MARKET

NASD Lost N4.2bn As Friesland Campina, NIPCO Drop

NASD Lost N4.2bn As Friesland Campina, NIPCO Drop

MARKET
NASD over-the-counter (OTC) securities Exchange market dips on Thursday as investors reduce their shares holding in a number of unlisted companies. Friesland Campina WAMCO and NIPCO shares nosedived due to lower buying interest. WAMCO dropped by 3.13% while NIPCO declined by 3.33%. Niger Delta Exploration and Production share inched higher by 5.67% but CitiTrust and VFD Group were flattish. Trading data shows that across the over-the-counter (OTC) market, the NASD index dipped by 0.42% in the session to close at 762.12 basis points. Today, market capitalization inched lower to N1.003 trillion as investors record an N4.2 billion loss as numbers of deals declined 14.3%. APT Securities & Funds traders note shows that market activity as measured by the volume of trades also nosedi...
NGX: Transactions Maintain Bearish Trend With 0.0% Loss

NGX: Transactions Maintain Bearish Trend With 0.0% Loss

MARKET
Banking stocks posted price depreciation on the Nigerian Exchange Ltd. (NGX) on Wednesday, causing the market capitalization to decrease by N9.87 billion and closed at N26.801 trillion from N26.811 recorded on Tuesday. The negative performance brought the benchmark index down by 0.04 percent as the All-share index (ASI) closed at 49,691.17 points from 49,709.46 on Tuesday. Tier-one banks such as Zenith Bank, First Bank of Nigeria Holdings (FBNH) and United Bank of Nigeria (UBA) were the major drivers of the market’s performance. Consequently, the year-to-date (YTD) return fell to 16.33 percent. Market breadth closed negative as 10 stocks advanced against 15 that declined. Prestige Assurance Company led the gainers’ chart with 9.09 percent to close at 48k per share. Sovereign Trust In...
Illicit Addresses Hold Large Cryptocurrency Assets–Report

Illicit Addresses Hold Large Cryptocurrency Assets–Report

MARKET
Illicit addresses hold at least $10 billion worth of cryptocurrency, according to the 2022 crypto crime report by Chain analysis amidst rising allegations that the top largest digital assets are used to finance terrorism, globally. The market capitalization of cryptocurrency has dropped by some 70% from the peak period in November 2021 when it printed at $3 trillion. This was driven by price depreciation across the top ten cryptocurrency assets, which have individually lost more than half of their respective opening prices in the current year. In the report, Chain analysis said growing illicit addresses raise an interesting question: How much cryptocurrency are criminals currently holding? “It’s impossible to know for sure, but we can estimate based on the current holdings of addr...
Investors Lose Big As Nigerian Bourse Bleeds Heavily

Investors Lose Big As Nigerian Bourse Bleeds Heavily

MARKET
NGXEquities investors in the Nigerian Exchange (NGX) dipped big on Friday as the local bourse bleeds heavily, extending losses into the last trading session of the week amidst low turnover. Today, key indices moderated further as foreign investors’ participation in the market continues to drop, according to a market report. At the close of the trading session, the Nigerian Exchange All-Share Index (NGX-ASI) was down 35 basis points to further drag the All-Share-Index to 49,370.62 basis points as against its previous close of 49,546.38 basis points, according to market data. Stockbrokers said this outing pegged both the month-to-date and year-to-date performance of the All-Share Index at -1.98% and 15.58% from their previous close of -1.64% and 15.99% respectively. Consequent to th...
SEC To Sanction Stakeholders Over N177bn Unclaimed Dividends

SEC To Sanction Stakeholders Over N177bn Unclaimed Dividends

MARKET
The Securities and Exchange Commission (SEC), says it will sanction stakeholders whose actions are frustrating its efforts toward reducing the volume of unclaimed dividends. The Director-General of SEC, Lamido Yuguda, said this at a post-Capital Market Committee (CMC) news conference on Friday in Abuja. According to Yuguda, in spite of the commission’s efforts in ensuring the Electronic Dividend Mandate Management System (e-DMMS), investors have continued to lament the delay in the payment of their e-dividends. He said that a lot of investors had yet to mandate their accounts to be able to receive their dividends. Yuguda said that unclaimed dividends as of 2021 stood at N177 billion, which was higher than the 2020 figure of N168 billion. “Capital market operators must also do more...
Capital Market Master Plan Promotes Transparency, Confidence – SEC

Capital Market Master Plan Promotes Transparency, Confidence – SEC

MARKET
The Securities and Exchange Commission (SEC) says the Capital Market Master Plan (CMMP) initiatives have helped in promoting transparency, protecting investors and enhancing market confidence. The commission said this in a statement on Sunday in Abuja. The statement noted that the commission unveiled the 10-year CMMP in November 2014 and had continued to implement the initiatives. It said the initiatives were designed to reposition the country’s market as an attractive investment destination and critical facilitator of capital formation for accelerated growth and development. According to SEC, some of the initiatives that have been implemented include direct cash settlement and regularisation of multiple subscriptions. Others are the introduction of the electronic dividend mana...
Analysts Downgrade UACN To Sell After Earnings Break

Analysts Downgrade UACN To Sell After Earnings Break

MARKET
Equity analysts have downgraded UAC of Nigeria Plc – a leading diversified Company, operating in the Food and Beverage, Real Estate, Paint and Logistics sectors – to sell after a significant earnings loss in the first half of the financial year 2022. The decline in the company’s performance was propelled by a tight market condition due to a bucket of uncertainties in the macroeconomic environment. The worsening price level posed a higher threat to the group earnings outlook as the inflation rate surged to 19.64% while the local currency continues to fall. In a report, WSTC Securities analysts made a downward revision to the estimated fair value to N5.71 from N7.30, saying that the material decline in valuation stemmed from the impact of the weak Q2-2022 performance and lower growth e...
Naira Depreciates As Gross External Reserves Decline

Naira Depreciates As Gross External Reserves Decline

MARKET
In the Investors and Exporters foreign exchange window, the Nigerian naira depreciates across the currencies markets while data from the Central Bank of Nigeria shows that external reserves declined further. Naira was sold at the official window at N429.63 to a United States dollar from N4238.13 as the volume of greenback transacted dropped. In the parallel market, due to a resurgence in demand for the greenback and other foreign currencies, the dollar worsened to N675, from N660. The market experienced a moderate rise in demand from manufacturing and trade -Import and Export- sectors, according to analysts coupled with rising demand for travel allowances by Nigerians. Data obtained from the central bank shows that external reserves decreased by $166.49 million in the just concluded ...
Lagos Rank No One City For Online Shoppers In Sub-Saharan Africa

Lagos Rank No One City For Online Shoppers In Sub-Saharan Africa

MARKET
According to the report, Lagos (Nigeria) emerged as the top African city with the highest volume of electronic commerce (eCommerce) orders in Africa. Cairo (Egypt) ranked second on the list, followed by Nairobi (Kenya) in the third position. The best-selling products include power bank, body wash, sugar, peas, face masks and rice. For a place with such nice weather, you'd think its residents would spend more time hitting the outdoor malls than shopping online. But according to a whitepaper titled: "Towards a flourishing digital economy for all – a spotlight on Africa," Lagos is the number one city for online shoppers in Sub-Saharan Africa. The report, which ranks cities based on the highest volume of electronic commerce (eCommerce) orders, ranked Cairo (Egypt) in the second positi...
Dangote Cement, MTN Nigeria And BUA Cement Account For 53% Market Cap Of The Top 30 Companies In West Africa

Dangote Cement, MTN Nigeria And BUA Cement Account For 53% Market Cap Of The Top 30 Companies In West Africa

MARKET
Dangote Cement’s market capitalization as of June 2022 was estimated at $11.29 billion, making it the highest prized brand in West Africa. MTN Nigeria ranked second on the top 30 companies list with a market capitalization of $11.28 billion. Of the Top 30 companies, Banks account for (14) stocks, Manufacturing (9), Telecoms (4) and others three. Dangote Cement has yet again maintained its position as the biggest company in West Africa by market capitalization. The latest report IS an update as of June 2022 and covers the Top 30 companies in West Africa by market capitalization. According to the report, Dangote Cement had the highest market capitalization among other companies in the region, followed by West Africa’s largest network operator, MTN Nigeria. BUA Cement ranked third on th...