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FCMB, Others Drive N55bn Gain in Stocks

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People look at an electronic board showing the graph of the recent fluctuations of market indices at the floor of Brazil's BM&F Bovespa Stock Market in Sao Paulo

Champion Breweries Plc, FCMB Group Plc, Ecobank Transnational Incorporated, Stanbic IBTC Holdings Plc and Eterna Plc emerged the top five gainers after the close of trading on the floor of the Nigerian Stock Exchange on Thursday.

The firms, alongside 16 other companies, boosted market capitalisation by N55bn in one day.

The NSE market capitalisation, which stood at N8.216tn on Wednesday, rose to N8.271tn, while the All-Share Index rose to 24,883.34 basis points from 24,042.73 basis points recorded on Wednesday.

A total of 271.617 million shares, worth N1.543bn, were traded in 3,360 deals with the highest index point hitting 24,432.51. The lowest and average index points stood at 23,883.34 and 24,174.59 basis points, respectively.

Other gainers on the floor of the NSE on Thursday were Ikeja Hotel Plc, Cement Company of Northern Nigeria Plc, Unilever Nigeria Plc, A.G. Leventis Nigeria Plc, Seplat Petroleum Development Company Limited, Learn Africa Plc, Vitafoam Nigeria Plc, Nestle Nigeria Plc, Zenith Bank Plc, UAC Property Development Company Plc, and Fidelity Bank Plc.

Tiger Branded Consumer Goods Plc, Honeywell Flour Mill Plc, Dangote Cement Plc, United Bank for Africa Plc and Union Bank Nigeria Plc also appeared on the gainers’ chart.

Champion shares rose to N2.83 from N2.58, recording a gain of N0.25 (9.69 per cent), while those of FCMB gained N0.06 (7.89 per cent) to close at N0.82 from N0.76.

The shares of ETI also rose to N15.96 from N15.20, gaining N0.76 (five per cent), while Stanbic closed at N14.85 from N14.15, gaining N0.70 (4.95 per cent).

Eterna shares closed at N1.94 from N1.85, gaining N0.09 (4.86 per cent).

A total of 19 firms appeared on the losers’ table, with Unity Bank Plc, MRS Oil Nigeria Plc, Flour Mills Nigeria Plc, AIICO Insurance Plc and Fidson Healthcare Plc emerged as the top five losers.

Other losers after the close of trading on Thursday were Livestock Feeds Plc, Academy Press Plc, Africa Prudential Registrars Plc, Custodian and Allied Plc, Diamond Bank Plc, Dangote Sugar Refinery Plc, Cadbury Nigeria Plc, Nascon Allied Industries Plc, Glaxo Smithkline Consumer Nigeria Plc, and Access Bank Plc.

Nigerian Breweries Plc, Oando Plc, UAC Plc and FBN Holdings Plc also emerged as losers.

Unity Bank share price depreciated by N0.04 (5.63 per cent) to close at N0.67 from N0.71, while MRS shares lost N2.48 (4.99 per cent) to close at N47.18 from N49.66.

The shares of Flour Mills closed at N18.34 from N19.30, losing N0.96 (4.97 per cent), while those of AIICO shed N0.04 4.94 per cent) to close at N0.77 from N0.81.

The shares of Fidson also dropped by N0.13 (4.83 per cent) to close at N2.56 from N2.69.

Punch

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

Insider Dealing: Paul Miyonmide Gbededo Adds Another 612,326 Shares of Flour Mills to His Stake

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Paul Miyonmide Gbededo, the Group Managing Director, Flour Mills of Nigeria Plc bought an additional 612,326 shares of the company.

The management stated this in a disclosure statement sent to the Nigerian Stock Exchange on Monday.

The managing director purchased the shares at N27.75 per share on November 20, 2020 at the Nigerian Stock Exchange in Lagos, Nigeria. Meaning, Gbededo has invested another N16,992,046.5 into the company.

This was in addition to the 3,284,867 shares valued at N91,642,269 and 4,200,852 shares worth N117.62 million purchased by Gbededo earlier in the month of November. Bringing his recent purchases to 8,098,045 million shares worth N226,254,315.5. See the details of the latest transaction below.

 

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FCMB Reports 16.4 Percent Increase in Profit After Tax in Q3 2020

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FCMB

FCMB Group Plc, one of the leading financial institutions in Nigeria, reported a 16.4 percent increase in profit after tax for the third quarter of the year.

In the unaudited financial statements released through the Nigerian Stock Exchange (NSE), the lender’s profit before tax grew by 10.2 percent year-on-year to N4.8 billion while profit after tax increased by 16.4 percent to N4.2 billion.

FCBMB Group Plc expanded gross earnings by 4.8 percent to N48.3 billion during the period under review. Similarly, the bank’s net interest income rose by 30.03 percent year-on-year to N22.7 billion.

The strong performance continued across the board as net fee and commission income increased by 0.29 percent to N5.2 billion. Net trading income rose by 39.4 percent year-on-year to N1.82 billion.

Personnel expenses dropped by 7.9 percent to N6.9 billion during the quarter while general and administrative expenses declined by 7.52 percent year-on-year to N7.6 billion. Largely due to the COVID-19 lockdown.

Loans and advances to customers rose by 10.8 percent to N793.14 billion between December 2019 and September 2020. Total desposits from customers during the same period grew by 26.7 percent to N1.2 trillion.

The bank’s total assets increased by 22.12 percent to N2.04 trillion.

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Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary

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stanbic IBTC Insurance

Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”

 

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