Connect with us


FBN Holdings Leads Gainers’ Chart as Stock Market Sustains Positive Run



Stock bull - Investors King

FBN Holdings Plc led the gainers’ chart for the second consecutive day this week as the Nigerian Exchange Limited (NGX) returned 0.47% on Thursday.

Activity at the Exchange declined on Thursday when compared to Wednesday. Investors traded 223,245,093 shares worth N2.859 billion in 4,028 transactions during the trading hours of Thursday, in contrast to 229,366,382 shares valued at N3.197 billion that exchanged hands in 4.536 transactions on Wednesday.

Mutual Benefits Assurance Plc led the most traded equities with 40,130,980 shares estimated at N10,031,621.64. This was followed by Oando with 28,523,660 worth N168,937,041.

Analysing each of the sectors, the banking index returned to profit after shedding 5.94 basis points (bps) on Wednesday. The index appreciated by 15 basis points on Union Bank of Nigeria (+6.19%), Fidelity Bank (+3.04%), and Ecobank (+2.11%). Jaiz Bank (-2.02%), Zenith Bank (-1.59%), and Sterling Bank (-1.30%) lost points.

Similarly, the oil and gas index gained 53bps on the back of 3.51% and 1.85% in the value of Oando and Ardova, respectively.

The consumer goods index, however, lost 34bps as the values of Honey Flour dipped by 5.96%, Unilever shed 2.03%, and NB lost 1.57%.  In the sector, Dangote Sugar managed to close above the water with 0.94% and Intbrew appreciated marginally as well, posting  0.88% gained points.

The NGX Industrial Index closed the day flat.

The market value of all listed equities grew by N131 billion from N27.697 trillion it settled on Wednesday to N27.828 trillion on Thursday. While the NGX All-Share Index inched higher by another 0.47% to 51,618.73 index points following a gain of 0.56% recorded on Wednesday.

A total of 22 stocks closed in the red, against 18 stocks appreciated in value. The Exchange year-to-date return improved to 20.84%. FBN Holdings led gainers again on Thursday after posting a 9.52% profit on Wednesday. See other details below.

Top Gainers

Symbols Last Close Current Change %Change
FBNH N 9.20 N 10.10 0.90 9.78 %
FTNCOCOA N 0.32 N 0.35 0.03 9.38 %
CHIPLC N 0.62 N 0.67 0.05 8.06 %
LIVESTOCK N 1.44 N 1.54 0.10 6.94 %
UBN N 5.65 N 6.00 0.35 6.19 %

Top Losers 

Symbols Last Close Current Change %Change
ACADEMY N 1.30 N 1.17 -0.13 -10.00 %
ELLAHLAKES N 4.40 N 3.96 -0.44 -10.00 %
PRESCO N 183.00 N 165.00 -18.00 -9.84 %
ETRANZACT N 2.44 N 2.20 -0.24 -9.84 %
MEYER N 2.79 N 2.52 -0.27 -9.68 %

Top Trades

Symbols Volume Value
MBENEFIT 40130980.00 10031621.64
OANDO 28523660.00 168937041.00
FCMB 24452483.00 85567432.96
ACCESSCORP 24099261.00 229017519.25
FBNH 12359063.00 121765809.85

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading


CBN to Launch USSD Code for eNaira Next Week

The Central Bank of Nigeria (CBN) has announced plans to launch the Unstructured Supplementary Service Data (USSD) code for eNaira transactions next week.




The Central Bank of Nigeria (CBN) has announced plans to launch the Unstructured Supplementary Service Data (USSD) code for eNaira transactions next week.

Godwin Emefiele, the governor of CBN, disclosed this at the Grand Finale of the 2022 eNaira Hackathon held in Abuja on Thursday.

The eNaira is the Central Bank of Nigeria’s virtual currency, basically a digital form of the Nigerian Naira.

According to Emefiele, Nigerians can also open an eNaira wallet on any mobile phone via a designated USSD code. Explaining the process, the CBN governor said Nigerians only need to dial *997# on their mobile phones to perform transactions.

He said “Nigerians, both banked and unbanked, will be able to open an eNaira wallet and conduct transactions by simply dialling *997 from their phones.

“Shortly after this, both merchants and consumers with bank accounts can use the NIBSS Instant Payment (NIP) to transfer and receive eNaira to any bank account.

“This will further deepen the integration of the eNaira with the existing national payment infrastructure”.

“The CBN will increase the level of Financial Inclusion in the Country because just like the Naira, the eNaira is expected to be accessible to all Nigerians. And would provide more possibilities to bring in the unbanked into the digital economy.”

In May 2022, Emefiele said central banks from various African nations and across the world are now studying Nigeria’s eNaira project.

Emefiele said, “We feel delighted with what we are doing in the area of the Central Bank Digital Currency, CBDC. What we are doing in the area of eNaira is attracting the interest of different countries in the world,” Emefiele said during an experience-sharing tour of the CBN’s CBDC (eNaira) by officials of the Bank of Uganda in Abuja.

Continue Reading


FMAN Elects New Excos as Coronation Asset M.D, Aig-Imoukhuede Emerges as President

FMAN has elected the Managing Director of Coronation Asset Management Limited, Mr. Aigbovbioise Aig-Imoukhuede as the new President-elect of the association.



Aigbovbioise Aig-Imoukhuede

Continue Reading


Fintech CEO: Rate Hikes & Inflation Spell Different Reality than Stock Market

Since its low in June, the S&P has seen a bump of 18%, while the NASDAQ has risen roughly 20%




Since its low in June, the S&P has seen a bump of 18%, while the NASDAQ has risen roughly 20%. This week, both Morgan Stanley and BlackRock analysts have noted that the recent bounce likely won’t continue. One Fintech exec, who has been sounding the warning bells on the economy for the better part of the past year, speaks on the current state of affairs.

“As soon as we saw the trajectory of the pandemic-related spending bills, anybody with basic economic knowledge knew that inflation was going to be a concern. What most didn’t anticipate was the land war in Eastern Europe that only exacerbated energy costs and supply chain issues,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

“As inflation, which was nudged higher by pandemic-related supply chain shortages which still haven’t fully abated, began to affect household budgets, it was clear that rate hikes were coming. The 75 basis point hikes were historic, but all indicators show that additional increases will be necessary. The increases are only starting to ripple across the economy,” said Gardner.

“There was some excitement over July’s CPI, but the reality is that this economy isn’t back on track. The excitement and celebration is a bit too soon, and I think the fundamentals still show that. Given the market’s recent boon, I think you’re starting to see an influx of FOMO, and that’s not painting the full picture,” said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“Right now could be a great time for companies to work on new projects and get them ready to bring to market. It is a great time for R&D, and, for the companies that planned for this economic upheaval, it is a time to poach top talent that find themselves laid-off. In particular, it is a great time for startups that just completed a major funding round. They’ll have the financial resources to weather the storm while competitors may begin to struggle with liquidity,” said Gardner.

Continue Reading