- Stock Market Investors Lose N528bn in Three Days
Investors in the nation’s stock market lost a total of N5228bn in the last three consecutive days of trading on the floor of the Nigerian Stock Exchange.
The market capitalisation, which opened the week at N11.672tn, shed N205bn to close at N11.467tn on Monday and lost N114bn on Tuesday to close at N11.353tn.
On Wednesday, the market capitalisation of equities listed on the NSE shed N209bn to close at N11.144tn, bringing the total losses since the beginning of the week to N528bn.
The All Share Index shed 1,372.69 basis points in the three days to close at 29,268.73bps on Wednesday, which worsened the year-to-date loss to -5.6 per cent.
However, activity level improved as a total of 542.580 shares valued at N5.663bn exchanged hands in 4,146 deals, which represents a 44.1 per cent and 24.8 per cent increase in volume and value traded, respectively.
The top five trades by volume were Sterling Bank Plc (144.189 million), First City Monument Bank Plc (68.722 million), FBN Holdings Plc (55.016 million), Zenith Bank Plc (35.702 million) and Access Bank Plc (35.404 million), while the top five trades by value were Guaranty Trust Bank Plc (N1.1bn), Nestlé Nigeria Plc (N851.1m), Nigerian Breweries Plc (N778.3m), Zenith Bank (N739m) and FBN Holdings (N415m).
The NSE said in a circular on Wednesday that scheme shares resulting from the merger between Access Bank and Diamond Bank Plc, which were not available for trading on April 2, 2019 due to operational reasons, were made available for trading on Wednesday, which brought about an increase in the amount of Access Bank shares traded.
Sectoral performance was largely bearish as only two out of five indices advanced.
The consumer goods index advanced the most, reversing Tuesday’s losses by 1.20 per cent on the back of buying interests in Nestlé and Nigerian Breweries, while the oil and gas index trailed by 0.3 per cent as upticks in Oando Plc inched the index higher.
On the flip side, the banking index declined the most, dipping further by 4.59 per cent due to sustained losses in United Bank for Africa Plc, GTB and Zenith Bank while the industrial goods index trailed, inching southwards by 4.42 per cent following losses in Cement Company of Northern Nigeria Plc and Cutix Plc.
The Insurance index declined by 1.24 per cent following major sell-offs in AIICO Insurance Plc.
Investor sentiment further declined to 0.3x from 0.4x as only eight stocks advanced against the 26 stocks that declined.
The top five gainers were Nigerian Breweries, Cornerstone Insurance Plc, Sovereign Trust Insurance Plc, Sterling Bank and Nestle, which saw respective gains of 5.45 per cent, five per cent, 4.55 per cent per cent per cent per cent per cent, 3.77 per cent and 3.57 per cent.
The top five losers were Access Bank, Chi Plc, AIICO Insurance, Cement Company of Northern Nigeria and Neimeth Insurance Plc, whose share prices shed 10 per cent, 10 per cent, 9.86 per cent, 9.75 per cent and 9.68 per cent, respectively.
International Breweries hit its lowest level in 21 months, as its share price dropped by 9.62 per cent to close at N23.50.
The company’s share price dropped to N24.19 on June 2, 2017, after which it climbed to a five-year high value of N64 on January 26, 2018.
Analysts at Afrinvest Securities Limited said, “We expect the less than stellar performance of the equities market to continue in Thursday’s session in the absence of any positive development that could upturn market performance.”
BoI Grows Assets by 78.8% to N1.86 Trillion
The Bank of Industry Group concluded the 2020 financial year with a 78.8 per cent growth of assets from N1.04tn to N1.86tn between 2019 and 2020.
A statement by the bank on Monday said the increase was driven to a large extent by the successful debt syndication of €1bn and $1bn that were concluded in March and December 2020 respectively.
BoI stated that the group’s financial statement demonstrated resilience and strength, noting that the period had significant challenges in the operating environment on account of the impact of COVID-19 pandemic on the economy.
“It also indicates synergy with the various interventions developed by the Federal Government, the Central Bank as well as other strategic partners towards ameliorating the impact of the pandemic on Nigerian enterprises,” the statement said.
The group’s total equity increased by 14.8 per cent from N293.08bn in the previous year to N336.48bn in 2020.
It added that as a reflection of the adverse impact of the challenging operating environment on growth of new facilities, loans and advances grew marginally in 2020 by 1.3 per cent to N749.84bn from the 2019 position.
The bank explained that this was largely due to the economic slowdown in the year as well as the various interventions and support initiated by the bank for its customers.
“The bank reviewed and restructured all its managed projects under the CBN intervention programme with interest rate reduction from nine to five per cent per annum for a period of one year and moratorium extension of three months (with a possible extension up to 12 months),” it said.
TAJBank Deploys NQR Solution To Ease Customer Transactions
TAJBank, Nigeria’s non-interest bank, has announced the deployment of the NQR Payment solution, an indigenous Quick Response Code (QRC) by the Nigeria Interbank Settlement Scheme (NIBSS), for merchants and customers as the newest addition to its innovative e-business channels.
The NQR Payment solution is a secure QR-code-based payments and collections platform developed for merchants and customers to receive and make payments for goods and services in a quick, easy, contactless and secure manner.
A statement signed by the Founder/Chief Operating Officer of the bank, Mr. Hamid Joda, indicated that the ingenious solution would further drive TAJBank’s culture of innovation and create a seamless payment experience for its rapidly growing individual and corporate customers in their banking transactions.
“We are excited to have this payment channel introduced into the nation’s financial system as an addition to other innovative solutions we have deployed over the past few months.
This is a proof that, as we have said in our communications signature line, TAJBank’s interest is always in our customers”, Joda enthused.
In his remarks, the non-interest lender’s Chief Marketing Officer/Co-Founder, Mr. Sherif Idi, also maintained that the deployment of the NQR payment solution would revolutionize the e-payment experience and open new frontiers for small, medium and large scale businesses who are major stakeholders of the bank.
Since it commenced operations in the non-interest banking segment of the financial services industry, TAJBank is noted for its impeccable track record of growth and innovation, rendering exceptional quality services to customers.
The lender’s NQR solution is open to all customers of the bank, both merchants and individuals, across all its branches and digital channels globally.
African Development Bank’s First Virtual Business Opportunities Seminar of 2021, Draws 450 Global Partners and Suppliers
The African Development Bank hosted its first virtual business opportunities seminar (BOS) of 2021 on 6 and 7 April.
The BOS seminars offer a one-stop shop for companies, civil contractors, manufacturers, consultants, and suppliers from the Bank Group’s regional and non-regional members seeking to provide goods and services to projects or to the Bank.
Held virtually as a result of the ongoing Covid-19 pandemic, delegates were informed about the Bank’s strategy for supporting economic growth, its priority areas, rules and procedures for project and corporate procurement, and ongoing public and private sector operations.
During the sessions staff discussed the sectors that offer opportunities for partners and suppliers: climate change; infrastructure, cities and urban development; industries and trade; finance and SMEs; agriculture; health, human capital, youth, and skills development.
“The Bank’s 2021 Business Opportunities Seminar was an impressive learning experience and an open door to interact virtually with different experts and gain insights into best practices and directions for conducting effective business approaches within the Bank,” said David Andrés Rojas Mejía, Senior Business Development Specialist at Catalonia Trade and Investment Promotion Agency.
Private sector partners contributed richly to the discussion, sharing their experience around partnering and contracting with the Bank. They included Kwame Boate, country director of TechnoServe Inc., (Ghana) and Cletus Kayenwee of the Rural Enterprises Program at the Ghanaian Ministry of Trade, who shared their experience contracting with the Bank on Ghana’s “One District One Factory” Enable Youth Program. The program aims to build the entrepreneurial capacity of graduate youth. Participants also heard from Abdelillah Zenjari, Deputy General Director of TEKCIM. He shared his experience partnering and obtaining a loan of €45 million to build a cement factory with a capacity of 1.4 million tons in the region of d’El Jadida in Morocco.
Over the years, the seminars have hosted approximately 2,500 delegates from 55 countries, with an average of 75% of delegates from non-regional member countries and 90% from the private sector.
For the Bank, the seminars increase interest in Bank-financed projects and enhance competition, thereby promoting higher-quality offers that deliver optimal value for money for its regional member countries.
“The sessions have also helped me to understand how to find opportunities for my firm by being better able to navigate your procurement framework and processes,” said Dede Watkin, Business Development Manager at Beale &Co, a participant.
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