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Stock Market Recovers From Losses as Index Rises

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  • Stock Market Recovers From Losses as Index Rises

The equities segment of the Nigerian Stock Exchange, on Wednesday, pared some of the losses it recorded on Tuesday on the back of price appreciation by 15 stocks led by Transnational Corporation of Nigeria Plc.

Other top gainers at the close of trading included FBN Holdings Plc, Diamond Bank Plc, PZ Cussons Nigeria Plc, Portland Paints & Products Nigeria Plc and Nestle Nigeria Plc.

The NSE All-Share index rose to 25,331.77 basis points on Wednesday from 25,207.07 bps the previous day while the market capitalisation increased by N43bn to close at N8.765tn.

A total of 322.296 million shares worth N1.526bn in 2,907 deals were traded by investors on the floor of the Exchange on Wednesday, compared to 254.959 million shares valued at N2.449bn in 2,854 deals the previous day.

The share price of Transcorp appreciated by 8.54 per cent to close at N0.89, while that of FBN Holdings rose by 7.74 per cent to close at N3.62.

Diamond Bank gained 4.94 per cent to close at N0.85 per share, while PZ Cussons Nigeria increase by 4.57 per cent to close at N14.64 per share.

Portland Paints & Products Nigeria was up 3.85 per cent to close at N1.89 per share, while Nestle’s share price grew by 3.01 per cent to close at N756.

The losses recorded by Honeywell Flour Mills Plc and 12 other stocks on Wednesday were unable to make the market finish lower.

Honeywell Flour Mills shed 9.26 per cent to close at N0.98 per share, while Okomu Oil Palm Plc lost 5.01 per cent to close at N49.88 per share.

The share prices of Livestock Feeds Plc, United Capital Plc, Continental Reinsurance Plc and Cadbury Nigeria Plc fell by 4.92 per cent, 3.45 per cent, 2.4 per cent and 1.69 per cent respectively to close at N0.58, N2.8, N1.22, and N9.3.

Analysts at Afrinvest Securities Limited said, “The selloffs recorded in previous sessions triggered bargain hunting today (Wednesday) and we expect this to persist in tomorrow’s (Thursday) trading session. However we do not rule out profit taking at the end of the 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 long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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Debt Market: Dangote Cement Raises N250 Billion in H1, 2020

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Dangote Cement Raises N250 Billion From Debt Market in H1 2020

Dangote Cement raised a total sum of N250 billion from the nation’s debt market in the first half of the year, according to the FMDQ Securities Exchange Limited.

In the statement published on the FMDQ website, the N250 billion debt includes the N100 billion Series 1 Bond raised under Dangote Cement’s N300 billion Bond Programme and the N150 billion Commercial Paper (Series 13-16 Domestic CP Issuance Programme) offered earlier in the year and now listed and quoted on FMDQ Securities.

Mr Michel Puchercos, the Chief Executive Officer, Dangote Cement, was quoted as saying, “This landmark transaction is the largest-ever bond issuance by a corporate issuer in Nigeria.

“It allows us to further broaden our sources of funding by accessing long-term debt at competitive costs from the capital market and builds further on the success of our domestic commercial paper programme.

“The success of these transactions, in the current challenging environment, illustrates investors’ continuous confidence in Dangote Cement’s strategy, strong cash generation and solid credit profile.”

Mr Kobby Bentsi-Enchill, the Executive Director and Head of Debt Capital Markets, Stanbic IBTC Capital Limited, said, “Stanbic IBTC Capital Limited has a long history of partnering with Dangote Cement Plc, and are delighted to have advised on this landmark corporate bond issuance, which reflects the depth and diversity of the Nigerian debt capital markets.”

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Conoil Profit After Tax Declines by 20 Percent in Q1, 2020

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Conoil Profit Before Tax Depreciated by 20 Percent in Q1 2020

Conoil Plc, Nigeria’s indigenous oil marketing company, on Tuesday declared a 20 percent declined in both profit before tax and profit after tax for the quarter ended March 31, 2020.

In the unaudited financial results released on the Nigerian Stock Exchange (NSE), Conoil grew revenue by 7 percent from the N35,637 billion filed in the same quarter of 2019 to N38.143 in the first quarter of 2020.

Also, the company’s retained earnings expanded by 8 percent from N14.395 billion in the corresponding quarter of 2019 to N15.556 billion in Q1 2020.

Accordingly, Shareholders’ funds appreciated by 6 percent from N18.566 billion filed in the first quarter of 2019 to N19.728 billion in the same quarter of 2020.

However, profit before tax declined by 20 percent from N468,202 million in Q1 2020 to N382,915 million during the period under review.

The tax paid by the company during the period also declined by 20 percent from N153,025 million in Q1 2019 from N122,533 million in Q1 2020.

The company’s profit before tax declined by 20 percent from N325.178 million in achieved in the first quarter of the corresponding year to N260.382 million in Q1, 2020.

Similarly, earnings per share also declined by 20 percent from 47 kobo in Q1 2019 to 38 kobo in Q1 2020.

Total assets declined from N63.584 billion in Q1 of 2019 to N58.760 billion in Q1, 2020.

Conoil owned equity expanded from N19.467 billion achieved in the first quarter of 2019 to N19.728 billion in the first quarter of 2020.

Total Liabilities declined from N44.117 billion in Q1 2019 to N39.032 billion during the period under review.

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FMDQ Group Admits Dangote N100bn Bond, MTN N100bn Commercial Paper

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FMDQ Group Admits Dangote N100bn Bond, MTN N100bn Commercial Paper

The FMDQ Group has said the admission of both the N100 billion Dangote Cement bond and MTN Nigeria N100 billion commercial paper shows the potential of the Nigerian capital market to drive and stimulate economic growth.

The two most capitalised companies successfully raised N100 billion each from the capital market despite the COVID-19 pandemic and economic downturn.

Bode Onadele, the Chief Executive Officer, FMDQ Group, said: “The market has been yearning for corporate benchmarks for pricing and valuation of securities in the debt capital market, and coming at a time when the resilience of the Nigerian financial market is being tested by the impact of the COVID-19 pandemic is even more commendable.

The success of these issuances by the premier and largest business conglomerate in Africa, Dangote Industries, through its subsidiary, Dangote Cement Plc, and the debut made into the Nigerian debt capital market by leading telecommunications giant, MTN Nigeria Communications Plc, lay credence to the untapped and great potential of the Nigerian capital market to support sustainable development in Nigeria, and the confidence of investors, as well as the commitment of FMDQ Group to empower the markets to deliver prosperity to Nigeria and Nigerians.”

Onadele said the inclusion of the two securities on FMDQ validates the innovative and credible capital market solutions championed and efficiently delivered by FMDQ, over the last few years.

“Furthermore, in line with its mandate to facilitate global competitiveness of the Nigerian financial market, FMDQ, through these admissions, has provided the market and its diverse stakeholders – local and international – the much-needed corporate benchmark for the bond and commercial paper markets,” he said.

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