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Jaiz Bank Emerges Worst Performing Stock on NSE in May

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Jaiz Bank
  • Jaiz Bank Emerges Worst Performing Stock on NSE in May

Jaiz Bank has emerged the worst performing stock in percentage terms on the Nigerian Stock Exchange for the month of May.

The data obtained from the exchange for the month of May indicated that the stock dropped by 17.39 percent, to close at 95k per share, as against the opening price of N1.15.

The Chief Operating Officer, InvestData Ltd, Mr Ambrose Omordion, linked the stock’s decline during the period to its nature of banking business that emphasised on profit sharing, rather than interest on loans, charged by commercial banks.

Omordion stated that the bank’s unimpressive 2017 first quarter numbers released in the market recently, contributed to the price depreciation.

The company on Feb. 9 joined the league of quoted companies on NSE with the listing by introduction of 29.46 billion shares of 50k each at N1.25 per share, worth N36.83bn.

A further breakdown of the data showed that Mobil Oil trailed with a loss of 14.26 percent, having closed at N284.65, as against the N332 achieved in April, while Seplat dipped by 14.15 per cent to close at N351 per share, as against the opening price of N410.

Learn Africa depreciated by 9.76 per cent to close at 74k, against its opening price of 82k, while Lafarge Africa dipped 5.73 per cent to close at N48, in contrast with N50.02 in April.

On the other hand, Fidson Healthcare was the best performing stock during the period under review in percentage terms, growing by 107.29 per cent to close at N2.28 per share, as against the N1.10 achieved in April.

May & Baker followed with a growth of 75.29 per cent to close at N1.49, compared with the opening price of 85k and FBN Holdings grew by 67.19 per cent to close at N5.30, against N3.17 in April.

Oando improved by 46.19 per cent to close the month at N8.45, against the opening price of N5.78, while AXA Mansard rose by 43.31 per cent to close at N2.25 per cent, in contrast with N1.57 per share posted in April.

A total of 9.73 billion shares valued at N102.81 billion were exchanged by investors in 93.899 deals.

The Financial Service Sector was the most active, with a turnover of 5.61 billion shares worth N39.64bn, transacted in 39,631 deals.

It was followed by Premium Board with an exchange of 2.38 billion shares valued at N32.69 bn in 18.685 deals, while Consumer Goods sold 509.19 million shares worth N16.50bn, achieved in 12,433 deals.

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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Crude Oil

Oil Prices Slide as U.S. Crude Stockpiles Surge, Heightening Demand Concerns

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Crude oil

Oil prices declined on Thursday as concerns over demand intensified due to a larger-than-anticipated build in U.S. crude stockpiles.

Brent crude oil, against which Nigerian oil is priced, dropped by 0.5% to $83.25 a barrel while U.S. West Texas Intermediate crude oil fell by 0.3% to $78.28 a barrel.

The Energy Information Administration’s report revealed a substantial increase in U.S. crude oil stockpiles by 4.2 million barrels to 447.2 million barrels for the week ending February 23rd.

This surge surpassed analysts’ expectations and marked the fifth consecutive week of rising inventories.

While gasoline and distillate inventories witnessed a decline, concerns regarding a sluggish economy and reduced oil demand in the U.S. were amplified.

Satoru Yoshida, a commodity analyst with Rakuten Securities, highlighted that the significant stockpiles have heightened investor worries.

Moreover, the anticipation of delayed U.S. interest rate cuts further weighed on market sentiment, potentially undermining oil demand.

Traders have adjusted their expectations for rate cuts, with an easing cycle predicted to commence in June rather than March as previously anticipated.

Market participants await the U.S. personal consumption expenditures price index for insights into inflation trends, while the possibility of an extension of voluntary oil output cuts from OPEC+ looms over price dynamics, amid lingering uncertainty in the demand outlook and geopolitical tensions in the Middle East.

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Crude Oil

Crude Oil Shortage Threatens Dangote, Government Refineries, Minister Raises Alarm

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Dangote Refinery

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has sounded a clarion call over a looming crude oil shortage that threatens the operations of the newly inaugurated Dangote Petrochemical Refinery and government-owned refineries in Nigeria.

Addressing stakeholders at the seventh edition of the Nigeria International Energy Summit in Abuja, Minister Lokpobiri expressed concerns that unless deliberate efforts are made to increase investments and crude oil production, these refineries may struggle to obtain enough feedstock for petroleum product manufacturing.

The Dangote refinery, a colossal project spearheaded by Dangote Industries Limited, has a daily requirement of up to 650,000 barrels of crude oil, while government-owned refineries could need approximately 400,000 barrels.

However, the current pace of crude oil production and investment in Nigeria falls short of meeting these demands.

Minister Lokpobiri highlighted the need to ramp up production and attract investments in the upstream sector to ensure adequate feedstock supply for the refineries.

He emphasized the importance of efficiently utilizing Nigeria’s abundant oil and gas reserves to enhance domestic energy security and economic prosperity.

Furthermore, the minister underscored the significance of investing in energy infrastructure and transitioning towards more environmentally friendly practices to address Nigeria’s energy needs effectively.

The alarm raised by Minister Lokpobiri underscores the urgency for strategic interventions and collaborative efforts to mitigate the impending crude oil shortage and secure the future of Nigeria’s refining industry amidst evolving global energy dynamics.

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Energy

NNPCL Pledges End to Nigeria’s Energy Scarcity Within a Decade

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Mele Kyari - Investors King

The Nigerian National Petroleum Company Limited (NNPCL) has announced a bold initiative aimed at ending Nigeria’s persistent energy scarcity within the next decade.

Mele Kyari, the Group Chief Executive Officer of NNPCL, revealed this ambitious plan during the opening ceremony of the seventh Nigerian International Energy Summit in Abuja.

Kyari’s announcement comes as a beacon of hope for millions of Nigerians grappling with chronic power shortages and energy deficiencies.

In his statement, Kyari expressed confidence that all issues related to energy scarcity in the country would be resolved within the next 10 years.

Assuring stakeholders of NNPCL’s unwavering commitment, Kyari emphasized the company’s dedication to collaborating with partners to bridge the energy deficit gap and foster prosperity for all Nigerians.

He highlighted NNPCL’s pivotal role as a key partner to oil-producing companies in Nigeria, facilitating the divestment of international oil companies from onshore and shallow water assets in the country.

Furthermore, Kyari underscored NNPCL’s statutory mandate as the enabler of national energy security, emphasizing the importance of sustainable production from divested assets to ensure energy security for Nigerians.

In addition to addressing domestic energy challenges, NNPCL is also exploring avenues for sustainable energy investment across Africa.

Kyari revealed the company’s intention to invest in the proposed African Energy Bank, aiming to secure funding for energy projects on the continent and guarantee regional energy security.

The event, attended by prominent stakeholders including government officials and representatives from international organizations, marks a significant step towards reshaping Nigeria’s energy landscape and fostering economic development through improved energy access.

As NNPCL charts its course towards energy abundance, Nigerians remain cautiously optimistic about the prospects of a brighter energy future.

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