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Forte Oil leads this week’s gainers on the Nigerian Stock Exchange

@forteoilng was the best performing stock on the @nsecontact for the trading week ended June 15, 2019

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NSE, Gainers and Losers, Nigerian Stock exchange

This week’s trading session on the Nigerian Stock Exchange (NSE) ended on a negative note as the All Share Index closed at 30,046.70 basis points, down 1.27%. Year to date, the index is down 4.40%.

19 equities appreciated in price during the week, higher than 15 in the previous week. 31 equities depreciated in price, lower than 44 equities of the previous week, while one 118 equities remained unchanged, higher than 109 equities recorded in the preceding week.

This week’s trading session was abridged due to the Democracy Day holidays on June 12.

Gainers

Forte Oil Plc

Forte Oil Plc was the best performing stock on the NSE this week. The stock gained 14.17% opening at N25.75 and closing at N29.40.

Year to date, the stock is up 2.44%.

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GSK Consumer Nigeria Plc

GSK Consumer Nigeria appreciated by 11.11% this week. The stock opened at N7.65 and closed at N8,50, up N0.85.

Year to date, the stock is down 41.38%

Consolidated Hallmark Insurance Plc

Consolidated Hallmark Insurance began this week’s trading session at N0.20 and closed at N0.22, up N0.02 or 10%.

Year to date, the stock is down 42.11%.

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Royal Exchange Plc

Royal Exchange gained 9.09% this week. The stock opened at N0.22 and closed at N0.24, up N0.02.

Year to date, the stock is up by the same margin.

ABC Transport Plc

ABC Transport opened the week at N0.28 and closed at N0.30, up N0.02 or 7.14%.

Year to date, the stock is up 3.45%

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United Capital Plc

United Capital gained 5.91% this week. The stock opened at N2.20 and closed at N2.33, up N0.13.

Stanbic IBTC

Year to date, the stock is down 17.38%.

May and Baker Plc

May and Baker Plc gained 5.38% this week. The stock opened at N2.23, and closed at N2.35, up N0.12.

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Year to date, the stock is down 4.08%

Wapic Insurance Plc

Wapic Insurance Plc opened the week at N0.39 and closed at N0.41, up N0.02 or 5.13%.

Year to date, the stock is down 2.38%.

Mutual Benefits Assurance Plc

Mutual Benefits Assurance appreciated by 5% this week. The stock opened at N0.20 and closed at N0.21, up N0.01.

Year to date, the stock is flat.

NEM Insurance Plc

NEM Insurance rounds up the top 10 gainers for the week. The stock opened at N2.05 and closed at N2.10, up N0.05 or 2.44%.

Year to date, the stock is down 22.22%.

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Losers

Nigerian Aviation Handling Company (NAHCO) Plc

NAHCO Plc was the worst performing stock on the NSE this week. The stock declined by 11.80%, opening at N3.39 and closing at N2.99, down N0.40.

Year to date, the stock is down 18.08% and is trading at its lowest price point.

Cutix Plc

Cutix Plc opened the week at N1.60 and closed at N1.42, down N0.18 or 11.25%.

Year to date, the stock is down 13.41%, and trading at its lowest price point.

Cement Company of Northern Nigeria Plc

Cement Company of Northern Nigeria Plc (also known as Sokoto Cement) declined by 10% this week. The stock opened at N15 and closed at N13.50, down N1.50.

Year to date, the stock is (down/UP?) 30.41% and trading at its lowest price point this year.

C and I Leasing Plc

C and I Leasing opened the week at N6.99 and closed at N6.30, down N0.69 or 9.87%.

Year to date, the stock is up 253.93%.

NPF Microfinance Bank Plc

NPF Microfinance Bank fell by 9.72%. The stock opened at N1.44 and closed at N1.30, down N0.14.

Year to date, the stock is down 21.21%.

Thomas Wyatt Nigeria Plc

Thomas Wyatt Nigeria Plc shed 8.33% this week. The stock opened at N0.36 and closed at N0.33, down N0.03.

Year to date, the stock is up 43.48%.

Dangote Sugar Refinery Plc

Dangote Sugar Refinery opened the week at N11.50 and closed at N10.60, down N0.90 or 7.83%.

Year to date, the stock is down 30.49% and trading at its lowest price point this year.

International Breweries Plc

International Breweries declined by 7.25% this week. The stock opened at N20 and closed at N18.55, down N1.45.

Year to date, the stock is down 39.18%, and trading at its lowest price point this year.

LASACO Assurance Plc

LASACO Assurance opened the week at N0.32 and closed at N0.30, down N0.02.

Year to date, the stock is flat.

Presco Plc

Presco Plc declined by 5.17% this week. The stock opened at N58 and closed at N55, down N3.

Year to date, the stock is down 14.06%, and trading at its lowest price point so far this year.

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 [email protected]

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Business

CBN has disbursed N14.35 billion to DisCos for meter procurement – FG

The CBN has disbursed a total of N14.35 billion to DisCos to cover the procurement of meters.

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Electricity, Buhari moves against Discos and agents that collect money for prepaid meters

The Federal Government has announced that the Central Bank of Nigeria has disbursed a total of N14.35 billion to DisCos to cover the procurement of 263,860 meters under the National Mass Metering Programme (NMMP).

This was disclosed in a statement by the FG on Thursday.

“According to the CBN, the facility disbursed is a loan that must be repaid by the DisCos on the basis of the previously agreed amortisation schedule. The repayment is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks (DMBs),” the Federal Government added.

The maximum tenor of the facility is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.

What you should know 

  • Nairametrics reported in November 2020 that President Muhammadu Buhari had moved to make funding available for DisCos immediately, in a bid to roll out 1,000,000 meters in the first phase, of the Mass Meter Programme.
  • The Ministry of Power said that the mass metering initiative of the Federal Government was paying off as one of the most ambitious packages in history.
  • The Nigerian Electricity Regulatory Commission (NERC) revealed that one million meter units were earmarked for the initial phase of the implementation of the National Mass Metering Programme (NMMP) with Ikeja Disco (IKEDC) topping the list with the approved meter allocation of 106,701 units (10.7%). Others were IBEDC with 103,997 units (10.4%), AEDC with 101,186 units (10.1%). PHEDC got the least of 77,070 units (7.7%).

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Coronavirus

Covid-19: Buhari approves N6.45 billion to set up 38 oxygen production plants

President Buhari has approved the sum of N6.45 billion for the set-up of 38 oxygen production plants across the country.

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Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has announced his approval of N6.45 billion for the set-up of 38 oxygen production plants across the country, in a bid to contain the second wave of Covid-19.

The President disclosed this in a statement on Thursday evening after the first National Economic Council meeting of the year presided over by Vice President Yemi Osinbajo, SAN, with State Governors, Federal Capital Territory Minister, Central Bank Governor, and other senior government officials in attendance.

READ: Covid-19: FG directs universities to suspend academic activities till further notice

“As part of efforts to contain the second wave of Covid-19, we’re setting up new oxygen production plants in 38 locations across Nigeria—to enhance the management of patients in need of oxygen.

“I have equally approved funding for the rehabilitation of oxygen plants in 5 hospitals,” Buhari said.

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The Minister of Finance, Budget and National Planning, Zainab Ahmed said the President said the fund’s release was necessitated by the rising cases of Covid-19 in the country with patients needing oxygen.

READ: Toyota suspends operations in China over Coronavirus outbreak 

What you should know 

  • Recall Nairametrics reported that the Lagos State Governor, Babajide Sanwo-Olu, warned that the rising second wave of the pandemic in Lagos had seen the demand for oxygen rise 5 times from 70 six-liter cylinders per day to 350 six-liter cylinders at Yaba Mainland Hospital alone.
  • He added that the state government had the decentralized provision of oxygen and other services needed for Covid-19 patients, citing the provision of oxygen kiosks.

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Economy & Politics

FG says Excess Crude Account balance now stands at $72.4 million

The Federal Ministry of Finance has told the NEC that the Excess Crude Account (ECA) now stands at $72.4 million as at January 20, 2021.

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land borders to be reopened soon, Finance, Ministaer, vow to recover AMCON debt through issuance of promissory notes, FG reiterates stance on IPPIS as ASUU threatens strike, Finance Minister, Zainab Ahmed identifies capital market as key driver for economic growth , Nigeria has paid $1.09 billion to service its debts in 2019  , Dividends on oil proceeds will be taxed - FG , State governments own most bad roads - Finance Minister says, Budget deficit increases by N351.98 billion, as FG misses revenue target, Economy: Funding MSMEs in Nigeria , Finance Bill: New tax regime to take effect from Jan 2 - FG , Again, Finance Minister argues that Nigeria is not in debt distress , ECOWAS: Single currency regime not kicking off in 2020  , FG: CBN holds N43 billion stamp duty charges collected by banks , FG may shift deadline to deactivate bank accounts without tax verification, Confusion as ministry and presidency disagree over Finance Act start date, 7.5% VAT: Implementation to begin Feb 1 – FG , Finance Minister: Nigeria to go into recession if ..., Foreign tech companies that will now pay tax to FGN: see the criteria

The Federal Government has announced that Nigeria’s Excess Crude Account (ECA) balance as at 20th January 2021 is $72,411,197.80.

This was disclosed by the Minister of Finance, Budget and National Planning, Zainab Ahmed at the first National Economic Council meeting of the year presided over by Vice President Yemi Osinbajo, SAN, with State Governors, Federal Capital Territory Minister, Central Bank Governor and other senior government officials in attendance.

READ: Nigeria’s growing current account deficit fans devaluation flames 

The FG said, “the ECA balance as at 20th January, 2021, $72,411,197.80; Stabilization Account, balance as at 19th January, 2021, N28, 800, 711,295.37; Natural Resources Development Fund Account, balance as at 19th January 2021, N95, 830,729,470.82.”

READ: Nigerians spend $9.01 billion on foreign travels in 2019 

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What you should know

  • In August 2015, during the early days of the Buhari administration, the ECA stood at $2.2 billion. It was $3.6 billion in February 2014, one of the highest balances on record.
  • According to the Central Bank of Nigeria’s annual report for 2018, Nigeria’s excess crude account fell from $2.45 billion in 2017 to $480 million as of December 2018.
  • In 2019, Nairametrics reported Nigeria’s Excess Crude Account had dropped to $480 million. This is as controversy continued to trail the $1 billion military spendings which was withdrawn from Nigeria’s Excess Crude Account.
  • Nairametrics reported in July 2020 that the  ECA had fallen by about 98% within the last 5 years to $72 million.
  • Nigeria has two Sovereign Wealth Funds: the Excess Crude Account and the Nigeria Sovereign Investment Authority (NSIA). Note that these two are funded by the savings earned when oil prices are at their peak.

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