Business
Bond Market Records N79.8bn Transaction
The hull which trailed activities in the equities sector recently, extended to the over-the-counter bond market as investors staked 73.56 million units of bonds compared to 298.75 million units exchanged in the previous week.
Precisely, a total of 73.56 billion units of bonds worth N79.8 billion changed hands recently, down from a turnover of 298.7 million shares valued at N335.7 billion traded in the preceding week.
Similarly, the equities sector recorded a turnover of 1.3 billion shares worth N11.01 billion previously, in contrast to 2.2 billion shares valued at N10.95 billion which changed hands in the previous week.
However, the low volume was attributed to the number of days in which transactions were done at the stock market, as the market only opened for three days instead of five days in commemoration of Christmas and Boxing Day.
Although there were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors, the 6th FGN Bond 2012 series 2 was the most active bond with a traded volume of 10.5 million units valued at N10.8 billion, followed by the 6th FGN Bond 2029 series 3 with a traded volume of 9.2 million units valued at N10.9 billion.
With the amount of price losses outweighing price gains, corporate performance indicators dropped by 0.36 per cent as the All- Share Index depreciated by 73.17 points from 20,601.99 at which it opened the Week on Monday to 20,528.82 points on Wednesday, while market capitalisation closed lower at N4.917 trillion from N4.935 trillion on Monday.
Similarly, three of the four sectoral indices depreciated. For instance the NSE Food/Beverages Index dropped by 0.61 per cent to close at 414.38 points while the NSE Banking index dropped by 1.51 per cent to close at 332.46 points.
Furthermore, the NSE Insurance Index dropped by 0.75 per cent to close at 247.76 points while the NSE Oil/Gas Index however remained constant at 290.55 points.
On the Week’s price movement chart, Flour Mills of Nigeria Plc led 44 other stocks to suffer price depreciation losing 280 Kobo to close at N127.50 million per share, while Nigerian Breweries Plc lost 201 Kobo to close at N50.00 per share.
Furthermore, CAP Plc, Glaxo Smithkline Consumer Plc and Eterna Oil, Julius Berger Nigeria Plc and Gas Plc all shed 123 Kobo, 118 Kobo, 109 Kobo and 94 Kobo each to close at N28.00, N22.44, N25.90, and N5.79 respectively.
On the other hand Chevron Oil Nigeria Plc topped the weeks gainers chart with 332 Kobo to close at N69.79 per share, flowed by Ecobank Transnational Incorporated with 80 Kobo to close at N14.70 per share, while Presco Plc added 60 Kobo to close at N5.62 per share.
Some of the other price gainers for the week include Guaranty Trust Bank Plc, Dangote Flour Mills Plc, Skye Bank Plc, Afribank Nigeria Plc, all of which added 41 Kobo, 31 Kobo, 25 Kobo, and 25 Kobo each to close at N15.51, N8.71, N5.75, N2.19 and N5.15 respectively.
A close look at activities in the equities sector showed that the banking sub-sector was the most active in volume terms during the week with an exchange of 845.12 million shares worth N7.38 billion, followed by the insurance sub-sector with a turnover of 224.11 million shares valued at N313 million while the food, beverages and tobacco sub-sector traded 33.6 million shares worth N568 million.
Further analysis of activities in the sub-sector showed that the volume in the banking sub-sector was largely driven by activity in the shares of United Bank for Africa Plc and Guaranty Trust Bank Plc.
“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.