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Japaul, Wapic, Total Lead Gainers as Market Sustains Rally



Egypt Stocks
  • Japaul, Wapic, Total Lead Gainers as Market Sustains Rally

The equities market on Thursday continued on its positive trajectory as Japaul Oil & Maritime Service Plc, Wapic Insurance Plc and Total Nigeria Plc emerged as the best performing stocks.

At the close of trading on the floor of the Nigerian Stock Exchange, a total of 342.101 million shares valued at N3.095bn exchanged hands in 4,943 deals.

Japaul, Wapic and Total’s shares appreciated respectively by 5.4 per cent, 4.9 per cent and 4.8 per cent while the worst performing stocks – Unic Diversified Holdings Plc, Courtville Business Solutions Plc and AG Leventis Nigeria Plc – depreciated respectively by 6.7 per cent, 5.6 per cent and five per cent.

Market breadth turned positive compared to Wednesday as 24 stocks trended northwards against 17, which plummeted.

“The market is likely to trade sideways to end the week. Market outlook however remains positive in the immediate term,” analysts at FSDH Group said in a post.

In the same vein, Meristem Securities said, “The gains witnessed during Thursday’s trading session can be attributed to the positive sentiment which permeated all sectors, save for the consumer goods sector. We forestall that the current market mood will be sustained tomorrow and envisage a positive close to the week, given the market’s performance thus far.”

Thus, analysts at Afrinvest Securities stated that, “We expect the market to sustain a positive close to the week as investors seek for bargain opportunities in the market ahead of full year earnings releases.”

The NSE All-Share Index rose by 0.2 per cent to settle at 42,258.78 from 42,158.32 basis points while the year-to-date return improved to 10.5 per cent.

As a result, investors gained N36.1bn in value as market capitalisation rose to N15.165tn from 15.129tn.

Sustained buying interest in banking stocks, especially in United Bank for Africa Plc, FBN Holdings Plc and Zenith Bank Plc, which drove the respective shares upwards by 3.2 per cent, 3.1 per cent and 3.1 per cent, was the main driver of the market’s positive performance.

However, activity level softened as volume and value traded slumped by 40 per cent and 41.9 per cent to 342.101 million units and N3.095bn, respectively.

Performance across sectors was largely positive as all indices, except for the consumer goods index which shed 0.3 per cent, appreciated. The consumer goods index recorded losses in Nigerian Breweries Plc and Dangote Sugar Refinery Plc, which depreciated respectively by 1.3 per cent and 2.7 per cent.

The banking and oil/gas indices appreciated 0.7 per cent apiece due to a rally in Zenith, UBA and Total shares.

Similarly, bargain hunting in Wapic and Aiico Insurance Plc, boosted their share prices by 4.9 per cent and 4.3 per cent, accordingly, as the insurance index advanced by 0.3 per cent. Also, the industrial goods index rose by 0.2 per cent as Lafarge Africa Plc appreciated by 0.5 per cent.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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ARISE IIP and Africa Finance Corporation Launch US$ 100M Capital Pool for African Entrepreneurs



ARISE IIP, the pan-African developer and operator of world-class industrial parks, and Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, today announced the signing of a Memorandum of Understanding to establish a dedicated US $100 million capital pool for African entrepreneurs who are establishing operations within any of the Arise IIP Special Economic Zones (SEZ) in Africa. 

At the heart of this partnership is a shared vision to uplift African entrepreneurs by providing them with much needed financing and advisory services to catalyse growth.

AFC will also actively seek financing from Export Credit Agencies (ECAs), local and regional financial institutions to mobilise funding to support these companies.

This concerted effort underscores ARISE IIP and AFC’s commitment to fostering industrialisation, job creation and economic prosperity in Africa.

Under this partnership, AFC’s comprehensive suite of financial services will extend beyond financing to include financial advisory support for corporate finance, equipment financing and market entry including assisting with joint ventures and technical partnerships for sponsors that may require it, to ensure they are well-equipped to seize opportunities and thrive within the SEZs.

By tapping into AFC’s extensive network and expertise, ARISE IIP aims to cultivate a vibrant ecosystem that nurtures entrepreneurship and drives sustainable economic development across the continent.

Gagan Gupta, CEO of ARISE IIP said about this partnership: “ARISE IIP is about empowerment. By empowering our customers, and ensuring they have the robust financial support needed to meet their operational objectives, this collaboration with Africa Finance Corporation, our long-lasting partner, takes us one step closer to realising our vision of an industrialised and prosperous Africa.

Samaila Zubairu, President & CEO of AFC said: This partnership marks a significant milestone in our commitment to offer strategic financial advisory and corporate finance services to firms focused on value capture and import substitution projects in Africa. By collaborating with our investee company Arise IIP and African entrepreneurs in our Special Economic Zones, we aim to foster an ecosystem that will increase trade, create jobs, and drive economic advancement on the continent.

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United Capital Plc Reports Stellar Growth with 65% Profit Increase, Announces Dividends



United Capital - Investors King

United Capital Plc (NGX: UCAP) has unveiled its unaudited financial results for the period ending June 30, 2024.

The company reported a 38% increase in gross earnings year-on-year to N15.15 billion. Profit before tax soared by 63% to N9.06 billion while profit after tax surged by 65% to N7.74 billion.

Total assets rose by 27% in the first half to N1.19 trillion, and shareholders’ funds increased by 33% to N120.34 billion.

These robust results have prompted United Capital to declare an interim dividend of N0.90 per 50 kobo ordinary share, alongside a generous bonus share offering of “2 for 1.”

Peter Ashade, Group CEO, expressed satisfaction with the strong financial outcomes, highlighting the company’s commitment to creating wealth and delivering superior value to shareholders.

“This marks a historic moment with our first-ever interim dividend and bonus share announcement, demonstrating our dedication to stakeholder value,” Ashade stated.

The company remains confident about sustaining its growth trajectory throughout 2024, bolstered by nearly N1.3 trillion in funds under management.

United Capital continues to prioritize activities that enhance and preserve value for stakeholders, maintaining its competitive edge and profitability.

With a focus on trusts, mutual funds, and professionally managed investments, the group is strategically positioned to achieve its growth objectives, ensuring sustainable returns for all involved.

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Banking Sector

Nigeria Plans 50% Windfall Tax on Banks’ Currency Profits



Central Bank of Nigeria (CBN)

Nigerian President Bola Tinubu has announced a one-time 50% tax on windfall profits that banks reaped from currency gains following last year’s naira devaluation.

This decision was part of the government’s strategy to navigate the ongoing cost-of-living crisis.

The naira, which has depreciated by about 70% against the dollar since foreign exchange rules were relaxed in June 2023, allowed banks holding dollar assets to significantly boost their income.

However, the Central Bank of Nigeria had advised lenders to retain these profits as a buffer against potential future losses.

The proposed tax will apply to the 2023 financial year, with non-compliance resulting in hefty fines.

The move has already impacted the NGX Banking Index, which fell by 1.3% as of midday trading in Lagos. Notable declines were seen in FBN Holdings Plc and Zenith Bank Plc, dropping 3.2% and 2.5% respectively.

This initiative mirrors similar actions in Europe, where countries like Italy and Hungary have imposed taxes on banks to address what they view as excessive profits during periods of high inflation and interest rates.

European banks have criticized these measures, warning of potential impacts on economic growth due to constrained lending capabilities.

President Tinubu’s administration believes this tax will help manage Nigeria’s fiscal challenges while addressing social needs.

Lawmakers are expected to support the measure, alongside a proposal to increase government spending by 6.2 trillion naira ($3.8 billion).

While banks have benefited from currency revaluations, many customers, particularly manufacturers with dollar-denominated loans, faced significant losses as they struggled with the weaker naira.

The new tax policy highlights the government’s broader efforts to stabilize the economy and attract foreign investment, aiming to ensure a more equitable distribution of financial gains.

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