- Equities Rally N75b Gain Amid Bargain-hunting
Nigerian equities traded mostly at higher prices yesterday as increasing bargain-hunting for value stocks drove the overall market to a net capital gain of N75 billion. With more than two gainers for every loser, quoted equities showed considerable recovery, sustaining underlying positive sentiment that started the week.
The benchmark index at the Nigerian Stock Exchange (NSE)- the All Share Index (ASI), recorded average gain of 0.58 per cent to close at 35,516.21 points as against its opening index of 35,311.36 points. Aggregate market value of all quoted equities rose from its opening value of N12.891 trillion to close at N12.966 trillion, representing net capital gain of N75 billion. The rally moderated the negative average year-to-date return to -7.13 per cent.
With 33 gainers to 16 losers, most sectoral indices closed positive, showing the widespread positive sentiment across the sectors and stocks’ groups. The NSE Banking Index rose by 1.7 per cent. The NSE Oil & Gas Index appreciated by 0.7 per cent. The NSE Consumer Goods Index rose by 0.3 per cent while the NSE Industrial Goods Index inched up by 0.02 per cent. However, the NSE Insurance Index slipped by 0.2 per cent.
The momentum of activities also improved considerably as turnover volume and value rose by 93.3 per cent and 180 per cent respectively. Investors traded a total of 339.68 million shares valued at N5.50 billion in 3,394 deals. Hallmark Insurance was the most active stock with 99.95 million shares valued at N30.99 million. Stanbic IBTC Holdings followed with 72.95 million shares worth N3.61 billion while May & Baker Nigeria placed third with 40.09 million shares worth N91.87 million.
“We expect performance to stay upbeat in subsequent sessions as investors hunt for bargains,” Afrinvest Securities stated.
Total Nigeria led the gainers’ chart with a gain of N9 to close at N190. Flour Mills of Nigeria followed with a gain of N1.20 to close at N24.80. Guaranty Trust Bank rose by N1 to close at N39. PZ Cussons Nigeria appreciated by 95 kobo to close at N14. Dangote Sugar Refinery added 50 kobo to close at N15.50 while Access Bank, Africa Prudential and Union Bank of Nigeria rose by 25 kobo each to close at N9.30, N4 and N5.85 respectively.
On the negative side, GlaxoSmithKline Consumer Nigeria led the losers with a loss of N1 to close at N14. Ecobank Transnational Incorporated and Forte Oil followed with a drop of 70 kobo each to close at N19.30 and N22.30 respectively. Nigerian Breweries declined by 50 kobo to close at N100. Custodian Investments slipped by 35 kobo to close at N5.10 while Dangote Flour Mills dropped by 30 kobo to close at N7.85 per share.
Analysts at SCM Capital remained cautious on the outlook for the market in the short term. “In the interim, we maintain our conservative outlook, underpinned by continued apathy towards the market as the 2019 electoral cycle draws nearer amid sustained capital flow reversals in emerging and frontier markets,” SCM Capital stated.
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.
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