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NSE All-Share Index Gains 1.2%

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global shares
  • NSE All-Share Index Gains 1.2% as Equities Market Extends Bullish Run

The Nigerian equities market extended its bullish run for the fourth consecutive day this week as investors’ positive sentiments continued. As a result, the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) appreciated by 1.17 per cent to close higher at 39,534.14. Similarly, market capitalisation added N159.8 billion to close at N13.77 trillion.

The positive performance thursday could be linked to gains recorded by Nigerian Breweries Plc, Nestle Nigeria Plc, Zenith Bank Plc, Ecobank Transnational Incorporated and FBN Holdings Plc.

However, Union Bank of Nigeria Plc led the price gainers with 10.1 per cent trailed BY Fidelity Bank Plc with 7.5 per cent, while NAHCO Plc chalked up 7.2 per cent. Okomu Oil Palm Plc and FBN Holdings Plc garnered 7.1 per cent and 6.1 per cent respectively.

Conversely, Total Nigeria Plc led the price losers with 5.0 per cent, trailed by AXA Mansard Insurance Plc with 4.6 per cent. NEM Insurance Plc shed 4.6 per cent, while Livestock Feeds Plc closed 4.1 per cent lower.

According to analysts at FSDH Research, the bullish momentum was sustained and largely driven by high demand for banking, consumer goods and insurance stocks

“There was profit taking on a number of stocks as expected, leaving of Dangote Flour, Transcorp, Diamond, FCMB and Stanbic IBTC closing on offer. Bargain hunting continued and was sustained in FBNH, Zenith, Fidelity Bank, ETI and Okomu and leaving Sterling Bank, UBN, Aiico and Continental Insurance and they all closed on bid,” they said.

The analysts noted that although profit taking is expected to continue in the coming sessions, the market will remain positive and active as we approach year-end.

A further analysis of the trading activities shows that three sectors closed in the negative while two appreciated. The two gainers were the NSE Consumer Goods Index and the NSE Banking Index that appreciated by 2.7 per cent and 1.8 per cent respectively as a result of sustained buying interest in Nigerian Breweries Plc (+2.2%), Nestle (+6.0 per cent) Zenith Bank (+5.6 per cent) and Access Bank (+3.3 per cent).

On the other hand, the NSE Industrial Goods Index shed 0.8 per cent following profit taking in Dangote Cement (-0.4 per cent). In a similar vein, the NSE Insurance Index fell 0.5 per cent following losses in AXA Mansard (-4.7 per cent) and NEM Insurance (-4.6 per cent) while the NSE Oil & Gas Index shed 0.4 per cent as a result of to selloffs in Total Nigeria (-5.0 per cent).

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

Sterling Bank Approves Audited Financial Statements for 2020

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Sterling Bank

Board of Sterling Bank Approves 2020 Audited Financial Statements

The Board of Sterling Bank Plc said it has approved the audited financial statements for the year ended 31, December 2020.

The lender said the approval was done at a meeting held on 23rd February 2021.

Details of the financial statements will be released upon approval of the Central Bank of Nigeria (CBN), Sterling Bank stated in a statement filed with the Nigerian Stock Exchange on Thursday.

It said “We are pleased to inform our shareholders and other stakeholders that the Board of Sterling Bank Plc at its meeting of 23rd February 2021 approved the audited Financial Statements for the year ended 31st December 2020 subject to the approval of the Central Bank of Nigeria (CBN).

“Kindly note that details of the Financial Statements will be communicated to you upon approval of same by the CBN.

“Consequently, the closed period for trading in the shares of the Bank by its insiders which commenced from 8th February, 2021 will continue until 24 hours after the Audited Financial Statements for the year ended 31st December, 2020 are released on the floor of the Nigerian Stock Exchange.”

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Banking Sector

CIBN, NIBSS Introduce e-Payment Certification Programmes

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NIBSS

CIBN, NIBSS Introduce e-Payment Certification Programmes

The Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with Nigerian Interbank Settlement Systems Plc (NIBSS) have introduced professional certification programmes on electronic payments for financial service providers and institutions.

Both organisations disclosed that the programme was designed to enhance the electronic payment skills and knowledge of financial practitioners in order to equip them with efficient tools and information required to upscale innovation and services.

Speaking to journalists at a media briefing in Lagos, yesterday, the Chief Executive Officer, Chartered Institute of Bankers of Nigeria, Mr. Seye Awojobi, said the initiative is an international programme, well grounded in the local realities of the Nigerian e-payment industry and captures the current dynamics, as well as aspects of digital financial services practices.

“This programme would set the standards for e-payment expertise in Nigeria; foster a category of high performing professionals in the industry and build a resilient, safe and secured payment technology driven platform.

“The curriculum for the programme adequately covers recent methods required, which are in line with global practices.

“The introduction of the scheme cannot be more timely than now considering the COVID-19 pandemic, which created serious disruptions in our professional and personal lives,” he added.

On his part, Chief Executive Officer, Nigerian Inter-Bank Settlement Systems Plc, Premier Oiwoh explained that the introduction of the programme would determine the capacity and work experience criteria required to recognise beginners, intermediate and advanced.

“It would create a growth roadmap for fledging e-payment workers, including the unemployed who has the desire to make a career in the electronic sector.

“Also, it would enable us continue to tackle the issue of insecurity within the financial technology payment and banking space,” he added.

The institutions also noted that in order to maintain a certification credential, the practitioners must earn some recertification credits over a three year span and valid for three years after it has been issued.

The CIBN last week has reintroduced its mentoring scheme. The initiatives aims at up-scaling the leadership capacity and productivity of workers within the financial and banking sector.

Speaking during the virtual forum, Director General, Securities and Exchange Commission, Lamido Yuguda, had explained that mentoring schemes are essential for the sustenance and development of the sector as it is built upon values such as trust and professionalism.

“These values can be taught. But are reinforced when practiced by the senior co-workers and emulated by junior colleagues. Such initiatives enable workers to avoid being distracted by the material, prestigious and monetary incentives the space presents.

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Finance

Stanbic IBTC Offers Low-Interest Agric Loans

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Stanbic IBTC Bank

Stanbic IBTC Offers Low-Interest Agric Loans

Stanbic IBTC Bank Plc has reaffirmed its commitment to the growth of Nigeria’s agriculture sector by supporting farmers and other players in the agricultural value chain.

As the demands on agribusinesses change seasonally, the financial institution provides financing solutions for agricultural enterprises to suit their requirements.

A statement explained that the needs range from availability of resources, to farming equipment, as well as enhancement of seasonal cashflow, amongst others.

Stanbic IBTC Bank offers various low-interest credit facilities across the agricultural sector that will help clients to cushion the impacts of the Covid-19 pandemic.

Speaking on this, Head, Agribusiness, Stanbic IBTC Bank, Wole Oshin, said the agribusiness financial solution was geared towards ensuring that players in the agriculture space are not hindered by lack of finance.

He said: “The bank’s suite of agribusiness solutions minimises risks, ensures maximum control and optimises profits associated with international trade by making transactions smoother, simpler and safer for all parties involved.

“Some benefits of the Stanbic IBTC Agribusiness Finance include: availability of gap-funding for unforeseen financial needs, maintenance of cash flow and flexibility of repayment terms based on the type of funding. This facility is also versatile and can be utilised for funding resources, vehicles and farming equipment.”

Oshin noted that agricultural enterprises could access overdraft to finance their short-term cash flow and working capital needs.

“With quick and flexible processes, funds are available when needed and interest is paid only on funds utilised, not on the full amount on which the limit is set,” he added.

He further reiterated that the asset finance solution could aid in the financing of all farming vehicle and implement needs, with a wide range of packages to suit business’ cash flow and tax requirements.

“Vehicles and assets such as tractors, harvesters, irrigation equipment and so on, to enhance production,” he said.

Other available facilities are Business Revolving Credit Loan, Agricultural Production Loan and Medium-Term Finance.

These are suitable for grain farmers, individual farmers, groups and entities in the agricultural sector. Our loans are designed to accommodate the purchase of various agricultural inputs (like seeds, fertilizers etc), livestock, agriculture-related products and asset acquisition.

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