….As Afreximbank urges African banks to utilise trade facilitation programme***
The bears continued to dominate trading on the Nigerian Stock Exchange (NSE) with the All-Share Index dropping further by 257.62 points.
It was reported that the index shed 257.62 points or 0.78 per cent on Wednesday to close at 32,454.03 against the 32,711.65 achieved on Tuesday.
The market has maintained a downward trend for three consecutive days with price losers’ out weighing the price gainers.
Some market operators said that the downward trend might persist until after the primaries of the political parties.
They said that politicians were looking for funds to achieve their political ambitions.
The market capitalisation also shed N94 billion or 0.78 per cent to close at N1.848 trillion in contrast with N11.942 trillion achieved on Tuesday.
14 stocks recorded price depreciation, while 15 stocks posted price appreciated.
Dangote Cement led the price losers’ table with a loss of N4.90 to close at N200 per share.
Nigerian Breweries trailed with a loss of N72.50 to close at N89 per share, while Unilever lost N1 to close at N45.
Access Bank and UBA lost 10K each to close at N8.05 and N8.30 per share respectively.
Nestle recorded the highest price gain of N1 to close at N1,400 per share, while Dangote Sugar followed with a gain of 60k to close at N14.50 per share.
Zenith Bank appreciated by 30k to close at N21.80, Cutix Paint and GTBank added 20k each to close at N4.30and N36.70 per share, respectively.
Zenith Bank was the most active stock, trading 36.50 million shares worth N319.44 million.
GTBank followed with 23.46 million shares valued at N93.37 million, while FBN Holdings traded 20.99 million shares worth N23.29 million.
Transcorp exchanged 17.35 million shares valued at N8.38 million, while International Breweries sold 13.12 million shares worth N61.83 million.
In all, investors traded 136.73 million shares valued at N1.43 billion in 2,801 deals on Wednesday.
This was in contrast to the 184.59 million shares worth N3.38 billion achieved in 2,889 deals on Tuesday.
Meanwhile, the African Export-Import Bank (Afreximbank) has urged African banks to key into Afreximbank’s Trade Facilitation Programme(AFTRAF).
Ms Fatma Bao, Manager, Afreximbank Guarantees and Specialised Finance Unit, said this in a statement signed by Mr Obi Emekekwue, the Head of Media, Afreximbabk on Wednesday in Abuja.
Bao, during a roadshow to herald the AFTRAF in Dakar, Senegal, said the programme when implemented would help improve the business performance of the banks.
According to her, the programme is structured to enhance confidence of counterparties in the settlement of international trade transactions for critical imports into Africa.
She said it would support intra-African trade and facilitate the purchase of equipment for production of export goods.
She said the programme would also resolve the increasing de-risking of African banks due to stringent compliance and regulatory requirements imposed by international banks.
Bao described AFTRAF as the Bank’s response to the recurring trend of reduction or withdrawal of trade lines to African banks by the international banks following the de-risking process.
She said: “Afreximbank wants to understand the needs of the Senegalese market and the current obstacles facing you.
“We want to satisfy these needs so that we can cooperate with you to improve the country’s trade.
“The roadshow was held as part of a strategy to allow Afreximbank expand its coverage of Africa and to onboard Senegalese banks to the AFTRAF programme.
“It also aims to enhance cooperation between Afreximbank and the local banks in order to grow the nation’s economy.
According to Bao, similar roadshows will subsequently be held for several other African countries.
Participating in the roadshow were Coris Bank, Ecobank, Banque Régionale et de Marché Banque EL Amana-Mauritania, Banque Nationale pour le Développement économique, BGFI Sénégal, NSIA Bank, and Banque Islamique du Sénégal.