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Economy

Portfolio Rebalancing: NSE All-Share Index loses 0.96%

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The market correction embarked upon by investors on the Nigerian Stock Exchange (NSE) continued on Wednesday with trading closing lower due to portfolio reshuffling.

The All-Share Index declining further by 426.45 points or 0.96 per cent to close at 43,963.40 compared with 44,389.85 posted on Tuesday.

In the same vein, the market capitalisation which opened at N15.902 trillion, dipped N143 billion or 0.90 per cent to close at N15.759 trillion.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the downward trend to market correction and portfolio rebalancing ahead of 2017 earnings season.

Omordion said that portfolio reshuffling was on the strength of companies’ fundamentals and payout possibilities.

He said that profit taking and volatility would likely continue, noting that investors who had taken position in valued stocks should not panic.

The analyst said that investors should go for equities with intrinsic value and allow numbers to guide their investment decisions.

Guaranty Trust Bank led the losers’ chart, shedding N1.10 to close at N50.90 per share.

Zenith International Bank trailed with a loss of N1 to close at N31, while Cadbury depreciated by 98k to close at N15.01 per share.

FBN Holdings shed 52k to close at N12.50, while Berger Paint also declined by 52k to close at N9.58 per share.

Conversely, Nestle recorded the highest gain to lead the gainers’ table, appreciating by N3.89 to close at N1,475 per share.

Nigerian Breweries followed with a gain of N2.99 to close at N147.99, while Cement Company of Northern Nigeria (CCNN), increased by 60k to close at N17.90 per share.

Lafarge Africa appreciated by 52k to close at N52.50, while PZ Industries grew by 29k to close at N23.79 per share.

Transcorp was the most active stock during the day, exchanging 91.04 million shares valued at N173.15 million.

Skye Bank followed with an exchange of 83.26 million shares worth N117.49 million, while FBN Holdings traded 60.67 million shares valued at N754.42 million.

Unity Bank exchanged 43.91 million shares worth N58.04 million, while FCMB Group sold 38.59 million shares valued at N118.47 million.

The volume of shares traded dropped by 27.29 per cent with a total of 536.43 million shares worth N5.18 billion transacted in 1,370 deals.

This was in contrast with 737.86 million shares valued at N7.67 billion traded in 8,927 deals on Tuesday.

Economy

Senate Passes Bill Seeking Return To Old National Anthem

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Senate Passes Bill Seeking Return To Old National Anthem

Nigerians may soon go to their beloved old anthem as the Senate on Tuesday passed the bill seeking to return Nigeria to the old National Anthem.

This followed the adoption of the report of the Senate Joint Committee on Judiciary, Human Rights, Legal Matters, Federal Character and Inter-Governmental Affairs at plenary.

Presenting the report, the Chairman of the Committee, Sen. Mohammed Monguno (APC-Borno) said the bill was first read at plenary on May 23.

He said the bill, among others, sought to provide a legal framework for an Act to reinvent the old National Anthem titled “Nigeria We Hail Thee” which was adopted at Independence in 1960.

He said the anthem was the official anthem of Nigeria until 1978 when it was replaced with the current “Arise O Compatriot.”

Monguno said the aim was to adopt the old national anthem through legislation because of its contextual connotations and relevance to the current state of the country.

“The bill is designed to promote national unity and cohesion through ideological and philosophical concepts of the rich historic and cultural heritage of Nigeria.

“It will engender and inculcate a deep sense of patriotism, togetherness and oneness amongst citizens.

“It is the first time the parliament is making a legal framework for a national anthem: all the steps of law making including public hearing have been undertaken,” he said.

Monguno said the passage of the bill would provide the needed platform for sensitisation of the citizenry on the nation’s core value system by the National Orientation Agency (NOA).

“Adopting the old national anthem will preserve and promote the country’s cultural heritage for future generations.

“The bill is significant, as changing the national anthem will symbolise Nigeria’s transition towards greater unity, inclusiveness and progress as a nation.

“The adoption of the anthem certainly demonstrates Nigeria’s respect for its cultural traditions while also embracing positive changes within the society,” he said.

The senator added that by passing the bill, an arbitrary change on the national anthem would be avoided as it would be subjected to legislative process, thus setting a precedent.

The President of the Senate, Sen. Godswill Akpabio, thanked the committee for its input on the bill.

He also commended the various stakeholders that made inputs on the bill at the public hearing, saying that the bill was awaiting President Bola Tinubu’s assent.

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Economy

Naira Appreciates By 9.7% Against Dollar At Official Market

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Naira Appreciates By 9.7% Against Dollar At Official Market

…Naira trades between N1,501 and N1,310 against the dollar at Investor’s and Exporter’s (I&E) window

 On Monday, Naira experienced huge appreciation at the official market, trading at N1,339.33 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N143.48

This represents a 9.67 per cent gain when compared to the previous trading date on Friday, May 24, 2024, exchanging at N1,482.81.

However, the total daily turnover reduced to $180.80 million on Monday down from $556.25 million recorded on Friday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,501 and N1,310 against the dollar..

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Economy

NGX Delists Arbico Plc After 46 Years, Investors Lose N290bn

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NGX Delists Arbico Plc After 46 Years, Investors Lose N290bn

The Nigerian Exchange Ltd. (NGX) says it has delisted the entire issued share capital of Arbico Plc from its daily official list after 46 years of listing.

The NGX disclosed in its weekly official report made available to newsmen in Lagos that the company was delisted on Monday.

Arbico, a building and civil engineering construction company, was established in 1958 and listed on the Exchange in 1978.

Shareholders of the company had in March approved the voluntary delisting of the shares of the company from the bourse and sought the regulator’s approval.

NGX said: “Refer to our market bulletin of May 17, 2024, with reference number: NGXREG/IRD/MB26/24/05/17 wherein the Market was notified of the suspension placed on trading in the securities of Arbico Plc in preparation for the delisting of the company.

“Following the approval of the company’s application to delist its entire issued share capital from the NGX.

“Please be informed that the entire issued share capital of Arbico was on Monday, May 20, 2024, delisted from the daily official list of the NGX.

Also in the week, Jaiz Bank Plc, Nigeria’s first full-service non-interest financial institution, declared to pay its shareholders a dividend of 4k per share on July 16.

FBN Holdings Plc also announced to pay its shareholders a dividend of 40k on Aug. 23.

On trade, the NGX All-Share Index and Market Capitalisation depreciated by 0.52 per cent to close the week at 97,612.51 and N55.218 trillion respectively, as against 98,125.73 and N55.508 trillion respectively reported in the previous week.

As a result, investors lost a total of N290 billion this week.

Similarly, all other indices finished lower except NGX MERI Value, NGX Consumer Goods, NGX Oil and Gas, NGX Lotus ll and NGX Industrial Goods which appreciated by 1.74, 0.31, 0.72, 0.44 and 0.19 per cent while the NGX ASeM index closed flat.

Meanwhile, Trading in the top three equities namely Ecobank Transnational Incorporated Plc, Access Holdings Plc and United Bank for Africa Plc measured by volume accounted for 1.006 billion shares worth N20.115 billion in 6,849 deals.

This contributed 50.67 and 49.40 per cent to the total equity turnover volume and value respectively.

Also, a turnover of 1.986 billion shares worth N40.715 billion in 38,487 deals was traded this week by investors on the floor of the Exchange in contrast to  1.652 billion shares valued at N42.677 billion traded last week in 38,123 deals.

The Financial Services Industry measured by volume led the activity chart with 1.577 billion shares valued at N30.359 billion traded in 20,697 deals; thus contributing 79.41 and 74.56 per cent to the total equity turnover in volume and value respectively.

The Conglomerates Industry followed with 125.342 million shares worth N1.387 billion in 2,283 deals.

The third place was the Consumer Goods Industry, with a turnover of 77.327 million shares worth N2.446 billion in 4,916 deals.

Also, 24 equities appreciated during the week lower than 28 equities in the previous week.

53 equities also depreciated higher than 51 in the previous week, while 77 equities remained unchanged, higher than 76 recorded the previous week.

Meanwhile, Deap Capital Management and Trust Plc, FNT Cocoa Processors, Transnational Corporation, United Bank For Africa and UPDC Plc led the losers’ table.

The gainers table was led by Berger Paints, Regency Assurance Plc, Cutix Plc, McNichols Plc, and Nestle Plc.

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