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The last but one trading session of 2024 in the local currency market ended on a wrong note for the Naira on Monday as its value depreciated against the United States Dollar at different segments.

Data showed that the value of the local currency weakened against the greenback yesterday by N2.00 or 0.16 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEM) window to close at N1,540.50/$1 compared with last Friday’s closing rate of N1,538.50/$1.

However, the domestic currency appreciated against the Pound Sterling in the official market during the trading session by N4.01 to trade at N1,930.21/£1 compared with the preceding trading day’s N1,934.22/£1 and against the Euro, it improved its value by N7.38 to sell for N1,598.09/€1 versus last Friday’s N1,605.47/€1.

But in the black market segment, the Nigerian currency weakened against its American counterpart on Monday by N10 to sell for N1,650/$1, in contrast to the previous trading day’s rate of N1,640/$1.

In its latest assessment, credit rating agency, Fitch Ratings, warned that a larger-than-expected budget deficit in 2025 could lead to further Naira depreciation.

It warned that missing the fiscal deficit target could heighten pressure on the exchange rate, adding that while the introduction of an electronic FX matching platform on December 2, 2024, is a step towards greater transparency, progress in addressing FX challenges has been slower than anticipated.

As for the cryptocurrency market, prices experienced a rocky outcome due to poor US macroeconomic data and rampant profit-taking, with Bitcoin (BTC) shedding 0.99 per cent to sell at $92,704.80.

Litecoin (LTC) slid by 3.3 per cent to $98.38, Cardano (ADA) went down by 3.2 per cent to $0.8424, Dogecoin (DOGE) depreciated by 2.6 per cent to $0.3115, Ripple (XRP) lost 2.2 per cent to quote at $2.03, Ethereum (ETH) dropped 1.9 per cent to finish at $3,352.23, and Solana (SOL) slumped by 1.4 per cent to $189.30.

On the flip side, Binance Coin (BNB) expanded by 0.11 per cent to $698.69, US Dollar Tether (USDT) gained 0.07 per cent to close at $0.9986, and the US Dollar Coin (USDC) traded flat at $1.00.

-By  Adedapo Adesanya

 

A 0.99 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Monday as investors prepared for a new trading year.

The local equity market had closed bearish last Friday as a result of profit-taking but bargain-hunting activities yesterday revamped the bourse on the first trading session of the week, with the major performance indicators moving to the next levels.

Consequently, the valuation of Customs Street went up by N986 billion to N62.899 trillion from N61.913 trillion and the All-Share Index (ASI) gained 1,016.05 points to settle at 103,149.35 points compared with the previous session’s 102,133.30 points.

Data obtained by Business Post showed that the insurance counter appreciated by 2.45 per cent, the consumer goods space increased by 1.76 per cent and the industrial goods sector gained 0.01 per cent.

However, the banking industry went down by 0.42 per cent and the energy sector depreciated by 0.35 per cent.

Investor sentiment remained strong during the session as the bourse finished with 39 price gainers and 21 price losers, representing a positive market breadth index.

The trio of Prestige Assurance, Neimeth and MeCure Industries chalked up 10.00 per cent each yesterday to sell for N1.10, N2.09, and N12.65 apiece as Lasaco Assurance improved by 9.96 per cent to N3.09 and Living Trust Mortgage Bank rose by 9.92 per cent to N3.99.

Conversely, PZ Cussons shed 10.00 per cent to quote at N26.10, Vitafoam Nigeria lost 9.62 per cent to finish at N21.60, NGX Group slumped by 9.17 per cent to N27.25, Ikeja Hotel declined by 7.41 per cent to N11.25, and Eterna gave up 5.26 per cent to close at N27.00.

On Monday, investors bought and sold 641.1 million shares worth N15.5 billion in 13,778 deals compared with the 451.7 million shares valued at N17.5 billion traded in 12,551 deals last Friday, indicating a decline in the trading value by 11.43 per cent and a growth in the trading volume and number of deals by 41.93 per cent and 9.78 per cent, respectively.

Universal Insurance topped the activity chart yesterday with 71.5 million stocks valued at N41.7 million, GTCO traded 54.7 million equities worth N3.1 billion, Access Holdings sold 46.6 million shares for N1.1 billion, C&I Leasing exchanged 32.3 million shares worth N117.7 million, and Linkage Assurance transacted 25.2 million stocks valued at N27.7 million.

-By Dipo Olowookere

Sterling Financial Holdings Company Plc has projected gross earnings of N121.81bn for the first quarter ending March 31, 2025.

In a notice filed on the Nigeria Exchange Limited recently, the projection includes an expected interest income of N89.27bn and interest expenses of N34.82bn, resulting in a net revenue from funds of N54.45bn.

The company also anticipates credit impairment charges of N16.84bn, with no exceptional items during the period.

Other income for the quarter is projected at N28.37bn, bringing the forecasted net operating income to N65.98bn. Operating expenses are expected to hit N53.29bn, leaving a profit before tax of N12.69bn. After accounting for a forecasted tax of N1.05bn, the company expects a profit after tax of N11.64bn.

At the close of the first trading day of the week, the Nigerian Exchange Limited recorded a market capitalisation of N62.5tn, with a total of 641,117,293 shares traded in 13,778 deals.

The value of these transactions amounted to N15.50bn, reflecting a 44 per cent increase in trading volume, a 3 per cent increase in turnover, and a 10 per cent rise in the number of deals compared to the previous trading day.

In terms of market performance, the NGX All-Share Index rose by 0.99 percent to close at 103,149.35 points. This represents a one-week gain of 1.88 per cent, a four-week gain of 5.49 per cent, and a year-to-date increase of 37.95 per cent.

The trading session saw a total of 127 listed equities on the exchange, with 39 gaining and 21 losing.

Among the top gainers, MeCure Industries, Neimeth International Pharmaceuticals, and Prestige Assurance Company all saw a 10 per cent rise in their share prices, closing at N12.65, N2.09, and N1.10 per share, respectively. Lasaco Assurance followed closely with a 9.96 per cent increase, closing at N3.09, while Livingtrust Mortgage Bank gained 9.92 per cent, closing at N3.99, and Meyer Plc rose by 9.91 per cent to close at N8.43.

On the losing side, PZ Cussons Nigeria recorded the highest decline, dropping 10 per cent to close at N26.10. This was followed by Vitafoam Nigeria, which lost 9.62 per cent to close at N21.60, and NGX Group, which dropped 9.17 per cent to end the day at N27.25. Other notable losers included Ikeja Hotel, which fell by 7.41 per cent to close at N11.25; Eterna Plc, which dropped 5.26 per cent to N27.00; and Japaul Gold, down by 4.11 per cent to close at N2.10.

Universal Insurance Company led the market in trading volume with 71.5 million shares, followed by Guaranty Trust Holding, which saw 54.7 million shares traded, and Access Holdings with 46.6 million shares. C&I Leasing also recorded a high volume of 32.3 million shares.

In terms of sectoral performance, the Top 30 Index gained 1.15 per cent and saw a 36.93 per cent rise year-to-date. The Insurance Index also increased, rising 2.45 per cent, while the Consumer Goods Index gained 1.76 per cent, reflecting a 54.88 per cent year-to-date rise.

The PUNCH reported that the Nigerian equity market recorded a gain of N472bn during the shortened trading week, as the Federal Government declared Wednesday, December 25, and Thursday, December 26, 2024, public holidays for Christmas celebrations.

-By Temitope Aina

 

 

 

A real estate and hospitality company, Haldane McCall Plc, generated N2.5bn from the sale of 34 housing units completed earlier this year in Ketu, Lagos.

In a statement made available to our correspondent by the company on Monday, the company said this achievement underscores its commitment to addressing the housing needs of Nigeria’s growing population.

Speaking on the milestone, the Group Managing Director of Haldane McCall Plc, Edward Akinlade, said, “This project is a testament to our dedication to delivering sustainable housing solutions that empower communities and improve the standard of living. By focusing on affordability and quality, we are bridging the housing deficit while contributing to Nigeria’s economic development.”

He added that the projects are not just homes but part of the company’s vision to enhance lives, create value for shareholders, and support the government’s efforts to provide affordable housing.

“At Haldane McCall, we believe that housing is a fundamental driver of social and economic growth.”

Looking ahead, Akinlade noted that Haldane McCall plans to commence the first phase of its 1,200 affordable housing units project in Majidun, Ikorodu, Lagos, in the new year.

“These housing projects reflect our long-term strategy of balancing shareholder value with societal impact. Shareholders and investors can view this milestone as proof of our operational efficiency and financial prudence in executing large-scale projects,” Akinlade added.

The statement added that the company recently completed 48 additional affordable housing units in Porto Novo, Benin Republic, valued at N2.4bn.

The PUNCH reported that real estate and hospitality group Haldane McCall Plc has concluded plans to list N11.98bn ordinary shares of 50 kobo at N3.84 each on the Nigerian Exchange Limited.

-By Temitope Aina