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Finance

11 Banking Stocks Decline as Index Improves

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Stocks

Skye Bank Plc, Unity Bank Plc, FCMB Group Plc and Access Bank Plc topped the losers’ table after the close of trading at the Nigerian Stock Exchange on Thursday.

Seven other banks also shed part of their share values, among other losers at the Exchange. The share prices of 30 firms depreciated on Thursday.

A total of 166.390 million shares worth N1.657bn were traded in 2,917 deals.

However, the NSE market capitalisation struggled to close at N9.377tn from N9.347tn, while the All-Share Index grew to 27,266.18 basis points from 27,180.76 basis points recorded on Wednesday.

The highest index point recorded in the course of trading was 28,642.25 basis points, while the lowest and average index points were 27,180.76 and 27,912.33 basis points, respectively.

Skye Bank’s share price lost N0.12 (8.82 per cent) to close at N1.24, while Unity Bank share value closed at N0.93 from N1.02, losing N0.09 (8.82 per cent.

FCMB Group also lost N0.08 (five per cent) of its share value to close at N1.52, while Access Bank lost N0.24 (4.98 per cent) to close at N4.58 from N4.82.

Airline Services and Logistics Plc, which emerged fifth on the losers’ table, shed N0.11 (4.98 per cent) to close at N2.10 from N2.21 per share.

Other losers on Thursday were Dangote Sugar Refinery Plc, Red Star Express Plc, Oando Plc, Ikeja Hotel Plc, Union Bank Nigeria Plc, United Bank for Africa Plc, Diamond Bank Plc, Tiger Branded Consumer Goods Plc, Fidelity Bank Plc, Transnational Corporation of Nigeria Plc, McNichols Plc, Thomas Wyatt Nigeria Plc, and Continental Reinsurance Plc.

Seplat Petroleum Development Company Plc, Zenith Bank Plc, Vitafoam Nigeria Plc, Nigerian Breweries Plc, Honeywell Flour Mill Plc, Trans-nationwide Express Plc, United Capital Plc, 7UP Bottling Company Plc, Africa Prudential Registrars Plc, UAC Plc, FBN Holdings Plc, and Guaranty Trust Bank Plc also emerged losers at the Exchange.

Only six stocks recorded price appreciation at the close of trading on Thursday. The companies are: E-Tranzact International Plc, Okomu Oil Palm Plc, Dangote Cement Plc, Fidson Healthcare Plc, Learn Africa Plc and Vono Products Plc.

E-Tranzact gained N0.15 (4.93 per cent) to close at N3.19 from N3.04, while Okomu Oil Palm appreciated by N1.52 (4.83 per cent) to close at N33.

Dangote Cement rose by N6.55 (4.27 per cent) to close at N159.98 from N153.43 per share, while Fidson Healthcare gained N0.11 (4.25 per cent) to close at N2.70 per share.

Learn Africa saw a N0.03 (3.90 per cent) appreciation to close at N0.80 per share, while Vono Products grew by N0.03 (3.37 per cent) to close at N0.92 per share.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Leaked Documents Reveal Money Laundering Scam Worth $2tn

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Several leaked documents have revealed how the world’s biggest banks enable criminals to launder money around the world.

The documents showing about $2tn of transactions are popularly called FinCEN files.

The BBC reports that the FinCEN files are more than 2,500 documents, most of which were files that banks sent to the US authorities between 2000 and 2017. They raise concerns about what their clients might be doing.

The documents are utilised by the banks to report suspicious behaviour. However, they may not be proof of wrongdoing or crime, the report said.

The Financial Crimes Enforcement Network, a bureau of the United States Department of the Treasury is saddled with the task of analysing information about financial transactions to combat domestic and international money laundering, terrorist financing, and other financial crimes.

The FinCEN files revealed how top tier banks such as HSBC, JP Morgan, Barclays Bank, Deutsche Bank, Standard Chartered amongst others helped highly connected individuals move money round several accounts in the world.

JP Morgan allowed a company to move more than $1bn through a London account without knowing who owned it.

One of Russian President Vladimir Putin’s closest associates used Barclays Bank in London to avoid sanctions which were meant to stop him using financial services in the West.

Some of the cash was invested in works of art, the report added.

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Finance

UK Banks to Ditch Clients Across Europe

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UK banks are “outrageously failing” many tens of thousands of expat clients across Europe as they plot to shut their accounts and cancel credit cards within weeks due to post-Brexit rules.

This is the damning assessment of Nigel Green, the CEO and founder of deVere Group, one of the world’s largest financial advisory and fintech organisations, as most of Britain’s biggest banks send letters to customers in the EU warning them that all services are to be scrapped unless they have a UK address.

Mr Green says: “Most of the UK’s high street banks are plotting to unceremoniously abandon their customers across Europe within weeks.

“Accounts will be shut and debit and credit cards voided – regardless of how much or how little you have in those accounts or how long you have been a client – as it becomes illegal for UK banks to service British customers living in the EU without applying for new banking licences.”

He continues: “Once again, traditional banks are outrageously failing their clients who now need to take urgent steps to continue to be able to access, use, and manage their money.

“The move by these banks will be a major inconvenience to many tens of thousands of Brits living in the EU.”

Before post-Brexit rules come into effect, those affected are being urged to find alternatives to avoid potentially serious financial disruption.

“I would urge expats to now seek a financial services provider that already operates under pan-European rules,” says the deVere Group CEO.

In 2017 the firm launched deVere Vault. deVere Vault provides borderless global services with a ground-breaking e-money app and a single card, multi currency service designed with those with an international lifestyle in mind.

“You’re able to open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications with all your transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies,” notes Mr Green.

He concludes: “deVere Vault meets a growing need in an increasingly globalised world for our clients to have borderless access to and use of their money.

“Agile, tech-driven challenger banks and fintech firms are ready to fill the void left by traditional banks who are now having to routinely ditch their customers.”

 

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NNPC Says Private Investors Will Finance Rehabilitation of Downstream Assets

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Private Investors to Finance NNPC Rehabilitation of Downstream Assets

The Nigerian National Petroleum Corporation (NNPC) during the weekend said a group of private investors would finance the proposed rehabilitation and replacement of its aging downstream assets, especially petroleum pipelines, across the nation.

In a statement released in Abuja, the Group Managing Director, Mallam Mele Kyari, said some of the assets to be replaced were as old as 40 years and long overdue for replacement.

The managing director explained that the investors to be engaged would be doing the financing under the Finance, Build, Operate and Transfer, BOT, Model, adding that the model became imperative given the state of the nation’s downstream infrastructure.

He said: “Some of these assets are as old as 40 years and they are due for replacement; and when you want to do a replacement of this scale, you do need a lot of resources.

“And we know that we require these assets so we decided that we bring in private partners who will fund these pipelines, they will construct it, they will operate it with us and then ultimately they will fully recover their investment from the tariff which we will pay for using these pipelines. And as soon as they recover their cost and their margin, they will hand over these assets back to us.”

According to the NNPC boss, no fewer than 78 firms have already submitted virtual bids indicating their willingness to undertake the rehabilitation of the downstream pipelines, associated depots and terminal infrastructure of the NNPC through the financing model.

He added that the final partners would be selected by the end of the first quarter of 2021.

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