Treasury Bills
Stock exchange

Market recap is a summary of activities across Nigerian and global financial markets every week.

Here is the market recap for the week ended June 29, 2018.


The NSE All-Share Index and Market Capitalisation appreciated by 1.10% to close the week at 38,278.55 basis points. Year to date, the index remains positive at 0.09%.

32 equities appreciated in price during the week, 39 equities depreciated in price, while 98 equities remained unchanged.

Unity Bank led the gainers chart this week, appreciating by 10.23%. Honeywell Flour Mills gained 9.57%. Law Union and Rock Plc rounds up the top 3 gainers this week with a 9.30% gain.

On the flip side, Japaul Oil and Maritime Plc shed 23.40% this week. Prestige Assurance was next on the losers chart, down 16.67%. Equity Assurance Plc had the third largest loss this week, as it dropped by 8.70%.

Honeywell Flour Mills released its audited financial statements for the full year ended March, 2018, late Friday. Revenue increased from N53.2 billion in 2017 to N71.4 billion in 2018. However, profit before tax dipped from N5.4 billion in 2017 to N4.8 billion in 2018. Profit after tax rose slightly from N4.3 billion in 2017 to N4.4 billion in 2018.

The company also declared a dividend of 6 kobo per share, same as the prior year.

University Press Plc released its unaudited results for the first quarter of 2018. Revenue increased from N1.6 billion in 2017 to N1.8 billion in 2018. Profit before tax jumped massively from N164 million in 2017 to N354 million in 2018. Profit after tax surged from N118 million in 2017 to N207 million in 2018.

Deal book 300 x 250

Redstar Express, released its financial statements for the full year ended March 2018. Revenue increased from N7.2 billion in 2016 to N8.4 billion in 2017. Profit before tax dropped from N653 million in 2016 to N610 million in 2017. Profit after tax fell from N426 million to N347 million in 2017. The company has declared a dividend of N0.40 per share.

On Friday, Wema Bank Plc announced the appointment of Ademola Adebise as its Acting Managing Director, effective next week. Adebise replaces Segun Oloketuyi whose tenure is over.

Foreign Exchange

The  Central Bank of Nigeria (CBN) sold $210 million to the different segments of the market this week.

The Naira closed flat at $362 on the black (parallel) market. At the CBN official window, it closed at N305.75, up 0.02%.

On the Investor and Exporter window, it closed at N361.32, down 0.09%.


The Debt Management Office (DMO) this week reopened the 12.75% FGN APR 2023 (5-year Bond), 13.50% FGN MAR 2027 (7-Year Bond) & 13.98% FGN FEB 2028 ( 10-Year Bond).

N60 billion was offered, but total allocation amounted to N31.22 billion. The highest level of subscription was for the February 2028 bond where N47.53 billion was subscribed for, but N21 billion was alloted.

The apex bank this week held an Open Market Operation (OMO) which was fully subscribed.

Treasury Bills

No Primary Market Auction (PMA) was held this week. Yields on treasury bills continued to slide downwards on the secondary market. 

Crude Oil

Crude oil prices hit a record high this week, due to threats by the United States to sanction countries that purchase crude oil from Iran. The US Congress is also considering a law which will allow it sue the Organization for Petroleum Exporting Countries (OPEC) for what it terms manipulation of crude oil prices. Brent crude hit a high of $78.81.


The bearish trends witnessed in the last two weeks continued, as market capitalisation took a further dip. Market capitalisation opened Monday at $250 billion and is currently trading at $234 billion. Year to date, the market capitalisation is down 61.1%.

The price of bitcoin, the most valuable cryptocurrency, opened Monday at  $6,146.76 and was trading at $5,909.92, as at the time of writing this report. Year to date, the cryptocurrency is down 58.1%.

Ethereum, the second most valuable currency, opened the week at $453.93 and was trading at $411.71 as at the time of this report. Year to date, the coin is down 45.5%.

Ripple, the third most valuable coin, opened the week at $0.476 and is currently trading at $0.431. Year to date, the coin is down 81.3%.

Social media giant, Facebook, on Tuesday lifted a ban which it had placed on advertising of cryptocurrencies. Intending advertisers must submit an application form and be vetted.

Binance, the world’s largest cryptocurrency exchange, this week launched its fiat cryptocurrency exchange in Uganda. 

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.