Connect with us

Finance

Stock Market Rebounds After 10-Day Loss

Published

on

The Athens Stock Exchange

Trading on the floor of the Nigerian Stock Exchange on Wednesday closed on a positive note after recording losses for 10 straight days.

Shares appreciation in 39 companies pushed up the NSE market capitalisation to N8.025tn from N7.723tn recorded on Tuesday.

The NSE All-Share Index also appreciated from 22,456.32 basis points to 23,335.01 basis points.

A total of 242.530 shares worth N1.58bn were traded in 3,865 deals.

The highest index point recorded in the course of trading stood at 24,239.98 basis points, while the lowest and average index points were 22,456.32 and 23,219.24 basis points, respectively.

FBN Holdings Plc, Guaranty Trust Bank Plc, UACN Plc, Zenith Bank Plc and African Prudential Registrars Plc emerged top-five gainers.

Other gainers were, Skye Bank Plc, Access Bank Plc, Transnational Corporation of Nigeria Plc, Unity Bank Plc, Sterling Bank Plc, Oando Plc, United Bank for Africa Plc, Fidelity Bank Plc, United Capital Plc; Cadbury Nigeria Plc; Dangote Sugar Refinery Plc; Nestle Nigeria Plc; UAC Property Development Company Plc; PZ Cussons Nigeria Plc; Ecobank Transnational Incorporated; Union Bank Nigeria Plc, and Trans-national Express Plc.

FBN Holdings shares rose by N0.37 (10.19 per cent) to close at N4 from N3.63, while those of Guaranty Trust Bank closed at N15.15 from N13.75, appreciating by N1.40 (10.18 per cent).

The shares of the UACN also rose to N18.97 from N17.22, gaining N1.75 (10.16 per cent).

Zenith Bank shares appreciated by N0.97 (10.16 per cent) to close at N10.52 from N9.55, while those of Africa Prudential Insurance closed at N2.32 from N2.11, gaining N0.21 (9.95 per cent).

A total of eight firms recorded losses in their share prices on Wednesday with Honeywell Flour Mill Plc, Ashaka Cement Plc, Ikeja Hotels Plc, Flour Mills Nigeria Plc and Seplat Petroleum Development Company Plc emerging as the top five losers.

NPF Microfinance Bank Plc, FCMB Group Plc and Champion Breweries Plc also recorded losses at the close of trading.

Honey Well Flour Mill recorded a loss of N0.17 (9.44 per cent) to close at N1.63 from N1.80, while Ashaka Cement shares dropped to N24 from N26.50, losing N2.50 (9.43 per cent).

Ikeja Hotel also recorded a loss of N0.29 (9.35 per cent) to close at N2.81 from N3.10.

The shares of Flour Mill depreciated from N17.85 to N16.35, losing N1.50 (8.40 per cent), while those of Seplat dropped to N151.74 from N159.72, losing N7.98 (five per cent).

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Finance

CBN Starts Debiting Defaulters of Its Intervention Loans

The Central Bank of Nigeria (CBN) has begun debiting the account of intervention loan defaulters.

Published

on

Godwin Emefile

The Central Bank of Nigeria (CBN) has begun debiting the account of intervention loan defaulters.

The apex bank declared this at the last Monetary Policy Committee (MPC) meeting held in Abuja. It further noted that States Governments and smallholder farmers form a large part of the defaulter. 

It will be recalled that the Central Bank disclosed in August that about N791 billion was disbursed to more than 3 million farmers under the Anchor Borrowers’ Program (ABP) and Commercial Agric Credit. 

ABP was launched by Muhammad Buhari on November 17, 2015 to assist Smallholders Farmers. ABP was created to reduce the pains faced by farmers in accessing credit for their operations. It had a single interest rate of nine percent.

Some of the benefiting smallholder farmers are those engaged in the production of rice, maize, wheat, cotton, cassava, potatoes, yam, ginger, oil palm, cocoa, rubber tomatoes, fish and poultry among others.

According to the director of development finance of the CBN, Yusuf Yila, state governments’ monthly federation account allocation committee (FAAC) accruals are already being debited directly every month. He however did not specify the states involved.

“Every person(s) or state that took that loan (ABP) is going to pay. We have their BVN. These persons are smallholder farmers, who received funds for farming. We have started recovering loans from state governments. We have been doing a loan workout programme with them, and we are debiting their monthly Federal Allocation Account (FAAC) accruals directly for the loans”, he stated.

“If a state government has taken N1 billion and is already in default, over six months, we debit them N150 million every month. So, we’ve started that programme.” He continued. So, every single loan that has been given out through any of our intervention programmes must be paid back.” He added

Yila, also mentioned that the CBN has put sentiment aside and is determined to collect the money it is owed. 

 “There is absolutely no mercy. We have started; we are in recovery mode. At the development finance department, we have begun to recover the loans”, he stated.

Continue Reading

Finance

Five Million Passengers Used Abuja Airport in 2021

More than five million passengers used Nnamdi Azikiwe International Airport, (NAIA) Abuja, between January and December 2021.

Published

on

murtala-muhammed-international-airport-lagos

More than five million passengers used Nnamdi Azikiwe International Airport, (NAIA) Abuja, between January and December 2021.

The Federal Airport Authority of Nigeria (FAAN) has disclosed that 5,323,905 passengers were processed through the Nnamdi Azikiwe International Airport (NAIA) Abuja in 2021. This represents a 37.23 per cent increase from 2020.

Speaking in Abuja at the celebration of the 40th anniversary of the Airport, the Managing Director of FAAN, Captain Hamisu Yadudu noted that the airport continued to wax stronger and higher. 

Captain Hamisu further noted that for easy movement of passengers, the Federal Government has completed and commissioned a world-class, brand-new international terminal. 

“I am glad that the airport has continued to grow in leaps and bounds since then. In the year 2021 for example, a total of 5,323,905 passengers were processed through the airport, which was a whopping 37.23% increase on the year 2020 figures. In terms of the facility upgrade, the airport also has been quite progressive”. The MD stated.

Hamisu also noted that Abuja airport was adjudged the Best Airport in Safety for the year 2018 by Airport Council International, Africa Region while the airport also received ACI’s Airport Service Quality Award in the year 2020, among several others laurels. 

The MD, therefore, laud the contributions of all staff, both past and present, as well as partners and stakeholders for the last 40 years.

Meanwhile, the Regional General Manager/ Airport Manager of NAIA, Abuja, Kabir Mohammed revealed that the Federal Executive Council (FEC) has approved the construction of a new runway at Abuja airport. 

He added that the new runway will come with a new terminal and a new fire station. 

Nnamdi Azikiwe International Airport (NAIA) is one of the most used and functional airports in Nigeria. It was established on the 29th of September, 1982. Sited at the seat of power, the airport is often used by the president, majority of the public office holders, visiting presidents and foreign diplomats. 

Continue Reading

Finance

World Bank Approves $750 Million Loan For Nigeria

The World Bank has approved a sum of $750 million to help Nigeria in its efforts to create more jobs. 

Published

on

world bank - Investors King

The World Bank has approved a sum of $750 million to help Nigeria in its efforts to create more jobs. 

A statement released by the World Bank on Thursday commended the Nigerian government in its efforts to eliminate constraints in the business environment through the Presidential Enabling Business Environment Council (PEBEC). 

The world bank further noted that although Nigeria’s ability to attract both domestic and international foreign investment remains low when compared to its peers, the country is capable to drive private investment to high growth

According to the statement which was released on Thursday,  the World Bank nonetheless stated that the fund will help Nigeria to accelerate the implementation of critical actions that will improve the business-enabling environment in the country.

Investors King learnt that though Nigeria moved by 38 places on the global ranking of ease of doing business between 2016 and 2019 from 169 to 131, the previous gains seem to have been wiped out after the adverse effect of covid19 and the current economic challenges. 

Similarly, in June 2022, a publication by the World bank also decried the cumbersome customs procedures in Nigeria, especially at the Nigeria port. 

The report stated that Nigeria’s tariffs are among the highest in the world, especially for capital, intermediate and consumer goods. 

In recent times, there has been a series of complaints about the activities of the Nigerian Customs Service which could be detrimental to goods importation. Manufacturers and importers have an alleged arbitrary approach that the Nigeria Custom is using for duty valuation. 

They argued that it was not helpful for Customs to use the Consumer Price Index (CPI) to compute value and charge duty, given the high cost of local production.

Consumer Price Index is used to measure the overall change in consumer prices based on a representative basket of goods and services over time. 

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending