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Nigerian stock market capitalisation gains N141bn

Domestic outperforms foreign transactions on Nigeria’s stock exchange in 7 months of 2022

Trading at the Nigerian stock market started the week on a positive note, as all performance indices rose by 0.26 per cent.

Specifically, market capitalisation increased by N141 billion or 0.26 per cent to close at N55.359 trillion, as against N55.218 trillion posted previously.

Consequently, the All-Share Index which opened at 97,612.51, also gained 0.26 per cent or 251 points to close at 97,863.34.

As a result, the ASI year-to-date (YTD) return rose to 30.88 per cent.

Demand for Tier-one banking stocks such as Zenith Bank, FBN Holdings and Guaranty Trust Holding Company (GTCO), United Bank For Africa (UBA), Fidelity Bank, as well as Guinness Nigeria, among other equities that pulled the market performance up.

However, market breadth closed negative with 22 losers and 15 gainers on the floor of the Exchange.

On the losers’ table, Computer Warehouse Group (CWG) and Caverton led by 10 per cent each to close at N5.40 and N1.26 per share respectively.

C&I Leasing lost 9.01 per cent to close at N3.13, FTN Cocoa Processors and RT Briscoe declined by 8.33 per cent each to close at N1.10 and 44k per share respectively.

On the other hand, JohnHolt led by 9.60 per cent to close at N2.17, Fidelity Bank followed by 8.43 per cent to close at nine Naira per share.

Conoil rose by 8.36 per cent to close at 8.36 per cent to close at N105, Mutual Benefits added 7.69 per cent to close at 56k and Jaiz Bank advanced by 6.02 per cent to close at N2.29 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 62.27 per cent.

A total of 366.98 million shares valued at N5.94 billion were exchanged in 8,031 deals, in contrast to 769.10 million shares valued at N15.74 billion exchanged in 7,585 deals recorded in the previous session.

Meanwhile, Access Corporation led the activity chart in volume and value with 176.23 million shares worth N2.99 billion, followed by FBN Holdings with 46.11 million shares valued at N978.71 million.

UBA sold 21.16 million shares worth N432.83 million, Fidelity traded 17.73 million shares valued at N156.16 million and FTN Cocoa transacted 10.82 million shares worth N11.88 million shares.

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Business

CBN sells $20,000 FX at N1450/$ to BDCs

The Central Bank of Nigeria said it sold foreign currency worth $20,000 to each eligible Bureau de Change operator at N1,450 per dollar.

A.A. Mahdi, the apex bank’s acting Director of Trade and Exchange Department, disclosed this in a notice on Thursday.

According to the notice: “To this end, the CBN has approved the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of S$20,000 is to be sold to each BDC at the rate of N1,450/$ (representing the lower band of the trading rate at NAFEM in the previous trading day).

“All BDCs are allowed to sell to eligible end-users at a margin not more than one point five per cent (1.5 %) above the purchase rate from CBN.”

The development led to the naira appreciating significantly on Thursday to N1,565 per dollar at the black market from N1,615.

Similarly, the naira also appreciated to N1,566.92 at the official FX market, according to FMDQ data on Thursday.

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Inflation increases to 34.19 percent – NBS

The headline inflation rate increased to 34.19% in the month of June, according to a report by the National Bureau of Statistics (NBS).

The report said food inflation also increased to 40.87 percent on a year-on-year basis, which was 15.62% points higher compared to the rate recorded in June 2023 (25.25%).

It stated that the rise in food inflation was caused by increases in prices of Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine, Mudfish (Fish Class), etc.

“On a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%. This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023).”

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“Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17% higher than the rate recorded in May 2024 (2.14%).”

“The rise in Food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mud-
fish Fresh, Snail, etc, (Fish Class).

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It stated that all Items inflation rate on a Year-on-Year basis was highest in Bauchi (43.95%), Kogi (39.91%), and Oyo (39.15%), while Borno (25.90%), Benue (27.52%) and Katsina (29.21%) recorded the slowest rise in Headline inflation on Year-on-Year basis.

“On a Month-on-Month basis, however, June 2024 recorded the highest increases in Yobe (3.79%), Abuja (3.45%), Ondo (3.38%), while Nasarawa (0.71%), Osun (1.19%) and Kano (1.27%) recorded the slowest rise on Month-on-Month inflation.”

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Business

UAE resumes visa issuance to Nigerians

Immigration kicks as Nigerian passport ranks below Niger, Chad, others

The Federal Government and the government of the United Arab Emirates, UAE, have signed an agreement for the resumption of visa issuance to travellers with Nigerian passports wishing to travel to the Middle Eastern country.

Minister of Information and National Orientation, Mohammed Idris, who disclosed this while briefing State House correspondents at the Presidential Villa, Abuja, on Monday, said the agreement took immediate effect.

He said, “You are aware that Nigeria has been discussing with the United Arab Emirates on the issue of visas for Nigerian passport holders going to the United Arab Emirates.

“Today, an agreement has been reached on that, and effective from today 15th July, Nigerian passport holders are able to obtain visa to go to the United Arab Emirates.

“Details of that will be provided to you latter today when we put out a statement.

“But I can tell you that the agreement has been reached, and effective from today, Nigerian passport holders intending to travel to the UAE are able to do so.”

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