Thursday, February 25African Business News
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Tag: Ambrose Omodion

Profit-taking heightens amid fears of MPR adjustment

Profit-taking heightens amid fears of MPR adjustment

Business
Index depreciate by 0.42%, as analysts urge caution As investors await the outcome of the next Monetary Policy Committee (MPC) meeting, amid fear of possible adjustment in rate, sentiments turned bearish as profit-taking dominated market performance at the equity sector of the Nigerian Stock Exchange (NSE) last week. The development caused the NSE All-share index and market capitalisation to depreciate by 0.42 per cent and 0.38 per cent to close the week at 41,001.99 and N21.449 trillion, respectively. Similarly, all other indices finished lower with the exception of NSE MERI Growth, which appreciated by 0.12 per cent while the NSE ASeM and NSE Growth Indices closed flat. Analysts linked the persistent profit-taking last week to fear that was heightened by the latest FGN Bond...
Bargain-hunting strengthens as indices appreciates further by N110b

Bargain-hunting strengthens as indices appreciates further by N110b

Capital Market
The bulls strengthen their hold on the equities sector of the Nigerian Stock Exchange (NSE) for nine successive trading days even as more high value stocks joined the league of gainers, causing the All-share index to appreciate further by N110 billion. The All Share Index (ASI) rose by 210.88 points or 0.87 per cent to 24,354.25 points. Accordingly, investors gained N110billion in value as market capitalisation rose to N12.692trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Nestle Nigeria, Dangote Cement, Nigerian Breweries, Conoil, and Ardova Plc. The Chief Operating Officer, InvestData Consulting Limited, Ambrose Omordion, said the high dividend yield continues to attract buying interests as more audited corporate e...
Investors lose N1.8 trillion in two months of COVID-19 in Nigeria

Investors lose N1.8 trillion in two months of COVID-19 in Nigeria

Business
Stock market investors have lost over N1.8trillion in two months after the first case of Coronavirus (COVID-19), was confirmed in Nigeria on February 27. Specifically, the market capitalisation of listed equities, which stood at N13.657trillion as at Friday, February 28, depreciated by N1.8trillion to N11.786trillion yesterday, while the All-share index, which measures the performance of quoted companies closed at 22,616.28 down from 26,216.46 representing 3,600.18 points drop or 15.9 per cent drop. This comes as the market resumed activities for the week on a positive note, as price appreciation in MTN Nigeria and seven other stocks buoyed Nigerian equities market performance, causing the All-Share Index (ASI) to advance by 0.07 per cent. Yesterday, ASI increased by 16.90 absol...
Investors’ wealth soars by 7.19% despite rising COVID-19 cases

Investors’ wealth soars by 7.19% despite rising COVID-19 cases

Capital Market
Despite one day public holiday declared by the Federal government last week Monday to mark the Easter celebration, in addition to consensus that the nation’s economy is heading for a recession arising from the crises caused by the Coronavirus (COVID-19) pandemic and the NSE All-share index and market capitalisation appreciated by 7.19% to close the week at 22,921.59 and N11.946 trillion respectively. All other indices finished higher with the exception of NSE ASeM which closed flat. The improved performance was attributed to news of clinical trial for a potential cure to the coronavirus, in addition to plans by US and European countries to gradually re-open their respective economies. But analysts argued that mixed performance is likely to occur because the positive sentiment and...