News
Investor interest in MTN, Transcorp Hotel boosts market by N29bn
Opening the week, renewed investor interests in the stocks of MTN Nigeria and Transcorp Hotel, on Monday, drove the Nigerian Exchange Ltd. (NGX) market capitalisation up by N29 billion gain.
Other primary drivers of the overall market’s performance included: Berger Paints, PZ Cussons, Unity Bank, AIICO Insurance, Nigerian Breweries, among others advanced equities.
Specifically, the market capitalisation which opened at N55,507 trillion, gained N29 billion or 0.05 per cent to close at N55.536 trillion.
The All-Share Index also rose by 0.05 per cent or 51 points to settle at 98,176.58, in contrast to 98,125.73 recorded on Friday.
Consequently, the Year-To-date (YTD) return rose to 31.30 per cent.
However, the market breadth closed negative with 28 losers equities outnumbering 13 gainers
On the losers’ table, Champion led by 10 per cent to close at N2.97, C&I Leasing Plc followed closely by 9.80 per cent to close at N9.80 per share.
Sovereign Trust Insurance lost 9.76 per cent to close at 37k, Chams declined by 9.64 per cent to close at N1.50, while RT Briscoe depreciated by 9.62 per cent to close at 47k per share.
Conversely, McNichols Plc led the gainers’ table by 10 per cent to close at N1.10, and Berger Paints trailed by 9.72 per cent to close at N13.55 per share.
Regency Alliance Insurance went up by 9.68 per cent to close at 34k, WAPIC advanced by 6.15 per cent to close at 69k and Cornerstone Insurance gained five per cent to close at N2.10 per share.
Also, the analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 28.98 per cent.
A total of 405.66 million shares valued at N6.69 billion were exchanged in 8,439 deals, as against 140.77 million shares worth N9.42 billion in 6,934 deals traded on Friday.
Access Corporation led the activity table in volume and value with 201.31 million shares valued at N3.41 billion, Transnational Corporation traded 38.21 million shares at N435.75 million.
Zenith Bank sold 15.26 million shares worth N484.71 million, Nigerian Breweries transacted 13.74 million shares valued at N316.28 and Jaiz Bank 13.68 million shares worth N30.22 million.
Meanwhile, equity market analysts predicted that investors would trade cautiously this week.
The analysts predicted that trading on the Exchange this week would be driven by the outcome of the anticipated Monetary Policy Committee (MPC) meeting that started from Monday to Tuesday.
They said investors would also react to the inflation figures announced last week by the National Bureau of Statistics(NBS).
At Cowry Asset Management, the analysts said that the market is expected to maintain a weak sentiment as investors continue to digest the latest economic data from the statistics bureau.
They said that the anticipated outcome of the MPC meeting, likely to result in a modest 100 basis points rate hike could further dampen market sentiment.
At Cordros Capital, the analysts predicted that investors would focus on the outcome of the MPC meeting to gain further clarity on yield movements in the fixed-income market.
“Consequently, we anticipate cautious trading from domestic investors in the short term,” they said. (NAN)
Another explosion occurred at a pipeline manifold in the Omwawriwa area of Ogba-Egbema-Ndoni Local Government Area of Rivers State on Tuesday.
This incident follows a similar explosion that shook the Trans Niger Pipeline, operated by Shell, in Bodo, Gokana Local Government Area just hours earlier.
The latest explosion reportedly took place at a manifold connected to a federal pipeline deep within the forest, which transports crude oil to Brass in Bayelsa State.
While the explosion has not yet been officially confirmed, community sources reported seeing massive flames and thick smoke rising from the oil installation in the forest.
Grace Iringe-Koko, the spokesperson for the Rivers State Police Command, stated that she would investigate the incident but had not provided a response at the time of this report.
A video obtained by our correspondent displays a large fire burning in a remote location.
In a separate development, Ijaw youths blocked the Ahoada section of the East-West Road leading to Bayelsa State on Tuesday in protest.
The demonstrators, numbering over 100, carried placards in solidarity with Rivers State Governor Siminalayi Fubara amid his political dispute with the state House of Assembly. Some of the placards read: “We demand Wike’s dismissal as FCT Minister” and “Martin Amaewhule and 26 lawmakers have defected and lost their seats.
The House of Representatives on Tuesday passed the four tax reform bills transmitted to the National Assembly in October 2024 by President Bola Tinubu.
Recall that the House had on Thursday last week, considered and approved the report of the House Committee on Finance which made some recommendations, particularly in controversial areas such as the Value Added Tax and inheritance tax.
While awaiting the Senate to similarly pass the bills, the proposed reforms are expected to be transmitted to the President for his assent in the days ahead.
Details shortly…
Two members of the house of representatives have defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).
Tajudeen Abbas, speaker of the house, announced the defections in a letter read on the floor of the lower legislative chamber on Tuesday.
More to follow…