Stock Exchange Market

Tunde The capital market is, generally, regarded as a safe haven for investment. There, your money works for you. The market is a setting for income without stress. Smart and daring speculators can make fortunes there and can also lose a fortune through poor judgement. Despite its attractiveness, the capital market is volatile. In fact, volatility in price of securities is the hallmark of every capital market. Increased risk can emanate from increased volatility. Everyday, stock prices go up and down in reaction to any number of issues involving business, the socio-economy and geopolitical events.

Tunde Afolabi The nation’s stock market started the month on a positive note on the back of price appreciation recorded by UAC of Nigeria Plc and 11 other firms on Monday. Investors in the market had recorded a total loss of N1.37tn in February as market capitalisation tumbled below N21tn amid profit-taking. The Nigerian Stock Exchange All-Share Index closed at 39,799.89 basis points in February from 42,412.66bps at the end of January, while the market capitalisation of equities tumbled to N20.82tn from N22.19tn. The ASI, however, rose by 0.33 per cent to close at 39,931.63 basis points on Monday, the first trading day in March, while the market capitalisation increased by N70bn to N20.89t

Tunde Bakare The nation’s stock market extended its decline on Thursday as the market capitalisation dropped below N21tn. The Nigerian Stock Exchange All-Share Index fell by 0.31 per cent to close at 40,095.49 basis points from 40,221.30 basis points on Wednesday. The market capitalisation of equities declined to N20.98tn on Thursday from N21.04bn on Wednesday. A total of 326.04 million shares valued at N371bn were traded in 4,567 deals on Thursday. Twenty-four firms saw their share prices drop at the end of trading on the floor of the NSE. LASACO Assurance Plc, which led the losers, shed 9.68 per cent to close at N1.12 per share. It was followed by Fidson Healthcare Plc which lost 8.41 per cent to close at N4.90 per share

Tunde Bakare The Central Bank Governor, Mr Godwin Emefiele, on Tuesday said the bank’s decision to prohibit deposit money banks, non-banking institutions and other financial institutions from facilitating trading and dealings in cryptocurrency was in the best interest of Nigerian depositors and the country’s financial system. Emefiele said this while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. These were according to a statement from CBN titled ‘Cryptocurrency: We acted in Nigerians’ best interest – Emefiele’.

Tunde Afolabi Shareholders of Chemical and Allied Products (CAP) Plc and Portland Paints and Products Nigeria (PPPN) Plc have approved the merger of the two paints company, a development that will significantly alter the competition in the paints industry.At the court-ordered meeting (COM) in Lagos, which was also hosted virtually online, shareholders of the two paints companies approved the scheme of merger for the business combination, setting the final phase of the merger on its concluding processes. According to the scheme of merger approved by the shareholders, shareholders of PPPN will receive one CAP share for every eight ordinary shares of PPPN or a cash consideration of N2.90 for every PPPN share.

Tunde Bakare The market capitalisation of equities listed on the nation’s stock market declined by N130bn last week as negative sentiments persisted amid profit-taking. The Nigerian Stock Exchange All-Share Index closed at 40,186.70 basis points on Friday, down from 40,439.85 a week before. The market capitalisation dropped by 0.61 per cent to close at N21.03tn last week from N21.16tn in the previous week. All other indices finished lower with the exception of NSE Banking, NSE AFR Div Yield, NSE MERI Value, NSE Oil/Gas and NSE Growth Indices which rose by 0.54 per cent, 1.20 per cent, 0.27 per cent, 4.60 per cent and 5.43 per cent while the NSE ASeM and NSE Sovereign Bond Indices closed flat.

Tunde Afolabi The Nigerian Stock Exchange (NSE) has upgraded Africa Prudential (APR) Plc from low-priced stock to medium-priced stock following recent appreciation in the share price of the share registration and investors’ relations company. The Exchange indicated that the reclassification, which took effect from February 15, 2021, was after a review of share price of APR over the most recent six months. According to the NSE, the review of APR’s price trade activity over the most recent six month period provided the basis for reclassifying the security from the low priced stock group to the medium priced stock group.

The total value of all bitcoin topped $1.0 trillion on Friday, capping a spectacular record-breaking week for the world’s most popular cryptocurrency. The digital unit zoomed to another record pinnacle at $54,182, meaning that the combined value of all bitcoin now stands at $1.002 trillion according to data provider Coinmarketcap.com. Details later . . .

Tunde Bakare Global stock markets mostly fell Wednesday, with investors worried about high-flying share prices and the potential for inflation to spiral. On Wall Street, the Dow eked out another record, but both the S&P 500 and Nasdaq retreated, with analysts pointing to worries over higher Treasury bond yields. European stocks finished lower, and losses were posted across most of Asia. Oil prices rose, however, were holding near 13-month highs. Lifted in recent months by OPEC production cuts, there prices got added support this week from a big freeze in Texas that has hammered output in the key US oil state.

Tunde Afolabi The bears maintained leadership on the Nigerian Stock Exchange (NSE) on Wednesday with investors losing N15 billion due to persistent profit taking on blue chips. Specifically, the market capitalisation dipped N15 billion or 0.07 per cent to close at N21.169 trillion in contrast with N21.184 trillion recorded on Tuesday. Also, the All-Share Index dropped 29.03 points or 0.07 per cent to close at 40,465.32 from 40,494.35 posted on Tuesday. The month-to-date loss increased to 4.6 per cent, while the year-to-date gain moderated to 0.50 per cent.