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Oil, Industrial Sectors Lead N91bn Market Appreciation

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Nigerian stock market
  • Oil, Industrial Sectors Lead N91bn Market Appreciation

The country’s oil/gas and industrial sectors emerged as the top two gainers at the close of trading on the floor of the Nigerian Stock Exchange on Thursday after equities appreciated by N91bn.

The NSE oil/gas index recorded the highest gain of 2.82 per cent, followed by the NSE industrial index, which appreciated by 2.04 per cent.

On the gainers’ category also were the NSE banking and NSE insurance indices, which rose by 0.85 per cent and 0.16 per cent, accordingly.

The NSE food/beverage index slid by 0.01 per cent, being the only index to record a decline.

A total of 288.858 million shares valued at N3.82bn were traded in 3,631 deals.

The NSE market capitalisation rose to N11.458tn from N11.367tn, as the All-Share Index closed at 33,246.91 basis points from 32,981.63 basis points.

The Nigerian equities market recorded a gain for the fourth consecutive day this week, advancing by 0.80 per cent, to settle the year-to-date return at 23.71 per cent. There were 33 gainers and 19 losers.

Mobil Oil Nigeria Plc topped the gainers’ list, advancing by 9.49 per cent, to close at N259.

Forte Oil Plc, Custodian and Allied Plc, Cadbury Nigeria Plc and Guinness Nigeria Plc followed on the gainers’ table, appreciating by seven per cent, five per cent, five per cent and five per cent, respectively.

However, Champion Breweries Plc topped the losers’ chart, falling by seven per cent to close at N2.39.

First Aluminium Nigeria Plc, NCR Nigeria Plc, BOC Gasses Nigeria Plc and Linkage Assurance Plc followed on the losers’ table, depreciating by five per cent, 4.93 per cent, 4.85 per cent and 4.76 per cent, accordingly.

Commenting on the performance of the market, analysts at Meristem Securities Limited, in the firm’s daily post, said, “We posit that the day’s gain was as a result of positive sentiments towards some banking and oil/gas stocks, as well as the 0.90 per cent share price appreciation of Dangote Cement Plc.

“Following the trend of activities this week, we expect the market to close positive week-on-week. We, however, do not rule out profit taking activities on some counters that have rallied in the week.”

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.

Banking Sector

CBN to Extend Credit Risk Management System to OFIs

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In an effort to curb growing bad debt, the Central Bank of Nigeria has said it will extend its Credit Risk Management System to Other Financial Institutions (OFIs) operating in Nigeria to protect them from bad debtors.

According to the apex bank, this is important following the successful implementation of the credit risk system in other lending institutions operating in Nigeria.

The bank disclosed this in a circular titled ‘Credit Risk Management System: Commencement of enrolment of all Development Finance Institutions, Microfinance Banks, Primary Mortgage Banks and Finance Companies’ and signed by Kelvin Amugo, the Director, Financial Policy and Regulation Department, on Monday.

In part, the circular read, “As part of efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.

“With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrolment of Other Financial Institutions on the CTMS platform.

“Accordingly, all DFIs, MfBs, PMBs and FCs are required to report all credit facilities (principal and interest) to the CRMs and to update same on monthly basis.

“OFIs shall note the Bank Verification Numbers and Tax Identification Numbers are the only basis for regulatory renditions”.

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Banking Sector

BoI Grows Assets by 78.8% to N1.86 Trillion

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The Bank of Industry Group concluded the 2020 financial year with a 78.8 per cent growth of assets from N1.04tn to N1.86tn between 2019 and 2020.

A statement by the bank on Monday said the increase was driven to a large extent by the successful debt syndication of €1bn and $1bn that were concluded in March and December 2020 respectively.

BoI stated that the group’s financial statement demonstrated resilience and strength, noting that the period had significant challenges in the operating environment on account of the impact of COVID-19 pandemic on the economy.

“It also indicates synergy with the various interventions developed by the Federal Government, the Central Bank as well as other strategic partners towards ameliorating the impact of the pandemic on Nigerian enterprises,” the statement said.

The group’s total equity increased by 14.8 per cent from N293.08bn in the previous year to N336.48bn in 2020.

It added that as a reflection of the adverse impact of the challenging operating environment on growth of new facilities, loans and advances grew marginally in 2020 by 1.3 per cent to N749.84bn from the 2019 position.

The bank explained that this was largely due to the economic slowdown in the year as well as the various interventions and support initiated by the bank for its customers.

“The bank reviewed and restructured all its managed projects under the CBN intervention programme with interest rate reduction from nine to five per cent per annum for a period of one year and moratorium extension of three months (with a possible extension up to 12 months),” it said.

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Banking Sector

TAJBank Deploys NQR Solution To Ease Customer Transactions

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TAJBank, Nigeria’s non-interest bank, has announced the deployment of the NQR Payment solution, an indigenous Quick Response Code (QRC) by the Nigeria Interbank Settlement Scheme (NIBSS), for merchants and customers as the newest addition to its innovative e-business channels.

The NQR Payment solution is a secure QR-code-based payments and collections platform developed for merchants and customers to receive and make payments for goods and services in a quick, easy, contactless and secure manner.

A statement signed by the Founder/Chief Operating Officer of the bank, Mr. Hamid Joda, indicated that the ingenious solution would further drive TAJBank’s culture of innovation and create a seamless payment experience for its rapidly growing individual and corporate customers in their banking transactions.

“We are excited to have this payment channel introduced into the nation’s financial system as an addition to other innovative solutions we have deployed over the past few months.

This is a proof that, as we have said in our communications signature line, TAJBank’s interest is always in our customers”, Joda enthused.

In his remarks, the non-interest lender’s Chief Marketing Officer/Co-Founder, Mr. Sherif Idi, also maintained that the deployment of the NQR payment solution would revolutionize the e-payment experience and open new frontiers for small, medium and large scale businesses who are major stakeholders of the bank.

Since it commenced operations in the non-interest banking segment of the financial services industry, TAJBank is noted for its impeccable track record of growth and innovation, rendering exceptional quality services to customers.

The lender’s NQR solution is open to all customers of the bank, both merchants and individuals, across all its branches and digital channels globally.

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