Nigerian Equities Market Slumps N1.17 Trillion on Monday

Equities Market Opens Week Lower, N1.173 Trillion Lost in Capitalisation The Nigerian equities market opened the week on a negative note on Monday, losing N1.173 trillion or a 1.26 per cent decline. The downturn was largely driven by profit-taking in major stocks, including Dangote Cement, Enamelware, Transcorp Power, AIICO Insurance, and Guinea Insurance. Market capitalisation closed at N92.328 trillion, down from the opening value of N93.501 trillion. The All-Share Index (ASI) dipped by 1,853.82 points, or 0.26 per cent, ending at 145,159.77 compared with 147,013.59 on Friday. Despite the overall decline, market breadth remained positive, with 28 stocks gaining against 24 losers. Top Gainers: Top Losers: Trading Activity:Total turnover for the day stood at 388.2 million shares worth N31.14 billion, traded in 28,492 deals. This was lower than Friday’s volume of 4.89 billion shares valued at N42.2 billion across 24,152 transactions. Notable Trades:

Equity Market Resumes Week Negatively, Sheds N57bn

The domestic equity market on Monday opened the week bearish, declining by N57 billion as the fall in the shares price of RTBriscoe, Nigeria Breweries, Stanbic IBTC, Transacorp and others impacted negatively on the market. The market capitalisation of listed equities which went down by 0.15 per cent to N39.050 trillion from N39.107 trillion it closed last week Friday. The NGX All Share Index also depreciated by 104.29  basis points to 71008.70 points from 71112.99 points traded on Friday. An analysis of the investment showed that Mecure led gainers table in percentage terms, gaining 9.95 per cent to close at N6.30 per share, Multiverse followed with a gain of 9.92 per cent to close at N3.99 per unit, ABC Transport added 9.88 per cent to close at N0.89 per unit, C& I Leasing gained 9.84 per cent to close at N5.47 per unit. Northern Nigeria Flour Mills Nigeria Plc increased by 9.83 per cent to close at N26.25 per unit. On the contrary, RTBriscoe recorded the highest loss during the day, dropping by 9.84 per cent to close at N0.55 per share, Prestige insurance trailed with a loss of 9.09 per cent to close at N0.50 per unit, Stanbic IBTC down by 7.08 per cent to close at N65.00, CWG fell by 3.04 percent to N7.70 per share, Caverton Business Solutions declined by 2.78 per cent to close at N1.40 per unit. Volume of trades also dropped by  83.134 million, representing 18.82 percent as investors traded 358.445 million shares valued at N4.357 billion in 6551 deals against 441.579 million shares worth N6.032 billion exchanged hands the previous day in 5883 deals. The result further showed that transactions in the shares of AccessCorp led market activities during with 27.583 million shares valued at N474.629 million, AIICO Insurance followed with 21.931 million shares cost N16.649 million, Japaul Gold traded 21.240 million shares cost N37.212 million, Veritas Kapital exchanged 18.995 million shares valued at N5.881 million while Transnational Corporation of Nigeria exchanged 17.073 million shares valued at N104.631 million.

Gov Sanwo-Olu Reopens Alaba Int’l Market

The Lagos State Government has taken the decision to reopen the Alaba International Market and some markets within the Trade Fair Complex in Ojo. The market was previously closed due to issues related to improper waste management and environmental infractions. Mr. Tokunbo Wahab, the Commissioner for the Environment and Water Resources, clarified that the reopening of these markets was not politically motivated but a strategic move to ensure a clean and healthy environment in and around business facilities. Wahab stated: “The decision to reopen the markets followed rigorous assessment and implementation of stringent environmental standards. These standards were set to guarantee that businesses in the state operate in a manner that is not detrimental to the environment and the well-being of the people.” Collaborating with market officials, the Lagos Waste Management Authority, led by Dr. Muyiwa Gbadegesin, worked tirelessly to ensure that the necessary environmental standards were met.  He emphasized the importance of maintaining a balance between commerce and environmental health. “We have standards that each market in the state has to comply with to make our business environment clean and healthy for buyers and sellers,”  Gbadegesin explained. “These include proper waste management, zero tolerance for open burning of waste, and zero tolerance for dumping of waste in drainage channels.” Gbadegesin encouraged market users and business owners to commit to environmental sustainability through proper waste disposal, emphasizing that compliance with these standards is crucial to avoiding future market closures.

Equity market sheds N64bn

Trading activities on the floor of Nigerian Exchange (NGX) Tuesday returned to a negative trend, declining by N64 billion. Market capitalisation of listed equities declined by 0.17 per cent to N36.801 trillion from N36.865 trillion reported the previous day. The NGX All Share Index also depreciated by 116.71 basis points to 66984.62 points from 67101.33 points traded the previous day. An analysis of the investment indicated that Ncnichols led gainers table in percentage terms, gaining 10 per cent to close at N0.66 per share, Capital Hotel followed with a gain of 9.83 per cent to close N3.02 per unit, Chams Plc added 9.38 per cent to close at N1.40 per unit, ABC Transport added 8.82 per cent to close at N0.74, Oando Plc appreciated by 7.61 per cent to close at N9.90 per share. On the contrary, JohnHolt topped losers chart dropping by 10 per cent to close at N1.44 per unit, Presco Plc trailed with a loss of 9.54 per cent to close at N182.00, Daar Communication dipped by 8.70 per cent to close at N0.21 per unit, Deep Capital declined by 7.41 per cent to close at N0.25 per share, Jaiz Bank fell by 6.25 per cent to close at N1.50 per share. Volume of transactions increased by 11.24 million, representing a drop of 4.18 per cent as investors traded 257.423 million shares valued at N7.799 billion in 6498 deals against 268.663 million shares worth N3.463 billion in 6911 deals. Fidelity Bank led market activities with 53.396 million shares valued at N442.890 million, AccessCorp followed with 31.088 million shares cost N490.503 million, United Bank for Africa exchanged 26.772 million shares cost N459.677 million, Oando Plc traded 13.564 million shares worth N133.363 million while Zenith 11.266 million shares cost N358.983 million.

Nigeria’s Equity Market Sheds N464bn Amid Profit-Taking

The nation’s equity market Monday opened the week bearish, shedding N464 billion. The downward trend followed profit-taking in the shares of GTCO, United Bank for Africa, Zenith, AccessCorp, Nascon, NGX group and others. Market capitalisation of listed equities declined by 1.24 per cent to N36.831 trillion from N37.295 trillion reported the previous day. The NGX also depreciated by 847.16 basis points to 67296.18 points from 68143.34 points traded on Friday. An analysis of the investment showed that Northern Nigeria Flour Mills Nigeria Plc led gainers table, appreciating by 9.96 per cent to N13.25 per unit, Oando Plc followed with a gain of 9.74 per cent to close at N8.45 per share, CWG increased by 9.0 per cent to close at N6.30 per share, NPF Micro Finance Bank added 8.20 per cent to close at N1.98 per share while RTBriscoe up by 7.32 per cent to close at N0.44 per unit. On the contrary, ETranzact, Nascon and NSL Tech topped losers’ chart, dropping by 10 per cent each to close at N9.00, N52.20 and N0.27 per share respectively. Dangote Sugar Refinery followed with a drop of 9.98 per cent to close at N57.75 per unit while Learn Africa declined by 9.86 per cent to close at N3.29 per unit. Investors traded 520.133 million shares valued at N8.334 billion in 9914 deals against 483.489 million shares worth N8.340 billion in 6660 deals. Transactions in the shares of United Bank for Africa led market activities with 75.932 million shares valued at N1.049 billion, AccessCorp followed with 57.668 million shares valued at N957.323 million, Transnational Corporation of Nigeria traded 53.724 million shares cost N331.528 million, Zenith Bank traded 43.128 million shares worth N1.523 billion while FBNHoldings exchanged 26.573 million shares valued at N480.793 million. Zenith Bank declares N15.70bn as interim dividend to shareholders Zenith Bank Plc has declared an interim dividend of N15.70 billion (representing N0.50 per share) to be paid to shareholders for the half year ended June 2023. This was disclosed in the company’s corporate action announcement to the Nigerian Exchange Limited (NGX) on Monday. The Board of Directors of the company proposed the payment of an interim dividend in the sum of N0.50kobo per ordinary share on the issued capital of 31,396,493,786 Ordinary Shares. At its 32nd Annual General Meeting (AGM) in May, shareholders of the bank unanimously approved the proposed final dividend payment of NGN2.90 per share. This brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value of NGN100.47 billion. The board of Zenith Bank Plc had earlier announced a delay in the release of its 2023 Half-Year (HY) financial results due to post-audit issues. According to the statement signed by the Company Secretary, Michael Osilama Otu, the delay in the publication of the Audited Interim Financial Statements for the Half Year ended June 30, 2023, is due to some outstanding post-audit issues. The bank said the results will be delivered on or before September 14, 2023. The statement reads: “Zenith Bank Plc (the Bank) wishes to notify its shareholders, the Nigerian Exchange Limited (the Exchange), and the investing public of a slight delay in the release of the Audited half-year financial reports by the Bank for the period ended June 2023. “The delay is to enable the bank to attend to some outstanding post-audit issues in the course of approval of the financial statements. “The Bank is, however, optimistic that the Audited half-year financial reports will be submitted to the Exchange on or before September 14, 2023, and regrets any inconveniences this delay might cause its esteemed stakeholders.

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.

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.