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Dangote Cement Drags Market into N6bn Loss

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  • Dangote Cement Drags Market into N6bn Loss

The Nigerian Stock Exchange market capitalisation declined by N6bn on Thursday following a major decline in the performance of Dangote Cement Plc stocks.

The NSE capitalisation fell to N12.130tn from N12.136tn as the All-Share Index closed at 35,188.97 basis points from 35,207.89 basis points.

A total of 429.224 million shares valued at N8.68bn exchanged hands in 3,271 deals.

The Nigerian equities market closed negative, after shedding 0.05 per cent, thereby settling the year-to-date return at 30.94 per cent.

However, volume traded and market value of transactions advanced significantly by 212.50 per cent and 665.42 per cent, respectively. The market recorded 25 gainers and 20 losers.

Neimeth Internal Pharmaceuticals Plc shares appreciated by 4.92 per cent to emerge as the top gainer for the day with a closing price of N0.64. This was trailed by NEM Insurance (Nigeria) Plc, FBN Holdings Plc, Skye Bank Plc and Nigerian Breweries Plc, which recorded 4.46 per cent, 4.27 per cent, 3.77 per cent and 2.98 per cent gains, respectively.

The losers’ chart was topped by Aiico Insurance Plc, which recorded a decline of 5.36 per cent to close at N0.53. Also on the top’ chart were Champion Breweries Plc, Caverton Offshore Services Group Plc, Okomu Oil Palm Plc and Vitafoam Nigeria Plc, which declined respectively by 5.35 per cent, five per cent, 4.95 per cent and 4.81 per cent.

“The market closed in the red despite the trickles of positive sentiments noted on certain bellwether stocks. We attribute the last minute loss to the 1.59 per cent price decline on Dangote Cement. In spite of the losses recorded so far in the week, we envisage a week-on-week positive close,” analysts at Meristem securities said in a post.

The NSE oil/gas and the NSE industrial goods indices returned negative at the close of the day’s trading activities, after recording respective declines of 0.65 per cent and 0.54 per cent. On the flip side, the NSE food/beverage, the NSE banking and NSE insurance indices recorded respective advancements of 1.26 per cent, 0.23 per cent and 0.19 per cent.

On fixed-income instruments, the treasury bills space was pervaded by buy pressures as there were yield declines on all tenors, save for the nine-month which advanced slightly by 0.06 per cent. Consequently, the average treasury bills yield declined by 1.24 per cent to close at 17.35 per cent.

Bullish sentiments pervaded the treasury bonds secondary market as all instruments declined except the March-2024 and July-2034 instruments that traded flat. The May-2018 bond remained the most attractive bond, declining by 77 basis points. Thus, the average bond yield declined by 19 basis points to settle at 16.24 per cent.

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 long experience in the global financial market.

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Finance

Remove Face Mask When Using ATM, Banks Tell Customers

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Face Mask May Cause ATM Transaction Failure, Banks Tell Customers

Deposit Money Banks have said due to their face recognition technology, customers wearing face masks may experience service failure while using the Automated Teller Machines (ATMs).

In an email issued to customers by Fidelity Bank, the bank said why the use of face masks is important to curb the spread of COVID-19 pandemic, customers should remove when performing ATM transactions.

The bank said “Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Meanwhile, Guaranty Trust Bank plc continues to ease accessibility for all customers and advised customers to protect themselves.

GTBank said, “When visiting any of our branches, kindly protect yourself by wearing a face mask at all times. It is also very important that you keep a safe distance when in a queue inside or outside the branch.

“Before visiting any of our branches, please remember that you can withdraw up to N150,000 at all our ATMs and that you can do most of your banking from the safety of your home.”

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Access Bank in Talks to Acquire Cavmont Bank

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Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

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Mohammed Umar is the New Acting Chairman of EFCC

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Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

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