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Market Sheds N16bn, Caverton, Continental Reinsurance, NAHCO Lose

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Stock - Investors King

The Nigerian Stock Exchange market capitalisation depreciated by N16bn at the close of trading on the Exchange’s floor on Thursday after it gained marginally the previous day.

Caverton Offshore Support Group Plc, Continental Reinsurance Plc, Nigerian Aviation Handling Company Plc, Honeywell Flour Mill Plc and Neimeth International Pharmaceuticals Plc led the losses in the top five category.

The NSE market capitalisation slid to N9.675tn from N9.691tn recorded the previous day, while the NSE All-Share Index also dropped to 28,166.42 basis points from 28,21.57 basis points.

An aggregate of 410.101 million shares valued at N3.62bn were transacted in 4,179 deals.

The highest index point attained in the course of trading was 28,214.57 basis points, while the lowest and average index points closed at 27,839.93 and 28,057.87 basis points, respectively.

From the NSE daily statistics, a total of 22 stocks made the losers’ chart, while 18 appreciated. A notice from the Exchange also revealed that Dharnesh Gordhon has resigned his appointment as director and managing director of Nestle Nigeria Plc with effect from October 1, 2016.

The company’s Board of Directors, was said to have appointed Mauricio Alarcon as new managing director with effect from October 1, 2016.

The share price of Caverton dropped to N1.10 from N1.21, shedding N0.11 (9.09 per cent), while Continental Reinsurance stocks closed at N0.96 from N1.01, losing N0.05 (4.95 per cent).

NAHCO shares also plunged by N0.16 (4.60 per cent) to close at N3.48 from N3.32, while those of Honeywell Flour Mill closed at N1.35 from N1.41, losing N0.06 (4.26 per cent).

In the same vein, Neimeth recorded a drop of N0.04 (4.08 per cent) on its share price to close at N0.94 from N0.98.

Other losers at the bourse were Guaranty Trust Bank Plc, NEM Insurance Company Nigeria Plc, Livestock Feeds Plc, Champion Breweries Plc, Dangote Cement Plc, Eterna Plc, Wema Bank Plc, Airline Services and Logistics Plc, FBN Holdings Plc, Ecobank Transnational Incorporated Plc and Transnational Corporation of Nigeria Plc.

Dangote Flour Plc, United Capital Plc, Guinness Nigeria Plc, United Bank of Africa Plc, Conoil Plc and Larfarge Africa Plc also recorded losses in their share prices.

On the other hand, Oando Plc, Zenith Bank Plc, Total Nigeria Plc, Mobil Oil Nigeria Plc and Forte Oil Plc emerged at the top five gainers.

The share price of Oando soared to N6 from N5.60, gaining N0.40 (7.14 per cent), while Zenith stocks appreciated by N0.79 (5.27 per cent) to close at N15.79 from N15.

The shares of Total gained N13.50 (five per cent) to close at N283.50 from N270.

Other gainers were PZ Cussons Nigeria Plc, Cutix Plc, Fidson Healthcare Plc and Diamond Bank Plc, among others.

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 Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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