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Nigerian Exchange Limited

Ecobank Gained 45 Percent as Stock Investors Pocketed N137 Billion Last Week

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Ecobank - Investors King

Ecobank closed the week ended January 28th, 2022 with a 44.75 percent gain following the release of its financial statements for the 2021 financial year.

The price of Ecobank’s stocks rose from N9.05 it opened the week to N13.10 a unit immediately the lender announced it grew profit after tax by 324 percent in the period ended December 31, 2021, Investors King reported on Friday.

During the week, investors in the Nigerian Exchange Limited (NGX) transacted 1.448 billion shares worth N19,080 billion in 22,557 deals, against a total of 1.858 billion shares valued at N47.486 billion that were traded in 20,861 deals in the previous week.

Breaking down key industries, the Financial Service Industry led the activity chart with 793.120 million shares valued at N8.151 billion traded in 10,947 deals. Therefore, contributing 54.77 percent and 42.72 percent to the total equity turnover volume and value respectively.

The ICT Industry followed with 215,543 million shares worth N3.740 billion in 1,468 deals. In third place was The Conglomerates Industry, with a turnover of 98.299 million shares worth N190.248 million in 889 deals.

Guaranty Trust Holding Company Plc, Courtville Business Solutions Plc and Chams Plc accounted for a combined 308.076 million shares worth N2.871 billion in 2,225 deals. The three equities, therefore, contributed 21.27 percent and 15.05 percent to the total equity turnover volume and value, respectively.

Market capitalisation of listed equities appreciated further during the week to close at N24.898 trillion, representing a N137 billion or 0.54 percent gain from N24.761 trillion posted in the previous week. While the NGX All-Share Index gained 247.70 index points or 0.55 percent to settle at 46,205.05 index points. The year-to-date return increased to 8.17 percent.

However, all other indices finished lower with the exception of NGX Mainboard, NGX banking, NGX AFR Bank Value, NGX AFR Div Yield, NGX Meri Growth, NGX Consumer Goods and NGX Oil/Gas indices, which appreciated by 3.87 percent, 4.84 percent, 0.35 percent, 1.65 percent, 1.17 percent, 2.04 percent and 3.53 percent while the NGX ASem, and NGX Growth indices closed flat.

Forty-forty equities appreciated in price during the week, lower than forty-seven equities in the previous week. Thirty-three equities depreciated in price, higher than twenty-three equities in the previous week, while seventy-nine equities remained unchanged lower than eighty-six equities recorded in the previous week.

 

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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Nigerian Exchange Limited

VFD Group Plc’s Rights Issue Listed on NGX’s Daily Official List

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VFD Group- Investors King

The Nigerian Exchange Limited (NGX) has listed VFD Group Plc’s Rights Issue on its Daily Official List.

The move follows the approval by the Securities and Exchange Commission (SEC) and represents a crucial step in the company’s growth trajectory.

The Rights Issue comprises 63,342,455 ordinary shares of 50 kobo each priced at N197.33 per share, bringing the total value of the issue to N12.499 billion. With this listing, VFD Group Plc’s total issued and fully paid-up shares have surged from 190,027,365 to 253,369,820 ordinary shares.

According to a report by NGX, the additional shares listed arose from VFD’s Rights Issue on the basis of one ordinary share for every three ordinary shares held as of October 12, 2023.

This move underscores VFD Group Plc’s commitment to expanding its shareholder base and enhancing liquidity in the market.

The approval by SEC for the Rights Issue further solidifies VFD Group Plc’s position in the market. Gbeminiyi Shoda, the Group Company Secretary of VFD Group Plc, confirmed that the Qualification Date for the Rights Issue was October 12, 2023, with the application list opening on December 20, 2023, for a maximum period of 31 days.

VFD Group Plc’s Rights Issue comes on the heels of its recent listing on the Main Board of the Nigerian Exchange Limited (NGX). The listing of 190 million units of shares at N244.88 per share added N46.527 billion to NGX’s market capitalization, reflecting the company’s growing influence in the Nigerian capital market.

VFD Group Plc, known for its sector-agnostic proprietary investment approach, aims to create positive and socially conscious ecosystems by aggregating potentially viable businesses. The Rights Issue listing underscores the company’s strategic move to increase visibility, access capital, and enhance liquidity, ultimately benefiting its investors and stakeholders.

Investors and market analysts are closely watching the developments surrounding VFD Group Plc as it continues to expand its footprint in the Nigerian financial landscape. With the successful listing of its Rights Issue on NGX, the company is poised for further growth and value creation in the market.

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Nigerian Exchange Limited

Nigerian Exchange Sees Historic N18.203tn Gain in Q1, 2024

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Nigerian Exchange Limited - Investors King

The Nigerian Exchange (NGX) has kicked off 2024 with an unprecedented gain as stock investors pocketed N18.203 trillion gain in the first quarter alone.

Investors are reaping the rewards of a bullish trading pattern that has extended from the inauguration of President Bola Ahmed Tinubu in 2023 into the new year.

The Exchange All-Share Index closed at 74,773.77 index points in 2023, a 45.90% gain it carried into the new year while the market capitalization surged to N40.917 trillion by the end of the year.

The first quarter of 2024 witnessed the continuation of this bullish trend as many companies grew in market capital and profit.

In the first quarter, FBN Holdings joined the trillion-naira club while Dangote Cement emerged as the first entity to achieve a market cap of N10tn.

The listing of Transcorp Power Plc further fueled market capitalisation close to the historic N60 trillion mark by March’s end.

Oscar Onyema, the immediate past Managing Director/Chief Executive Officer of the Nigerian Exchange Group, likened the market’s boom to the pre-2008 global meltdown period, highlighting the parallels in euphoria and growth.

Despite challenges posed by escalating inflation, potential interest rate adjustments, and volatile exchange rates, investor confidence remained steadfast.

The NGX-Alternative Security Market recorded a 135.25% gain amid economic uncertainties.

Analysts dissecting the market’s performance emphasized the role of sentiment over fundamentals, indicating a surge driven by optimism rather than concrete economic improvements.

While profit-taking activities and market volatility punctuated the quarter, the overall trajectory remained upward.

Looking ahead, projections for the second quarter anticipate mixed performance, with factors like macroeconomic instabilities and corporate actions shaping investor sentiment.

Nevertheless, the NGX’s stellar performance in Q1 2024 stands as a testament to the resilience and potential of the Nigerian equities market, offering a beacon of hope amid global economic uncertainties.

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Nigerian Exchange Limited

Nigerian Equity Market Loses N289bn Amid Persistent Sell-Offs

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stock bear - Investors King

Amidst sustained sell-offs, the Nigerian equity market experienced a significant downturn, losing a whopping N289 billion in market capitalization on Monday.

The All-Share Index, a barometer of the market performance, declined by 0.49%, leading to a year-to-date return reduction of 39.27%.

This downturn brought the market capitalization down to N58.88 trillion.

Despite a few gainers, including Ellah Lakes, Morison Industries Plc, and SUNU Assurance, which recorded gains of 10%, 9.93%, and 9.48% respectively, the market was largely dominated by losers.

Dangote Sugar, International Energy Insurance, and Jaiz Bank led the pack of losers with declines of 10.00%, 10.00%, and 9.92% respectively.

The volume and value drivers for the day were the stocks of the National Infrastructure Development Fund, Jaiz Bank, and MTN Nigeria.

Investors traded a total of 306,821,620 shares valued at N11.38 billion in 9,343 deals.

Market analysts at Meristem Research projected a subdued performance for the week, citing anticipation of a rate hike by the Monetary Policy Committee (MPC).

This expected hike could lead to higher rates at the Treasury Bills auction scheduled for Wednesday, potentially driving investors towards higher yields in the fixed-income market.

Consequently, there might be minimal liquidity in the local bourse space, with investors possibly engaging in profit-taking activities on stocks that have experienced significant gains.

The persistent bearish trend in the Nigerian equity market underscores the cautious sentiment among investors amidst prevailing economic uncertainties and policy changes.

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