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  • Will the rally continue?

    Will the rally continue?

    The Nigerian capital market has crossed several landmarks in recent period, with increased inflows from foreign and domestic investors and a top-three position in global returns chart. With the macroeconomic economic reforms expected to take firmer hold, the dynamics for the Nigerian capital market remain positive. Deputy Group Business Editor Taofik Salako examines the outlook for the capital market

    The Nigerian capital market is showing early signs of a positive outlook. The stock market has gained more than N1.54 trillion in early days of 2025. With a 12-day average return of 2.45 per cent, Nigerian equities market ranks among world’s five best starters. The debt market opened to a surge in demand, for corporate and public financing. The first Nigerian Treasury Bill (NTB) auction for the year recorded a subscription of N1.52 trillion, a triple of the offer of N515 billion and more than a double of N663.2 billion subscription recorded at the last auction for 2024. Also, the first Open Market Operations (OMO) for the year saw a subscription of N1.56 trillion for a N500 billion offer. The implications, as seen in previous upwardly subscription pattern, are that the government is gradually able to moderate cost and extend the curve, moving investors more to longer-tenored instruments at relatively lower cost. There are already indications that corporate earnings may be faster and higher this year, with several companies already scheduling final board meetings to review year-end financial results.

    The early days of 2025 built on impressive resilience of the Nigerian market in recent years. With average return of 37.65 per cent for the equities market in 2024, Nigeria ranked among world’s three best-performing stock market. Investors netted N15.41 trillion in capital gains during the year, providing a cushion for the otherwise inflationary environment. Increased inflows of foreign investments combined with resilient domestic demand to push the market to its highest levels- at the secondary and primary segments and at both the equities and debt markets. These enabled the market to function along its traditional line as the fulcrum for the private and public sectors. While Nigerian companies combined equities and debt issuances to stave the spillovers from foreign exchange and energy reforms, government has increasingly depended on the domestic market to fund the national budget. The banking recapitalisation started off to a significant success with at least seven banks raising funds to bridge their capital gap. With two out of every three offers showing significant oversubscriptions, the capital market has infused strong optimism into the banking recapitalisation. Foreign investors’ participation in the Nigerian market has doubled over the past 12 months, signaling the success of the foreign exchange (forex) reform.

    Sustaining positive return

    There are indications that the capital market may sustain its bullish outlook in 2025. The Federal Government’s ambitious N49.7 trillion rests majorly on enhanced macroeconomic reforms and the capital market. More than a quarter of the budget is expected to be generated through the capital market to bridge shortfall in revenue. Enhanced reforms’ gains should indirectly impact corporate earnings, major driver for the secondary segment of the market. At both the primary and secondary segments, the 2025 budget implementation, which government promises will be more detailed and efficient, is expected to be positive for the capital market.

    Corporate earnings are expected to remain sturdy, with significant positive outliers in the banking, telecommunications, oil and gas and manufacturing sectors. Most non-bank corporates that had been stymied by foreign exchange (forex) reform are coming out of losses and the worst might have been over for most of the quoted companies. Third-quarter 2024 earnings already indicated a positive overall earnings outlook for 2025, with the full-year results expected to drive activities for the major part of the first half.

    Resilient corporate earnings are expected to combine with relative fair valuation to drive Nigerian equities to their sixth consecutive year of positive return. Nigerian equities are still relatively trading at lower price-earnings ratio to their five-year historical average of 11.62 times and several points below peers in the emerging and frontier global markets. The attractive valuation is expected to tickle the foreign investors and sustain increased foreign portfolio investments (FPIs), which participation doubled in the previous year. FPIs may account for more than a quarter of transactions at the Nigerian market in the months ahead.

    There is, so far, analysts’ consensus that the Nigerian equities may end 2025 with another double-digit positive return. Analysts at Cordros Capital Group noted that undervalued stocks are positioned for valuation expansion, particularly given expectations of robust earnings growth across resilient sectors.

    According to Cordros Capital, improving macroeconomic conditions, including enhanced forex liquidity, moderating inflation, and policy reform stability, are expected to drive more FPIs to the domestic equities market.

    Analysts noted that Nigerian equities present compelling opportunities, with undervaluation across key sectors and strong growth potential, making them increasingly attractive to FPIs. Nonetheless, persistent global risks, particularly geopolitical tensions and macroeconomic uncertainties may drive risk aversion among FPIs, limiting their appetite for emerging and frontier markets.

    Cordros Capital modelled three scenarios with the two highest probabilities that the equities market may return between 23.0 per cent and 61.0 per cent in 2025. In the worst case scenario, analysts expected the market to suffer a moderate loss of 3.1 per cent. But the conditions for the bearish market-weaker macroeconomic environment, disappointing corporate earnings, slower-than-expected improvements in forex liquidity, continued rise in interest rates, tighter monetary conditions and persistently high inflation, are mostly unlikely, according to most analysts.

    Read Also: Friends, fans rally support for Ooni’s ex-queen Naomi after Ibadan charity tragedy

    Analysts at Financial Derivatives Company (FDC) said while the government’s inflation target might be overly ambitious, inflation rate could drop by nearly 10 percentage points in 2025.

    “Our prognosis for 2025 suggests a positive risk assessment amid macroeconomic and market dynamics. On a base case, we anticipate a 30.4 per cent gain from improved sentiment towards ongoing bank recapitalisation exercise, new listings, resilient corporate earnings and expectation of CBN’s monetary policy easing in second half 2025,” Afrinvest West Africa stated. The base case is the most likely case of an analysis. Cordros Capital projects a base case of 23.0 per cent.

    Bullish points

    The anticipated listing of a part of Dangote Group’s petroleum businesses on the Nigerian Exchange (NGX) is expected to headline the new listings segment in 2025. Already, three members of Dangote Group that are listed on the NGX- including the group’s flagship cement company, Dangote Cement; Dangote Sugar Refinery and NASCON Allied Industry, are influential stocks at the market. The Association of Securities Dealing Houses of Nigeria (ASHON) stated that the Dangote Refinery would have positive influence on the capital market.

    The ongoing banking recapitalisation is also projected to play out more intensely at the capital market as the banks look towards the March 2026 deadline. With only three banks above the new minimum capital requirements, the primary offer market and the mergers and acquisitions segment are envisaged to see a flurry of activities. Most of the banks that had raised funds in 2024 are expected to return to the issuance market, joined by other new issuers in a frenzy that may thicken in the second half of 2025. Banks- the most active and influential stocks, have substantial impact on the overall direction of the Nigerian capital market.

    The overall prognosis for banks’ earnings is positive, across several analyses. Analysts at Cordros Capital stated that elevated interest rate would continue to support banking industry performance:

    “For 2025, we believe the sector’s gross earnings will remain resilient, underpinned primarily by an increase in funded income,” Cordros Capital stated. While costs may pressure many bottom-lines, analysts still expect several first-tier banks to see significant capital gains on the back of resilient earnings.

    Innovation, digitalisation, international partnerships, technological advancements and investments are expected to sustain positive transformation at the NGX. The NGX Invest, launched in 2024, is anticipated to play more significant roles in the offering market, onboarding vast new investors. Nigeria has stepped up engagements to deepen cross-border transactions and partnerships, with the NGX in a better position to take advantage of emerging opportunities given its advanced technologies and decades off operational experience. Last week’s launch of the Ethiopian Securities Exchange (ESX), with NGX as a major partner and investor, highlighted the new focus on continental growth opportunities. Implementation of new market rules aimed at blocking loopholes and enhancing market confidence, such as rules tightening the insiders’ trading space, are also expected to boost investors’ confidence.

    The regulatory environment is anticipated to witness increased enforcements and reinforcements as the new leadership at the Securities and Exchange Commission (SEC) exerts its influence. SEC has already indicated a zero tolerance for unregistered and phony investment schemes, with a tighter loop on the financial technologies (fintechs) space.

    “Enforcement is the backbone of effective regulation. We are revamping our investigative processes to enhance efficiency and hold bad actors accountable more decisively.  Insider trading undermines activities and dampens market fairness. By revising our regulatory framework, we aim to strengthen detection, prevention, and accountability mechanisms. Transparency is at the heart of investor confidence and capital markets. We will introduce measures to ensure greater visibility and trust in securities transactions,” SEC stated in its outlook for 2025.

    Besides, in order to resolve market disputes efficiently and fairly, the Commission is enhancing the operations of the Investments and Securities Tribunal (IST), making it more effective in delivering timely resolutions and improving efficiency. The legal framework for the commodities market would also be strengthened, with more collaborations across the value chain.

    The bull case for the Nigerian market appears stronger than otherwise, and investors may be in for wider dining tables in the months ahead.  

  • Buhari shuts down Katsina for APC rally

    Activities in Katsina state were completely brought to a halt Thursday, thanks to the Grand Finale of the APC Presidential Campaign Rally, as traders and several other activities voluntarily closed shops in other to receive President Muhammadu Buhari and his entourage at the Muhammad Dikko Stadium

    The attendance in Thursday’s Rally at the 30,000 Seater capacity Stadium perhaps surpassed most rallies held in other parts of the Country, including the PDP Presidential campaign Rally held at the same Stadium last week.

    Both inside and outside the stadium, including the lawns and the Car parks were filled to the brim with supporters of the All Progressives Congress

    The National Chairman of the APC, Comrade Adams Oshiomhole described the massive turn out as clear manifestation of the strong confidence Nigerians reposed on Buhari’s Administration.

    He said‘’ Mr. President I am sure and I have every reason to believe that you will feel proud of your people, as this will dismiss the old notion that a Prophet is not honored in his hometown

    ‘’This is indeed the grand finale of the APC Nationwide campaign rallies when PDP started their campaign in Sokoto they thought they had the monopoly of attendance but this have disproved them’’

    Read Also: Thousands troop out in Katsina for Buhari’s campaign

    ‘’Both the Bible and the Quran are unanimous in affirming that by next tomorrow you will be re-elected, Nigerians who have come to appreciate your integrity will troop out in their numbers to re-elect you by Saturday. By Fighting Corruption you are making more friends while the opposition is getting lesser people on their side’’

    Oshiomhole further criticized the PDP for Promising to re-introduced the discredited Structural Adjustment Program SAP, devalue the Naira and other Policies that will draw the Country backwards saying Nigerians will reject them at the Polls

    Governor Aminu Bello Masari of Katsina State in his address at the occasion described President Buhari as a man of impeccable Character, who meant well for the common man, he urged the People to vote for the President and candidates for the National Assembly

    In a brief message at the occasion President Buhari said he was overwhelmed by the turnout of supporters and promised to do more to promote the welfare of the common man, improve infrastructural development and Agriculture.

    He said ’’we will not betray your trust and neither shall we let those who betray your trust to go scot-free’’

  • Rally: Kwankwaso protests denial of Eagle Square

    Former Kano State Governor Rabiu Musa Kwankwaso yesterday protested denial of the use of Eagle Square, Abuja for a rally to declare his intention for the 2019 presidential election.

    It was, however, learnt that he has opted for Chida Hotel, Abuja to announce his intent.

    A statement by Muhammad Inuwa Ali, the principal private secretary to the ex-governor, said Kwankwaso’s morale was not dampened.

    The statement said: “Just 24 hours to the highly publicised presidential declaration of Senator Kwankwaso due to hold at the Eagle Square, Abuja on August 29, the Federal Capital Territory Administration (FCTA) has turned down the request earlier approved, for flimsy reasons.

    “In a letter dated August 27, signed by Usman Mukhtar Raji for the facility manager and received on August 28, barely 24 hours to the scheduled declaration, the Abuja International Conference and Eagle Square, managed by the Integrated Facility Management Services Ltd, has reversed itself in respect of approval granted the organisers of the declaration of Senator Kwankwaso.

    “We at the Kwankwaso Campaign Council see the development as the handiwork of the government in power, who will not see anything good in growing our fledgling democracy, as no level-playing field has been created to allow viable opposition.

    “Even at that, earlier on Tuesday morning, the Abuja International Conference and Eagle Square, managed by the Integrated Facility Management Services Ltd, refused us access to inspect the premises demanding us to present a police permit, when approval for the use of the Eagle Square has been sought and paid for more than one week to the said declaration.

    “This development will in no way dampen our morale to go ahead with the declaration or chicken out, as it will only embolden us to legally pursue our right to freedom of movement and association.”

  • Rally round APGA in Imo, says forum

    The national co-ordinator of APGA Media Warriors Forum, Chinedu Obigwe, has urged residents of Imo State to support the All Progressives Grand Alliance (APGA) to produce Governor Rochas Okorocha’s successor.

    Obigwe, in a statement, faulted Okorocha for declaring war on Bishop Anthony Obinna, of the Owerri Catholic Diocese.

    He described Obinna as a worthy father always speaking out against atrocities.

    “No reasonable father will sit at home and watch a she goat deliver in tethers. Okorocha cannot stop APGA from taking over Imo State.

    ‘’Okorocha should prepare his handover note because no reasonable electorate in Imo State will vote for his anointed son-in-law, Uche Nwosu, in 2019.

    ‘’A vote against APC in Imo State is a vote for wiping away of the shame Rochas brought upon Imolites.

    ‘’Bishop Obinna is not a card-carrying member of APGA but  he is only exercising his constitutional right to freedom of expression and the insinuation by Rochas Okorocha that he is plotting to install APGA governor in Imo State is an admittance of the looming defeat of his party and son-in-law in 2019.

    ‘’Imolites should not rest until the deceitful government of Rochas Okorocha is stopped from turning Imo State into his family business empire. The electorate should rally round APGA for the salvation of Imo State.

    ‘’Rochas is only hoping  on using federal might to install his son-in-law. If this is allowed to happen, Imolites will regret. The task of rescuing Imolites from Okorocha is a patriotic task that must be accomplished for the betterment of Igbo land.”

  • Ekiti workers kick against planned anti-Buhari rally

    • warn labour leaders not to drag them into politics

    Workers in Ekiti State have kicked against an alleged plan to coerce them into a public protest against President Muhammadu Buhari and his administration.

    They claimed that the rally was planned to protest against the alleged stoppage of the N1.3 billion monthly Budget Support Fund (BSF) by the Federal Government with effect from December 2017.

    BSF is a fund set aside by the Federal Government to assist the 36 States of the Federation in the payment of workers’ salaries.

    A section of the state work force, the Enlightened Workers Forum (EWF) condemned alleged moves to drag civil servants into a public protest scheduled for Monday, January 29.

    EWF in a statement on Saturday by its State Coordinator, Mr. Mike Bamidele, accused the state Trade Union Congress (TUC) Chairman, Comrade Odunayo Adesoye, of being the arrowhead of the plot to recruit and draft workers into the rally. Bamidele said workers are apolitical and non-partisan and should not be dragged into politics under whatever guise.

    Responding, the Trade Union Congress (TUC) Chairman in Ekiti State, Comrade Odunayo Adesoye, has denied being part of the plan to stage a rally against the alleged stoppage of Budget Support Funds (BSF) to the Ayo Fayose administration.

    Adesoye who spoke in a telephone chat with The Nation, described the Enlightened Workers’ Forum (EWF) which made the allegation as a “faceless group.”

     

  • Southern governors’ rally

    •Good one for inter–regional cooperation, en route to re-federalising the polity

    The holding of a Southern Governors meeting, in Lagos on October 23, further underscores the imperative of routine inter-regional cooperation among states, as a route to correcting Nigeria’s suspect federalism.

    But that that meeting came to be, 12  clear years after an earlier one held also in Lagos, during the Bola Tinubu governorship in 2005, clearly shows the ad hoc intention behind it — the current big trigger being “restructuring” or “devolution of power” or “true federalism”, as the governors confirmed in their communiqué.

    That is not good enough. Inter-state, or in this case, regional cooperation should be routine, to explore how to deepen the domestic economy, push development and create prosperity.

    Indeed, as far as economic growth and development go, cooperation should criss-cross the country, with states identifying areas of common interests, and cooperating across regional and geo-political lines. That would go a long way in pulling down mutual suspicion and bias, which often subvert the ability to identify common pan–Nigeria interests, for the general benefits of Nigerians as a whole.

    Predictably, the Lagos Southern Governors Meeting came out strong in its endorsement of “restructuring” and its variants, as an urgent protocol to re-federalise the country, away from the present pseudo-federalism, that over-centralises resources, turns the states into nothing but mere vassals of an all-mighty centre and, in the process, deepens poverty.

    That cannot be an ignoble call. In fact, it is a noble enterprise for everyone wishing Nigeria to attain its full economic potential; and wanting the government to deliver development and prosperity to the people. Indeed, it is absolutely unacceptable for states to be carrying “begging bowls” to Abuja in search of monthly doles, while the same Abuja not only sits on excess cash but also resources states can turn to cash, by building their wealth.

    Besides, it is a monumental disgrace, not to mention the deep human anguish, for most of Nigerian states to default on their salary commitments to their work force. Many insist the governors are just careless with funds, and lack sensible priorities, in deploying public resources. Maybe some governors may be guilty as charged.

    But the structural foundation of the problem is an unworkable federal system that clearly beggars everyone. The fact is, beyond sweet emotiveness, the states face dire structural challenges, which logically result in the grim economic crisis that stares them in the face. This is a pan-Nigeria problem, which must be solved with pan-Nigeria methods.

    That is why pushers of restructuring — an excellent elixir in the circumstances — must re-think their strategies. The symbolism of southern governors meeting in Lagos and thundering “restructuring” or “true federalism” in triumph, is sweet as an emotive rally. But beyond that, it has doubtful value.

    To start with, the South is not at war with the North over restructuring (even if media headlines often love to project a combat situation for copy sales). It only proffers that possible solution over a pan-Nigeria disease that must, as President Muhammadu Buhari says of corruption, be killed before it kills everyone — North, South, East or West. But when it is served, as if by it the South gains and the North loses, it shows the futility of its own realisation.

    Which is why, after all the solidarity and camaraderie, the southern governors should withdraw into their executive suites and think out winning and less bellicose strategies to make re-federalisation a reality. After building on southern similarities on the issue, they should think of creative ways to bridge northern differences, and therefore start to build a pan-Nigeria consensus on the matter.

    If everyone realises it is win-win, then the phobia that tends to make people dig in, even if their position appears manifestly ruinous, would vanish. If that happens, it would be a new day for re-federalised Nigeria and the economic benefits that it brings to the table.

    If the Southern Governors Meeting achieves this breakthrough, then it would have contributed to solving an epochal challenge, which may well stand between Nigeria surviving as it is today or just wilting away with time.

  • Equities’ return rises to 37.1% amidst rally

    Investors in Nigerian equities have earned more than one-third of the value of their portfolios in capital gain this year as increased demand for quoted shares drove the average year-to-date return for Nigerian equities to 37.11 per cent at the weekend.

    With nearly two gainers for every loser, a largely bullish market during the week left investors with net capital gain of N182 billion, representing a week-on-week return of 1.45 per cent. All sectoral indices closed positive, underlining the market-wide rally that saw investors upping market orders for small to mid-cap and large-cap stocks.

    The All Share Index (ASI)-the benchmark pricing index for the Nigerian equities market, rose by 1.45 per cent to close the week at 36,848.17 points as against its week’s opening index of 36,320.93 points. Aggregate market value of all quoted equities also improved from the week’s opening value of N12.502 trillion to close the week at N12.684 trillion, representing an increase of N182 billion.

    Year-to-date return analysis at the weekend showed that most equities investors have made substantial returns on their investments so far this year, with investors in banking stocks and other large-cap stocks ahead of others.

    The Nigerian Stock Exchange (NSE) Banking Index, which tracks the most active and influential banking sector, rose by 1.41 per cent last week to pushed the average year-to-date return for the sector to 67.89 per cent. The NSE 30 Index, which tracks the 30 most capitalised companies, posted a gain of 1.25 per cent last week to increase its year-to-date return to 41.25 per cent. The NSE Industrial Goods Index appreciated by 0.66 per cent last week to close with a year-to-date return of 32.9 per cent.

    The NSE Consumer Goods Index rose marginally by 0.05 per cent to close with year-to-date return of 31.24 per cent, while the NSE Insurance Index recorded the highest gain of 7.90 per cent last week to build up average year-to-date return for the sector to 17.93 per cent. However, with previous steep declines in share prices of many oil majors, including Forte Oil and 11 Plc, formerly Mobil Oil Nigeria Plc, the NSE remained with negative year-to-date return of -6.90 per cent, in spite of above average gain of 1.82 per cent last week.

    Total turnover stood at 1.56 billion shares worth N13.50 billion in 18,409 deals last week compared with a total of 1.49 billion shares valued at N15.11 billion traded in 14,549 deals in the previous week. The financial services sector remained atop activities chart with a turnover of 1.37 billion shares valued at N6.51 billion in 10,880 deals; representing 87.76 per cent and 48.19 per cent of the total equity turnover volume and value respectively. The consumer goods sector staged a distant second with a turnover of 70.5 million shares worth N5.64 billion in 3,398 deals while the conglomerates sector placed third with 58.78 million shares worth N141.93 million in 706 deals.

    The three most active stocks were Diamond Bank Plc, Zenith International Bank Plc and Transnational Corporation of Nigeria Plc, which altogether accounted for 985.76 million shares worth N2.84 billion in 3,401 deals, representing 63.39 per cent and 21.04 per cent of the total equity turnover volume and value respectively.

    Also traded during the week were a total of 60 units of Exchange Traded Products (ETPs) valued at N2,266 in six deals compared with a total of 2,000 units valued at N34,000 traded in a deal in the previous week.

    In the sovereign debt segment, a total of 1,041 units of Federal Government bonds valued at N1.040 million were traded in 10 deals compared with a total of 2,360 units valued at N2.029 million traded in seven deals two weeks ago.

    There were 41 gainers to 23 losers last week compared with 38 gainers and 26 losers recorded in the previous week. However, 107 stocks were unchanged. AXA Mansard Insurance recorded the highest gain-in percentage terms, of 25.5 per cent to close at N2.51. Cement Company of Northern Nigeria followed with a gain of 20.1 per cent to close at N9.68.

  • Equities regain rally with N53b gain

    Nigerian equities rebounded yesterday as large-cap stocks rallied the market to a net capital gain of N53 billion. Benchmark indices at the Nigerian Stock Exchange (NSE) showed average day-on-day gain of 0.44 per cent, representing net capital appreciation of N53 billion.

    The All Share Index (ASI)-the benchmark index for the equities market, rose from its opening index of 34,951.27 points to close at 35,103.40 points. Aggregate market value of all quoted equities also rose from its opening value of N12.048 trillion to close at N12.101 trillion.

    The upturn was driven by widespread gains, especially within the medium and large-cap stocks including Nestle Nigeria, Dangote Cement, Zenith Bank, International Breweries and Stanbic IBTC Holdings.

    There were 24 gainers against 22 losers. Champion Breweries recorded the highest price gain of 8.14 per cent to close at N2.39 per share. Neimeth International Pharmaceuticals followed with a gain of 4.62 per cent to close at 68 kobo. Linkage Assurance appreciated by 4.55 per cent to close at 69 kobo per share. Fidson went up by 4.52 percent to close at N3.24 per share while C & I Leasing appreciated by 4.32 per cent to close at N1.45.

    On the other hand, Morison led the losers’ chart by 8.33 per cent to close at 66 kobo per share. UACN Property Development Company followed with a decline of five per cent to close at N2.85. University Press depreciated by 4.81 per cent to close at N2.57 per share. Caverton Offshore Support Group declined by 4.59 percent to close at N1.04 while AG Leventis Nigeria declined by 4.41 per cent to close at 65 kobo per share.

    Turnover meanwhile slowed down considerably as volume traded declined by 72.74 per cent to 136.40 million shares worth N1.27 billion in 2.860 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 35.85 million shares valued at N26.1 million. Meyer Paints followed with 20.01 million shares worth N14.01 million. FBN Holdings traded 6.69 million shares valued at N36.78 billion. Diamond Bank traded 5.43 million shares valued at N6.04 million while Access Bank recorded 4.88 million shares worth N46.2 million.

    “Despite the rebound in ASI, we note that market breadth is yet to comfortable crossover to the positive territory. The low level of activity as shown in weaker volume and value traded further suggests sentiment for equities remains low; thus, we expect the market to trade sideways in subsequent sessions pending the release of third quarter earnings,” Afrinvest Securities stated.

     

  • Equities rally N166b as bargain-hunting thickens

    Equities rally N166b as bargain-hunting thickens

    Market valuation and momentum of activities improved considerably at the Nigerian Stock Exchange (NSE) last week as investors increased bargain-hunting transactions ahead of the third quarter earnings of quoted companies. Benchmark indices showed a week-on-week average gain of 1.38 per cent, equivalent to net capital gain of N166 billion at the end of the week.

    Turnover volume and value rose by 22.2 per cent and 16.2 per cent respectively as investors appeared to seek a balanced portfolio of large-cap and penny stocks. The average year-to-date return improved to 32.05 per cent at the weekend.

    Aggregate market value of all quoted equities rose from the week’s opening value of N12.068 trillion to close at N12.234 trillion. The All Share Index (ASI)-the main price index that doubles as Nigerian sovereign equities index, increased from the week’s opening index of 35,005.57 points to close weekend at 35,488.81 points.

    Most sectoral indices closed on the positive side. The positive overall market situation was driven largely by rallies within the large-cap banking and industrial goods companies. The NSE 30 Index-which tracks Nigeria’s 30 most capitalised stocks, rose by 1.03 per cent last week. The NSE Banking Index posted a return of 2.39 per cent. The NSE Industrial Goods Index appreciated by 2.94 per cent while the NSE Insurance Index rose by 1.41 per cent. However, the NSE Consumer Goods Index declined by 0.23 per cent while the NSE Oil and Gas Index slumped by 3.05 per cent.

    There were 25 gainers against 35 losers last week as against 23 gainers and 45 losers recorded two weeks ago. Low-priced stocks dominated the gainers’ list. Linkage Assurance recorded the highest gain, in percentage terms, of 11.86 per cent to close at 66 kobo. Continental Reinsurance rose by 9.79 per cent to close at N1.57. Guaranty Trust Bank appreciated by 7.03 per cent to close at N39.60. C & Leasing rose by 6.72 per cent to close at N1.27. Skye Bank rose by 5.77 per cent to 55 kobo while Unilever Nigeria Plc rose by 5.50 per cent to close at N44.10 per share.

    On the downside, Nigerian Enamelware recorded the highest drop of 16.65 per cent to close at N23.23. Caverton Offshore Support Group dropped by 9.17 to close at N1.09. Neimeth International Pharmaceuticals declined by 8.57 per cent to close at 64 kobo. Transnational Corporation of Nigeria lost 7.52 per cent to close at N1.23. Cutix slipped by 7.33 per cent to close at N2.53 while AIICO Insurance dropped by 6.90 per cent to close at 54 kobo.

    Total turnover improved to 1.096 billion shares worth N17.86 billion in 16,070 deals last week as against a total of 896.618 million shares valued at N15.368 billion traded in 17,048 deals in the previous week. The financial services sector topped the activity chart with 880.597 million shares valued at N13.614 billion traded in 8,994 deals; representing 80.33 per cent and 76.2 per cent of the total equity turnover volume and value respectively. The industrial goods sector staged a distant second position with 69.17 million shares worth N676.25 million in 881 deals while the consumer goods sector recorded a turnover of 49.29 million shares worth N2.87 billion in 3,077 deals.

    The three most stocks were Guaranty Trust Bank Plc, Access Bank Plc, Jaiz Bank Plc, which altogether accounted for 450.567 million shares worth N10.942 billion in 1,834 deals, representing 41.1 per cent and 61.27 per cent of the total equity turnover volume and value respectively.

    Also traded during the week were a total of 58 units of Exchange Traded Products (ETPs) valued at N90,475 executed in five deals compared with a total of 1,265 units valued at N145,720 transacted last week in eight deals.

    A total of 178 units of Federal Government bonds valued at N163, 407 were traded in two deals compared with a total of 5,290 units valued at N5.030 million traded in 15 deals in the previous week.

  • Yoruba Congress to hold mega rally September 7

    The Chairman of the organising committee of Yoruba Congress, Dr. Kunle Olajide, has said the Southwest is planning a rally in Ibadan, Oyo State capital, on September 7 on the need to restructure the country.

    At a conference yesterday in Lagos, Olajide said the rally would mobilise Nigerians to put pressure on those working against the unity of the country to have a rethink.

    The committee chairman said the country was passing through a difficult phase, adding that well-meaning Nigerians should return sanity to the land.

    He said: “As you are aware, we are passing through a difficult phase in the life this country. As such, patriots across the country have to rise up and together find a lasting solution to the problems.

    “Successive politicians have promised to correct the present lopsided structure, which is in favour of the government at the centre, to win elections. But once elections are over, nothing is done in this direction.

    “It is on record that the late Premier of the defunct Western Region, Chief Obafemi Awolowo, was emphatic that in a multi-ethnic culture country like Nigeria, it is only a truly federal constitution that can work. Contemporary events have proved him right.”