Connect with us

Finance

NSE Market Capitalisation Drops by N82bn

Published

on

global shares
  • NSE Market Capitalisation Drops by N82bn

Although the Nigerian Stock Exchange closed the week on a positive note, the market capitalisation of listed equities dropped by N82bn after falling for two straight days as investors increased profit-taking.

It was a four-day trading week as the Federal Government declared Friday (today) and Monday, April 17 as a public holiday in commemoration of the Easter celebrations.

The NSE market capitalisation stood at N8.827tn on Thursday, down from N8.909tn at the end of last week.

The NSE All-Share Index, which fell to 25,478.06 basis points on Tuesday from the 25,746.52 bps it closed at last week, increased to 25,510.01 bps on Thursday.

Similarly, all other indices finished lower during the week with the exception of the NSE ASeM Index that closed flat.

Following the recent gains recorded by some large cap stocks, capital market analysts had said profit-taking activities could constitute a drag on the performance of the stock market this week.

A total turnover of 1.191 billion shares worth N6.037bn in 11,820 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 786.176 million shares valued at N5.828bn that exchanged hands last week in 14,343 deals.

The financial services industry (measured by volume) led the activity chart with 1.014 billion shares valued at N3.070bn traded in 6,700 deals, thus contributing 85.07 per cent and 50.86 per cent to the total equity turnover volume and value, respectively.

The consumer goods industry followed with 51.888 million shares worth N1.581bn in 2,025 deals, while the third place was occupied by conglomerates industry with a turnover of 47.517 million shares worth N66.904m in 542 deals.

Trading in the top three equities namely, Fidelity Bank Plc, FCMB Group Plc and Standard Trust Assurance Plc (measured by volume), accounted for 679.949 million shares worth N639.862m in 1,622 deals, contributing 57.06 per cent and 10.60 per cent to the total equity turnover volume and value, respectively.

Thirteen equities appreciated in price during the week, lower than 36 equities of the previous week.

Thirty-seven equities depreciated in price, higher than 22 equities in the previous week, while 127 equities remained unchanged higher than 119 equities recorded in the preceding week.

This week, UNIC Insurance Plc was delisted from the Daily Official List of the Exchange and the shares of its holding company, UNIC Diversified Holdings Plc, listed in its place.

“This is to bring into effect a scheme of arrangement whereby the shareholders of UNIC receive equal number of shares in UDH as they previously held in UNIC, and UDH becomes a holding company of UNIC,” the NSE said.

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

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

Published

on

Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

Continue Reading

Banking Sector

CIT Microfinance Bank Disburses Over N16bn Loans

Published

on

micro-finance-bank

CIT Microfinance Bank Disburses Over N16bn Loans

CIT Microfinance Bank Limited says it has disbursed about N16bn loans since it commenced operations as part of its contributions to the financial sector and empowerment of businesses.

The Managing Director of the microfinance bank, Mr Kingsley Eremionkhale, disclosed this during the company’s 10th anniversary in Lagos recently.

He reiterated that the bank was committed to supporting the growth of small and medium-scale enterprises in the country.

“Since inception, we have disbursed loans worth about N16bn. Our operation is not just about profit-making, but we have impacted many lives, empowered many businesses, and done a lot in terms of our core mandate as a microfinance bank.”

While appreciating its customers who had been loyal to it for years, he said it was concerned about their business success.

The managing director said, “We are part of our customers’ businesses. We provide services beyond lending and savings products and we also give financial advisory services.”

He appreciated the customers who had stayed with the financial institution for many years.

The managing director noted that the MfB is a state-licensed bank operating in Lagos, and a subsidiary of Capitalfield Investment Group.

He also attributed the success of the MfB to the board of directors which it said had been supportive, the management team and its workforce in the past 10 years.

While saying that the bank could lay claims to exponential growth, he said the public should expect more from it.

He also said that it was driving its operations through its digital offerings and our e-channels, to improve its services to our customers.

Continue Reading

Finance

FMDQ Approves Valency Agro’s N5.12bn Commercial Paper

Published

on

FMDQ

FMDQ Approves Valency Agro’s N5.12bn Commercial Paper

FMDQ Securities Exchange Limited has announced the approval of the quotation of the Valency Agro Nigeria Limited N5.12bn Series 1 Commercial Paper under its N20bn CP Programme on its platform.

The Exchange said in fostering the development of the Nigerian debt capital markets, it had continued to avail its credible and efficient platform as well as tailor its listings and quotations services to suit the needs of issuers and registration members through innovative and uninterrupted service delivery.

It said in a statement on Thursday that the Valency Agro Nigeria CP debut issue came at a time when the Nigerian economy was bedeviled with soaring food prices, amidst compounding challenges of insecurity.

It said the agricultural sector and its attendant transformation agenda had never been more important in driving increased and sustainable production of agricultural products as well as the derived foreign earnings through exports.

The Exchange said the proceeds from the issue of the CP would be applied by Valency Agro towards meeting the mid-term working capital requirements of the various agricultural produce under its portfolio such as cashew, sesame, cocoa and in value addition prior to export.

The Executive Director, Valency Agro Nigeria Limited, Mr Sumit Jain, was quoted as saying, “We are thankful to our investors towards showing their faith in our agenda to grow the agriculture-focused business with a clear aim to maximise value addition and create employment opportunities in Nigeria.

“We would also like to commend the efforts made by FBNQuest Merchant Bank Limited’s team to build the reach and FMDQ for their unconditional support for the industry”.

The Head, Capital Markets, FBNQuest Merchant Bank, Mr Oluseun Olatidoye, said, “FBNQuest Merchant Bank Limited is delighted with the successful debut of the N5.12bn Series 1 CP issued by Valency Agro Nigeria Limited. This reiterates our effort to enable underserved sectors access the debt markets, optimise their capital structure and further deepen the domestic capital markets.

“We are proud of the instrumental role FBNQuest Merchant Bank played in this transaction and appreciate the trust the management of Valency Agro placed in us to assist them. Our clients remain our priority, and we strongly believe their success is our success.”

Continue Reading

Trending