Connect with us

Finance

Stock Market Reverses Gains as Sell-offs Resume

Published

on

Stock - Investors King
  • Stock Market Reverses Gains as Sell-offs Resume

The bullish run of the nation’s stock market was halted on Thursday as sell-offs resumed after gains were recorded on Tuesday and Wednesday.

The market capitalisation of equities listed on the Nigerian Stock Exchange depreciated by N121bn on Thursday to close at N11.251tn from the N11.372tn recorded on Wednesday.

Sell-offs in the banking and industrial sector dragged the All Share Index 1.07 per cent lower to settle at 30,819.10 basis points as the year-to-date loss worsened to -19.4 per cent.

Investor sentiment weakened as market breadth depreciated to 0.8x from 1.1x recorded on Wednesday.

Seventeen gainers emerged against 22 losers at the end of trading on Thursday.

Performance across sectors was largely bearish as three of five indices closed in the red.

The industrial goods index closed as the worst performing index in Thursday’s session as losses in Dangote Cement Plc drove the index lower by 1.61 per cent.

The banking index was the second worst performing index, losing 0.81 per cent due to losses in Access Bank Plc and Zenith Bank Plc.

The consumer goods index trailed, shedding 0.27 per cent on the back of sell pressures in Vitafoam Nigeria Plc and Unilever Nigeria Plc.

On the flip side, the oil and gas index gained the most with a 0.52 per cent increase on the back of price appreciation in Oando Plc.

The insurance indices gained 0.25 per cent as Mutual Benefits Assurance Plc and AIICO Insurance Plc recorded price appreciations.

Activity level, however, strengthened as volume and value traded rose by 41.4 per cent and 7.8 per cent, respectively, to close at 280.939 million units and N2.490bn, respectively.

The top traded stocks by volume were FBN Holdings Plc (92.5 million units), Diamond Bank Plc (68.2 million units) and Ikeja Hotel Plc (34.4 million units), while the top traded stocks by value were FBN Holdings Plc (N707.3m), Guaranty Trust Bank Plc (N507.8m), and Nigerian Breweries Plc (N319.0m).

The top five gainers were Champion Breweries Plc, Mutual Benefits, Diamond Bank, Honeywell Flour Mill Plc and Cutix Plc, which saw their respective share prices appreciate by 9.66 per cent, 9.52 per cent, 9.41 per cent, 8.49 per cent and 8.24 per cent.

The top five losers were Niger Insurance Plc, AG Leventis Nigeria Plc, LASACO Assurance Plc, UACN Property Development Company Plc and Regency Assurance Plc, whose share prices depreciated by 9.09 per cent, 6.90 per cent, 6.90 per cent, 5.73 per cent and 4.76 per cent, respectively.

Analysts at Afrinvest Securities Limited said sell-offs in Dangote Cement, Zenith Bank and GTB drove the ASI lower.

They said, “The losses in Thursday’s session have led to attractive entry prices for investors to take advantage of. Thus, we expect bargain hunting in bellwethers will help drive positive performance in today’s (Friday) session.”

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.

Continue Reading
Comments

Banking Sector

FirstBank Holds Non-Oil Export Webinar Series, Creates Awareness of The Bank’s Export Solutions

Published

on

Shipowners

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the convening of its non-oil export webinar series. The Event is centered on deliberating opportunities that will enhance the country’s expansion of its drive towards diversifying the national economy, thereby reducing the reliance of oil as a mainstay of the country’s revenue.  

The first series of the virtual event is scheduled for 10am on Tuesday, 30th November 2021 via Zoom meeting. To register and be part of this transformational knowledge session, click on this link-https://www.firstbanknigeria.com/business/non-oil-export/ . Registration is Free!! 

The event is themed “Building Sustainable Non-Oil Export in Nigeria; Harnessing Opportunities within the AfCFTA Treaty & Agro Commodities” and will have the attendance of Mr. Segun Awolowo MD/CEO, Nigerian Export Promotion Council (NEPC); Dr Biodun Adedipe, Founder and Chief Consultant of B. Adedipe Associates Limited (BAA Consult)  amongst others, as guest speakers.  

The webinar series aims to facilitate sustainable exports as well as guide participants on ways of navigating the hurdles and challenges of exports in Nigeria. The webinar will explore market and economic trends, unique export opportunities and potentials within the non-oil export industry across the geopolitical zones in the country.  

The importance of exports in Nigeria remains a front burner conversation by individuals and organisations as it provides a means of increasing the markets for producers, and an opportunity to attract the much needed foreign exchange earnings to boost the national economy, which is critical to expanding its Gross Domestic Products. 

Speaking on the event, the Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney said: “in recent years, the country has witnessed increased activities by the government towards diversifying the economy, thereby boosting the export potentials of the country – beyond the contribution of crude oil – which has been the mainstay of the national economy for many decades.  

Our forthcoming Non-oil Webinar series will expand discussions that are crucial to the growth of Nigeria’s export potentials as we unlock numerous opportunities that will promote the economic diversification drive of the government which is essential to the continued growth of the national economy, especially with the current business challenges posed by the pandemic.”

Continue Reading

Finance

Currency in Circulation Now N2.97 Trillion in October – CBN

Published

on

Naira Exchange Rates - Investors King

Currency in circulation hit N2.97 trillion in the month of October, according to the latest report from the Central Bank of Nigeria (CBN).

The currency in circulation rose by N129 billion from N2.84 trillion recorded in the month of September to N2.97 trillion in October. This was after the currency in circulation declined from N2.8 trillion in July to N2.78 trillion in August.

Currency in circulation stood at N2.74 trillion in June, N2.79 trillion in May, N2.79 trillion in April, N2.8 trillion in March, N2.78 trillion in February and N2.83 trillion in January.

The CBN said, “The currency in circulation increased by N465.47bn or 19.06 per cent to N2.91tn in 2020, compared with N2.44tn in 2019.

“In 2020, there were higher withdrawals by DMBs than deposits, due to the panic need to hold cash to deal with the emergencies and reduced banking hours due to restrictions to curb spread of the pandemic.”

The bank said to maintain public confidence and ensure integrity of circulated notes in the economy, it developed and unveiled a clean note policy and banknote fitness guidelines in 2018.

The guidelines outlined details of quarterly and yearly activities towards the achievement of this objective.

The CBN said it employed the “accounting/statistical/withdrawals and deposits approach” to compute the currency in circulation in the country.

Continue Reading

Banking Sector

2021 NCOY: FirstBank Partners Junior Achievement Nigeria, Reiterates Commitment to Innovation and Education

Published

on

FirstBank New Website - Investors King

For 11 years, Nigeria’s premier and leading financial inclusion services provider, First Bank of Nigeria Limited has partnered with Junior Achievement Nigeria (JAN) to host its annual flagship event; the National Company of the Year competition (NCOY), which convenes winners of the JA Company Regional Competitions across Nigeria to compete for the National Company of the Year Award.

This year, the event will bring together outstanding ‘student business teams’ across Nigeria to compete for prizes and an opportunity to represent the country at the national competition – JA African Company of the Year Competition (ACOY). The 2021 edition of the NCOY competition will be held virtually via Zoom meetings at 10am on Saturday, 27th November 2021.  Interested participants are to register via the link https://us06web.zoom.us/meeting/register/tZEtd-qvqz4pE90NXOHcy-tve6aEXpY_yYAE

The competition themed ‘Innovation with Grit’ will have 12 teams from 12 schools pitch their innovations to a team of 5 guests judges. The represented schools at the competition include: The Seer company from Alvana High School; Sonic Informatics company from Heritage Global Academy; Nexus Queens company from Queens School; JA Stars from Theological College of Northern Nigeria (TCNN); Amazing Amazon Students from Government Girls’ Secondary School, Abaji; KereTerra Company from Secondary School Etoi, Uyo and The Exploit thinkers from Taidob College.

Other teams competing include: Mystic Global Company from Rosa Mystica High School, Agulu;  PetraMech Tech from Petra Schools; The Amazing Inventors from Government Secondary School Tudun Wada; Blue crystal company from Methodist Girls school and the Artisans from Igbobi College.

Judges at the event include: Oludolapo Adigun, Group Head, Retail Banking Lagos & West First Bank of Nigeria Limited; Chidimma Juliana Okparah, Project Management Consultant (PMIEF); Sheila Ojei, Head of Communications Jobberman;  Gbenga Sesan, Executive Director of Paradigm Initiative and Simbo Olatoregun, Policy Programs Manager for Facebook in Africa. In attendance also is the Honourable Commissioner for Education Lagos State, Mrs. Folashade Adefisayo as a Special Guest.

The 2021 National Company of the Year Program will also feature SPARK Competition. SPARK as an initiative of First Bank of Nigeria Limited, is an acronym for Start Performing Acts of Random Kindness. SPARK reiterates the Bank’s commitment to institutionalise kindness in Nigeria by encouraging and amplifying a culture of kindness.

The SPARK competition will feature 15 finalist schools across Nigeria, whose CSR projects align with the Bank’s Corporate Responsibility and Sustainability pillars of Education, Welfare and Health, Financial inclusion and Responsible Lending and Procurement.

Speaking on the event, the Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney said “FirstBank’s partnership under its Future First initiative with JA Nigeria Company programme has positively impacted over 100,000 people in different locations across the country in preparing and teaching them how to generate wealth, effectively manage it and how to apply entrepreneurial thinking to the workplace. Our commitment to fostering entrepreneurial development amongst youths is mainly the driving force behind our support of the National Company of the Year (NCOY) and Africa Company of the Year (ACOY) competitions in past 11 years”.

According to the Executive Director, JAN, ‘’the National Company of the Year Company competition provides our students with a platform to show how innovative they are while displaying their dexterity and grit especially as it relates to creating sustainable business solutions to problems in their immediate community. The students have learned critical skills during the implementation of the Company Programme and we are proud to celebrate them as they compete in the National competition. I would like to specially appreciate FirstBank Nigeria for their continued support and belief in the boundless potential of young Nigerians’’.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending