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Tag: Rukayat Adeyemi

  • NGX market capitalisation gains N15.25trn in 5 months

     

    Rukayat Adeyemi

    Gains

    Lagos, June 6, 2024 (NAN) The Nigerian Exchange Ltd. (NGX) market capitalisation has gained N15.25 trillion in value in the first five months of the year, amidst domestic and global economic headwinds.

     

    NGX, in a report made available on Thursday in Lagos, stated that the market attained the record following investors continous investment in fundamentally sound quoted companies on the bourse.

     

    The Exchange said that N15.25 trillion market capitalisation growth was recorded amid the spate of rising insecurity, inflation, and hikes in the Central Bank of Nigeria’s (CBN’s) monetary policy rate, among other macroeconomic challenges and global uncertainty.

     

    “Specifically, the overall market capitalisation closed May 2024 at N56.172 trillion, gaining N15.25 trillion or 37.28 per cent from N40.917 trillion, the stock market opened for trading this year.

     

    “Consequently, the NGX All-Share Index increased to 99,300.38 basis points, about 24,526.61 or 32.8 per cent Year-To-Date (YTD) performance from 74,773.77 basis points it closed for trading in 2023,” the NGX said.

     

    The Exchange noted that at 32.8 per cent growth in the major market index, the Nigerian stock market maintained its position as the most performing Exchange in Africa.

     

    NGX said that it had enforced compliance, transparency and a market-friendly environment that continued to impact heavy participation in stock trading by both local and foreign investors.

     

    The regulator said that since the beginning of the year, the stock market had witnessed an unprecedented rally and buying interest, especially in the industrial goods, oil and gas sector and consumer and sub-sector.

     

    According to the Exchange, these sectors have continued to trigger massive bargain hunting in large company shares.

     

    NGX said: “For instance, the NGX Industrial Index has gained 73.08 per cent YTD to 4,694.42 basis points as at May 2024, while the NGX Consumer Goods Index appreciated by 39.5 per cent to close at 1,564.19 basis points.

     

     

    “The taking position in Dangote Cement Plc influenced the 73.08 per cent YTD growth in NGX Industrial Index.

     

    “The stock price of Dangote Cement has appreciated to N656.70 per share as at May 2024, about 105.28 per cent growth from N319.9 per share the stock opened for trading this year.

     

    “Among the top index performance was the NGX Oil/Gas Index which gained 24.07 per cent YTD performance to 1,294.16 basis points and the NGX Insurance Index which gained 14.17 per cent to close May 2024 at 367.23 basis points.

    “Amid reforms in the banking sector, the NGX Banking Index dropped by 11.13 per cent to close May 2024 at 797.37 basis points as investors trade listed banking stocks with caution.”

     

    Meanwhile, Capital market analysts hinged the positive performance  on mixed corporate first quarter ended March 2024 earnings by listed companies, the Federal Government’s reforms in the foreign exchange market and fuel subsidy removal.

     

    Reacting, the Vice President of Highcap Securities Ltd., Mr David Adnori, stated that investors traded based on sentiment in the months under review.

    Adonri stated that the emergence of President Bola Tinubu as president further energised the stock market since market participants had confidence in his ability to rejig the economy and implement economy-friendly policies.

     

    Adonri expressed optimism that the stock market might maintain its positive momentum in the second quarter of the year 2024, against the backdrop of the banking sector’s recapitalisation that is expected to trigger investors buying rights issues from listed banks.

     

    Also, Mr Tajudeen Olayinka, an investment banker and stockbroker, said that the drive by many investors to hedge against inflationary spirals put their buy interests in equity.

     

    Olayinka explained that this is demonstrated by a simultaneous rise in interest rates and equity prices.

     

    He stated that beyond this analogy, the economy is still grossly awash with the Former Governor of CBN, Mr Godwin Emefiele’s N30 trillion illegally printed for use during former President Muhammadu Buhari’s administration.

     

    “So, there is excess liquidity in the system, chasing fewer profitable investment opportunities in the economy,” he said.

     

    Meanwhile, amid the hike in the Monetary Policy Rate(MPR)to 26.25 per cent, capital market experts stated that its impact had created sentiment trading among investors who saw the fixed-income market as an alternative investment opportunity to hedge against double-digit inflation.

     

    At a Monetary Policy Committee (MPC) meeting, the CBN Governor, Mr Olayemi Cardoso, stated that the key focus of the committee is to achieve price stability by effectively using tools available to the monetary authority to rein in inflation.

     

    Nigeria’s headline inflation rate continued to climb to 33.69 per cent in April 2024, its highest since March 1996, up from 33.2 per cent in the prior month.

     

    This marks the 16th consecutive month of acceleration in inflation, partly because of renewed weakness in the naira coupled with the removal of fuel subsidies.(NAN)(www.nannews.ng)
    RUKY/
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  • Performance indices on NGX down 0.15%

    Market

    By Rukayat Adeyemi

    Lagos, June 6, 2023 (NAN) The Nigerian Exchange Ltd. (NGX) recorded a negative performance on Thursday, with a loss of N84 billion in market capitalisation.

     

    Specifically, the market capitalisation lost N84 billion to close at N56.079 trillion, representing 0.15 per cent when compared  to N56.163 trillion posted on Wednesday.

     

    Consequently, the All-Share Index lost 0.15 per cent or 150 points to close at 99,134.85, having opened at 99,284.38.

    As a result, the Year-To-Date (YTD) return declined to 32.58 per cent.

    Sell-offs in Transnational Corporation, Stanbic IBTC, Fidelity, May & Baker, Nigerian Breweries, and Ikeja Hotels, among other declined stocks pulled the market’s performance down.

    Also, the market breadth closed slightly negative with 18 laggards and 17 leaders on the floor of the Exchange.

    On the losers’ chart, May & Baker led by 10 per cent to close at N6.03, Fidelity Bank followed by 9.72 per cent to close at N9.75 per share.

    Sovereign Trust Insurance lost 9.52 per cent to close at 38k, Stanbic IBTC Bank went down by 9.52 per cent to close at N52 and Sunu Assurances shed 6.98 per cent to close at N1.20 per share.

    Conversely, Oando Plc led the gainers’ chart by 9.77 per cent to close at N14.05, Eterna trailed by 9.67 per cent to close at N14.75, and Veritas Kapital rose by 9.52 per cent to settle at 69k per share.

     

    NEM Insurance also gained 8.75 per cent to close at N8.70 and Wapic Insurance added 6.25 per cent to close at 68k per share.

     

    However, market analysis indicated that trade turnover settled higher relative to the previous session with the value of transactions up by 10.74 per cent.

     

    A total of 309.81 million shares valued at N5.39 billion were exchanged in 6,765 deals, as against 308.14 million shares valued at N4.86 billion exchanged in 7,690 deals posted in the previous session.

     

    Fidelity Bank led the activity chart in volume with 49.20 million shares valued at N483.14 million, Access Corporation followed by 42.38 million shares worth N728.80 million.

     

    Oando sold 28.62 million shares worth N394.75 million while Guinness traded 19.60 million shares valued at 975.58 million to lead the chart.

     

    Veritas Kapital transacted 18.62 million shares worth N12.20 million. (NAN)(www.nannews.ng)

    RUKY/AWA
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    Edited by Olawunmi Ashafa

     

  • May & Baker relaunches Lily water to boost market share

    May & Baker relaunches Lily water to boost market share

    Re-launch
    By Rukayat Adeyemi

    Chairman,May & Baker, Sen. Daisy Danjuma, inaugurating the re-launched Lily Water on Thursday in lagos

    Lagos, June 6, 2024 (NAN) Pharmaceutical Manufacturer, May & Baker Nigeria Plc (M&B) on Thursday re-launched Lily premium water produced by its water production subsidiary to boost market share.

    Sen. Daisy Danjuma, Chairman, Board of Directors, May & Baker, inaugurated the water project on the sidelines of the 73rd Annual General Meeting (AGM) of the company in Lagos.

    Danjuma commended the pharmaceutical company for still being able to produce such quality water in spite of the economic challenges confronting the country and in commemoration of the company’s 80th Anniversary.

    “We are proud that in commemoration of our 80th Anniversary, we now manufacture our own water.

    “The initial production of the water was contract manufactured, but now we are manufacturing it in our premises. With the re-launch, the shape of the water’s bottle and the logo have been changed,” she said.

    According to her, the fact that May & Baker is a pharmaceutical company boosts customers’ confidence to buy and consume Lily water.

    Mr Patrick Ajah, Managing Director of the company, also expressed excitement on the feat, noting that the production was aimed at meeting consumers’ requirements.

    Ajah confirmed that presently the company had spent not less than N700 million to set up the water plant, and was still investing more funds to upgrade the facilities on ground.

    He said that the plant had the capacity to fill at least 40,000 bottles daily, while the blowing line could do about 12,000 bottles daily.

    According to him, efforts are ongoing to extend the bottle blowing to at least do not less than 30,000 bottles daily before the end of the year.

    “As a pharmaceutical company, we understand how to treat water without adding chemicals to it. Our water is treated using the water treatment plant without adding chemical to it.

    “Lily water is registered by NAFDAC and its production is balanced based on the official requirement of the agency and other regulatory authorities,” he said.

    The managing director expressed optimism that with the investment and increase in the capacity of its water production subsidiary, the Lily water company would contribute its quota of profit to the parent company henceforth.

    He said that this would in turn affect the bottom and top line of the company positively.

    Commenting, Dr Jimoh Olanrewaju, Business Manager For Lily Water, said that the re-launch of the premium water was geared to add more value to the company, having existed for more than 21 years.

    Olanrewaju expressed confidence that the rebranded water would open new opportunities for the company in the water production market, as it geared up to becoming the leading water production company in the industry.

    He stated that the water company was presently distributing within Lagos and Ogun states environs, adding that it was, however, working towards expanding its visibility and reaching other states across the country. (NAN)(www.nannews.ng)

    RUKY/BEKl/COF

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    Edited by AbdulFatai Beki/Christiana Fadare

     

     

  • APWEN seeks collaboration to mitigate climate change

     

    WED

    By Rukayat Adeyemi

    Lagos, June 6, 2024 (NAN) The Association of Professional Women Engineers of Nigeria (APWEN), Lagos chapter, has called for concerted collaboration towards tackling desertification and other climate change impacts.

    The Chapter Chairperson, Dr Atinuke Owolabi, made the call during a zoom public lecture to commemorate 2024 World Environment Day (WED).

    WED focuses on land restoration, stopping desertification, and building drought resilience.

    Owolabi reaffirmed APWEN’s commitment to fostering sustainable development and environmental stewardship.

    She said that the event’s theme: “Empowering Nigerian Women Engineers to Lead Sustainable Solutions for Land Restoration and Resilient Futures” resonated importance of women engineers in shaping sustainable and resilient future for Nigeria.

    According to her, land restoration is essential for environmental conservation, requiring innovative solutions and dedicated efforts.

    “Nigerian women engineers are at the forefront of this mission, bringing expertise, creativity, and a unique perspective to the challenges of land degradation and environmental resilience.

    “Our goal is making sure that our women engineers are empowered by providing them with the tools, resources, and opportunities they need to lead, conduct research, and innovate.

    “In celebration of World Environment Day, we call upon all stakeholders namely; government agencies, private sector entities, educational institutions, and civil society organisations, to join us in this vital journey.

    “Together, we can create impactful strategies to restore our lands and secure a sustainable future for generations to come,” she said.

    She listed capacity building initiatives, awareness campaigns and other programmes of the association aimed at equipping female engineers towards resolving environmental issues to mitigate climate change.

    “By empowering Nigerian women engineers, we can drive the change needed to combat land degradation and build resilient communities. Our collective efforts will contribute significantly to global goals of environmental sustainability and climate resilience,” she said.

    Owolabi called for support of Nigerians towards achieving a greener, healthier, and more resilient Nigeria to secure the future.

    The guest speaker, Mrs Helen Taiwo, Executive Director (Operations), Lagos Water Corporation, said the 2024 WED theme addressed pressing issues of land restoration, desertification and drought resilience.

    Taiwo said over 30 per cent of the world’s land has been degraded, affecting the livelihoods of millions of people while reeling out negative impacts and consequences in various parts of Nigeria.

    She proffered solutions while highlighting important roles of women engineers as problem solvers in ensuring environmental sustainability and climate resilience.

    “Empowering Nigerian women engineers is not just a goal; it is a necessity for sustainable development.

    “By leading sustainable engineering solutions for land restoration, we can shape our land and secure our future. Together, we can create a resilient, sustainable, and prosperous Nigeria,” she said. (NAN)(www.nannews.ng)

    RUKY/AWA

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    Edited by Olawunmi Ashafa

  • Fidelity Bank concludes plans to raise N127.1bn

    Offer

    By Rukayat Adeyemi

    L-R: Mr Stanley Amuchie, Executive Director, Chief Operations and Information Officer, Fidelity Bank Plc, Mr  Oladele Sotubo, MD/CEO Stanbic Capital,  Dr Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc, Mr Mustafa Chike-Obi Chairman, Fidelity Bank Plc, Ms Ezinwa Unuigboje, Company Secretary, Fidelity Bank Plc, and Jubril Enakele, Chief Executive, Iron Global Markets Ltd., at the signing of the Fidelity Bank Public Offer and Rights Issue in Lagos

    Lagos, June 5, 2024 (NAN) Fidelity Bank Plc says it has concluded plans to raise N127.1 billion by way of rights issue to existing shareholders and a public offer, which is a combined subscription.

    The bank said this in a statement made available to newsmen on Wednesday in Lagos.

    It said that the combined offer was part of the bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for commercial banks by the Central Bank of Nigeria (CBN).

    The bank expressed optimism that the fresh capital would support its drive for sustainable growth and diversification of its earnings base.

    The bank said that the signing ceremony of the combined offer was held in Lagos, revealing
    that its shareholders had already approved the rights issue and public offer at its Extra-Ordinary General Meeting held on Aug.11, 2023.

    “Under the rights issue, 3.2 billion  ordinary shares of 50 kobo each will be offered in the ratio of one new ordinary share for every 10 ordinary shares held as of Jan.5, 2024, at N9.25 per share, totalling N29.6 billion.

    “For the public offer,10 billion ordinary shares of 50 kobo each will be offered to the general investing public at N9.75 per share, totalling N97.5 billion.

    “Stanbic IBTC Capital is the lead Issuing House to the combined offer, whilst the joint issuing Houses include Iron Global Markets Ltd. and Cowry Asset Management Ltd.

    “Others are Afrinvest Capital Ltd., FSL Securities Ltd., Futureview Financial Services Ltd., Iroko Capital Market Advisory Ltd., Kairos Capital Ltd. and Planet Capital Ltd,” Iit added.

    According to the bank, the acceptance and application lists for the rights issue and public offer are expected to open on June 20 and close on July 29.

    The Managing Director of Fidelity Bank, Dr Nneka Onyeali-Ikpe, said that the proceeds of the combined offer would be channelled to investment in Information Technology infrastructure.

    Onyeali-Ikpe revealed that the proceeds would also be invested in regional expansion and product distribution.

    She noted that the rights circular for the issue, which contained a provisional allotment letter and the participation form, would be mailed directly to shareholders of the Bank.

    The managing director stated that printed copies of the public offer prospectus could be obtained at the offices of Fidelity Bank and the issuing Houses during the public offer application period.

    “All existing shareholders and prospective investors said explained, are advised to read documents and consult a Stockbroker, Fund/Portfolio manager, accountants, bankers and solicitors among other professional for guidance, where necessary, ” she said.

    The Chief Executive of Stanbic IBTC Capital, Mr Oladele Sotubo, commended Fidelity Bank’s management for their commitment towards executing the combined offer.

    He lauded the management for being at the forefront of achieving the CBN’s revised minimum capital requirements for Nigerian commercial banks.

    Sotubo thanked the bank for the confidence reposed in Stanbic IBTC Capital to lead and advise on the landmark transaction.

    He expressed confidence that the deal would encourage others to tap into the equity capital markets to raise funds to meet their strategic business needs.

    Fidelity Bank Plc is a full-fledged commercial bank, operating primarily through branches and service centres across Nigeria, with authorisation from the CBN to operate internationally through branches located in foreign countries.

    The bank provides a wide-range banking and other financial services to over 8.3 million corporate and individual customers from 250 businesses in the country with a total asset base of N6.2 trillion, as at Dec.31, 2023.(NAN)(www.nannews.ng)

    RUKY/AWA

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    Edited by Olawunmi Ashafa

     

  • Equity market rebounds by 0.24%

    Rebound

    By Rukayat Adeyemi

    Lagos, June 5, 2024 (NAN) The performance indicators of the stock market rebounded by 0.24 per cent on Wednesday.

     

    Specifically, the market capitalisation opened at N56.031 trillion and closed at N56.163 trillion, representing 0.24 per cent or N132 billion gain.

     

    The All-Share Index also strengthened by 0.24 per cent or 233.4 points, to close at 99,284.38 compared to 99,051.02 posted on Tuesday.

     

    As a result, the Year-To-Date (YTD) return rose to 32.78 per cent.

    Gains in Zenith Bank, FBN Holdings and Stanbic IBTC, Fidelity Bank, Wema Bank, Nigerian Breweries, Nestle Nigeria, among other advanced equities were the primary drivers of the market index’s recovery.
    However, market breadth closed negative with 24 negative equities outnumbering 18 positive ones.
    Oando led the losers’ table by 9.86 per cent to close at N12.80, Linkage Assurance followed by 9.41  per cent to settle at 77k, Sovereign Trust lost 8.70 per cent to close at 42k per share.
    Veritas Kapital declined by 8.70 per cent to close at 63k and Wapic Insurance dropped 8.50 per cent to settle at 64k per share.
    On the other side, Eterna Plc led the gainers’ table by 9.80 per cent to close at N13.45, Red Star Express Plc trailed by 9.76 per cent to close at N3.71 per share.
    Stanbic IBTC advanced by 9.62 per cent to close at N57, Fidelity Bank added eight per cent to close at N10.80, while International Breweries rose by 7.84 per cent to close at N3.99 per share.

    Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 36.49 per cent.

    A total of 308.14 million shares valued at N4.86 billion were exchanged in 7,690 deals,compared to 347.39 million shares valued at N7.66 billion exchanged in 8,122 deals recorded in the previous session.
    Meanwhile, Fidelity Bank led the activity chart in volume and value with 84.05 million shares worth N883.22 million, Oando followed with 52.52 million shares valued at N710.81 million.
    Veritas Kapital sold 19.40 million shares valued at N12.45 million, Unity Bank transacted 11.98 million shares worth N15.38 million and Transnational Corporation traded 11.13 million valued at N117.66 million.
    The News Agency of Nigeria(NAN) reports that in its weekly outlook, Analyst at Cowry Asset, had predicted that bullish trend is expected to persist at the domestic bourse.
    They explained that this would be driven by profit-taking and portfolio rebalancing following a new trading month.
    “Market pullbacks are anticipated to enhance the index’s upward potential, supported by the ongoing dividend earnings season.
    “However, we continue to advise investors to trade on companies’ stocks with sound fundamentals,” the analysts noted.(NAN)(www.nannews.ng)
    RUKY/AWA
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    Edited by Olawunmi Ashafa

  • Market capitalisation sheds N38bn as investors sell off banking stocks

    Market

    By Rukayat Adeyemi

     

    Lagos, June 4, 2024 (NAN) Sell-offs in Tier-one banking stocks on Tuesday extended losses on the Nigerian Exchange Ltd. (NGX) stock market capitalisation by 0.07 per cent.

    Notably, investors lost N38 billion or 0.07 per cent, as the market capitalisation which opened at N56.069 trillion, closed at N56.031 trillion.

    The  All-Share Index also closed 0.07 per cent or  68 points lower to settle at 99,051.02, compared to 99,118.86 posted in the previous session.

    Consequently, the Year-To-Date (YTD) return fell to 32.47 per cent.

    Losses in Zenith Bank, FBN Holdings, United Bank For Africa(UBA), Fidelity, Wema Bank, Transnational Corporation, United Capital, among other declined equities underpinned the market’s weak performance.

    In reaction, Analysts at United Capital Plc predicted mixed sentiments amongst investors to persist in the local equities market.

     

    “On one hand, we expect pockets of buy-interests in the market, as market participants take positions in fundamentally sound stock given their low prices.

    “Nevertheless, we still anticipate that the high returns in the fixed-income market will continue to negatively impact the equities market as investors switch,” the analysts added.

    Meanwhile, the market breadth closed negative with 22 losers and 17 gainers on the floor of the Exchange.

    On the losers’ table, Tantalizers led by 10 per cent to close at 45k, International Energy Insurance trailed by 9.71 per cent to close at N1.58 per share.

    UPDC Real Estate Investment lost 9.70 per cent to close at N1.21, Unity Bank shed 9.42 per cent to close at N1.25 and Chams declined by 6.67 per cent to close at N1.40 per share.

    Conversely, Nigeria Breweries led the gainers table by 10 per cent to close at N28.60, Presco Plc followed closely by 9.99 per cent to settle at N293.90 per share.

    Oando Plc rose by 9.65 per cent to close at N14.20, RTBriscoe gained 9.62 per cent to close at 57k and Deap Capital Management and Trust Plc added 9.09 per cent to close at 48k per share.

    Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 46.19 per cent.

     

    A total of 347.39 million shares valued at N7.66 billion were exchanged in 8,122 deals, as against 349.59 million shares valued at N5.24 billion exchanged in 8,082 deals recorded in the previous session.

    Veritas Kapital, again led the activity chart in volume with 59.17 million shares valued at N40.22 million, followed by Fidelity with 48.12 million shares worth N468.23 million.

    Oando sold 27.96 million shares valued at N397.02 million, Unity Bank traded 20.53 million valued at N25.92 million and UBA transacted 19.78 million shares worth N418.86 million to lead the chart in value.(NAN)(www.nannews.ng)

    RUKY/AWA
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    Edited by Olawunmi Ashafa

     

     

     

  • Trading continues on NGX amid strike, investors lose N103bn

    Loss

    By Rukayat Adeyemi

    Lagos, June 3, 2024 (NAN)Opening the week, the equity market halted last session’s winning streak as investors lost N103 billion, following sell-offs in Tier-one banking stocks and cautious trading.

    Specifically, sell-offs in FBN Holdings, United Bank For Africa (UBA) and Access Corporation, Fidelity Bank, Transnational Corporation, Nigerian Breweries, WAPCO, ETranzact, among other declined stocks, drove the market’s weak performance.

    Consequently, the market capitalisation which opened at N56.172 trillion, lost N103 billion or 0.18 per cent to close at N56.069 trillion.

    The All-Share Index also shed 0.18 per cent or 112 points, to settle at 99,118.86, as against 99,300.38 recorded on Friday.

    As a result, the Year-To-Date (YTD) return fell to 32.56 per cent.

    However, while investors traded cautiously, the losses recorded on the Exchange were not related to the ongoing indefinite strike embarked upon by workers under the auspices of the Nigeria Labour Congress (NLC) and the Trade Union Congress(TUC).

    Reacting, a Stockbroker with Global View Capital Ltd., Mr Haruna Kebira, said that trading on the Exchange was not usually affected by such national industrial actions, except public holidays declared by the Federal Government.

    Kebira explained that this was because the Exchange Group did not belong to any workers’ union, hence labour union leaders usually did not interrupt trading on the floor of the Exchange during strikes.

    The stockbroker noted that the first week of a new month usually experienced a slowdown of activities that might lead to such losses experienced at the day’s trading.

    He stated that the bullish run that dominated the equity market last week was a result of month-end effect activities.

    “The market is expected to pick up positively by mid-week.

    “The month of June is usually positive for the market because investors who just received their dividends are investing back into the market, so the market will surely bounce back,” Kebira said.

    However, the market breadth closed positive with 23 gainers and 17 losers on the floor of the Exchange.

    On the gainers’ table, Cornerstone Insurance, and Deap Capital Management and Trust Plc led by 10 per cent each to close at N2.09 and 44k per share respectively.

    Oando followed by 9.75 per cent to close at N12.95, Veritas Kapital Assurance rose by 8.47 per cent to close at 64k and RTBriscoe gained 8.33 per cent to close at 52k per share.

    On the other hand, ETranzact led the losers’ table with 9.82 per cent to close at N5.05 while Unity Bank trailed closely by 9.80 per cent to close at N1.38 per share.

    Jaiz Bank declined by 9.65 per cent to close at N2.06, McNichols Plc shed 9.09 per cent to close at N1.00 and Japaul Gold lost 4.78 per cent to close at N1.99 per share.

    Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 38.92 per cent.

    A total of 349.59 million shares valued at N5.24 billion were exchanged in 8,082 deals, compared to 434 million shares valued at N8.58 billion exchanged in 8,525 deals posted in the previous session.

    Veritas Kapital led the activity chart in volume with 57.95 million shares worth N35.94 million, while Guaranty Trust Holding Company (GTCO) followed by N47.63 million shares valued at N47.63 billion to lead in value.

    Access Corporation traded 46.32 million shares valued at N796.32 million, AIICO Insurance transacted 30.71 million shares worth N30.79 million and Regency Alliance Insurance sold 14.55 million shares worth N5.64 million. (NAN)(www.nannews.ng)
    RUKY/AJA
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    Edited by Adeleye Ajayi

  • NGX weekly: Investors gain N954bn as bullish trend persist

    NGX weekly: Investors gain N954bn as bullish trend persist
     
    Gain
    By Rukayat Adeyemi
    Lagos, June 1, 2024 (NAN) Trading on the Nigerian Exchange Ltd. (NGX) this week closed higher by 1.73 per cent, following investors’ increased demand for banking, insurance, consumer as well as oil and gas stocks.
    Specifically, the All-Share Index and Market Capitalisation appreciated by 1.73 per cent to close the week at 99,300.38 and N56.172 trillion respectively, compared to 97,612.51 and N55.218 trillion recorded respectively last week.
    This translated into N954 billion profit for equity investors.
    Similarly, all other indices finished higher with the exception NGX Industrial Goods and NGX Growth which depreciated by 0.13 and 0.29 per cent respectively, while the NGX ASeM and NGX Sovereign Bond indices closed flat.
    Investors rally for Seplat, Oando, Dangote Sugar, Guaranty Holding Company(GTCO), FBN Holdings, FCMB, United Bank For Africa(UBA), Consolidated Hallmark Holdings Ltd., Guinea Insurance, LASACO Assurance, among other advanced equities perpetuated the positive performace.
    Meanwhile, investors turn around to insurance stocks was as a result of listed insurance companies’ strong year 2023 financial result released during the week, while seven of them proposed attractive dividend payouts.
    Also, 45 equities appreciated in price during the week higher than 24 equities in the previous week.
    25 equities depreciated in price lower than 53 in the previous week, while 84 equities remained unchanged, higher than 76 recorded in the previous week.
    A total turnover of 2.189 billion shares worth N31.303 billion in 39,362 deals was traded this week by investors on the floor of the Exchange, in contrast to 1.986 billion shares valued at N40.715 billion exchanged in 38,487 deals traded last week.
    The Financial Services Industry measured by volume led the activity chart with 1.914 billion shares valued at N23.922 billion traded in 21,717 deals; thus contributing 87.41 and 76.42 per cent to the total equity turnover volume and value respectively.
    The Oil and Gas Industry followed with 55.349 million shares worth N3.093 billion in 2,109 deals.
    The third place was the Agriculture Industry, with a turnover of 45.085 million shares worth N377.619 million in 1,615 deals.
    Trading in the top three equities namely: Abbey Mortgage Bank Plc, Access Holdings Plc and Zenith Bank Plc, measured by volume accounted for 1.129 billion shares worth N14.914 billion in 6,494 deals.
    This contributed 51.57 per cent and 47.64 per cent to the total equity turnover volume and value respectively.
    Meanwhile, the gainers’ table was led by Fidelity Bank, Dangote Sugar Refinery Plc, Nascon Allied Industries Plc, FCMB Group Plc, and United Bank for Africa(UBA).
    The losers’ table was led by C&I Leasing, NPF Microfinance Bank Plc, FTN Cocoa Processors, Learn Africa and FIDSON Healthcare Plc.
    Additionally, in the week under review, the May 2024 Issue of the Federal Government of Nigeria (FGN) Bonds worth N464.12 billion was listed on the NGX on Thursday.
    The details of the bond issued was: FGN May 2033 of 464.12 million units valued at N464.12 billion at a coupon rate of 19.89 per cent.
    Reacting in its weekly outlook, analyst at Cowry Asset, said that looking ahead, the current bullish trend at the domestic bourse is expected to persist.
    They predicted that this would be driven by profit-taking and portfolio rebalancing as the new trading month approaches.
    “Market pullbacks are anticipated to enhance the index’s upward
    potential, supported by the ongoing dividend earnings season.
    “However, we continue to advise investors to trade on companies’ stocks with sound fundamentals,” the analysts noted. (NAN)(www.nannews.ng)
    RUKY/AWA
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    Edited by Olawunmi Ashafa

  • Oando’s turnover grew to N3.4trn in 2023 – Tinubu

    Oando

    By Rukayat Adeyemi

    Lagos, June 1, 2024 (NAN) Oando Plc, an energy solution provider, has posted a turnover of N3.4 trillion in its 2023 full year-end unaudited financials.

     

    The figure represents an increase of 71 per cent when compared to N1.9 trillion posted in 2022.

    Mr Wale Tinubu, Group Chief Executive Officer, Oando Plc, said this in a statement on Saturday in Lagos.

    Tinubu said that over the last four years, the company consistently recorded a positive incline in turnover.

    According to him, the company’s turnover stood at N477.1 billion in 2020 and grew to N803.5 billion in same period of 2021.

    He also said that the energy company later posted N2 trillion as turnover in 2022 and N3.4 trillion in 2023 respectively.

    Tinubi said although the year 2023 saw oil and gas companies impacted by spikes in incidences of militancy and sabotage, the company was still able to also record a Profit-After-Tax (PAT) of N74.7 billion in the year under review.

    He stated that the result indicated a positive turn in the company’s fortunes in comparison to the preceding year when the company posted a loss after tax.

    Tinubu said that in spite of the persistent pipeline vandalism across the Niger Delta, which ccontinued to dampen crude production, the company achieved an outstanding profit in 2023.

    According to him, this was largely driven by increased trading volumes due to the company’s strategic global partnerships.

    Also, the net foreign exchange gains on the group’s foreign currency-denominated assets as against losses on its foreign currency-denominated liabilities drove the positive performance.

    Tinubu stressed that the year 2023 had seen Oando push forward with its growth agenda, recording positive highlights.

    This, he noted, included the signing of a Sale and Purchase Agreement (SPA) with Italian oil major, Eni.

    Tinubu explained that this would allow it to acquire one of its local subsidiaries, the Nigeria Agip Oil Company Ltd.(NAOC).

    He added that the firm’s clean energy arm, Oando Clean Energy Ltd.(OCEL) launched its electric mass transit buses in partnership with the Lagos State government, signalling that things were beginning to look up for the Indigenous giant.

    The group’s chief executive said that more significantly the release of the company’s 2023 financial results, albeit unaudited, finally brought the company a step closer to being in line with regulatory requirements for all listed companies.

    He stated that it indicated that by the end of the year, the company would have been on track with its peers in reporting results, giving confidence to shareholders and investors in the company’s current state and future.

    “Furthermore, our milestone signing of the Sale and Purchase Agreement with Eni towards the acquisition of 100 per cent of the shares of NAOC Ltd, marked a pivotal moment for our organisation.

    “It is poised to unlock substantial synergies soon.

    “Our focus is now on completing the acquisition and seamlessly integrating operations to deliver exceptional value to our shareholders,” he said.

    According to him, while the country saw a decline in national oil output, precipitated by pipeline vandalism, oil theft and illegal refining, the  Oando’s upstream operations saw an average daily production increase.

    Tinubu revealed that the energy company’s upstream operations average daily production increased marginally by  one per cent to 20,837 boepd in 2023, as against 20,703 boepd in 2022.

    He said these production numbers comprised oil production at 6,024 bbls per day, compared to 4,939 bbls per day in 2022.

    The group’s chief executive stated that natural gas production stood at 14,572boe per day in the year under review, compared to 15,292boe per day in 2022 financial year, while NGL production was 241bbls/MMscf/day, compared to 472bbls/MMscf/day posted in 2022.

    He said: “In its trading operations, Oando marked improvement, recording a 50 per cennt increase in traded crude oil volumes of 32.8 million bbls in 2023, compared to 21.8 million bbls in 2022.

    “The company however posted 15 per cent decrease in traded refined petroleum products which stood at 1,645,535 MT, compared to 1,937,833 MT recordes in 2022.”

    Tinubu noted that having weathered the storm of recent years, the 2023 results provided a foundation for the energy company to consolidate and build for the future.

    He stated that with its planned acquisition of NAOC, the company was positioned to take full operatorship and drive-up outputs, value and efficiencies.

    “Moreover, our foray into and leadership in clean energy expand our footprint as a fit and proper integrated energy company with our feet firmly planted in today’s realities and the possibilities of the future,” he added. (NAN)(www.nannews.ng)

     

    RUKY/AWA

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    Edited by Olawunmi Ashafa