Index to Nigerian Newspapers

Equities closed on a downturn due to losses from many blue-chip stocks, especially NEM insurance and Custodian and Allied Insurance, causing market capitalisation to decline by N2 billion. The All-Share Index (ASI) depreciated by 4.08 basis points to 44604.74 points, driven by price depreciation in large and medium capitalised stocks. NEM Insurance recorded the highest loss, dropping by 10.00 per cent to close at N3.96 kobo. Custodian Investment Plc, UACN, FTN Cocoa, Japaul Gold, Transnational Corporation of Nigeria (Transcorp), Chi Plc, Regal Insurance, Jaiz Bank, International Breweries, Mutual Benefits Assurance, FBN Holdings, Guaranty Trust Bank Holding Company, and GTCO were the top traded stocks. Total volume traded increased 20.8% to 321.753 million units, valued at N3.655 billion, and exchanged in 4,565 deals.

The Naira fell to a record low over-the-counter on the last trading day of 2021, closing at N435/$. This came amid uncertainty about the market outlook as the economy wobbles into a new year. The Naira had sold at a discount of over 15% to a dollar at the official Nigerian Autonomous Foreign Exchange (NAFEX) window last year. The forward market, which measures the perception about the near-to-medium-term outlook of the Naira, moved on a much narrower range of between N452.12/$ and N453.12/$. The dollar traded for about N475/$ in the early days of last year and hit N575/$ at the height of last year's currency crisis. The Central Bank of Nigeria (CBN) has pledged to rally convergence around NAFEX, but a full rate harmonisation has not been achieved. The recent tumbling of the Naira at the official window is being interpreted differently, with some experts seeing it as the beginning of a more liberalised market. A former Assistant Director at the CBN, Stan Ukeje, told The Guardian that the market would need to be deepened with more participants enlisted to reduce the intervention of the apex bank and make it a truly market-driven window.

Investors in the Nigerian stock market have softened their sentiment to 0.06 percent, down from 5.2 percent recorded the previous day. This was driven by a sustained demand for MTN Communication Nigeria (+0.40%), BUA Foods (+5.61%) and Geregu Power (+1.68%), which offset losses in tier-1 banking stocks. The All Share Index (ASI) rose to 55,769.28 points at the end of May, and the market capitalisation of all listed equities jumped to N30.367 trillion at the end of the month. The sectoral performance of the five major sectors was upbeat, with the banking sector leading the way with 19.5 percent, followed by the oil & gas sector with 18.7 percent, consumer goods with 15.2 percent, insurance and industrial goods with 13.4 percent and 1.8 percent respectively. Tinubu had promised to expand the economy by at least 6 percent a year, lift barriers to investment, create jobs and unify the exchange rate, while also tackling rampant insecurity. He also announced the end of the nation’s N400 billion fuel subsidy programme to ease pressure on government finances.

Investors in the Nigerian stock market have softened their sentiment to 0.06 percent, down from 5.2 percent recorded the previous day. This was driven by a sustained demand for MTN Communication Nigeria (+0.40%), BUA Foods (+5.61%) and Geregu Power (+1.68%), which offset losses in tier-1 banking stocks. The All Share Index (ASI) rose to 55,769.28 points at the end of May, and the market capitalisation of all listed equities jumped to N30.367 trillion at the end of the month. The sectoral performance of the five major sectors was upbeat, with the banking sector leading the way with 19.5 percent, followed by the oil & gas sector with 18.7 percent, consumer goods with 15.2 percent, insurance and industrial goods with 13.4 percent and 1.8 percent respectively. Tinubu had promised to expand the economy by at least 6 percent a year, lift barriers to investment, create jobs and unify the exchange rate, while also tackling rampant insecurity. He also announced the end of the nation’s N400 billion fuel subsidy programme to ease pressure on government finances.