Nigeria’s Equity Market Rescinds, Sheds N13bn

Trading activities on the floor of Nigerian Exchange on Wednesday closed on a negative note, declining by N13 billion, as investors embark on profit taking activities. Market capitalisation of listed equities declined by 0.03 per cent to N37.400 trillion from N37.413 trillion reported the previous day. The NGX All Share Index also depreciated by 23.50 basis points to 68335.72 points from 68359.22 points traded the previous day. A review of the investment showed that Sunu Assurance led gainers table, increasing by 10 percent to N0.88 per share, Berger Paint followed with a gain of 9.91 per cent to close at N12.75 per unit, Oando Plc added 9.77 per cent to close at N14.60 per share, Chams Plc up by 9.77 per cent to close at N1.40 per unit while MRS increased by 9.47 per cent to close at N104.00 per share. On the contrary, TranscoHotel topped losers’ chart, dropping by 10 per cent to close at N45.90 per share, IkejaHotel trailed with 9.93 per cent to close at N2.72 per share, Chi Plc fell by 7.41 per cent to close at N1.00, NSLTech dipped by 7.41 per cent to close at N0.25 per unit, while Glaxosmith sheds 7.38 per cent to close at N11.30 per unit. Volume of trades declined by 110.105 million, representing 16.27 per cent as investors traded 566.631 million shares valued at N5.386 billion in 8201 deals against 515.280 million shares worth N5.893 billion in 7659 deals. Transactions in the shares of Oando Plc led market activities with 109.996 million shares valued at N1.599 billion, Courtvellle Business Solutions followed with account of 66.002 million shares cost N32.569 million, Chams Plc traded 56.388 million shares valued at 56.388 million shares cost N81.804 million Japaul Gold traded 36.630 million shares valued at N35.248 million Access Corp traded 32.530 million shares valued at N563.305 million.

Equity Market Continues Bullish Run, Gains N266bn

The local equity market Tuesday sustained its bullish run, gaining N266 billion, following gains recorded by BUAfoods, Transcorp Hotel, Berger Paint, Oando, Fidelity Bank among oth Market capitalisation of listed equities increased by 0.71 per cent to N37.413 trillion from N37.147 trillion reported the previous day. The NGX All Share Index also appreciated by 482.05 basis points to 68359.22 points from 67877.17 points traded the previous day. An analysis of the investment showed that Ellah Lakes led gainers table, gaining 10 per cent to close at N3.65 per share, Berger Paint followed with a gain of 9.95 per cent to close at N11.60 per share, ETranzact gained 9.93 per cent to close at N8.08 per share, Chams Plc added 9.92 per cent to close at N1.33 per unit, Oando Plc increased by 9.92 per cent to close at N13.30 per unit. On the contrary, NSL Tech and SCOA Plc topped losers chart, dropping by 10 per cent each to close at N0.27 per share and N1.26 per share respectively, Multiverse trailed with a loss of 9.93 per cent to close at N2.27 per unit, Cornerstones fell by 8.76 per cent to close at N1.25 per unit while Daar Communication fell by 8.70 per cent to close at N0.21 per unit. Volume of activities increased by 161.450 million, representing 31.33 per cent as investors traded 676.736 million shares valued at N5.893 billion in 7659 deals against 515.280 million shares valued at N8.925 billion in 8357 deals. Transactions in the shares of Universal insurance led market activities with account 235.152 million shares valued at N48.167 million, United Bank for Africa followed with 69.101 million shares cost N122.690 million, Transnational Corporation of Nigeria traded 41.572 million shares worth N274.177 million, Fidelity Bank traded 34.639 million shares worth N278.184 million, Chams Plc sold a total of 29.959 million shares cost N39.790 million.

Nigeria’s Equity Market Rebounds, Gains N358bn

Nigeria’s domestic equity market on Wednesday took a positive turn, gaining N358 billion as profits recorded in the shares of Dangote Sugar, Transnational Corporation of Nigeria, United Bank for Africa, AccessCorp, Oando Plc and others impacted positively on the market. The market capitalisation of listed equities gained 0.98 per cent to N36.896 trillion from N36.538 trillion reported the previous day. The NGX All Share Index also appreciated by 654.20 basis points to 67414.40 points from 66760.20 points traded on Tuesday.A review of the investment during the day showed that four companies closed trading for the day with 10 percent gain. Dangote Sugar Refinery, Nahco, United Capital, and Nascon  led gainers table, growing by 10 per cent each to close at N57.20 per unit, N23.65, N16.50 and N51.70 per share respectively, Transnational Corporation of Nigeria followed with a gain of 9.98 per cent to close at N6.61 per unit. On the contrary, Courtvellle Business Solutions topped losers’ chart with a drop of 10 per cent to close at N0.54 per unit, ABC Transport trailed with a loss of 9.80 per cent to close at N0.92 per unit, Tantalizer fell by 9.30 per cent to close at N0.39 per share, Learn Africa depreciated by 8.51 per cent to close at N3.01 per unit while Regal insurance dipped by 8.33 per cent to close at N0.33 per unit. The volume of activities declined by 75.914 million representing a drop of 11.76 per cent as investors exchanged 569.626 million shares valued at N8.697 billion in 8404 deals against 645.540 million shares cost N11.014 billion exchanged hands the previous day in 10554 deals. Transactions in the shares of Oando led market activities with 143.445 million shares valued at N1.395 billion, AccessCorp followed with account of 63.556 million shares worth N1.070 billion, Fidelity Bank traded 39.553 million shares cost N313.782 million, Transcorps exchanged 32.610 million shares worth N209.175 million while 30.676 million shares valued at N464.755 million.

Growing concerns surround delisting of companies from NGX

Amidst rising domestic costs, fluctuating naira exchange rates, and challenges in dividend declaration and tax payments, several large-cap companies listed on the Nigeria Exchange Limited (NGX) are considering leaving the market, raising concerns among equity market stakeholders. Over the past 22 years, more than 120 companies have either voluntarily or regulatory delisted from the NGX, and the increasing frequency of such announcements or rumours is causing unease among analysts and investors. Initial estimates suggest that approximately N182 billion in market value could exit the NGX due to potential departures by prominent companies like PZ Cussons (current price N20), GSK (current price N12.65), and Oando (current price N7.07). This trend underscores several critical issues within the market, including the perceived lack of tangible benefits associated with being listed, difficulties in raising capital, relatively lower valuations of publicly-listed companies compared to their private counterparts, and challenges in determining exit pricing. Many companies, particularly those with international interests, are opting for private status due to the opportunity cost of remaining listed on a formal exchange. Market analysts argue that this shift should be a cause for concern for NGX management and the Securities and Exchange Commission (SEC). While these companies intend to continue operations within Nigeria, they seek the advantages of private arrangements, which offer more confidentiality and flexibility in managing profits to minimize tax obligations, thus avoiding the need for widespread distribution of local dividends. To reverse this growing delisting trend and safeguard the interests of minority shareholders, several corrective measures are being considered. These include revising listing regulations to enhance the quality of publicly-listed firms, providing support for companies through innovative equity funding programs, offering incentives such as corporate income tax (CIT) reductions to listed firms, and increasing the costs associated with delisting. The issue of low exit pricing, which significantly impacts the value of investments held by minority shareholders, is a primary concern that calls for regulatory attention.

Despite NLC strike, equity market gains N31bn

Transactions on the floor of Nigerian Exchange (NGX) on Tuesday sustained an upward trend appreciating by N31 billion as gain recorded in the shares of BUAfoods, Dangote Sugar, Oando and other boosted market activities. Market capitalisation of listed equities appreciated by 0.08 per cent to N37.400 trillion from N37.369 trillion reported the previous day. The NGX All Share Index also appreciated by 55.54 basis points to 68334.68 points from 68279.14 points traded on Monday. The NGX trading for the day showed that four companies recorded 10 per cent gain at the close of trading for the day Multiverse, Omatek, Betaglass Sunu Assurance led gainers table in percentage terms, increasing by 10 per cent each to close at N2.97 per share N0.55, N42.90 and N0.88 per unit respectively, Oando Plc followed with a gain 9.84 per cent to close at N6.70 per unit. On the contrary, NSLTech topped losers’ chart, dropping by 10 per cent to close at N0.27 per share, Chellaram Plc trailed with a loss of 9.80 per cent to close at N3.22 per share, Ikaje Hotel fell by 9.68 per cent to N2.80 per unit, JohnHolt fell by 9.03 per cent to close at N1.31 per shares Neimeth international Pharmaceutical down by 8.93 per cent to close at N1.53 per share. The volume of transaction declined by 287.828 million, representing 34.04 per cent as investors traded 557.852 million shares valued at N10.210 billion in 9818 deals against 845.680 million shares worth N13.037 billion in 11934 deals. Trading activities in the shares of United Bank for Africa led market activities with 63.322 million shares valued at N951.178 million, Oando Plc followed with account of 61.258 million shares cost N409.752 million, Fidelity Bank traded 58.141 million shares cost N486.483 million, AccessCorp traded 42.110 million shares worth N728.417 million while Transcorps exchanged 40.499 million shares valued at N272.158 million.

Bulls return as equity market gains N60bn

The domestic equity market, on Thursday closed on a positive note, appreciating by N60 billion as Sterling Bank, Transcorps, Fidelity Bank, Dangote Sugar, among others lifted market activit The market capitalisation of listed equities increased by 0.17 per cent to N36.422 trillion from N36.362 trillion reported the previous day. The NGX All Share Index also appreciated by 109.46 basis points to 66548.99 points from 66439.53 points reported on Wednesday. A review of the investment showed that NGX group led gainers table during the day with 10 per cent to close at N26.40 per unit, Seplat Energy followed with a gain of 9.95 per cent to close at N1837.00 per share, Trans Express gained 9.38 per cent to N1.05 per unit, UPL added 9.32 per cent to close at N2.58 per share while ABC Transport increased by 8.64 per cent to close at N0.88 per share. Conversely, Multiverse recorded the highest loss, declining by 10 per cent to close at N2.70 per share, Nascon trailed with a drop of 9.81 per cent to close at N50.55 per unit, Honey Well Flour down by 8.11 per cent to close at N3.40 per share, May & Baker dipped by 7.27 per cent to close at N5.10 per shares while Jaiz Bank sheds 6.83 per cent to close at N1.50 per share. Volume of trades declined as investors traded 620.982 million shares worth N7.180 billion in 7972 deals against 637.193 million shares valued at N7.790 billion exchanged hands the previous day in 10033 deals. Sterling Bank Plc led market activities with 160.995 million shares valued at N531.392 million, Transnational Corporation of Nigeria followed with 135.695 million shares valued at N847.536 million, Fidelity Bank traded 57.622 million shares worth N403.333 million, FTNCocoa sold a total of 47.177 million shares cost N97.395 million while Dangote Sugar exchanged 28.858 million shares cost N1.600 billion.

Nigeria’s equity market records N185bn gain

Nigeria’s equity market concluded Tuesday on a positive trajectory, with an impressive gain of N185 billion. This surge was largely attributed to the upward movements in the shares of Flour Mill Nigeria Plc, Dangote Sugar Refinery, Nahco, and other notable companies. Market capitalization of listed equities surged by 0.51%, reaching N36.390 trillion compared to the N36.205 trillion recorded on the previous day, Monday. The NGX All Share Index exhibited growth as well, ascending by 338.96 basis points to attain 66490.34 points from the 66151.38 points registered on the prior day. In-depth analysis of the day’s trading activities reveals Flour Mills Nigeria Plc and Champion Breweries leading the gainers’ table, both achieving a 10% increase to conclude at N33.00 and N3.19 per share respectively. Nascon followed closely, recording a gain of 9.96% to settle at N54.10 per share. Dangote Sugar Refinery marked a 9.95% growth, reaching N57.45 per share, while Nahco clinched a 9.95% increase to close at N22.10 per share. However, on the downside, CWG and Linkage Assurance stood as the top losers for the day, experiencing a decline of 10% each, concluding at N4.05 and N0.90 per share respectively. Chellaram’s value dropped by 9.855%, closing at N3.57 per share, while Prestige Insurance recorded a 9.80% decrease, settling at N0.46 per share. UPL also experienced a downturn of 9.66%, ending at N2.15 per share. The volume of shares traded surged by 125.84 million, marking a 40.45% increase. Investors participated in the trading of 436.956 million shares valued at N7.013 billion across 7932 deals. This figure compared to the previous day’s 311.116 million shares worth N3.915 billion traded in 7193 deals. FBN Holdings Plc took the lead in market activities, with the trading of 55.146 million shares valued at N911.206 billion. Japaul Gold followed suit with 33.110 million shares worth N29.922 million, and United Bank for Africa traded 30.176 million shares at N412.171 million. Additionally, AccessCorp exchanged 25.354 million shares for N414.374 million, while Transnational Corporation of Nigeria traded 18.219 million shares valued at N127.717 million.

Equity market sustains bullish run, gains N158bn

Trading activities on the floor of Nigerian Exchange (NGX) Tuesday sustained an upward trajectory as the market appreciated by N158 billion. The market capitalisation of listed equities increased by 0.44 per cent to N35.842 trillion from N35.684 trillion reported the previous day. The NGX All Share Index also appreciated 286.26 basis points to 65488.67 points from 65202.41 points traded on Monday. Investors’ attention during the day were directed towards shares of Transnational Corporation of Nigeria (Transcorp), AccessCorp, and Fidelity Bank, ETI and others. An analysis of the investment showed that Cornerstones Insurance led gainers table with 9.84 per cent to N1.34 per unit, CWG followed with a gain of 9.74 per cent to close at N4.28 per unit, SCOA added 9.38 per cent to close at N1.40 per unit, ABC Transport increased by 8.33 per cent to close at N0.52 per unit. BUAFoods added 7.91 per cent to close at N165 per share. On the contrary, Nigerian Breweries, SUNU Assurance and Chellaram Plc recorded the highest loss during the day in percentage terms, declining by 10 per cent to close at N38.25, N0.72 and N3.96 per share respectively. John Holt trailed with a drop of 8.81 per cent to close at N1.45 per unit while Mutual Benefits dipped 6.82 per cent to close at N0.41 per share. The volume of trades increased by 61.864 million representing  26.71 per cent as investors traded 293.463 million shares valued at N4.122 billion in 5895 deals against 231.599 million shares worth N3.992 billion exchanged hands the previous day in 5494 deals. Transactions on the shares of Transnational Corporation of Nigeria (Transcorp) led market activities during the day with 41.441 million shares valued at N185.042 million, AccessCorp followed with account of 36.158 million shares worth N616.420 million, Fidelity Bank traded 32.105 million shares valued at N229.733 million, Omatek exchanged 15.006 million shares cost N4.293 million while Ecobank Transnational Corporate sold a total of 13.200 million shares valued at N208.479 million.

Again, equity market sheds N96bn

The local stock market closed trading on Thursday on a negative note, shedding N96 billion with the anticipated rise in exchange rate and fuel prices.The market capitalisation of listed equities declined further by 0.27 per cent to N35.273 trillion from N35.369 trillion reported the previous day.The decline led the benchmark index, NGX ASI, to witness a decline of 176.32 basis points, concluding at 64448.96 points from 64,625.28 points reported on Wednesday.An analysis of the investment showed that JohnHolt led gainers table in percentage terms, gaining 10 per cent to close at N1.32 per share, CWG followed with a gain of 9.76 per cent to close at N3.60 per share, Prestige insurance gained 8.33 per cent to close at N0.52 per unit, Cutix Plc added 8.00 per cent to close at N2.70 while Linkage Assurance gained 7.69 per cent to close at N0.98 per unit.On the contrary Guinness Nigeria Plc topped losers chart, dropping by 8.57 per cent to close at N0.32 per unit, RTBriscoe trailed with 8.16 per cent to close at N0.45 per unit, Chi Plc loss 7.61 per cent to close at N0.85 per share, SUNU Assurance dipped by 6.98 per cent to close at N0.80 per unit, Deep Capital declined by 6.67 per cent to close at N0.28 per share.The volume of trades increased by 28.63 million, representing 9.82 per cent as investors traded 320.346 million shares valued at N3.729 billion in 5176 deals against 291.714 million shares costing N7.432 billion in 6213 deals.Transactions in the shares of Fidelity Bank led market activities with 80.045 million shares valued at N595.543 million, Transnational Corporation of Nigeria followed with 34.268 million shares worth N137.206 million, United Bank for Africa traded 24.398 million shares cost N340.020 million , Universal Insurance traded 22.429 million shares worth N5.062 million , FBNHoldings exchanged 19.096 million shares cost N353.481 million.

Equity market continues negative trend, sheds N59bn

Domestic equity market on Tuesday sustained its negative trend, shedding N59 billion following declines in share price of Unilever Nigeria Plc, Eterna Plc, UACN, Dangote Sugar among othe Market capitalisation of listed declined by 0.17 per cent to N35.356 trillion from N35.415 trillion reported the previous day. The NGX All Share Index also depreciated by 107.37 basis points to 64928.98 points from 65036.37 points traded on Monday. A review of the transactions during the day showed that Tantalizer led gainers table, gaining 10 per cent to close at N0.44 per share, Ikeja Hotel followed with a gain of 9.82 per cent to close at N3.13 per unit, Cornerstone Insurance added 9.30 per cent to close at N1.41 per share, TIP gained 8.82 per cent to close at N1.11 per unit, Linkage Assurance grew by 8.33 per cent to close at N0.91 per unit. On the contrary, Eterna Plc recorded the highest loss with a drop of 9.86 per cent to close at N16.00, SUNU Assurance trailed with a loss of 9.62 per cent to close at N0.94 per share, Omatek down by 8.11 per cent to close at N0.34 per share, Unilever fell by 7.05 per cent to close at N14.50 per share while AIICO Insurance dipped by 5.63 per cent to close at N0.67 per unit. Investors traded 280.468 million shares valued at N4.645 billion in 6296 deals against 259.041 million shares worth N4.204 billion exchanged hands the previous day in 5899 deals. Trading in the shares of Transnational Corporation of Nigeria led market activities with 36.469 million shares valued at N147.502 million in 244 deals , United Bank for Africa followed with account of 23.242 million shares cost N475.416 million in 367 deals, AccessCorp traded 17.667 million shares worth N299.366 million in 375 deals, Sterling Bank exchanged 15.973 million shares cost N57.498 million in 190 deals while Japaul Gold traded 11.398 million shares valued at N11.015 million in 93 deals.