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Nigerian Brew, Dangote Cement Bolster Nigerian Stock Exchange on Wednesday

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  • Nigerian Brew, Dangote Cement Bolster Nigerian Stock Exchange on Wednesday

The Nigerian Stock Exchange rose slightly on Wednesday following solid financial results reported by Dangote Cement for the first quarter of the year despite the global pandemic.

The bourse expanded by 0.07 percent to settle at 25,221.23 basis points, up from 25,204.75 it closed on Friday. While the market capitalisation of listed equities grew by N8 billion from N13.136 trillion it closed on Friday before the public holidays to N13.144 trillion.

Activity level was largely unchanged as a total of 581.606 million shares valued at N5.590 billion were exchanged in 7,759 deals during the trading hours of Wednesday.

In terms of volume traded, the FBNH led with 120.862 million shares valued at N681.865 million while Zenith Bank, Guaranty Bank, UBA and Transcorp followed with 67.266 million, 62.688 million, 45.789 million and 36,542 million shares worth N1.192 billion, N1.652 billion, N328.617 million and N26.993 million, respectively.

Top Gainers

Nigerian Breweries led the top gainers’ chart with N3.95 profit to close at N43.45 per share. This was trailed by Dangote Cement with N3.3 to settle at N137.3 per share. Stanbic, Guinness and Dangote Sugar added N3.25, N1.45 and N1.2 respectively.

Top Losers

Shares of ARDOVA declined by N1.6 to close at N14.4. Caverton, NAHCO, AFRIPRUD and Transorp lost N0.08, N0.05 and N0.05 to settle at N2.32, N4.2 and N0.72 respectively.

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

Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary

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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

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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

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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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