Tectono Business Review: A LOGISTICS FIRM EMERGES TOP IN TODAY'S TRADING SESSION

Sunday 16 October 2022

A LOGISTICS FIRM EMERGES TOP IN TODAY'S TRADING SESSION

Today, the local bourse declined by 7bps to close at 47,531.84 points. Consequently, the Year-to-date (YTD) return of the market slightly weakened to 11.3% from 11.4% the previous trading day.

Top gainers in today's trading session were led by REDSTAREX (+8.5%), MAYBAKER (+3.7%) and OANDO (+2.3%). However, GSPECPLC (-9.8%), HONYFLOUR (-9.8%) and LIVESTOCK (-9.6%) posted as today's top losers.

For today's trading session, the total volume traded and value traded gained 23.5% and 92.2% respectively to 155.1mn units and ₦3.7bn. MBENEFIT, GTCO and ZENITHBANK led the volume chart with 41.9mn units, 28.4mn units and 11.8mn units respectively. On the other hand, AIRTELAFRI, GTCO and ZENITHBANK led the value chart with ₦486.8mn, ₦480.1mn and ₦228.9mn respectively.

For indices under our purview, there was mixed performance as three indices posted red, one posted green and the Industrial index closed on a marginal note.

Performance indicates that the Insurance index led the losers with a decline of 53bps, followed by the Banking and Consumer Goods indices which declined by 30bps and 5bps respectively. We attribute the losses to investors' selloffs in MANSARD (-5.1%), UNITYBNK (-2.3%) and HONYFLOUR (-9.8%) accordingly. However, the Oil and Gas index gained 35bps which was accredited the gain in OANDO (+2.3%).

QUICK INSIGHT

Redstar Express, a global logistics solutions company, is the only logistics company listed on the Nigerian Exchange Limited (NGX). In 11 years, the logistics company has generated a total revenue of N7.4 trillion.

The company reported strong revenue growth for the fiscal year ended 2021, increasing to N1.4 billion from N1.0 billion reported for the same period in 2020, representing a 33.8% increase.

The revenue split for 2021 is as follows: Red Star Courier contributed N5.3 billion; Red Star Freight contributed N1.2 billion; Red Star Support Services contributed N1.4 billion in 2021, and Red Star Logistics contributed N1.4 billion.

DAILY CURRENCY UPDATE

On daily currency updates, I&E and the parallel market's prices closed at ₦441.17/US$1.00 and ₦740/US$1.00 respectively. The current P2P Forex market price is ₦737.69/US$1.00. Nigeria's external reserves is currently US$38.07bn.

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Sunday 16 October 2022

A LOGISTICS FIRM EMERGES TOP IN TODAY'S TRADING SESSION

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