Demand for BUA Foods Keeps Stock Market in Bulls Territory
Published Tweet By Dipo Olowookere The stock market in Nigeria further appreciated on Thursday by 0.30 per cent on the back of buying interests in BUA Foods, Lafarge Africa, Zenith Bank, Access Bank and others.BUA Foods, since its listing on the exchange on Wednesday, has continued to attract the interest of investors and yesterday, it grew again by 10.00 per cent to trade at N48.40, leading the gainers’ chart of 24 members.Academy Press rose by 9.09 per cent to 60 kobo, Meyer improved by 8.70 per cent to 50 kobo, Regency Assurance gained 6.67 per cent to trade at 48 kobo, while Livestock Feeds went up by 6.22 per cent to N2.05.On the reverse side, Sunu Assurance lost 9.76 per cent to trade at 37 kobo, NEM Insurance fell by 7.78 per cent to N4.15, FTN Cocoa declined by 7.69 per cent to 36 kobo, Oando depreciated by 5.15 per cent to N4.60, while Unilever Nigeria went down by 3.45 per cent to N14.00.Business Post reports that investors traded 174.6 million shares worth N2.1 billion in 3,715 deals compared with the 1.2 billion shares worth N43.0 billion traded in 4,032 deals on Wednesday.FBN Holdings was the busiest stock at the Nigerian Exchange (NGX) Limited on Thursday with a turnover of 27.1 million units valued at N307.3 million.
UBA traded 22.0 million units worth N177.5 million, Transcorp transacted 12.0 million units for N11.7 million, BUA Foods traded 11.3 million units worth N544.7 million, while Zenith Bank transacted 10.3 million units for N260.6 million.
From the analysis, the gains of yesterday were fragile as four of the five sectors of the market closed bearish with the insurance, energy, industrial goods and consumer goods counters losing 1.35 per cent, 0.90 per cent, 0.39 per cent and 0.12 per cent respectively.The banking sector appreciated by 0.44 per cent and at the close of business, the All-Share Index (ASI) increased by 131.19 points to 43,607.94 points from 43,476.75 points, while the market capitalisation appreciated by N70 billion to N23.497 trillion from N23.427 trillion.Share this:
Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories.At his leisure time, he watches football and supports 3SC of Ibadan.Mr Olowookere can be reached via [email protected] You may like Naira Loses 25 Kobo at I&E Amid 1.1% Drop in Forex Turnover
Published Adedapo Adesanya By Adedapo Adesanya The Naira performed badly against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday, January 6.
The Nigerian Naira depreciated by 25 kobo or 0.06 per cent during the session as the exchange rate closed at N416.25/$1 versus N416.00/$1 of the previous session.This is the first time that the local currency depreciated this year after appreciating back-to-back at the opening two sessions of the 2022 trading year.This occurred as the forex turnover fell marginally at the session by 1.1 per cent or $1.3 million as trades valued at $113.65 million were carried out compared with $114.95 million executed on Wednesday.Also, the local currency continued its depreciation against the American currency at the interbank segment of the market as it lost 17 kobo yesterday to trade at N413.96/$1 in contrast to N413.79/$1 of the preceding session.
But against the Pound Sterling, the Naira appreciated by 6 kobo to trade at N560.38/£1 compared to N560.44/£1 and against the Euro, the domestic currency gained 27 kobo to sell for N468.06/€1 compared to N468.33/€1 it was sold at the midweek session.As for the digital currency market, six of the 10 tokens tracked by Business Post across the several trading platforms remained in the bearish territory as the market continued to react to plans by the US Federal Reserve’s to start shrinking the country’s central bank’s swollen balance sheet.Dash (DASH) recorded the highest loss as it dropped 5.2 per cent to sell for N69,992.88, Ethereum (ETH) fell by 3.2 per cent to sell at N2,029,999.99, Bitcoin (BTC) posted a 2.2 per cent loss as it sold for N24,537,434.98, Binance Coin (BNB) recorded a 1.8 per cent depreciation to trade at N197,495.31, Ripple (XRP) lost 1.6 per cent to trade at N455.25, while Dogecoin (DOGE) depreciated by 0.1 per cent to quote at N92.14.Conversely, Cardano (ADA) made a 1.6 per cent rise to sell at N712.53, Litecoin (LTC) added 1.3 per cent to trade at N78,031.84, the United States Dollar Tether moved up by 0.7 per cent to trade at N576.18, while Tron (TRX) added 0.4 per cent to its value to trade at N42.19.
Share this: Crude Oil Rises to $82 Amid Kazakhstan Unrest, Libyan Outages
Published Adedapo Adesanya By Adedapo Adesanya Crude oil prices climbed to $82 per barrel on Thursday, extending a rally from the previous session, on escalating unrest in oil producer Kazakhstan and supply outages in Libya.
Yesterday, the Brent rose by 1.68 per cent or $1.36 to sell at $82.16 per barrel while the US West Texas Intermediate (WTI) moved up by 2.36 per cent or $1.84 to trade at $79.69 per barrel.Protests against soaring energy prices taking place in Kazakhstan continued after initially erupting during the weekend in the oil-rich country sparked by the lifting of price caps on liquefied petroleum gas (LPG).Kazakhstan, a member of the Organisation of the Petroleum Exporting Countries and allies known as OPEC+, is facing increasing political uproar as the protests have evolved into anti-government riots, feeding off resentment of more than three decades of rule by ex-President Nursultan Nazarbayev.
Russia sent paratroopers into Kazakhstan on Thursday to help quell the countrywide uprising after deadly violence spread across the tightly controlled former Soviet state.The Central Asian country produces 1.6 million barrels of oil per day but information has not been released if production has been affected so far.Also supporting prices on Thursday was the continuous production concerns in Libya.Currently, oil output in the North African country is at 729,000 barrels per day, the National Oil Corp said, down from a high of more than 1.3 million barrels per day last year, owing to maintenance and oilfield shutdowns.Last year, Libya’s oil production and exports had enjoyed relative stability, and the country planned to raise crude output, a crucial source of state income but also the bone of contention in the allocation of said oil revenues.However, before the now-postponed December 24 presidential election approached, chaos and clashes returned, and armed factions stopped production at oilfields again.
On December 20, Libya declared force majeure on its oil exports after crude oil production had been shut in from four of Libya’s oilfields, including the largest 300,000-barrel per day El Sharara field and El Feel, Wafa, and Hamada.The oilfields were shut in by members of the Petroleum Facilities Guard (PFG), which is tasked with protecting the oilfields, according to Libya’s NOC.The market is also still holding its ground as the OPEC+ alliance confirmed it would stick to its current output policy to add another 400,000 barrels per day of supply in February, as it has done each month since August as demand for petroleum products rebounds across the world.With signs of demand resisting the impact of the Omicron variant, low stocks and increasing market vulnerability to supply disruptions, investment bank JP Morgan forecast Brent prices to average at $88 a barrel in 2022, up from $70 last year.Share this: .
