Economy
NGX Gains N644bn on Airtel, MTNN Payment Service Approvals
Transactions on the Nigerian stock market closed on a positive note with the market capitalisation gaining N644 billion to hit N22 trillion mark, amid gains by telecommunication companies.
Specifically, the market capitalisation inched higher by N644 billion to close at N22.569 trillion from N21.
925 trillion recorded on Friday.Similarly, the All-Share Index rose by 1,232.
37 points or 2. 93 per cent to close at 43,246.87 against 42,014.50 posted on Friday.Accordingly, month-to-date and year-to-date gains increased to 2.9 per cent and 7.4 per cent, respectively.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel Africa, MTNN, Unilever Nigeria, Nigerian Exchange Group (NGXGroup) and Guinness.
Commenting on stock market performance, the Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, attributed the growth to investors’ reactions to potential in listed communication companies.
Omordion told the newsmen that investors were buying into Airtel Africa and MTNN because of mobile money services payment approvals.
He said that investors were positioning in these companies to reap from their growth potential at the long run.
Airtel Africa and MTNN announced on Friday they had received approval in principle from the Central Bank of Nigeria (CBN) to operate Payment Service Banks (PSBs) in the country.
In spite of the rally, market breadth closed negative recording 25 losers as against 18 gainers.
Airtel Africa drove the gainers’chart in percentage terms by 10 per cent to close at N858 per share.
Red Star Express followed with a gain 9.94 per cent to close at N3.43, while Cutix appreciated by 9.91 per cent to close at N6.21 per share.
MTNN went up by 9.62 per cent to close at N192.50, while Unilever Nigeria appreciated by 9.36 per cent to close at N14.60 per share.
On the other hand, Conoil led the losers’ chart in percentage terms by 9.80 per cent to close at N23 per share.
Computer Warehouse Group followed with 9.73 per cent to close at N1.02, while Custodian Investment declined by 9.47 per cent to close at N7.65 per share.
Honeywell Flour Mills shed 9.07 per cent to close at N3.31, while Africa Prudential depreciated by 4.72 per cent to close at N6.05 per share.
Also, the total volume traded increased by 57.1 per cent to 443.61 million shares worth N5.05 billion traded in 5,233 deals.
This was in contrast with a total of 287.04 million shares valued at N2.38 billion achieved in 3,524 deals on Friday.
Transactions in the shares of Sterling Bank topped the activity chart with 81.23 million shares valued at N121.85 million.
UACN followed with 67.25 million shares worth N706.44 million, while FBN Holdings traded 42.24 million shares valued at N473.45 million.
Zenith Bank traded 32.62 million shares valued at N797.35 million, while Transcorp transacted 20.96 million shares worth N21.57 million. (NAN)
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)