NSE Sustains positive trend; increases capitalization by N70bn

  • As Fortis submits 2016 audited accounts; records positive growth

Transactions on the Nigerian Stock Exchange (NSE) maintained its positive trend on Thursday as the market capitalisation improved further by N70 billion amid gains by some blue chips.

The News Agency of Nigeria (NAN) reports that the market capitalisation, which opened at N12.223 trillion, rose by N70 billion to close at N12.293 trillion.

Similarly, the All-Share Index grew by 195.70 points or 0.55 per cent to close at 35,660.04 against 35,464.34 posted on Wednesday.

NAN reports that the price movement indicated that Nestle led the gainers’ table with a gain of N15 to close at N1,205 per share.

It was trailed by Dangote Cement with a gain of N4.99 to close at N213.99, while Okomu Oil gained N3.61 to close at N66.50 per share.

Flour Mills Nigeria rose by 50k to close at N27, while Nigerian Breweries improved by 49k to close at N180.55 per share.

On the other hand, Total topped the price losers’ chart with a loss of N2.90 to close at N232.10 per share.

Unilever came second with a loss of N2.20 to close at N41.80, while Conoil shed N1.45 to close at N27.55 per share.

Zenith Bank dropped 55k to close at N22.20, while International Breweries depreciated by 47k to close at N37.53 per share.

The volume of shares traded improved by 7.03 per cent as 128.31 million shares worth N2.73 billion were traded in 3,241 deals.

This was in contrast to the 119.89 million shares valued at N1.74 billion traded in 3,015 deals on Wednesday.

Zenith Bank was the most active, accounting for 20.22 million shares worth N451.76 million, while FBNHoldings exchanged 7.332 million shares worth N41.995 million.

GTB had a turnover of 19.11 million shares valued at N724.47 million, while Skye Bank traded 10.51 million shares worth N5.41 million.

FBN Holdings exchanged 7.33 million shares valued at N41.99 million, while Jaiz Bank traded 7.18 million shares worth N4.68 million.

Meanwhile, Fortis Microfinance Bank on Thursday said that it had submitted its 2016 Audited Annual Accounts to the Nigerian Stock Exchange (NSE).

The Chief Executive of the bank, Mr Tiko Okoye, said in a statement in Abuja that the audited accounts had been approved by the Central Bank of Nigeria (CBN) before submission to the NSE.

He said the accounts showed that in spite of the harsh economic operating environment, the bank posted positive increases in major facets of its activities in the last 12 months.

He said that the bank recently launched its five-year strategic plan that would enable it become the dominant microfinance brand by heavily investing in technology to drive financial and economic inclusion.

“This was done to ensure that the bank maintained its place as a market leader in the Nigerian and African Microfinance markets.

“Fortis recently became the first Micro Finance Bank (MFB) in Nigeria to get the prestigious Micro Rate and Smart Campaign of USA’s Customer Protection Principle (CPP) certification.

“This made it the second MFB to attain that height in Africa and 16th in the entire world.

“Fortis MFB was granted a national microfinance banking license in 2015 with the clear mandate to open shops in all 36 states of the federation including the Federal Capital territory.

“And the bank currently has presence in not less than 22 states of the federation and the FCT,’’ Okoye said.

According to Okoye, Fortis is one of the two MFBs in Nigeria listed on the NSE and its operations are subjected to further regulatory oversight by capital market regulatory authorities.

He said that the bank’s fundamentals were rock solid which could be adduced to the fact that not less than seven foreign investors and development organisations were currently in partnership with it.

“The partnership is to expand access to the economically poor and vulnerable groups in the society.

“These include FMO (The Dutch Development Bank), KfW (The German Development Bank), Symbiotics, Cordaid (Agricultural Finance), Triodos, Shelter Afrique (Micro-Housing), Cyrano and AfDB.

“In addition to these foreign investment partners, Fortis is a key partner with the CBN through the MSME Development Fund, Anchor Borrowers Programme and People Living with Disabilities Project.

“It is also partnering with the Bank of Industry through the Bottom of the Pyramid Project, among others.