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NSE Index Rises 0.46% as Market Rebounds on Bargain Hunting

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NSE

The Nigerian equities market rebounded yesterday after opening on a bearish note on Monday. The market, which went down by 0.30 per cent on Monday, appreciated by 0.46 per cent yesterday on bargain hunting in bellwether stocks.

The Nigerian Stock Exchange (NSE) closed higher at 27,493.12, while market capitalisation added N42.8 billion to settle at N9.44 trillion. Similarly, the volume and value of shares traded rose by 174 per cent and 285 per cent from 83.833 million shares valued at N711.123 million to 230.135 million shares worth N2.741 billion yesterday. A total of 17 stocks appreciated compared with 18 stocks that depreciated.

The positive session recorded for the day was largely buoyed by gains in the shares of Dangote Cement Plc, Nigerian Breweries Plc, Guaranty Trust Bank Plc, FBN Holdings Plc and Ecobank Transnational Incorporated.

However, Seven-Up Bottling Company Plc led the price gainers’ chart with 9.4 per cent to close at N127.99 per share, trailed by Nigerian Aviation Handling Company Plc, which went up by 8.3 per cent. Skye Bank Plc and Mobil Oil Nigeria Plc chalked up 5.0 per cent apice, just as Wema Bank Plc and Unity Bank Plc appreciated by 4.5 per cent and 2.6 per cent respectively.

Presco Plc, AIICO Insurance Plc, ETI, NASCON Allied Industries Plc garnered 2.5 per cent, 1.5 per cent, 1.3 per cent and 1.2 per cent in that order. Nigerian Breweries Plc and Dangote Cement Plc appreciated by 1.2 per cent and 1.1 per cent respectively.

Conversely, May & Baker Nigeria Plc led the price losers, falling by 8.9 per cent. Conoil Plc trailed with a loss of 4.9 per cent, followed by Cutix Plc, which shed 4.8 per cent. Fidelity Bank Plc, Sterling Bank Plc and African Prudential Registrars Plc went down by 4.1 per cent, 4.0 per cent and 3.7 per cent in that order. Champion Breweries Plc and United Bank for Africa Plc 3.3 per cent and 2.4 per cent respectively.

UBA last week announced an interim dividend of 20 kobo for the half year ended June 30, 2016 following a profit after tax of N31.999 billion recorded for the period.

Group Managing Director/CEO, UBA Plc , Mr. Kennedy Uzoka, had said that even as Naira depreciation and inflationary pressure increased the cost of doing business in Nigeria, the bank leveraged its economics of scale, enhanced operational efficiency and Group shared service structure to moderate its cost-to-income.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Slide as U.S. Crude Stockpiles Surge, Heightening Demand Concerns

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Crude oil

Oil prices declined on Thursday as concerns over demand intensified due to a larger-than-anticipated build in U.S. crude stockpiles.

Brent crude oil, against which Nigerian oil is priced, dropped by 0.5% to $83.25 a barrel while U.S. West Texas Intermediate crude oil fell by 0.3% to $78.28 a barrel.

The Energy Information Administration’s report revealed a substantial increase in U.S. crude oil stockpiles by 4.2 million barrels to 447.2 million barrels for the week ending February 23rd.

This surge surpassed analysts’ expectations and marked the fifth consecutive week of rising inventories.

While gasoline and distillate inventories witnessed a decline, concerns regarding a sluggish economy and reduced oil demand in the U.S. were amplified.

Satoru Yoshida, a commodity analyst with Rakuten Securities, highlighted that the significant stockpiles have heightened investor worries.

Moreover, the anticipation of delayed U.S. interest rate cuts further weighed on market sentiment, potentially undermining oil demand.

Traders have adjusted their expectations for rate cuts, with an easing cycle predicted to commence in June rather than March as previously anticipated.

Market participants await the U.S. personal consumption expenditures price index for insights into inflation trends, while the possibility of an extension of voluntary oil output cuts from OPEC+ looms over price dynamics, amid lingering uncertainty in the demand outlook and geopolitical tensions in the Middle East.

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Crude Oil

Crude Oil Shortage Threatens Dangote, Government Refineries, Minister Raises Alarm

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Dangote Refinery

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has sounded a clarion call over a looming crude oil shortage that threatens the operations of the newly inaugurated Dangote Petrochemical Refinery and government-owned refineries in Nigeria.

Addressing stakeholders at the seventh edition of the Nigeria International Energy Summit in Abuja, Minister Lokpobiri expressed concerns that unless deliberate efforts are made to increase investments and crude oil production, these refineries may struggle to obtain enough feedstock for petroleum product manufacturing.

The Dangote refinery, a colossal project spearheaded by Dangote Industries Limited, has a daily requirement of up to 650,000 barrels of crude oil, while government-owned refineries could need approximately 400,000 barrels.

However, the current pace of crude oil production and investment in Nigeria falls short of meeting these demands.

Minister Lokpobiri highlighted the need to ramp up production and attract investments in the upstream sector to ensure adequate feedstock supply for the refineries.

He emphasized the importance of efficiently utilizing Nigeria’s abundant oil and gas reserves to enhance domestic energy security and economic prosperity.

Furthermore, the minister underscored the significance of investing in energy infrastructure and transitioning towards more environmentally friendly practices to address Nigeria’s energy needs effectively.

The alarm raised by Minister Lokpobiri underscores the urgency for strategic interventions and collaborative efforts to mitigate the impending crude oil shortage and secure the future of Nigeria’s refining industry amidst evolving global energy dynamics.

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Energy

NNPCL Pledges End to Nigeria’s Energy Scarcity Within a Decade

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Mele Kyari - Investors King

The Nigerian National Petroleum Company Limited (NNPCL) has announced a bold initiative aimed at ending Nigeria’s persistent energy scarcity within the next decade.

Mele Kyari, the Group Chief Executive Officer of NNPCL, revealed this ambitious plan during the opening ceremony of the seventh Nigerian International Energy Summit in Abuja.

Kyari’s announcement comes as a beacon of hope for millions of Nigerians grappling with chronic power shortages and energy deficiencies.

In his statement, Kyari expressed confidence that all issues related to energy scarcity in the country would be resolved within the next 10 years.

Assuring stakeholders of NNPCL’s unwavering commitment, Kyari emphasized the company’s dedication to collaborating with partners to bridge the energy deficit gap and foster prosperity for all Nigerians.

He highlighted NNPCL’s pivotal role as a key partner to oil-producing companies in Nigeria, facilitating the divestment of international oil companies from onshore and shallow water assets in the country.

Furthermore, Kyari underscored NNPCL’s statutory mandate as the enabler of national energy security, emphasizing the importance of sustainable production from divested assets to ensure energy security for Nigerians.

In addition to addressing domestic energy challenges, NNPCL is also exploring avenues for sustainable energy investment across Africa.

Kyari revealed the company’s intention to invest in the proposed African Energy Bank, aiming to secure funding for energy projects on the continent and guarantee regional energy security.

The event, attended by prominent stakeholders including government officials and representatives from international organizations, marks a significant step towards reshaping Nigeria’s energy landscape and fostering economic development through improved energy access.

As NNPCL charts its course towards energy abundance, Nigerians remain cautiously optimistic about the prospects of a brighter energy future.

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