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Nigerian Stock Exchange Gain 0.6 Percent

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Nigerian Stock Exchange gain

The equities market of the Nigerian Stock Exchange closed the first trading session of the week on a positive note as the All Share Index gained 0.6 per cent on Monday.

The NSE ASI rose to 24,827.50 basis points from 24,689.69 basis points, while the market capitalisation increased by N47.4bn to close at N8.54tn.

The losses recorded by 25 stocks on Monday were unable to prevent the market from closing on a positive note.

Thirteen stocks recorded price appreciation, with Vitafoam Nigeria Plc leading the pack as it gained 9.32 per cent to close at N4.69 per share.

 Among the top five gainers are Cutix Plc, Africa Prudential Registrars Plc, NPF Microfinance Bank Plc and Dangote Cement Plc, which increased by 4.86 per cent, 4.45 per cent, 4.04 per cent and 3.75 per cent to close at N1.51, N2.58, N1.03 and N151.99 per share, respectively.

Other gainers include Seplat Petroleum Development Company Plc, Fidelity Bank Plc, AIICO Insurance Plc, Skye Bank Plc, United Bank for Africa Plc, Transnational Corporation of Nigeria Plc and Guaranty Trust Bank Plc.

Tiger Branded Consumer Goods Plc led the losers on Monday as it shed five per cent to close at N1.14 per share.

It was followed by International Breweries Plc, Conoil Plc, Zenith International Bank Plc and Learn Africa Plc, which lost 4.97 per cent, 4.96 per cent, 4.92 per cent and 4.44 per cent to close at N19.14, N17.42, N11.60 and N0.86 per share, respectively.

Market activity waned marginally as volume and value traded were down 0.1 per cent and 0.7 per cent to close at 283 million units and N2.9tn, respectively.

The industrial goods index appreciated the most as gains in Dangote Cement drove the index two per cent upwards. Similarly, the oil and gas index rose 0.6 per cent on renewed buy sentiment in Seplat. However, the Banking and Consumer Goods indices depreciated one per cent and 1.4 per cent, respectively due to sustained selling pressures in Zenith Bank and Nestle. The Insurance index declined 0.1 per cent.

Analysts at Afrinvest Research said, “Ahead of full year earnings and corporate actions, we expect more bargain hunting in dividend-paying stocks. However, the volatility in market performance buttresses the need for investors to stay cautious in timing entry, especially for short-term holding period investments, even as we consider the current prices attractive for medium to long-term investors.”

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

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Investment

Saudi Arabia Aims for $80 Billion Tourism Investment to Fuel Vision 2030 Goals

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tourism

Saudi Arabia is embarking on a bold venture to attract up to $80 billion in private investment into its burgeoning tourism industry, a move pivotal to realizing its ambitious Vision 2030 objectives.

Tourism Minister Ahmed Al Khateeb unveiled the kingdom’s aspiration during an interview in Riyadh, emphasizing the imperative role of the private sector in spearheading investment endeavors.

With plans to disburse approximately $800 billion on tourism over the next decade, Saudi Arabia is steadfast in its pursuit to diversify its economy and reduce dependency on oil revenues.

Vision 2030 outlines a trajectory for the kingdom to metamorphose into one of the world’s premier tourist destinations, targeting 150 million annual visitors by 2030, a significant portion originating from overseas.

While the government and sovereign wealth fund have historically fueled tourism development, securing substantial foreign direct investment, particularly from the private sector, emerges as paramount in expediting Vision 2030 initiatives.

The kingdom’s fiscal projections, forecasting deficits until 2026, underscore the urgency of engaging private investors to actualize the ambitious tourism blueprint.

Saudi Arabia, having welcomed 100 million tourists in 2023, predominantly domestic travelers, eyes international markets such as India, China, the UK, France, and Germany for tourist influx.

A new program launched by the Ministry of Tourism aims to streamline investment processes, potentially unlocking $11 billion in private investment, bolstering Saudi Arabia’s tourism trajectory and reshaping its economic landscape.

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CBN Unveils Plan to Settle N1.64 Trillion Treasury Bills in Q2 2024

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FG Borrows

The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.

This initiative, part of the CBN’s Nigeria Treasury Bills Issue programme, aims to regulate the money supply within the economy while effectively managing liquidity dynamics.

According to documents obtained by Investors King, the TBs settlement program is slated to commence on March 7th and conclude on May 23rd, 2024.

The CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

The breakdown of the settlement plan reveals monthly settlements to address maturing TBs. In March, the CBN plans to settle N660.62 billion worth of TBs, followed by N292.17 billion in April and N688.3 billion in May.

Market analysts interpret this move as a testament to the CBN’s commitment to managing financial obligations and maintaining economic stability.

It provides investors with opportunities to engage in short-term financial instruments while contributing to overall liquidity dynamics.

The strategic settlement plan reflects the CBN’s proactive stance in navigating economic challenges and ensuring stability within the financial landscape.

As the apex bank implements these measures, stakeholders will closely monitor their impact on market dynamics and economic indicators, anticipating implications for investment decisions and monetary policy outlooks.

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China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market

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General Images Of Residential Property

China’s state-owned lenders have committed a substantial $8 billion in loans to rejuvenate the country’s beleaguered property market, aligning with Beijing’s directives to bolster the sector.

Agricultural Bank of China Ltd. disclosed approving over 40 billion yuan of loans for real estate projects on predefined white lists, signaling a proactive approach towards supporting the housing market’s recovery.

China Construction Bank Corp. also joined the effort, extending 3 billion yuan to five property projects, with plans to greenlight over 20 billion yuan in loans soon.

Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. are among the institutions offering financing assistance, although the exact loan amounts remain undisclosed.

This initiative follows Beijing’s recent call for local authorities to enhance financing support for developers and curate lists of eligible projects.

In response, the big four state lenders pledged to meet reasonable financing demands from developers and projects identified under the coordination mechanism.

However, China’s property market faces challenges despite these measures. New home sales plummeted 34.2% year-on-year, underscoring the ongoing slowdown.

While existing home transactions surged during the Spring Festival holiday, new home sales remained subdued, prompting a cautious outlook among buyers.

The infusion of $8 billion aims to instill confidence and stimulate activity in the property sector, potentially heralding a gradual recovery amid persisting market uncertainties.

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