Equity Market Gains N156bn On First Trading Day

Domestic equity market opened transactions on the floor of Nigerian Exchange (NGX) on a positive note, gaining N156 billion. The NGX trading result showed that gain recorded in the shares of BuaCement, Oando, Seplat, Glaxosmith, Fidelity Bank and others boasted activities in the market. Market capitalisation of listed equities increased by 0.40 per cent to N38.712 trillion from N38.556 trillion reported the previous day. The NGX All Share Index also appreciated by 282.85 basis points to 70479.62 points from 70196.77 points it closed on Friday. A review of the investment showed that Thomas Way led gainers table in percentage terms, gaining 10 per cent to close at N4.07 per share, Chams Plc followed with a gain of 9.90 per cent to close at N2.22 per unit, Gloxasmith gained 9.68 per cent to close at N13.60 per share, Oando Plc up by 9.66 per cent to close at N9.65 per share, Japaul Gold gained 9.45 per cent to close at N1.39 per unit. On the contrary, ABC Transport recorded the highest loss during the day, dropping by 9.30 per cent to close at N0.78 per unit, Cornerstone Insurance trailed with a drop of 9.27 per cent to N1.37 per share. Champion Breweries gained 9.19 per cent to N3.36 per share, International Breweries down by 8.79 per cent to close at N0.21 per unit. Volume of trades declined by 19.348 million, representing 4.72 per cent as investors traded 391.013 million shares valued at N7.705 billion in 6837 deals against 410.361 million shares cost N9.163 billion exchanged hands the previous day in 6436 deals. Trading  in the shares of United Bank for Africa led market activities with 105.627 million shares valued at N2.137 billion, FBNHoldings followed with account of 33.267 million shares cost N602.498 million, Japaul Gold traded 21.348 million shares valued at N29.607 million, Fidelity Bank exchanged 20.438 million shares worth N175.964 million, AccessCorp exchanged 19.502 million shares valued at N33.657 million.

Nigeria’s Equity Market Continues Upward Streak, Gains N739bn

Trading activities on the floor of Nigerian Exchange (NGX) started the month November on a bullish note, appreciating by N739 billion. The increase in the shares price of Airtel Africa, FBNHoldings, Cadbury Nigeria Plc, Zenith Bank, Flour Mills Nigeria Plc, Presco, AccessCorp, GTCO Plc, Flour Mills Nigeria Plc and other 28 company lifted market activities pushing NSE index  to cross 70 million mark. Specifically, market capitalisation of listed equities appreciated by 1.94 per cent to N38.777 trillion from N38.038 trillion reported the previous day. The NGX All Share Index also increased by 1345.57 basis points to 70581.76 points from 69236.16 points traded the previous day. An analysis of the investment showed that Airtel Africa led gainers table in percentage terms, gaining 10 per cent to close at N2694.10 per share, Chams Plc and UPL followed with a gain of 9.91 per cent each to close at N2.44 per share and N2.33 per share respectively. NEM Insurance gained 9.90 per cent to close at N5.55 per unit, FBNHoldings added 9.78 per cent to close at N19.65 per share. On the contrary, Caverton Business Solutions recorded the highest loss during the day, declining 7.74 per cent to close at N1.43 per share, Champion Breweries trialed with a loss of 6.85 per cent to close at N3.40 per share, C &I Leasing down by 6.41 per cent to N3.36 per unit. UPDC REIT fell by 2.70 per cent to close at 3.60 per share. Unilever Nigeria Plc declined by 2.44 per cent to close at N14.00. Volume of trades increased by 118.463 million, representing 24.51 per cent growth as investors traded 601.732 million shares valued at N11.016 billion in 7444 deals against 483.269 million shares worth N6.044 billion exchanged hands the previous day in 8027 deals. Transactions in the shares of  United Bank for Africa led market activities with 163.561 million shares valued at N3.472 billion, FBNHoldings followed with 94.654 million shares valued at N1.841 billion, AccessCorp traded 36.693 million shares worth N641.992 million, Universal insurance exchanged 34.716 million shares cost N8.938 million while Japaul Gold exchanged 25.717 million shares valued at N33.114 million.

Equity Market Sustains Growth, Gains N618bn

The local equity market Tuesday crossed the N38 trillion mark, sustaining a bullish run to gain N618 billion. The trading result showed that gains recorded in the shares of Airtel Africa, Cadbury Nigeria Plc, UBA, FBNHoldings, FTNCocoa and others impacted positively on the market activities. Market capitalisation of listed equities appreciated by 1.65 per cent to N38.038 trillion from N37.420 trillion reported the previous day. The NGX All Share Index also appreciated by 1124.48 basis points to 69236.19 points from 68111.71 traded yesterday. An analysis of the investment showed that Airtel Africa led gainers table in percentage terms, increasing by 10 per cent to close at N1540.10 per unit, Cadbury Nigeria Plc followed with a gain of 9.92 per cent to close at N13.85 per share. Northern Nigeria Flour Mills also appreciated by 9.92 per cent to close at N19.95 per share, Chams Plc added 9.90 per cent to close at N2.22 per unit, ABC Transport added 9.92 per cent to close at N0.79 per share. On the contrary, Betaglass topped losers chart dropping by 9.93 per cent to close at N60.30 per share, UPL followed with a drop of 9.74 per cent to close at N2.12 per unit, EllahLakes fell by 5.56 per cent to close at N3.50 per share, Sovereign Insurance declined by 8.82 per cent to close at N0.31 per unit, Learn Africa down by 8.79 per cent to close at N3.01 per share. Volume of trades increased by 52.876 million, representing 12.29 per cent as investors traded traded 483.269 million shares valued at N6.044 billion in 8027 deals against 430.393 million shares valued at N8.257 billion exchanged hands the previous day in 7656 deals. Transactions in the shares of Japaul Gold led market activities with 155.594 million shares valued at N181.858 million, United Bank for Africa followed with account of 33.932 million shares worth N688.200 million, Zenith Bank traded 29.899 million shares cost N996.447 million, AccessCorp traded 27.435 million shares valued at N468.662 million while Chams Plc exchanged 22.516 million shares cost N4.806 million.

Nigeria’s Equity Market Rakes In N564bn

Domestic equity market on Monday opened in bullish note, gaining N564 billion as gain recorded in the shares of Dangote Cement, Nigerian Breweries, Stanbic IBTC, Geregu Power, Flour Mills Nigeria Plc, FBNHoldings impacted positively on the trading activities. Investors’ rekindled interest in stocks led to the appreciation of NGX All Share by 975.13 basis points to 68111.71 points from 67136.58 points traded the previous day. Also, Market capitalisation of listed equities increased by N564 billion or 1.52 per cent to N37.420 trillion from N36.885 trillion it closed on Friday. An analysis of the investment showed that Northern Nigeria Flour Mills led gainers table in percentage terms, gaining 10 per cent to close at N18.15 per unit, Chellaram followed with a gain of 9.77 per cent to close at N3.82 per share, UACN added 9.84 per cent to N14.35 per share, Nahco gained 9.42 per cent to N26.05 per unit, TIP increased by 9.43 per cent to close at N1.16 per unit. On the contrary, Meryer paint recorded the highest loss, declining by 9.87 per cent to close at N2.74 per unit, Abbey Building trailed with a loss of 9.71 per cent to close at N1.86 per share, Regal insurance dropped by 8.33 per cent to N0.33 per share, RTBriscoe dipped by 6.00 per cent to N0.47 per share, Jaiz Bank down by 5.95 per cent to close at N1.58 per unit. Volume of trades during the day increased by 216.247 million, representing 100.98 per cent as investors traded 430.393 million shares valued at N8.257 billion in 7656 deals against 214.146 million shares valued at N5.178 billion in 5325 deals. Transactions in the shares of Universal insurance led market activities with 94.753 million shares valued at N23.105 million, United Bank for Africa followed with account of 51.263 million shares valued at N1.002 billion, Transnational Corporation of Nigeria traded 32.476 million shares cost N200.849 million, Zenith Bank exchanged 24.421 million shares cost N818.460 million while Chams traded 19.243 million shares cost N37.506 million.

Bulls Return As Equity Market Gains N63bn

The domestic equity market witnessed a positive upswing on Wednesday, resulting in a gain of N63 billion in market capitalization. This represents a 0.17% increase, with the total market capitalization rising to N36.864 trillion from N36.801 trillion recorded the previous day. The NGX All Share Index also appreciated by 115.87 basis points, closing at 67,100.49 points compared to the previous day’s 66,984.62 points. Top gainers for the day included Thomas Way, which led the gainers’ table with a 9.81% increase to N2.35 per share. Daar Communication followed with a gain of 9.52% to close at N0.23 per share. Cornerstones Insurance added 6.45% to close at N1.65 per share, Transnational Corporation of Nigeria increased by 5.41% to close at N6.43 per share, and Union Bank of Nigeria added 5.30% to close at N6.95 per share. On the flip side, Omatek was the top loser, dropping by 8.33% to close at N0.44 per unit. Oando Plc trailed with a drop of 8.08% to close at N9.10 per share. AfriPrudential fell by 7.80% to close at N6.50 per unit, Caverton Business Solutions dipped by 6.92% to close at N1.48 per share, and Chi Plc went down by 6.25% to close at N1.05 per share. Total trading volume increased as investors exchanged 410.320 million shares valued at N4.456 billion in 5637 deals, compared to the previous day’s 257.423 million shares worth N7.799 billion in 6498 deals. Neimeth International Pharmaceutical led market activities with 163.200 million shares valued at N259.494 million, followed by AccessCorp with 38.974 million shares worth N611.819 million. Zenith Bank traded 32.273 million shares valued at N101.858 million, Fidelity Bank exchanged 23.523 million shares worth N194.178 million, and United Bank for Africa traded 19.822 million shares valued at N341.185 million.

Equity Market Rebounds, Gains N140bn

Nigeria’s equity market on Thursday rebounded and gained N140 billion following gains recorded by small and medium stocks in the market. Market capitalisation of listed equities increased by 0.38 per cent to N36.526 trillion from N36.386 trillion reported the previous day. The NGX All Share Index also appreciated by 87.91 basis points to 66570.19 points from 66482.28 points traded on Wednesday. A review of the trading activities showed that Wema Bank led the gainers table in percentage terms, gaining 9.93 per cent to N4.65 per share, Thomas Way followed with a gain of 9.74 per cent to close at N2.14 per share, Regal insurance added 8.82 per cent to close at N0.37 per unit, Daar Communications and Royal Express increased by 8.70 per cent to close respectively to N0.25 per share and N0.50 Kobo per unit. On the contrary, Champion Breweries topped losers’ chart, shedding 9.87 per cent to close at N3.38 per share, Chellaram trailed with a loss of 9.84 per cent to close at N3.48 per unit, ABC Transport fell by 9.72 per cent to close at N0.65 per unit, APDC dropped by 8.57 per cent to close at N1.28 per share, MCNICHOLS dipped by 7.69 per cent to close at N0.60 per unit. Volume of trades increased by 356.485 million, representing a growth 54.22 percent as investors exchanged 1.014 billion shares valued at N4.733 billion in 6959 deals against 657.515 million shares worth N4.597 billion made in 6647 deals the previous day. Transactions in the shares of Neimeth international Pharmaceutical led market activities with 657.094 million shares valued at N985.649 million, Oando Plc followed with account of 75.146 million shares cost N771.243 million, Fidelity Bank traded 35.143 million shares cost N288.091 million, Sterling Bank exchanged 24.430 million shares worth N87.369 million while Ellah Lakes traded 19.018 million shares valued at N76.074 million.

Bears Return As Equity Market Sheds N154bn

Transactions in the nation’s equity market on Wednesday closed on a negative note, declining by N158 billion. Market capitalisation of listed equities dropped by 0.43 per cent to N36.386 trillion from N36.544 trillion reported the previous day. The NGX All Share Index also depreciated by 288.69 basis points to 66482.29 points from 66770.97 points traded the previous day. An analysis of the trading activities for the day showed that Oando Plc led gainers table in percentage terms, gaining 9.88 per cent to close at N9.45 per share, Redstarex followed with a gain of 9.81 per cent to close at N2.91 per unit, Triple G gained 9.68 per cent to close at N2.38 per share, RTBriscoe added 9.43 per cent to close at N0.58 per share while Universal Insurance gained 9.09 per cent to close at N0.24 per unit. On the contrary, Wema Bank Plc and Ikeja Hotel topped losers’ chart for the day, declining by 10 per cent each to close at N4.23 and N3.15 per share respectively, ABC Transport trailed with a loss of 8.86 per cent to close at N0.72 per unit, Royal Express down by 8.00 per cent to close at N0.46 per unit, CHi Plc fell by 5.60 per cent to close at N1.18 per unit. Volume of transactions increased by 293.194 million, representing 80.47 per cent as investors traded 657.515 million shares valued at N4.596 billion in 6646 deals against 364.321 million shares worth N3.851 billion in 7537 deals. Transactions in the shares of Universal Insurance led market activities with 336.294 million shares valued at N80.457 million, Fidelity Bank followed with account of 31.689 million shares worth N264.857 million, Chi Plc traded 25.125 million shares valued at N29.423 million, GTCO Plc traded 24.632 million shares cost N885.386 million, Wema Bank exchanged 24.016 million shares cost N103.813 million.

Bears Continue To Dominate As Equity Market Sheds N112bn

Bears continued to dominate the domestic equity market as investors’ weather depleted by N112 billion as sell off in the shares of companies in the financial services sector impacted on the market. Market capitalisation of listed equities declined by 0.31 per cent to N36.367 trillion from N36.479 trillion reported the previous day. The NGX benchmark index declined by 203.54 basis points to 66448.63 points from 66,652.17 points traded the previous day. The trading result showed that RTBriscoe led gainers table with 9.76 per cent to N0.45 per unit, CWG followed with a gain of 9.72 per cent to close at N7.90 per share, Betaglass gained 9.55 per cent to close at N56.20 per unit, Veritas Kapital gained 8.33 per cent to close at N0.26 per unit, Cornerstone Insurance added 7.88 per cent to close at N1.76 per share. On the contrary, Vitafoam Nigeria Plc topped losers chart in percentage terms, shedding 9.92 per cent to close at N22.25 per unit FTNCocoa trailed with a loss of 9.88 per cent to close at N1.55 per share, Oando Plc down by 9.84 per cent to close at N8.70 per unit, JohnHolt dipped by 9.39 per cent to N1.64 per share,United Capital declined by 7.20 per cent to close at N16.10 per unit. Volume of trades for the day declined also by 90.191 million, representing 24.78 per cent as Investors traded 273.798 million shares valued at N3.412 billion in 6826 deals against 363.989 million shares worth N4.529 billion in 7018 deals.AccessCorp led market activities with 45.877 million shares valued at N710.626 million, Zenith Bank followed with 21.116 million shares cost N657.222 million, Unity Bank traded 19.835 million shares cost N192.391 million, United Bank for Africa exchanged 17.294 million shares cost N279.315 million, Transnational Corporation of Nigeria exchanged 15.728 million shares worth  N93.924 million.

Bears Trend As Equity Market Sheds N242bn

The domestic equity market on Monday opened the week bearish, shedding N242 billion as profit taking activities persisted during the day. Market capitalisation of listed equities declined by 0.66 per cent to N36.605 trillion from N36.847 trillion reported on Friday. The NGX All Share Index also depreciated by 441.95 basis points to 66882.64 points from 67324.59 points recorded the previous day. A review of the transactions during the day showed that Ikeja Hotel led the gainers table in percentage terms, gaining 10 per cent to close at N2.75 per share. JohnHolt followed with a gain of 9.70 per cent to close at N1.81 per unit. Cornerstones Insurance increased by 9.49 per cent to close at N1.50 per share, Regal insurance gained 8.57 per cent to close at N0.38 per unit, Tantalizer up by 6.67 per cent to close at N0.32 per unit. On the contrary, Caverton Business Solutions topped losers chart, dropping by 9.87 per cent to close at N1.37 per share, AccessCorp trailed with 9.86 per cent to close at N15.55 per share, Oando Plc dipped by 9.70 per cent to close at N10.70 per unit, TIP fell by 9.65 per cent to close at N1.03 per unit, RTBriscoe dropped by N0.38 per unit. Volume of trades declined as investors traded 408.194 million shares valued at N5.442 billion in 7707 deals against 1.028 billion shares worth N4.354 billion exchanged hands the previous day in 6370 deals. Transactions in the shares of AccessCorp led market activities with 113.391 million shares valued at N1.781 billion, United Bank for Africa followed with account of 59.615 million shares worth N1.049 billion, Unity Bank traded 27.790 million shares valued at N28.426 million, Universal Insurance exchanged 17.572 million shares cost N3.901 million, Transnational Corporation of Nigeria exchanged 16.789 million shares cost N103.697 million.

NNPCL raises concerns over Eni Sale

Nigeria National Petroleum Corporation Limited (NNPCL) has raised reservations about Eni SpA’s sale of a subsidiary to local producer Oando Plc which could complicate the transaction. The Italian firm announced on September 4 an agreement to sell to Oando one of its units that has a 20 per cent operating stake in four onshore oil and gas blocks. The deal is the latest in a string of asset sales concluded by international producers in onshore and shallow-water areas of the Niger Delta. The failure to obtain the NNPCL’s prior authorization for the sale “constitutes a grave breach” of the contract governing the joint venture that holds the four permits, the state-owned company said in a letter to the Eni subsidiary, which was dated September 4 and confirmed by Bloomberg. The NNPCL “reserves its rights in relation to the said breach” including an entitlement to invalidate the agreement, the letter said. The letter is “not an objection to the transaction,” NNPCL spokesman Garba Deen Muhammad said by text message on Wednesday. It is “only drawing attention to certain important clauses” in the joint venture agreement that “might have been overlooked in error,” he said. “Adherence to those clauses will protect the transaction now and in the future.” Oando already had a 20 per cent interest in the licenses before the deal was agreed, while the NNPC holds a 60 per cent stake. An Oando spokeswoman declined to comment on the letter because it was addressed to Eni. She said the companies had agreed to the sale of shares in a subsidiary rather than the assignment of an interest in the joint venture. Eni denied committing any breach of the joint venture agreement in selling the subsidiary to Oando. While NNPC has pre-emption rights, Eni had no obligation to inform the state firm in advance of the announcement, the Rome-based company said in a statement Thursday. “Preemption procedures and other consents will be duly and carefully followed,” it said. Oando said in a statement on September 4 that completion of the transaction is subject to ministerial consent and other regulatory approvals. The Nigerian Upstream Petroleum Regulatory Commission and a spokesman for President Bola Tinubu didn’t immediately respond to requests for comment. Oil majors have been offloading onshore and shallow water blocks — located in a challenging operating environment where infrastructure damage from crude theft is a regular occurrence — to domestic producers for more than a decade. The trend is accelerating as international firms focus on deep-water projects in the West African country. Shell Plc and Exxon Mobil Corp. are also working to finalize sales that stalled under former President Muhammadu Buhari, who was succeeded by Tinubu in late May. A lawsuit over alleged pollution in the Delta is holding up Shell’s deal, while the NNPCL has opposed Exxon’s agreement with Seplat Energy Plc and asserted a right to acquire the permits itself.