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Investors Gain N426bn in Four Days as BUA, Dangote Remain Bullish



Nigerian stock market
  • Investors Gain N426bn in Four Days as BUA, Dangote Remain Bullish

Investors in the Nigerian Stock Exchange gained N426 billion in four trading days as market sentiment remained largely positive amid renewed interest in Nigerian assets despite COVID-19 pandemic.

The NSE All-Share Index gained 1.25 percent from 24,452.23 on Wednesday to settle at 24,758.39 basis points on Thursday.

Market capitalisation of listed equities improved by N160 billion from N12.743 trillion it closed on Wednesday to N12.903 trillion on Thursday. This brings the total profit for the four trading days to N426 as market value had risen from N12.477 trillion it opened on Monday to N12.903 trillion.

Activity level was low when compared to Wednesday as N350.765 million shares valued at N3.706 billion were exchanged in 5,239 deals, against the 436.838 million shares worth N5.410 billion that were traded in 5,190 deals on Wednesday.

Stocks of Zenith Bank remain the most traded on Thursday like the majority of the week as 57.420 million units valued at N961.397 million were traded.

Investors also picked interest in EKOCORP, FBNH, Guaranty Trust Bank and WAPCO as 57,003,125, 44,360,888, 31,999,831 and 28,383,185 units worth N342,018,750.00, N230,965,329.25, N764,790,045.15 and N312,418,920.40 exchanged hands during trading hours on Thursday respectively.

Top Gainers

Mobil led the top gainers’ table with N17.6 or 9.95 percent gain to close at N194.5 per share while BUA Cement followed with N3.2 or 9.88 percent to settle at N35.6 a share. Unilever, Guinness and Zenith Bank added N1.4 or 9.30 percent, N0.55 or 3.24 percent and N0.5 or 3.03 percent, respectively.

Top Losers

Flourmil led with a decline of N1 or 4.76 percent. Followed by Arbico, OANDO and NPFMCRFBK lost N0.23 or 9.91 percent, N0.16 or 5.76 percent and N1.9 or 0.07 percent.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary



stanbic IBTC Insurance

Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”


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World Bank to Discuss New $1.5 Billion Loan Request From Nigeria



Zainab Ahmed

The Finance Minister, Budget and National Planning, Mrs. Zainab Ahmed, on Friday said the Federal Government has met all the conditions for a fresh loan of $1.5 billion from the World Bank.

The minister disclosed this on Bloomberg TV.

She said the multilateral financial institution is in the final stage of approving the loan. The minister explained that the loan will be discussed in the bank’s next meeting and possibly be approved in the same meeting.

In June, the Senate approved the borrowing plans but the World Bank pushed back demanding Nigeria fulfill the conditions attached to the $3.4 billion loan received from the International Monetary Fund (IMF) in May.

Some of the conditions were to increase revenue generation by upping VAT, the introduction of tariff reflective electricity bill, the removal of subsidy and the unification of the nation’s foreign exchange.

Most of which the Federal Government has done despite protests from most Nigerians who called the new policies anti-people given their current situation.

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Nigeria Realises Over N400 Billion from Company Income Tax in the Third Quarter of 2020



tax relief

The Federal Government realised N416.01 billion from Company Income Tax (CIT) in the third quarter of the year, according to the latest report from the National Bureau of Statistics (NBS).

This was 3.48 percent higher than the N402.03 billion generated in the second quarter of the year and represents a decline of 20.13 percent year-on-year from N520.89 billion realised in the third quarter of 2019.

A breakdown of the report showed the professional services sector including the telecoms generated the highest amount of CIT at N55.52 billion during the quarter, while the manufacturing sector followed with N42.03 billion.

The banking and financial institutions realised N24.05 billion while the mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million and N321.72 million generated, respectively.

The report added that out of the total amount realised during the quarter under review, a sum of N244.70 billion was generated as CIT locally. The federal government collected N70.34 billion as foreign CIT payment and the remain N100.97 billion was received as CIT from other payments.

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