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Stock Investors Lost N158bn in March, Market Slumps by N48bn

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  • Stock Investors Lost N158bn in March, Market Slumps by N48bn

Investors in the Nigerian stock market lost N158bn in March amid persistent bearish sentiments.

The market, which opened the month at 31,721.76 basis points with a market capitalisation of N11.830bn, rose to its highest point on March 5 at 32,173.66bps with a market capitalisation of N11.998tn. It, however, closed at 31,041.42bps with a market capitalisation of N11.672tn on March 29, the last trading day of the month.

The analysis of the opening market capitalisation figure of N11.830bn and the closing figure of N11.672tn showed that N158bn had been lost by investors in the Nigerian stock market as of end of March.

Judging by the All-Share Index, the market dropped to its lowest point during the month on March 27 at 30,829.45bps, while the lowest point, judging by market capitalisation, was recorded on March 21 at N11.518tn.

During the last week in the month, the total turnover of 2.629 billion shares worth N12.794bn were traded in 15,558 deals by investors on the floor of the Exchange, in contrast to a total of 1.198 billion shares valued at N12.273bn that exchanged hands in the previous week in 18,293 deals.

The financial services industry (measured by volume) led the activity chart with 2.346 billion shares valued at N8.602bn traded in 9,331 deals, thus contributing 89.23 per cent and 67.23 per cent to the total equity turnover volume and value, respectively.

The Information and Communications Technology industry followed with 140.531 million shares worth N28.117m in 113 deals.

The third place was occupied by the consumer goods industry with a turnover of 54.152 million shares worth N2.099bn in 2,613 deals.

Trading in the top three equities namely Wema Bank Plc, Chams Plc and Zenith Bank Plc (measured by volume) accounted for 1.948 billion shares worth N3.449bn in 1,642 deals, contributing 74.08 per cent and 26.96 per cent to the total equity turnover volume and value, respectively.

The ASI depreciated by 0.31 per cent while market capitalisation appreciated by 0.51 per cent to close the week at 31,041.42bps and N11.672tn, respectively.

The top five gainers for the week were Eterna Plc, Red Star Express Plc, Ikeja Hotel Plc, C & I Leasing Plc and Associated Bus Company Plc, whose share prices gained 10.42 per cent, 10 per cent, 9.94 per cent, 9.90 per cent and 8.16 per cent, respectively.

The top five losers were Fidelity Bank Plc, Dangote Flour Mills Plc, Sovereign Trust Insurance Plc, Mutual Benefits Assurance Plc and Academy Press Plc, which saw their respective share prices shed 13.08 per cent, 12.07 per cent, 9.09 per cent, 8.33 per cent and 8.33 per cent.

In the first quarter of the year, the stock market slumped by N48bn as gains in some trading days reduced major losses.

The market hit its highest point on February 15 at 32,715.20 bps with a market capitalisation of N12.2tn, while the lowest point was recorded on January 9 at 29,336.80bps with a market capitalisation of N10.940tn.

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.

Finance

CBN Freezes Another 194 Accounts of firms, BDCs, Others

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Godwin Emefile

The Central Bank of Nigeria on Thursday said it got orders from the Federal High Court, Abuja division, to freeze 194 bank accounts belonging to firms and Bureaux de Change to enable it to conduct investigations into suspicious activities.

It disclosed this on Thursday in three separate documents on its website.

In one of the documents, the CBN said it got an order to freeze 60 bank accounts of Bluebeam Capital Limited.

The accounts were domiciled in 13 different banks, the CBN as the plaintiff stated.

Bluebeam, as the respondent had eight accounts each in Access Bank and Keystone Bank; seven each in First Bank and Ecobank; five each in UBA and GTBank; four each in Fidelity Bank, FCMB and Sterling Bank; three accounts in Polaris Bank; two each in Wema Bank and Heritage Bank; and one in Providus Bank.

In another document, the CBN said it got an order to freeze 84 accounts in 17 banks.

The third document revealed that the banking regulator had the court order to freeze 50 accounts domiciled in different banks.

The motions exparte which were signed on different dates sought the orders of the court to direct the banks to freeze all other bank accounts of the defendants for a period of 180 days, pending the outcome of investigation and inquiry being conducted by the CBN.

In the document signed by the Presiding Judge, A.R. Mohammed, the court empowered the CBN to direct the banks to freeze all the bank accounts for a period of 45 days only, pending the outcome of the investigation.

It added that the order may be extended upon good reasons shown.

Any person aggrieved by this order could apply to the court to have the order set aside, discharged or have the order reviewed upon good reasons without waiting for the 45 days to lapse, the document stated.

The CBN on Wednesday disclosed it got an order to freeze 11 bank accounts to enable it conduct investigations into suspicious activities.

It had listed the names of the defendants/respondents as Albert Austin Ugochukwu with two bank accounts; Belfour Energy & Allied Services; Belfour Oil and Gas Limited with three bank accounts; Circle Flow Integrated Services; Kacynaus Reality Nigeria Limited with three bank accounts; and Tasmara Integrated Services.

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Banking Sector

Insider Dealing: Henry Oroh, An Executive Director of Zenith Bank, Acquires N46.982 Million Worth of Zenith Bank Shares

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Henry Oroh -Investorsking.com

Henry Oro, an executive director of Zenith Bank Plc, has dumped N46.982 million on shares of Zenith Bank, according to the latest filing with the Nigerian Stock Exchange.

The executive director purchased Zenith Bank’s shares of 724,527 on April 1st, 2021 at N22.05 each or N15.976 million.

On April 6th, Oroh added 612,573 shares at N22 a unit and another 400,000 units at N21.90 per share.

On the same day, he purchased another 400,000 units at N21.90 a share. Bringing aggregate purchase on April 6th to 1,412,573 at an average price of N21.95 a unit or N31.006 million.

Henry Oroh has spent a total of N46.982 million on Zenith shares in April.

Henry Oroh was appointed as Zenith Bank’s executive director on September 1st, 2019 and holds a Bachelor’s Degree in Accounting from the University of Benin, Edo State and an MBA from the Lagos State University as well as an LLB Degree from the University of London.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers (CIBN), Nigeria.

He has over two decades of banking experience. He began his banking career in 1992 at Citibank where he served for seven (7) years in Operations, Treasury and Marketing.

He joined Zenith Bank in February 1999 and has worked in various Groups and Departments within the Zenith Group Office. His expertise spans Operations, Information Technology, Treasury, Marketing, including the Manufacturing, Food and Beverages, Pharmaceuticals, Oil and Gas, Public Sector, Consumer, as well as Corporate Banking and Business Development.

In April 2012, he was seconded to Zenith Bank Ghana Limited as an Executive Director and became the Managing Director/ Chief Executive in February 2016, where he successfully spearheaded the phenomenal growth of the Zenith Brand both within the Ghana market and the West African sub-region.

Henry has attended several Leadership Programmes and Executive Management Courses at the Harvard Business School, Columbia Business School, New York, University of Chicago, University of Pennsylvania, HEC Paris, JP Morgan Chase, UK and the Lagos Business School.

He comes to the Board of Zenith Bank Plc with strong competencies in Credit & Marketing, Operations, Information Technology, Treasury and impressive Leadership skills.

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Banking Sector

Access Bank Lagos City Marathon Adopts Virtual Audience For 10km Runners

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In a bid to ensure the health and safety of all runners and essential service workers amid the global COVID-19 pandemic, the title sponsors of the Access Bank Lagos City Marathon, Access Bank PLC, has announced that the Lagos City Marathon will be held virtually for interested 10km runners this year.

The marathon, scheduled for April 10, 2021 can only accommodate 300 runners in line with the guidelines provided by the World Health Organisation (WHO), World Athletics and the Lagos State Ministry of Health.

Speaking on the development, Access Bank’s Executive Director of Retail Banking, Victor Etuokwu said, “Our primary consideration is the health and safety of participants, attendees and staff that will be a part of the Lagos City Marathon. This is why we decided to have an exclusive virtual event – that allows participants from all over the world to run the race wherever they are.

‘’While we regret that we can’t host the live 10km race and fanfare that have become synonymous with the Access Bank Lagos City Marathon, we continue to stand with the other sponsors to preserve public health as we look forward to hosting a successful marathon. We implore all well-meaning Lagosians to please adhere to the movement guidelines put in place by the Lagos State Government to ensure that the marathon fulfills its purpose of positively placing Lagos and indeed the whole of Africa on the global map,” he concluded.

Though audience participation may have changed, the organisers have also announced that the race route will largely remain the same. Runners will begin the race from the National Stadium, Surulere, opposite Teslim Balogun Stadium and finish at the Eko Atlantic City, Victoria Island.

Now in its sixth edition, the Silver – Labelled Access Bank Lagos City Marathon has featured over 200,000 registered athletes from over 12 participating countries collectively covering a distance of 42,000 kilometers.

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