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By Adedapo Adesanya
The Naira recorded a 37 kobo or 0.09 per cent loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Friday, selling at N415.10/$1 compared with N414.73/$1 it was traded at the preceding session.
Business Post reports that the local currency depreciated during the session as against the greenback because of an increase in forex demand at the market window.
During the trading session, the value of FX transactions at the I&E segment stood at $168.62 million as against the $107.92 million achieved on Thursday, showing that the turnover declined by 56.2 per cent or $60.7 million at the close of business.
A similar scenario played out at the interbank segment of the market as the local currency depreciated against the American currency yesterday by 5 kobo or 0.1 per cent as it closed at N411.95/$1 in contrast to the preceding day’s value of N411.9/$1.
But against the Pound Sterling, the domestic currency appreciated by 60 kobo to close at N552.75/£1 versus N553.35/£1 of the previous day, while against the Euro, it lost N2.64 to sell at N448.79/€1 in contrast to N446.15/€1 it finished on Thursday.
Meanwhile, the mood at the cryptocurrency market on Friday was bearish with seven of the 10 digital currencies tracked by this newspaper pointing southwards at the close of transactions.
Ripple (XRP) depreciated by 5.8 per cent to trade at N531.30, Cardano (ADA) went south by 4.5 per cent to trade at N803.58, Litecoin (LTC) moved down by 3.8 per cent to trade at N91,928.43, Binance Coin (BNB) lost 0.7 per cent to trade at N223,671.07, Bitcoin (BTC) declined by 0.4 per cent to trade at N28, 939,979.21, the US Dollar Tether (USDT) made a 0.3 per cent depreciation to sell for N569.94, while Ethereum (ETH) made a 0.1 per cent loss to sell at N2,336,957.45.
On the reverse side, Dash (DASH) gained 3.4 per cent to trade at N87,900.17, Dogecoin (DOGE) appreciated by 1.8 per cent to sell at N107,000, while Tron (TRX) went up by 0.3 per cent to sell at N45.97.
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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.
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By Adedapo Adesanya
The federal government has assured Nigerians of its readiness to generate 25,000 megawatts of electricity in the country, Channels Television is reporting.
This is as part of efforts to enhance power-related businesses and other economic activities in the country.
The Minister of Power, Mr Mua’azu Sambo, disclosed this in Katsina State at the weekend during his inspection of several power transmission substation projects, including the ongoing windmill project located at Lambar Rimi in Charanchi Local Government Area of the state.
In the company of the Acting Managing Director and Chief Executive Officer of the Transmission Company of Nigeria (TCN), Mr Sule Abdulaziz, the Minister explained that a number of procurements have been made by the ministry under the Presidential Power Initiative to restore electricity and enhance power-related businesses across the country.
The windmill project contract which was awarded in June 2009 was designed to generate 10 megawatts of electricity for Katsina State and was expected to be completed within 24 months.
However, the initial contractor moved to the site in 2010 after which the project engineer was kidnapped at the peak of the work in 2012 which resulted at the beginning of the delay in completing the project on time.
Out of the 37 wind turbines installed for the takeoff of the project, 31 have successfully been working with the remaining six of them vandalized which the ministry is working to fix ahead of the commissioning of the project.
Each of the turbines has the capacity to generate 275 kilowatts.
In the meantime, the newly appointed Minister of Power inspected three power transmission substation projects meant not only to serve as booster stations to the windmill project but also to boost electricity supply across the state.
They include 330 KV substation located at Fatima Shema Estate which is coming from Kano, construction of 33/11 KV Liyafa substation at Katsina- Kano Road as well as the 133/33 KV Kankia Transmission Substation.
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By Dipo Olowookere
The year 2021 on the floor of the Nigerian Exchange (NGX) Limited was interesting because of some intrigues that occurred, especially towards the end.
The year closed with a shocker when it was announced that a two-year-old bank, Titan Trust Bank, was acquiring a 104-year-old Union Bank of Nigeria.
This was not a transaction that was expected by observers when the likes of Zenith Bank and Access Bank were thought to be in the best position to shoot the shot.
Another was the crisis at the oldest bank in the country, First Bank, which led to the sacking of the board and that of its parent company, FBN Holdings, leading to the acquisition of a substantial stake by Mr Femi Otedola.
This sparked a boardroom leadership tussle between Mr Otedola and Mr Tunde Hassan-Odukale, chairman of FBN Holdings.
These and others affected the prices of shares on the NGX trading platform and Business Post is bringing the 10 worst performing stocks and 10 best performing stocks in the outgone year, where the exchange grew by 6.07 per cent.
The worst performing stock last year was SCOA Nigeria as its value went down by 64.51 per cent to settle at N1.04 compared with the previous year’s N2.93.
CWG dropped 55.91 per cent to N1.12 from N2.54, Sunu Assuances depreciated by 55.00 per cent to trade at 45 kobo compared with its value in 2020 at N1.00, FTN Cocoa lost 40.91 per cent to sell for 39 kobo versus 66 kobo, while AIICO Insurance declined by 38.05 per cent to 70 kobo from N1.13.
In addition, Japaul fell by 37.10 per cent to 39 kobo from 62 kobo, Vanleer lost 33.54 per cent to sell for N5.45 in contrast to N8.20 it closed 2020, DAAR Communications shed 33.33 per cent in the year to 20 kobo from 30 kobo, Enamelware decreased by 26.70 per cent to N16.20 from N22.10, while Sterling Bank depreciated by 25.98 per cent to N1.51 from N2.04.
On the flip side, Morison Industries finished the year as the best performing stock with a price appreciation of 306.12 per cent to N1.99 from 49 kobo.
Royal Exchange grew by 238.46 per cent to 88 kobo from 26 kobo, Lasaco Assurance rose by 200.00 per cent to N1.05 from 35 kobo, Vitafoam improved by 188.46 per cent to N22.50 from N7.80, while Honeywell Flour jumped by 183.33 per cent to N3.40 from N1.20.
Further, Champion Breweries chalked up 173.26 per cent to trade at N2.35 versus 86 kobo it closed 2020. NEM Insurance gained 151.40 to sell for N4.50 in contrast to the preceding year’s N1.79, Consolidated Hallmark Insurance grew by 146.88 per cent to 79 kobo from 32 kobo, Regency Assurance appreciated by 131.82 per cent to 51 kobo from 22 kobo, while University Press rose by 129.69 per cent to N2.94 from N1.28.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed the year 2021 in the negative territory, driven by the downward price movement in the shares of Central Securities Clearing Systems (CSCS) Plc.
The value of the Nigerian depository company went down on Friday at the NASD OTC exchange by 46 kobo or 2.46 per cent to settle at N18.25 per share in contrast to N18.71 per share it traded at the previous session.
This decline depleted the market capitalisation of the bourse by N2.3 billion to close the day at N629.03 billion compared with N631.33 billion it ended on Thursday.
The day also saw the NASD Unlisted Security Index (NSI) go down by 2.72 points to wrap the session at 742.85 points compared with 745.57 points of the previous session.
During the trading day, the volume of shares traded by investors went down by 98.4 per cent to 785,868 units from the previous trading session’s 48.5 million units, while the value of the securities depreciated by 98.6 per cent to N14.4 million from N1.0 billion transacted on Thursday, with the number of deals going down by 28.6 per cent to 10 deals from the 14 deals carried out at the preceding session.
At the close of business, Food Concepts Plc remained as the most active stock by volume (year-to-date) as it has traded 11.4 billion units of its shares for N14.4 billion. Lighthouse Financial Services Plc was in the second position with a turnover of 1.1 billion securities valued at N546.2 million, while Geo Fluids Plc was in third place with the sale of 1.0 billion units worth N700.1 million.
In the same vein, Food Concepts Plc ended the session as the most traded stock by value (year-to-date) for selling 11.4 billion units of its securities for N14.4 billion. The now-exited Nigerian Exchange (NGX) Group Plc remained in the second spot with 456.5 million units of its securities valued at N9.2 billion, while VFD Group Plc occupied the third spot with the sale of 10.4 million units worth N3.5 billion.
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