- Equities Market Capitalisation Hits Record N15trn on Continuing Rally
The Nigerian equities market has continued to record an unprecedented rally since the beginning of the week, lifting the market capitalisation to an all-time high of N15.317 trillion yesterday. The market, which had recovered from a three-year decline to gain 42.3 per cent in 2017, has remained bullish contrary to expectation of profit taking.
By the close of trading yesterday the Nigerian Stock Exchange(NSE) All-Share Index (NSE ASI) has jumped by 8.1 per cent in four days to close at 42,041.54, while market capitalisation added N1.467 trillion to hit a record N15.317 trillion.
Specifically, the ASI appreciated by 2.93 per cent yesterday as bellwether stocks such as FBN Holdings, UBA, Zenith Bank, Dangote Cement, and Nigerian Breweries rallied.
A total of 56 stocks added value, while 10 depreciated. Honeywell Flour Mills Plc led the led the gainers’ chart, rising by 9.97 per cent. It was trailed by Cement Company of Northern Nigeria Plc with 9.96 per cent, while Champion Breweries Plc, Fidelity Bank Plc and Wema Bank Plc garnered 9.92 per cent, 9.92 per cent and 9.6 per cent in that order.
Conversely, University Press Plc led the price losers with 4.7 per cent, trailed by Meyer Plc with 4.4 per cent. Learn Africa Plc, NEM Insurance Plc and Berger Paints Nigeria Plc shed 4.0 per cent, 3.1 per cent and 2.6 per cent respectively.
Also, volume of trading appreciated as investors traded 1.162 billion shares worth N17.375 billion, up from 1.089 billion shares valued at N13.296 billion the previous day.
The three most actively traded stocks were Transcorp (208.77 million shares), Diamond Bank (149.70 million shares) and Zenith Bank (129.43 million shares).
Performance across sectors was bullish as all indices closed in the green. The NSE Banking Index was the top performer, rising 4.4 per cent on the back of buying interest across board.
The NSE Industrial Goods Index trailed with 3.3 per cent growth, while the NSE Consumer Goods Index rose 2.3 per cent.
The NSE Oil & Gas Index went up by 2.7 per cent, while the NSE Insurance Index ended 1.7 per cent higher.
Commenting on the market performance, analysts at FSDH said:The market rally continued against expectations. Sector performances were mostly bullish, as all sectorial indices closed positive. There may be profit taking in the market in the next few trading sessions.”
Similarly, analysts at Cordros Capital said: We expect stocks to rally further, driven by still-positive market fundamentals and improving macroeconomic outlook.”
Ecobank To Pay Customers N5 For Every Dollar Received
Ecobank To Pay Customers N5 For Every Dollar Received
Ecobank has implemented the CBN scheme which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter. Korede Demola-Adeniyi; Head, of Consumer Banking, Ecobank Nigeria, who announced this in Lagos stated that the decision is in line with the CBN directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country.
She noted that the “CBN Naira 4 dollar scheme” is an unprecedented incentive for senders and recipients of international money transfers.
Korede Demola-Adeniyi said that the scheme takes effect from 8th March and will run till 8th May 2021. “Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, but they will also get extra Naira”, she stated.
Only recently, Ecobank had a first-of-its-kind virtual Diaspora Summit to discuss opportunities for Nigerians living abroad and the various platforms available to assist them with their investment decisions and remittance needs. The event had major players in the remittance space, diaspora audience, government officials and notable stakeholders in attendance.
Further, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan has disclosed that apart from consistent engagement with Nigerians in the diaspora, Ecobank is leveraging its digital technology to make remittances to Nigeria and Africa easy, convenient and affordable.
Mr. Akinwuntan stated that growing evidence has shown a positive relationship between diaspora remittances and economic growth.
“Ecobank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent. Ecobank’s Rapidtransfer and mobile app (Ecobank Mobile) enable Africans, wherever they are, to easily and instantly send money to bank accounts, mobile wallets and agent locations across 33 African countries”, he stated.
Ecobank Nigeria, a member of the Pan African Banking Group is committed to supporting Africans in the diaspora by providing advisory services, remittance solutions, investment options and financial planning schemes. The bank also offers mortgages, treasury bills, capital market instruments, among others.
Peter Obaseki Retires as Chief Operating Officer of FCMB Group Plc
The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.
His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.
The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.
FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).
The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.
For more information about FCMB Group Plc, please visit www.fcmbgroup.com.
COVID-19: CBN Extends Loan Repayment by Another One Year
Central Bank Extends One-Year Moratorium by 12 Months
The Central Bank of Nigeria (CBN) has extended the repayment of its discounted interest rate on intervention facility by another one-year following the expiration of the first 12 months moratorium approved on March 1, 2020.
The apex bank stated in a circular titled ‘Re: Regulatory forbearance for the restructuring of credit facilities of other financial institutions impacted by COVID-19’ and released on Wednesday to all financial institutions.
In the circular signed by Kelvin Amugo, the Director, Financial Policy and Regulation Department, CBN, the apex bank said the role-over of the moratorium on the facilities would be considered on a case by case basis.
The circular read, “The Central Bank of Nigeria reduced the interest rates on the CBN intervention facilities from nine per cent to five per cent per annum for one year effective March 1, 2020, as part of measures to mitigate the negative impact of COVID-19 pandemic on the Nigerian economy.
“Credit facilities, availed through participating banks and OFIs, were also granted a one-year moratorium on all principal payments with effect from March 1, 2020.
“Following the expiration of the above timelines, the CBN hereby approves as follows:
“The extension by another 12 months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities.
“The role-over of the moratorium on the above facilities shall be considered on a case by case basis.”
It would be recalled that the apex bank reduced the interest rate on its intervention facility from nine percent to five percent and approved a 12-month moratorium in March 2020 to ease the negative impact of COVID-19 on businesses.
To further deepen economic recovery and stimulate growth, the apex bank has extended the one year-moratorium until February 28, 2022.
News3 weeks ago
Doctors Warn Covid Will Become Endemic and People Need to Learn to Live With it
Bitcoin2 weeks ago
Bitcoin Rebounds To $50,881 Per Coin on Wednesday
Bitcoin3 weeks ago
Bitcoin Surges Above $50,000 Per Coin on Tuesday, Sets a New All-Time High
News2 weeks ago
U.S. COVID-19 Deaths Hit 500,000
Economy3 weeks ago
Petrol Subsidy May Hit N11.2bn Per Week
Economy4 weeks ago
Petrol Landing Cost Rises to N180, Oil Crosses $60
News3 weeks ago
WAEC Releases 2020 Result, Just 39.8 Percent Passed
Stock Market3 weeks ago
Jeff Bezos Topples Elon Musk as Experts Predict Tesla’s Doom