reached 4,605.72MW, with an average hourly generation of 4,334.41MWh/h. The quarter’s total generation amounted to 9,350.23GWh from 26 grid-connected generating plants across the nation. Comparing 2023/Q1 to 2022/Q4, the average available generation capacity experienced a growth of 2.27%, rising from 4,503.59MW to 4,605.72MW. The enhancement was driven by improved availability in eleven of the twenty-six grid-connected power plants. Notably, the Egbin plant exhibited substantial progress, with a remarkable 48.48% increase in available capacity, climbing from 476MW to 706MW. However, the remaining 15 plants encountered minor declines in available capacity, with only Delta Gas showing a notable drop exceeding 10%, at -13.51%.

Equity market opens week bearish, declines 0.44%

Transactions on the floor of the Nigerian Exchange (NGX) on Monday opened in the negative territory, shedding N157 billion. The market capitalisation of listed equities declined by 0.44 per cent to N35.415 trillion from N35.572 trillion reported the previous day. The NGX All Share Index also depreciated by 289.00 basis points to 65036.37 points from 65325.37 points reported on Friday. An analysis of the Investment showed that Cornerstones Insurance led gainers table with 9.32 per cent to close at N1.29 per unit, Omatek followed with a gain of 8.82 per cent to close at N0.37 per share, TIP gained 8.51 per cent to close at N1.02, Chams Plc added 7.37 per cent to close at N1.02 per unit, RTBriscoe grew by 6.98 per cent to close at N0.46 per unit. On the contrary Eterna Plc topped losers chart, dropping 9.90 per cent to close at N17.75 per unit, SUNU Assurance trailed with a loss of 9.57 per cent to close at N1.04 per share, UPL declined 9.24 per cent to close at N2.26 per share, FTNCocoa down by 8.44 per cent to close at N2.06 per share while Okomu Oil dipped by 5.66 per cent to close at N250.00. The volume of trades declined by 230.649 million representing 47.10 per cent as investors traded 259.041 million shares valued at N4.204 billion in 5899 deals against 489.690 million shares worth N8.362 billion exchanged hands the previous day in 5804 deals. Transnational Corporation of Nigeria led market activities with 41.760 million shares valued at N167.930 million, AccessCorp followed with an account of 18.155 million shares cost N312.692 million, GTCO Plc traded 15.566 million shares cost N585.099 million, Sterling Bank exchanged 14.186 million shares cost N50.996 million and United Bank for Africa traded 13.009 million shares cost N185.375 million.

Nigeria’s equity market sheds N391bn

The nation’s equity market on Monday opened the week on a negative note, shedding N391 billion following profit taking activities recorded by small, medium and large stocks. The market capitalisation of listed equities fell by 1.10 per cent to N35.011 trillion from N35.402 trillion reported the previous day. The NGX All Share Index also depreciated by 718.87 basis points to 64337.52 points from 65056.37 points reported the previous day. An analysis of the investment showed that Betaglass Nigeria Plc, Linkage Assurance, SUNU Assurance and Mansard insurance led gainers table, appreciating by 10 per cent each to close at N38.50 per share, N0.77, N0.66 and N3.74 per share. Berger Paint followed with a gain of 9.95 per cent to close at N11.05 per unit. On the contrary, five companies declined by 10 per cent at the close of transactions on Monday. Dangote Sugar Refinery, Sovereign Trust Insurance, Ecobank Transnational Incorporate gained 10 per cent to close at N27.00, N0.63 per share, N15.30 per share respectively. Livestock and NPF MicroFinance Bank fell by 10 per cent also to close respectively to N1.89 and N1.80 per share. Volume of trades increased 213.65 million, representing 46.47 per cent as investors traded 673.42 million shares valued at N6.47 billion in 9788 deals against 459.770 million shares worth N5.345 billion exchanged hands in 8051 deals. Trading activities in shares of Abbey Building Society led activity with 112.259 million shares valued at N112.274 billion in 94 deals, Fidelity Bank followed with 58.588 million shares cost N503.707 million in 452 deals, Union Bank of Nigeria Plc traded 51.079 million shares worth N357.551 million in 30 deals, FCMB group exchanged 49.363 million shares cost N323.678 million in 294 deals while Universal insurance traded 47.506 million share cost N11.232 million.

Nigeria’s trade volume declines by 38.59%

The volume of transactions on the floor of Nigerian Exchange (NGX) declined by 38.59 percent at the close of trading on Wednesday. The NGX trading result showed that volume of activities went down by 335.310 million as investors traded 473.492 million shares valued at N10.081 billion in 7403 deals against 868.802 million shares worth N42.806 billion in 8970 deals. Also the market capitalisation of listed equities declined by N5 billion, representing 0.01 per cent to N34.716 trillion from N34.721 trillion reported the previous day. The NGX All Share Index also depreciated by 9.49 basis points to 63757.23 points from 63766.72 points reported the previous day. An analysis HoneyWell Flour Mills led gainers table in percentage terms, increasing by 10 per cent to close at N3.63 per share, Eterna Plc followed with a gain of 9.98 per cent to close at N28.65 per unit, Academy Press gained 9.95 per cent to close at N2.21 per share, Skyways Aviation Handling also appreciated by 9.83 per cent to close at N16.20 per unit, RTBriscoe grew by 9.80 per cent to close at N0.56 per share. On the contrary, Prestige Insurance and Geregu Power recorded the highest loss, declining by 10 per cent each to close at N0.45 and N315.00 respectively, FTNCocoa fell by 9.61 per cent to close at N2.07 per unit, Linkage insurance dipped by 9.09 per cent to close at N0.70 per unit, Jaiz Bank fell by 9.04 per cent to close at N1.71 per unit. The NGX trading result showed that transactions in the shares of Japaul Gold led market activities during the day with 77.983 million shares valued at N64.586 million, FCMB group followed with 36.622 million shares cost N221.830 million, Sterling Bank traded 31.239 million shares cost N109.046 million, Dangote Sugar sold a total of 30.704 million shares cost N845.901 million, Fidelity Bank exchanged 22.283 million shares cost N160.859 million.