MARKET

The NGX closed on a negative note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) depreciated by 35 basis points. The NGX ASI closed at 52,756.62 points to reflect a decline of 0.35% from the previous trading day and a Year-to-Date (YTD) return of 23.50%. Meanwhile, the market capitalization declined by N101.07 billion. At the close of the market on Tuesday, the 17th of May 2022, the stock exchange market value currently stands at N28.44 trillion at the end of the trading day. The market breadth closed negative as PZ led 21 gainers and 27 losers, topped by FLOURMILL at the end of the day’s session. The stock market has advanced 10,040.18 base points since the start of the year.  Top ASI gainers  PZ up +9.96% to close at N13.25 BERGER up +9.72%...

Identity and payment solutions company, Chams Plc, is set to raise fresh capital through the sale of its unissued 4.3 million shares. This was one of the resolutions passed at the company’s 38th Annual General Meeting (AGM) held in Lagos. The company’s shareholders at the AGM authorized the directors to sell the shares either through a rights issue, public offer, private placement, issuance of other capital or money markets instruments, or other means as may be determined by them for the purpose of strengthening the company’s equity base. The shareholders at the meeting also passed a resolution to change the name of the company from Chams Plc to Chams Holding Company Plc to serve as a non-operating holding company. The shareholders also resolved; That the Directors be and are here...

The NGX closed on a negative note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) depreciated by 7 basis points. The NGX ASI closed at 52,721.34 points to reflect a decline of 0.07% from the previous trading day and a Year-to-Date (YTD) return of 23.42%. Meanwhile, the market capitalization declined by N19.02 billion. At the close of the market on Wednesday, the 18th of May 2022, the stock exchange market value currently stands at N28.42 trillion at the end of the trading day. The market breadth closed negative as MCNICHOLS led 21 gainers and 23 losers, topped by ACADEMY at the end of the day’s session. The stock market has advanced 10,004.90 base points since the start of the year. NGX Top ASI gainers MCNICHOLS up +9.94% to close at N1.77 TRA...

At the end of the day’s trading session, International Breweries Plc’s share price appreciated by 1.24% to close at N8.15 per share, taking the market capitalization from N216.24 billion to N218.93 billion. International Breweries Plc recorded gains in share price, which can be attributed to investors’ positive sentiments, which triggered buy-interests in the shares of the company, supporting a gain of N2.69 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange. The shares of the quoted brewery advanced from N8.05 per share at the start of the trading day to N8.15 per share, after trading as high as N8.60 during trading hours, to represent a gain of 1.24%, which in monetary terms is N0.10. The buy-interests witnessed in the shares of In...

The Consumer Goods Index, which tracks the daily performance of quoted FMCG companies, depreciated by 0.54%, from 694.01 points the previous day, to 690.27 points, at the end of Tuesday’s trading session. The decline recorded in the consumer goods index was driven mainly by Flour Mills Nig Plc, Champion Brew Plc, Unilever Nig Plc, Dangote Sugar Plc and Honeywell Flourmill Plc which depreciated by 9.20%, 6.09%, 2.67%, 1.73%, and 1.04% respectively. Stock performance summary Flour Mills Nig Plc Flour Mills Nig Plc share price depreciated from N40.75 to N37.00, reflecting a decrease of 9.20% at the end of the day’s trading session. The decrease in share prices of the company was reflected in the decline of the market capitalization from N167.09 billion to N151.71 billion bringi...

The Naira, exchanged at 420.33 to the dollar at the Investors and Exporters window, compared to 419.25 traded on Wednesday, representing 0.26 percent depreciation. The open indicative rate closed at N417.70 to the dollar on Thursday. An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N420.33. The Naira sold for as low as 410 to the dollar within the day’s trading. A total of 75.56 million dollars was traded in foreign exchange at the official Investors and Exporters window on Thursday.  

Less than two weeks to the presidential primaries of the political parties ahead of the 2023 elections, the US dollar has broken the N600/$ mark at the parallel market and set the tone for a possible uptick in the coming days. The black market rate had traded between N570/$ and N590/$ since the beginning of the year while the Central bank of Nigeria (CBN)’s intervention at the Nigerian Autonomous Foreign Exchange (NAFEX) has kept its rate under N420/$. With the latest slump of the naira, the arbitrage between the parallel and NAFEX, which is regarded as the official window, is now inching close to N200/$. The spread measures the deviation of the controlled official rate from the real rate of exchange, with experts calling for liberalization of the market to enable the naira to find i...

Telecom giant, MTN Nig Plc, has emerged as the most capitalized stock on the Nigerian Exchange Group (NGX), surpassing its industry peer, Airtel Africa Plc by N63 billion to stand at N5.32 trillion. Hence, Airtel Africa Plc with a market capitalization of N5.26 trillion and Dangote Cement Plc with a market capitalization of N5.11 trillion, have emerged as the second and third most capitalized stocks on The Exchange, respectively. MTN Nigeria Plc closed the week on a positive note, appreciating by 15% in share price week-on-week, from N227.50 to end the week at N261.60 per share. This increased the company’s market cap by a whooping N694 billion during the week. The company Plc recorded gains in share price, attributable to investors’ positive sentiments, which triggered buy-intere...

The dollar exchanged at N600 at the parallel market, heightening fears of a further devaluation of the nation’s currency. The rate at the Importers and Exporters Window was, however, N415.75 on Monday, widening the exchange rate spread to N184.25. At Zone 4 in Abuja, which is the hub of the parallel market in the Federal Capital Territory, two Bureau de Change Operators,  Mohammed Isa, and Abu Abdullahi, told our reporter that the rate was N599/$ at 10 am and 11.14 am respectively. However, the rates for both BDCs changed to N600/$ when they were separately contacted at N3.13pm and N5pm respectively on Monday. “If I reduce this by N1, I will not be able to make any profit,” one of the two BDCs, Abu Abdullahi, said. At the Lagos airport on Monday, a BDC operator, Adamu Haruna...

The consumer price index (CPI), which measures inflation rose 16.82 percent on a year-on-year basis last month, the National Bureau of Statistics (NBS) announced yesterday. The uptick in inflation was linked to rising energy costs, and exchange rate pass-through effects among other factors. The NBS said the rise in inflation represents 1.3 percent points lower compared to the rate recorded in April, last year (18.12) percent. The NBS explained that the headline inflation rate slowed down last month when compared to the same month in the previous year. “Increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased to 1.76 percent in April 202...