Business
NSE Market Capitalisation Drops By N27bn
The market indices of the Nigerian Stock Exchange (NSE) recorded further depreciation last Tuesday with the market capitalisation dropping by N27 billion.
Our correspondent reports that the market capitalisation, which opened at N6.66 trillion, lost N27 billion representing 0.40 per cent, to close at N6.63 trillion.
The market capitalisation had depreciated by N60 billion on Monday, representing 0.90 per cent decline.
Similarly, the All-Share Index declined by 84.12 points to close at 20,916.02 against 21, 000.14 recorded on Monday due to price losses by some highly capitalised stocks.
Total recorded the price highest loss of N8.14 to close at N154.77 per share.
UACN lost N1.56 to close at N29.79 per share, while PZ Cussons declined by 90k to close at N24.10 per share.
Unilever, in spite of its declaration of N1.40 dividend for 2011, dropped 50k to close at N31 per share, while Zenith decreased by 45k to close at N12.30 per share.
Analysts attributed the downward trend in the market to continued profit taking by investors.
NewGold led the price gainers’ chart with a gain of N28 to close at N2, 578 per unit.
Okomuoil gained N1.21 to close at N25.41 per share, while Guinness grew by 97k to close at N230 per share.
Cadbury gained 57k to close at N12.12 per share, while Nahco rose by 31k to close at N7.75 per share.
The turnover of shares traded on the NSE increased by 46.7 per cent on Tuesday with 383.54 million shares worth N2.98 billion exchanged in 3,782 deals.
This was against 261.49 million shares valued at N1.90 billion traded in 3, 602 deals on Monday.
The financial services sector was the toast of investors as the sector traded 335.64 million shares worth N2.3 billion in 2, 356 deals.
Zenith emerged the most active stock, trading 100.9 million shares worth N1.23 billion in 493 deals, while Access trailed with 37.10 million shares valued at N245.26 million traded in 182 deals.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.