As indices fall by N47 billion, equities reopen bearish



Profit-taking dominated trading operations on the Nigerian stock exchange yesterday, forcing the market capitalization to drop by N47 billion.

The All Share Index (ASI) fell 87.74 absolute points, or 0.16 percent, to 53,113.64 points at the close of trading Wednesday. Similarly, the market capitalization decreased by N47 billion to N28.634 trillion.

Losses in medium and big capitalised equities, such as Chemical Allied Products (CAP), Stanbic IBTC Holdings, Guaranty Trust Holding Company (GTCO), Lafarge Africa, and Dangote Sugar Refinery, contributed to the decline.

“Equities market closed negative, as investors await tomorrow’s Fed announcement on interest rates,” GTI Securities Limited stated of the market outlook. During the week, we expect cautious trading and profit taking to continue.”

“Bearish mood trickled into today’s session, with most sectors closing in the negative,” Vetiva Dealings and Brokerage remarked. We expect another uneven day of trading tomorrow in the absence of any substantial catalyst to boost sentiment.”

Market breadth was negative at the close, with 24 losers outnumbering nine gainers. The largest price gain was 9.72 percent for Learn Africa, which closed at N2.37 per share. SUNU Assurance Nigeria gained 9.38 percent to settle at 35 kobo a share, while Wapic Insurance gained five percent to close at 42 kobo per share.

FBN Holdings (FBNH) increased by 2.94 percent to N10.50 kobo, while Sterling Bank increased by 1.97 percent to N1.55 kobo. CAP, on the other side, led the losers’ list by 9.93%, closing at N18.15 per share.

Following that, Caverton Offshore Support Group fell 7.83 percent to settle at N1.06, while Livestock Feeds fell 6.25 percent to close at N1.50 per share.

Transnational Corporation of Nigeria fell 5.7% to N1.31 per share, while Champion Breweries fell 4.63 percent to N3.50 per share.

The overall volume traded, however, increased by 9.79 percent to 299.995 million shares worth N3.100 billion, transacted in 5,394 transactions.

FCMB Group shares were the most actively traded, with 52.082 million shares worth N182.265 million changing hands. UBA came in second with 47.731 million shares worth N365.346 million, followed by Transcorp with 39.340 million shares worth N52.226 million.

GTCO traded 20.415 million shares for N446.146 million, while Access Holdings traded 30.104 million shares worth N293.980 million.

Tomorrow, the CBN and the Bankers’ Committee will host a conference on non-oil exports

Under the Race to US$200 billion in Foreign Exchange Repatriation (RT200) program, which was announced in February 2022, the Central Bank of Nigeria (CBN) and the Bankers’ Committee are hosting a symposium on non-oil exports.

The summit’s theme is “Setting the Roadmap toward Achieving RT200 and Non-Oil Export for Development,” which will take place tomorrow, Thursday, June 16, 2022.

The CBN announced yesterday in Abuja that the event would focus on the economy’s current position, the commitment to tackling difficulties, and the development and enhancement of the non-oil export industry.

The one-day summit, according to Osita Nwanisobi, Director, Corporate Communications Department, Central Bank of Nigeria (CBN), aims to identify challenges across the non-oil export value chain from the perspectives of all stakeholder groups, as well as provide understanding of the current situation and its implications for Nigerian citizens and the economy as a basis for urgent action.

Understanding trends and lessons from other countries, including regional and global market outlook; sharing best practices across the agriculture exporting value chain and guidance on how to obtain financial assistance; and identifying opportunities for improving the performance and viability of non-oil exports are among the summit’s other goals, according to the statement. Finally, the CBN and its partners hope to use the summit to kick off the construction of a complete Non-Oil Export Optimisation framework, according to the statement.

The summit will feature a keynote lecture by the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, as well as expert presentations and panel discussions to address the country’s current non-oil export industry condition and offer solutions.

Participants at the summit will come from a variety of non-oil industries, including mineral resources, manufacturing, and agricultural export sectors, including primary agriculture players; aggregators, storage, logistics, and freight transport operators; exporters; road transport agencies; security agencies; and federal and state government ministries.

In February 2022, the CBN and the Bankers’ Committee presented the RT200 initiative, a series of plans, policies, and programs aimed at increasing the country’s non-oil export profits to US$200 billion in FX repatriation during the next five years.

The RT200 project consists of five pillars: the Value Adding Exports Facility (VEF), the Non-Oil Commodities Expansion Facility (NCEF), the Non-Oil FX Rebate Scheme (NFRS), the Dedicated Non-Oil Export Terminal, and the staging of a bi-annual Non-Oil Export Summit.

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