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Nigerian Stock Investors Gained N695 Billion Last Week

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  • Nigerian Stock Investors Gained N695 Billion Last Week

Improved market sentiment boosted the Nigerian Stock Exchange last week as investors gained N695 billion.

The market capitalisation of listed equities rose by N695 billion from N12.441 trillion recorded in the previous week to N13.136 trillion last week.

NSE All-Share Index gained 1333.42 basis points or 5.59 percent from 23,871.33 bps it closed in the previous week to 25,204.75 bps.

Activity level was positive as 1.718 billion shares valued at N18.849 billion were exchanged in 26,367 transactions, higher than the 926.418 million shares worth N9.768 billion that were traded in 20,910 deals a week ago.

A break down of the week activity shows that 331,001,743 units of shares valued at N2,929,331,578 were traded in 5,544 deals on Monday. On Tuesday, a total turnover of 339,756,744 shares worth N3,921,291,339 were exchanged in 4,784 transactions. A turnover of 436,838,465 unit shares valued at N5,410,767,242 were traded in 5,195 deals on Wednesday. On Thursday and Friday 350,765,865 and 259,575,556 units valued at N3,706,029,098 and N2,881,109,187 were traded in 5,239 and 5,605 transactions respectively.

In terms of volume traded, the financial service sector led the activity chart with 1.273 billion shares worth N11.362 billion exchanged in 13,808 transactions during the week. The sector accounted for 74.08 percent and 60.28 percent of the total turnover and value recorded in the week respectively.

The industrial goods followed with a turnover of 102.377 million shares valued at N3.194 billion in 2,956 deals. The healthcare sector came third with 99.620 million shares worth N493.348 million in 1,194 deals.

Zenith Bank led the most traded equities along said Access Bank and FBN Holdings as the three accounted for a combined 673.104 million shares worth N6.803 billion in 5,927 deals. The three equities accounted for 39.18 percent of volume traded and 36.09 percent of value exchanged last week.

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.

Banking Sector

Bank Directors Advocate for Improved Corporate Governance In The Sector

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Bank Directors of Nigeria Association

The President, Bank Directors Association of Nigeria, Mrs Osaretin Demuren, has called on bank directors to enhance their corporate governance practices to ensure stability and accountability in the banking sector.

She said this during BDAN’s 24th annual general meeting in Lagos on Wednesday.

According to her, it is important to ensure that the appointment of directors is properly approved and that only qualified candidates are appointed.

“Corporate governance should be entrenched in bank directors. Even when recruiting directors, you have to find out on what basis, and not everyone is corporate governance-compliant,” she said.

She added, “We have gone beyond banking where banks should be owned by individuals. Once that is out of the way, then corporate governance can be entrenched.

“But when you have an individual, whether directly or indirectly behind, then it is now left to the regulator or the nation to call that person to order.”

The BDAN president, who was set to step down, had her tenure extended by the council and members by another 90 days pending an election and appointment of a new president.

In her opening remarks, she said, “I took over as the president of BDAN in October 2018, at the 21st annual general meeting.

“Since assuming office, I can confidently say that with the support of my colleagues, we have been able to deliver on the mandate of the association by increasing members’ participation, increase in revenue as evident in our financial statements and improved quality of our programmes.

”There is still more to be done notwithstanding especially with regards to advocacy with the regulators. I am sure whoever takes over as president will further deliver on our aspirations.

“I am therefore informing this meeting that this is the last meeting I will be acting in the capacity as president as my tenure as the chairman of Guaranty Trust Bank has come to an end and we are in a transition period.

“In view of this, we will also have a transition period where I will be speaking with my colleagues chairmen of banks on who will be my successor.”

She assured that members would be carried along throughout the process.

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Banking Sector

Grobank Renamed As Access Bank South Africa After Acquisition

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Access Bank

Following the completion of all regulatory procedures, Grobank Limited has been officially renamed Access Bank South Africa Limited.

A statement titled ‘Grobank formally becomes Access Bank South Africa’ said the deal was finalised after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa.

“With this new development, Access Bank South Africa Limited is positioned to deliver a robust banking operation that connects key African markets,” Access Bank said on Wednesday.

According to the statement, at an official closing ceremony in Sandton on Monday, top executives of the two banks were upbeat about new opportunities for clients, noting that the bank would continue to support all its stakeholders while opening doors to growth opportunities both in the short and long term.

The Chief Executive Officer, Grobank, Bennie Rooy, said, “This is an extremely exciting day for the South African banking industry.

“Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.”

Banking with Access Bank South Africa, he added, meant greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer.

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Banking Sector

Zenith Bank Sustains Profitability in Q1 2021

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Zenith Bank

Zenith Bank Plc, Nigeria’s most profitable lender, reported another strong profit after tax of N53.060 billion in the first quarter (Q1) of 2021.

In the unaudited financial statement obtained by Investors King, the amount was higher than the N50.5 billion achieved in the first quarter of 2020.

Gross earnings moderated from N166.814 billion in Q1 2020 to N157.309 billion in Q1 2021.

Interest and similar income also declined from N114.330 billion in Q1 2020 to N114.330 billion in Q1 2021. While the bank cut down on interest and similar expenses from N32.829 billion recorded in the first quarter of 2020 to N18.008 billion.

Net interest income stood at N83.168 billion, up from N81.501 billion achieved in Q1 2020.

Profit before tax expanded from N58.788 billion in Q1 2020 to N61.022 billion in Q1 2021.

The lender paid N7.962 billion in income tax in the first quarter of 2020, while profit after income tax deduction stood at N53.060 billion.

Zenith Bank gained N5.698 billion from foreign currency translation differences and another N1.387 billion from fair value movements on equity instruments to bring other comprehensive income for the quarter to N6.065 billion.

Therefore, total comprehensive income for the quarter stood at N59.125 billion.

Going forward in 2021, Zenith Bank said the ongoing economic recovery and improvements would translate into improved financial performance.

This is expected to be supported by local and international COVID-19 vaccination campaigns, rising commodity prices, and global economic growth of up to six per cent, as estimated by the International Monetary Fund (IMF).

“The Group will continue to position itself to take advantage of positive developments in the domestic and global economy to deliver improved financial performance and returns to all its stakeholders,” Zenith Bank noted.

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