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Stock Market Rises Slightly as 22 Firms Gain

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  • Stock Market Rises Slightly as 22 Firms Gain

The Nigerian stock market which took a break on Wednesday from its gaining streak witnessed a rebound on Thursday as investors gained N14.83 billion.

Specifically, the Nigeria Stock Exchange (NSE) capitalisation of equities rose to N12.102 trillion from N12.087 trillion recorded on Wednesday.

Twenty-two stocks recorded price appreciation at the end of trading while the share prices of Thirteen dipped.

The All-share index increased by 0.12 per cent from 32,413.92 basis point on Wednesday to 32,453.69 basis points on Thursday, improving the year-to-date return to 3.4 per cent.

A total of 423.379 million shares worth N3.729 billion in 4,417 deals were traded by investors on the floor of the Exchange, representing a weak activity level and a 10.1 per cent and 12.1 per cent decline in volume and value traded respectively.

Diamond Bank led the traded stocks by volume with 97.6 million units, trailed by Transcorp with 41.1 million units and Zenith Bank with 40.3 million units.

Top traded stocks by value were; Zenith Bank (N997.1 million), Guaranty Trust Bank (992.6 million) and Access Bank (263.7 million).

The top five gainers were; Associated Bus Company (10 per cent), Livestock Feed (10 per cent), Unity Bank (9.62 per cent), Unilever (6.82 per cent) and Wema Bank (6,74 per cent).

Conversely, the top five losers were; Union Bank (8.03 per cent), Oando (5.17 per cent), Dangote Flour Mills (4.57 per cent), Union Diagnostics (3.23 per cent), Clinical Services and Eterna (3.09 per cent).

Performance across sectors was highly bullish as three of five indices closed in the positive territory. Also, investors sentiment strengthened from 0.7x recorded on Wednesday to 1.7x on Thursday.22

Analysts at Afrinvest Securities Limited said, “Despite today’s positive performance, we maintain a conservative outlook for Friday’s trading session. We expect profit-taking activities in fundamentally good stocks as the market closes for the week.”

Banking Sector

Stanbic IBTC Holdings Profit Drops by 50 Percent in Q1 2021

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Stanbic IBTC - investorsking.com

Stanbic IBTC Holdings Plc reported a 50 percent decline in profit before tax from N24.413 billion recorded in the first quarter (Q1) of 2020 to N12.142 billion in the first quarter of 2021.

The bank’s profit after tax stood at N11.256 billion in the period under review, down from N20.601 billion in Q1 2020.

In the unaudited financial statements released on Friday, the lender’s gross earnings declined from N61.412 billion posted in Q1 2020 to N45.726 billion in Q1 2021.

Interest income also moderated from N27.459 billion filed in Q1 2020 to N21.014 billion in Q1 2021.

Similarly, non-interest revenue dropped to N3.233 billion, down from N14.417 billion in Q1 2020.

The bank’s total income declined from N51.156 billion in Q1 2020 to N38.94 billion in the period under review.

Stanbic IBTC total assets grew to N2.569 trillion from N2.486 trillion in the fourth quarter ended December 31, 2020. Total equity and liability stood at N383.527 billion and N2.186 trillion in the quarter under review respectively.

Earnings per share dropped from 191 kobo to 96 kobo in Q1 2021.

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Banking Sector

UBA Grows Profit by 26.8 Percent to N38.2 Billion in Q1 2021

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UBA

The United Bank for Africa (UBA), one of Africa’s leading financial institutions, reported a 26.8 percent increase in profit after tax from N30.1 billion in the first quarter (Q1) of 2020 to N38.2 billion in the first quarter of 2021.

In the unaudited financial statements released on Monday, UBA grew gross earnings by 5.5 percent to N155.4 billion in Q1 2021, up from N147.2 billion filed in Q1 2020.

The lender leverage on growth in interest income and non-interest income as net interest income grew from 65.417 billion in the corresponding period of 2020 to N74.381 billion in Q1 2021.

Total non-interest income stood at N32.247 billion in the quarter, up from N28.527 billion achieved in Q1 2020.

Similarly, operating income expanded from N93.944 billion in the first quarter of 2020 to N106.648 billion in the first quarter of 2021.

However, operating expenses grew to N64.454 billion in Q1 2020, up from N58.657 billion in Q1 2021.

Profit before income tax rose to N40.581 billion in Q1 2021 from N32.726 billion in Q1 2020.

Speaking on the bank’s performance the Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka, said: “This impressive 2021 Q1 results reflect the capacity of our business to sustainably grow earnings even in a highly uncertain macroeconomic environment. We remain upbeat on the macroeconomic outlook of the countries in which we operate, especially as the COVID-19 vaccine distribution gains traction globally, whilst commodity prices and currencies continue to stabilise. Our robust capital and liquidity positions have positioned us to continue to support our customers across diverse sectors and markets, guided by prudent risk management practices.”

Uzoka also explained the lender’s efforts at executing its priorities for the year 2021, as it continues to leverage people, processes, and technology to deliver the best customer experience across all its channels and touchpoints.

The bank is making strong progress in Nigeria where our continuous market share and efficiency gains are translating into higher profits. We are committed to sustaining this strong start throughout the year, leveraging our customer-First (C-1st) philosophy and unparalleled execution to deliver even stronger returns to our esteemed shareholders in 2021 and beyond;” Uzoka said.

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Banking Sector

GTBank Reports 8 Percent Decline in Profit Before Tax to N53.7 Billion in Q1 2021

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GTBank

Guaranty Trust Bank on Wednesday reported a 7.8 percent decline in profit before tax from N58.2 billion in the first quarter of 2020 to N53.7 billion in the first quarter of 2021.

The lender disclosed in its unaudited results titled ‘GTBank releases Q1 2021 unaudited results’.

Deposit liabilities rose by 3 percent to N3.717 trillion in the first quarter of 2021, up from N3.61 trillion in December 2020. The bank’s loan book declined by 1.4 percent to N1.639 trillion, down from N1.66 trillion posted in December 2020.

Speaking on the financial results, the Managing Director/Chief Executive Officer, Guaranty Trust Bank Plc, Mr Segun Agbaje, said, “We have started off the 2021 financial year on a fair footing, and our first-quarter results demonstrate our ability to continue delivering strong and sustainable returns, despite the macroeconomic uncertainties that persist in our business environment.

“This is a reflection of the resilience of our franchise, our prudent approach to risk management and the efficacy of our digital-first customer-centric business strategy.”

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