Connect with us

Finance

PZ Cussons Leads Gainers, as NSE Records N8.6b Turnover

Published

on

PZ Cussons
  • PZ Cussons Leads Gainers, as NSE Records N8.6b Turnover

PZ Cussons Plc traded higher at the end of last week’s transactions on the Nigerian Stock Exchange. It led nine other with 21.29 per cent to close at N13.39 per share.

Following PZ Cussons, last week, was Julius Berger Plc, adding 10.22 per cent to close at N38.39 per share. Other gainers in last week’s transactions include; Betaglas, Forte Oil, United Capital adding 10.22, 9.91 and 7.61 per cent to close at N36.45, N59.41 and N3.82 per share.

Jaiz Bank gained 6.11 per cent to close at N1.39 per share. Sterling Bank added 5.71 per cent to close at N0.74 per share.

Dangote Flourmills garnered 5.67 per cent to close at N4.10 per share. Livestock added 5.56 per cent to close at N0.76 per share. FBN Holdings also gained 5.43 per cent to close at N3.30 per share.

Consequently, a turnover of 1.073 billion shares worth N8.608 billion in was recorded in 14,486 deals by investors on the floor of the Exchange, in contrast to a total of 1.052 billion shares valued at N8.031 billion that changed hands in 13,586 deals during the week ended February 10, 2017.

Last week, the financial services industry (measured by volume) led the activity chart with 930.380 million shares valued at N5.701 billion traded in 8,759 deals; thus contributing 86.70 per cent and 66.24 per cent to the total equity turnover volume and value respectively.

The consumer goods industry followed with 52.480 million shares worth N1.992 billion in 2,513 deals. The conglomerates industry ranked third with a turnover of 22.125 million shares worth N39.217 million in 499 deals.

Trading in the top three equities namely – Staco Insurance Plc, Zenith International Bank Plc and Guaranty Trust Bank Plc (measured by volume) accounted for 473.880 million shares worth N4.269 billion in 2,254 deals, contributing 44.16 per cent and 49.60 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 15.400 million units of Exchange Traded Products (ETPs) valued at N198.477 million executed in nine deals, compared with a total of 200 units valued at N338,007.70 transacted last week in eight deals.

A total of 10,673 units of Federal Government Bonds valued at N10.479 million were traded this week in 10 deals, compared with a total of 1,135 units valued at N1.175 million transacted last week in five deal. The NSE All-share index and market capitalisation depreciated by 0.69 per cent to close the week at 25,164.91 and N8.709 trillion.

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.

Continue Reading
Comments

Finance

Federal Government Clears $120m Debt to Gas Companies Amid Nigeria’s Power Crisis

Published

on

Gas-Pipeline

Amidst Nigeria’s persistent power crisis, the Federal Government has taken a pivotal step forward by clearing a significant portion of its debt to gas companies.

A sum of $120 million has been paid out of the country’s $1.3 billion indebtedness to gas suppliers, offering a glimmer of hope for improved energy stability across the nation.

The Minister of Power, Chief Adebayo Adelabu, underscored the critical role of gas in power generation and highlighted how the mounting debts had severely hampered gas supply to electricity-generating companies, exacerbating the country’s electricity shortfall.

Nigeria heavily relies on thermal power plants fueled by gas for over 70% of its electricity needs, making the timely settlement of gas debts paramount for enhancing power generation capacity and addressing the nation’s energy deficit.

Addressing delegates at the 7th Nigeria International Energy Summit in Abuja, the Director of the Decade of Gas Secretariat, Ed Ubong, expressed optimism about the government’s progress in offsetting its financial obligations to gas producers.

He emphasized the importance of aligning gas and power sectors to foster sustainable energy solutions.

As Nigeria grapples with the multifaceted challenges plaguing its energy landscape, the government’s commitment to settling outstanding gas debts marks a pivotal stride towards revitalizing the country’s power infrastructure and ensuring reliable electricity access for its citizens.

Continue Reading

Finance

Nigeria Insurance Corporation Reimburses Depositors of 179 Closed Microfinance and Four Mortgage Banks

Published

on

Retail banking

The Nigeria Insurance Corporation (NDIC) has announced the successful reimbursement of depositors affected by the closure of 179 microfinance banks and four mortgage banks across the country.

The reassuring news came during the 45th Kaduna International Trade Fair, where NDIC’s Managing Director, Dr. Bello Hassan, explained the corporation’s unwavering commitment to safeguarding depositors’ funds amidst financial uncertainties.

Dr. Hassan, represented by Hauwa Gambo, the NDIC’s Deputy Director of Communication, highlighted the corporation’s proactive measures in protecting the interests of depositors.

The introduction of the Single Customer View framework has expedited the process of reimbursing depositors of liquidated banks, ensuring swift and transparent transactions.

The corporation’s collaboration with the judiciary has yielded positive results, facilitating the speedy prosecution of failed insured banks and resolving long-standing cases of bank liquidations like Fortune and Triumph Banks.

This concerted effort has significantly enhanced the debt recovery rate, enabling NDIC to declare full liquidation dividends to uninsured depositors of over 20 deposit money banks.

Furthermore, NDIC has embraced digital remote payment strategies, streamlining electronic funds transfers to verified depositors’ alternate bank accounts.

The introduction of the ‘Deposit Tracer’ initiative in partnership with mobile operators aims to address apathy among depositors with small balances, providing accessible avenues for claiming funds trapped in closed banks.

The initiatives underscore NDIC’s proactive stance in safeguarding depositors’ interests and ensuring financial stability in Nigeria’s banking sector.

Continue Reading

Banking Sector

85.51 Million Nigerian Bank Customers Face Withdrawal Freeze Over NIN, BVN Deadline

Published

on

First Bank

As the March 1 deadline looms, an estimated 85.51 million Nigerian bank customers are facing the possibility of frozen accounts due to their failure to link their National Identification Numbers (NINs) and/or Bank Verification Numbers (BVNs) to their accounts.

Recent findings reveal the potential scale of the impending banking crisis.

Data from the Nigeria Inter-Bank Settlement System (NIBSS) indicates that Nigeria had approximately 146 million active individual bank customers as of December 2022.

However, by January 26, 2024, only 60.49 million BVNs were recorded on the NIBSS portal, leaving a significant portion unlinked.

Meanwhile, about 104 million NINs had been issued by December 2023, highlighting the disparity between NIN issuance and BVN linkage.

The Central Bank of Nigeria (CBN) had earlier issued directives to banks, mandating them to restrict transactions on accounts lacking linked NINs and BVNs, with effect from March 1, 2024.

Any accounts found non-compliant risk being designated as ‘Post no Debit,’ rendering them unable to process further transactions.

Responding to the impending crisis, the Director-General of the National Identification Management Commission (NIMC), Abisoye Coker-Odusote, emphasized the need for the revalidation of Front-End Partners (FEPs) to ensure the integrity of the identity database.

She underscored the importance of NIN registration and urged collaboration with various stakeholders to expedite the process.

The Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, reiterated the significance of linking NINs to SIM cards to enhance national security.

Telecom subscribers were urged to comply with the NIN-SIM linkage directive to avoid service disruptions.

Meanwhile, financial service providers like Opay have issued reminders of the impending restrictions, urging customers to comply with the linkage requirements.

Amidst concerns, some customers contemplate transferring funds to compliant accounts to avoid potential financial setbacks.

As the deadline approaches, stakeholders are intensifying efforts to mitigate the impact of the impending banking crisis on millions of Nigerians.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending