Banking & Finance

Bank Stock Sell-Offs Make NGX Transaction Value To Drop 2.60%

Published

2 weeks ago

April 20, 2024

Bank Stock Sell-Offs Make NGX Transaction Value To Drop 2.60%

Bearish sentiment persisted on banking stocks at the equity market on Friday, making the value of transactions traded on the floor of the Nigerian Exchange Ltd. (NGX) down by 2.60 per cent.

Analysis of the market activities indicated trade turnover settled lower relative to the previous session.

Specifically, investors transacted a total of 257.86 million shares valued at N5.40 billion exchanged in 7,168 deals, as against 285.91 million shares worth N5.54 billion exchanged in 7,726 deals posted on Thursday.

Consequently, the market capitalisation, which opened at N56.469 trillion, shed N173 billion or 0.31 per cent to close at N56.296 trillion.

The All-Share Index also dropped 0.31 per cent or 306 points to settle at 99,539.75, compared to 99,845.91 recorded in the previous session.

As a result, the Year-To-Date (YTD) return dipped to 33.12 per cent.

Sell-offs in Guaranty Trust Holding Company (GTCO), FBN Holdings, Zenith Bank, Access Corporation, Stanbic IBTC Bank, Jaiz Bank, as well as United Capital and Unilever Nigeria, among other top decliners, drove the market to a negative terrain.

Meanwhile, market breadth closed negative with 20 losers and 14 gainers.

On the losers’ chart, United Bank led by 10 per cent to close at N1.62, FBN Holdings followed by 9.83 per cent to close at N24.30, Tantalizers declined by 8.57 per cent to close at 32k per share.

Deap Capital Management shed 7.35 per cent to close at 63k and Caverton went down by 6.83 per cent to close at 1.50 per share.

On the gainers’ chart, FTN Cocoa Processors led by 9.60 per cent to close at N1.37, RT Briscoe trailed by 9.26 per cent to close at 59k, and Livestock Feed gained N1.45 per share.

Royal Exchange Assurance added 8.06 per cent to close at 67k, while Consolidated Hallmark Plc rose by 7.44 per cent to close at N1.30 per share.

On the activity chart, UBA led in volume with 38.72 million shares traded at a value of N888.55 million, while GTCO led in value with 38.30 million shares worth N1.31 billion.

Access Corporation also sold 34.34 million shares worth N584.54 million, Zenith Bank traded 24.41 million shares worth N875.85 million and The Initiative Plc transacted 17.52 million shares worth N34.13 million.

Banking & Finance

MTN, Zenith, FBN Stocks Lift Market Capitalisation By N196bn

Published

2 days ago

May 1, 2024

Maritime First

MTN, Zenith, FBN Stocks Lift Market Capitalisation By N196bn

…Dangote Sugar leads the Losers Table

Renewed demand for MTN Nigeria, alongside Zenith Bank and FBN Holdings, among other leading stocks on Tuesday, pulled the Nigerian Exchange Ltd. (NGX) market capitalisation up by 0.35 per cent.

Recovering from previous session losses, the market capitalisation, which opened at N55.357 trillion, gained N196 billion or 0.35 per cent, to close at N55.553 trillion.

Consequently, the All-Share Index rose by 0.35 per cent or 346 points to close at 98,225.63, in contrast to 97,879.94 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 31.36 per cent.

Market breadth also closed positive with 28 gainers and 18 losers on the floor of the Exchange.

On the gainers’ table, CAP Plc, LearnAfrica, Nigeria Aviation Handling Company and UACN led by 10 per cent each to close at N28.60, N3.30, N36.30 and N14.85 per share, respectively.

Conoil followed closely by 9.96 per cent to close at N99.95 per share.

On the other side, Dangote Sugar led the losers’ table by 9.95 per cent to close at N38.90, and Computer Warehouse Group trailed by 9.85 per cent to close at N5.05 per share.

Vitafoam Nigeria shed 9.81 per cent to close at N17, Honeywell Flour declined by 9.74 per cent to close at N3.15 and UPL lost 9.60 per cent to close at N2.26 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 193.52 per cent.

A total of 552.21 million shares valued at N14.92 billion were exchanged in 9,350 deals, as against 277.24 million shares valued at N5.08 billion, exchanged in 8,714 deals traded previously.

GTCO led the activity chart in volume and value with 245.46 million shares worth N7.95 billion, FBN Holdings followed by 45.47 million shares valued at N1.09 billion.

Access Corporation transacted 42.87 million shares valued at N727.96 million, Transnational Corporation sold 36.08 million shares worth N502.35 million and United Bank of Africa(UBA) traded 22.45 million shares worth N537.74 million.

Banking & Finance

CBN Revokes Licenses Of 4,173 BDCs

Published

2 months ago

March 2, 2024

Maritime First

The Central Bank of Nigeria (CBN), has announced the revocation of the operational licences of 4,173 Bureaux De Change (BDCs) for failure to observe some regulatory provisions.

According to a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi on Friday in Abuja, the move is an exercise of the powers conferred on it under the Bank
and Other Financial Institutions Act (BOFIA).

Sidi said that the list of affected BDC operators was available on the Bank’s
website.

Forex inflow: CBN tasks banks to support indigenous companies

She said that the affected institutions failed to observe at least one of the following regulatory provisions:

They are payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

Others are the rendition of returns in line with the guidelines and compliance with directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

“The CBN is revising the regulatory and supervisory guidelines for BDC operations in Nigeria.

” Compliance with the new requirements will be mandatory for all
stakeholders in the sector when the revised guidelines become effective.

“Members of the public are hereby advised to take note and be guided accordingly,” she said. (NAN

Banking & Finance

NGX: Stock Market Performance Indices Up By 0.33%

Published

5 months ago

December 13, 2023

Maritime First

…Guinea Insurance leads the losers’ chart

The stock market on Tuesday maintained a bullish trend, bringing the benchmark indices up by 0.33 percent, to close at N39.349 trillion as against N39.219 trillion recorded on Monday.

Specifically, the market capitalisation gained N130 billion, representing 0.33 percent.

Also, the All-Share Index gained 327.35 points or 0.33 percent to stand at 71,907.26 as against 71,669.91

The increase was due to sustained buying interest in MTN Nigeria and Tier-one bank stocks; namely Guaranty Trust Company(GTCo) Access Holdings, among others.

As a result, the Year-to-Date (YTD) return rose to 40.30 percent.

On top stock traders, Julius Berger led by volume with N42.54 million, valued at N14.73 billion, while GTCo was the most traded stock by value with N84.92 billion units traded.

The gainers table was led by Infinity with 9.79 percent to close at N2.13 per share.

SCOA Nigeria Plc followed with a gain of 9.45 percent to close at N1.62, while Daar Communication rose by 8.82 percent to close at N0.37 per share.

Royal Exchange increased by 8.47 percent to close at N0.64, while Neimeth appreciated by 7.89 percent to close at N2.05 per share.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart

On the other hand, Guinea Insurance led the losers’ chart in percentage terms by 10 percent to close at N0.27 per share.

This was followed by Conoil with 9.83 percent to close at N78.00 per share.

Juli shed 9.72 percent to close at N0.65, Omatek closed at 8.75 percent, indicating a loss of N0.73, while Thomaswy lost 8.13 percent to close at N3.05.