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:

Nigeria’s Equity Sustains Bullish Run, Gains N85bn

The Nigerian equity market closed positively on Tuesday, gaining 133.98 basis points as the market remained favourable. The NGX All Share Index advanced by133.98 basis points or 0.20 per cent closing at N70613.60 points compared to previous day gain of 0.40 per cent which closed at 70479.62 points. Market capitalisation of listed equities also appreciated by N85 billion to N38.787 trillion from N38.712 trillion reported the previous day. The NGX trading result showed that market activities lifted as result of increase in the share price of FBNHoldings, PZ, FCMB, Fidelity Bank Glaxosmith among others. An analysis of the investment showed that PZ Cusson led gainers table in percentage terms, increasing by 10 per cent to close at N22.00, Glaxosmith followed with a gain of 9.93 per cent to N14.95 per unit, Daar Communications added 9.52 per cent to N0.23 per unit, Japaul Gold up by 9.35 per cent to close at N1.52 per share, International Breweries gained 8.43 per cent to close at N4.50 per share. On the contrary, Northern Nigeria Flour Mills topped losers chart, dropping by 10 per cent to N18.00 per share, TIP followed with 9.65 per cent to close at N1.03 per share, Royal Express down by 9.26 per cent to close N0.49 per unit, Omatek fell by 8.77 per cent to close at N0.52 per share while Eterna Plc fell by 8.62 per cent to close at N13.25 per share. Volume of activities during the day rose by 58.27 million, representing 14.90 per cent as investors traded 449.283 million shares valued at N5.444 billion in 7100 deals against 391.013 million shares worth N7.705 billion exchanged hands the previous day in 6837 deals. Transactions in the shares of FBNHoldings led market activities during the day with 52.023 million shares valued at N1.026 billion, Chi Plc followed with account of 49.525 million shares cost N49.462 million, Fidelity Bank traded 42.020 million shares valued at N381.493 million, United Bank for Africa exchanged 41.466 million shares cost N847.006 million while Japaul Gold traded 37.079 million shares cost N55.154 million.

NIMASA Is Best Federal MDA In Digital Transformation -Presidency

The Presidency has declared the Nigerian Maritime Administration and Safety Agency NIMASA as the best Federal Government Agency in Digital Transformation. The Director General of the Bureau of Public Service Reforms (BPSR), who conveyed the Presidential award to NIMASA Management, also said NIMASA DG, Dr Bashir Jamoh has been nominated for the distinguished GovTech Trailblazers award for providing exemplary leadership. The BPSR also announced the awards were as a result of a nationwide nomination and online voting process initiated by the Bureau, as well as a detailed analysis of performance of all government MDAs at the national level. The award presentation is scheduled to take place in the nation’s federal capital in October this year. Jamoh expressed pleasure and assured of the Agency’s commitment to full operational digitalization. “This award is a pleasant surprise. We weren’t expecting it. We were just doing our job. This award will spur us to accelerate our quest to fully digitalize all NIMASA operations.” Public sector reform consists of deliberate changes to the structures and processes of public sector organizations with the objective of getting them to run better.

Transcorp Hotels Secures NGX Free Float Compliance

 *Sustains impressive market performance Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group has achieved full compliance with the Nigerian Exchange’s (NGX) free float requirement for companies listed on its Main Board through free-float market capitalisation. This comes following months of sustained impressive market performance that saw the company’s market capitalisation rise to more than N470 billion. Transcorp Hotels Plc, a hospitality subsidiary of Transnational Corporation Plc (Transcorp), is one of Africa’s leading hospitality companies, committed to redefining hospitality standards Free float refers to the shares of a company that can be publicly traded and are not restricted.  According to the NGX, companies listed on its Main Board, where its top stocks are listed, are required to have 20 percent issued and fully paid share capital or have a N20 billion market capitalisation on its publicly traded shares.  Transcorp Hotels Plc had in June achieved compliance with the NGX’s requirement as it experienced significant growth in its market capitalisation due to its excellent financial performance and operational efficiency. However, the Exchange monitored the Company’s free float compliance status for a period of three (3) months starting from Friday, 30 June 2023 to Friday, 22 September 2023 in line with its practice of monitoring a company’s free float. “We further note that Transcorp’s free float currently stands at 12.78% with a value (market capitalization) of N58, 788,278,971.52 as at 21 September 2023,” a notice by the Exchange stated. Chairman, Transcorp Hotels Plc Emmanuel Nnorom expressed enthusiasm regarding the achievement, stating that “Maintaining compliance with NGX’s free float requirement is a testament to Transcorp Hotels Plc resilience and strategic positioning in the market. We are committed to upholding the highest standards of transparency and corporate governance, factors that underpin our success.” He also added that the impressive performance of the company over the years has built market confidence, seeing the share price grow by more than 500 percent over the past year. The Company had in the first half of 2023 grown profit by 49 percent year-on-year, reaching N3.53 billion compared to N2.37 billion in H1 2022. Revenue also soared to N18.98 billion from N14.99 billion recorded during the same period of the previous year, showcasing a remarkable growth of over 27 percent. The NGX has now removed the Compliance Status Indicator (CSI) of BLS (Below Listing Standard) beside Transcorp Hotels Plc name on its platform, reflecting the company’s unwavering dedication to post-listing obligations and its resolve to continually exceed industry benchmarks. The company remains steadfast in its pursuit of excellence, with a focus on delivering exceptional value to shareholders and other stakeholders alike. The company’s strong financial foundation and sustainable growth trajectory position it favourably in the competitive landscape of the hospitality sector.

Nigerian Stock Market Records N43bn Decline In Market Capitalization

Trading activities on the Nigerian Exchange took a negative turn on Thursday, resulting in a loss of N43 billion in market capitalization. This decline was attributed to price depreciation in the shares of Nestle Nigeria Plc, Zenith Bank, GTCO Plc, Transcorp, RTBriscoe, and 20 other listed companies. Market capitalization of listed equities declined by 0.12 percent, falling from N36.896 trillion to N36.853 trillion compared to the previous day. The NGX All Share Index also depreciated, dropping by 79.10 basis points to reach 67,335.30 points, down from the 67,414.40 points traded on Wednesday. In the daily trading results, Chellaram Plc led the gainers’ table with a 10 percent increase in share price, closing at N3.85 per share. Learn Africa followed with a gain of 9.97 percent, closing at N3.31 per share. Academy Press gained 9.94 percent, closing at N1.88 per share, while Chi Plc added 9.52 percent to close at N0.92 per share. Courtvellle Business Solutions also added 9.26 percent, closing at N0.59 per unit. On the contrary, ETranzact topped the losers’ chart with a 10 percent drop, closing at N7.20 per share. Ikeja Hotel trailed with a loss of 9.84 percent, closing at N2.75 per share. ABC Transport fell by 9.78 percent, closing at N0.83 per unit. Guinea Insurance dipped by 9.38 percent, closing at N0.29 per share, and RTBriscoe declined by 9.09 percent, closing at N0.40 per unit. The volume of trades increased significantly by 218.91 million shares, representing a 38.43 percent rise. Investors traded 788.536 million shares valued at N14.169 billion in 8,810 deals, compared to 569.626 million shares worth N8.697 billion exchanged the previous day in 8,404 deals. Transactions in the shares of United Bank for Africa led market activity, with 304.025 million shares valued at N4.892 billion. Sterling Bank followed with an account of 82.476 million shares worth N313.285 million. Chi Plc traded 46.031 million shares, costing N37.801 million, while Oando Plc traded 36.690 million shares, costing N383.746 million. Fidelity Bank exchanged 31.399 million shares, costing N261.255 million.

Nigerian stock market hits 15-year high amid FX imbalance

In the previous month, the Nigerian domestic equities market reached a remarkable 15-year high, witnessing the All-Share Index (ASI) rising by 3.4 per cent on a month-on-month (m/m) basis. This surge occurred while grappling with foreign exchange (forex) imbalances. August saw the Nigerian equities market continue its upward trajectory, driven by a renewed sense of enthusiasm among investors. This optimism was fueled by the pursuit of gains, spurred on by market-stimulating corporate actions and interim dividend payments. As a result, the NGX-ASI surged by 3.4 per cent m/m to reach 66,548.99 points, marking its highest level since March 5, 2008. The market capitalization also increased by N1.4 billion, reaching a total of N36.4 trillion. Despite this impressive performance in the equities market, the Central Bank of Nigeria’s foreign exchange reserves remained steady at $33.2 billion, as month-to-month outflows were balanced by an accretion of $333 million. Interestingly, the official and parallel market exchange rates showed disparities, even in light of the $3 billion NNPCL loan deal. In August, crude oil prices recorded a monthly gain due to a drawdown in US crude inventories (which declined by 10.6 million barrels) and production cuts by the Organization of Petroleum Exporting Countries and its allies (OPEC+). These factors overshadowed concerns about weaker demand, particularly in China. Consequently, the average Brent crude oil price rose by 6.9 per cent m/m to $84.64 per barrel. System liquidity experienced a contraction of N49.6 million on a month-on-month basis, settling at N360.9 billion. This was a result of several Primary Market Auctions (PMA) totaling N437.0 billion and the resumption of Open Market Operation (OMO) issuance, with N150.0 billion worth of papers issued. In the same period, the OPR and OVN rates increased by 0.9 percentage points and 1.2 percentage points, respectively, reaching 1.9 per cent and 2.6 per cent. During August, the Debt Management Office (DMO) conducted a bond auction, reopening the 5-year, 9-year, 14-year, and 29-year instruments. A total of N360.0 billion was offered for APR 2029 (₦90.0 billion), JUN 2033 (₦90.0 billion), JUN 2038 (₦90.0 billion), and JUN 2053 (₦90.0 billion) at stop rates of 13.9 per cent, 15.0 per cent, 15.2 per cent, and 15.9 per cent, respectively. These rates were higher than the previous auction rates of 12.5 per cent, 13.6 per cent, 14.1 per cent, and 14.3 per cent. This report highlights the impressive performance of the Nigerian equities market in the face of forex imbalances, providing insights into various economic factors influencing the financial landscape.

NGX moves northward, gains N565bn

Trading activities on the floor of the Nigerian Exchange on Thursday closed northward, gaining N565 billion following gains recorded by Dangote Cement, Unilever, Cadbury Nigeria Plc, FBNHoldings among others. The market capitalisation of equities on Thursday appreciated by 1.62 per cent to close at N35.483 trillion from N34.918 trillion reported the previous day. The NGX All Share Index also appreciated by 1037.43 basis points to 65204.82 points from 64167.39 points traded on Wednesday. A reviews of the investment during the day showed that Chellaram Plc led gainers table in percentage terms, gaining 10 per cent to close at N4.40 per share, SCOA Plc followed with a gain of 9.35 per cent to close at N1.17 per share, Dangote Cement gained 9.34 per cent to close at N349.90 per share, Thomas Way added 9.32 per cent to close at N1.29 per unit, Cornerstone Insurance increased by 9.09 per cent to close at N1.08 per share. On the contrary, Cap Plc topped losers chart, shedding 10 per cent to close at N19.80 per share, Academy Press trailed with a loss of 9.36 per cent to close at N2.13 per unit, Dangote Sugar Refinery dipped by 6.63 per cent to close at N32.40 per unit, Glaxo Smithkline fell by 6.60 per cent to close at N9.20 per share, Chams Plc down by 5.05 per cent to close at N0.94 per share. Volume of trades increased by 123.16 million, representing 51.73 per cent as investors traded 361.197 million shares valued at N5.743 billion in 5531 deals against 238.039 million shares worth N2.616 billion in 6001 deals. Transactions in the shares of FBNHoldings Ltd market activities with 140.179 million shares valued at N2.608 billion in 280 deals, Fidelity Bank followed with account of 21.559 million shares worth N165.186 million in 170 deals, Universal insurance traded 18.706 million shares valued at N4.211 million in 62 deals. Transnational Corporation of Nigeria exchanged 17.307 million shares valued at N62.606 million in 176 deals while United Bank for Africa exchanged 13.081 million shares costing N188.990 million in 249 deals.

Despite bargain hunting, equity market gains N52bn

The Nigeria’s equity market Tuesday remained bullish, appreciating by N52 billion amid renewed bargain-hunting activities. Market capitalisation of listed equities on Tuesday appreciated by N52 billion or 0.16 per cent to N32.185 trillion from N32.133 trillion reported the previous day. The NGX All Share Index also increased by 95.17 basis points to 59110.02 points from 59014.85 points traded on Monday. Trading in the shares of United Bank for Africa, GTCO Plc, Transcorps, Access Corp lifted market activities during the day. An analysis of the Investment showed that Academy Press Plc, Sky Ways, Chams Plc and Guinnea Insurance led gainers table during the day in percentage terms, appreciating by 10 per cent each to close at N1.98 per share, N7.70, N0.44 per unit and N0.22 per share respectively, Learn Africa followed with a gain of 9.92 per cent to close at N2.66 per share. On the contrary, C &I Leasing topped losers chart, dropping by 10 per cent to N4.05 per share, Cornerstone Insurance trailed with a loss of 9.82 per cent to close at N1.01 per share, NSL Tech  and Veritas Kapital down by 8.70 per cent each  to close at N0.42 and 0.21 per share respectively. RTBriscoe Plc dipped 8.11 per cent to close at N0.34 per share. Volume of trades increased by declined by 304.100 million representing 34.06 per cent as investors exchanged 588.854 million shares valued at N8.960 billion in 8272 deals against 892.954 million shares valued at N11.147 billion in 9274 deals. Transactions in the shares of United Bank for Africa led activity chart during the day with 78.511 million shares valued at N907.474 million, GTCO Plc followed with account of 65.398 million shares worth N2.107 billion, Transnational Corporation of Nigeria traded 33.706 million shares valued at N112.040 million, AccessCorps traded 31.378 million shares cost N466.626 million while Veritas Kapital traded 27.759 million shares cost N6.088 million