Banking & Finance

CTG: CBN approves N19.1bn to fund 9 ginneries

Published

5 years ago

October 30, 2019

Banking sector well positioned to support monetary, fiscal recovery efforts, says Emefiele

The Central Bank of Nigeria (CBN) has approved N19.18 billion to fund nine ginneries across the country.

Mr Godwin Emefiele, the CBN Governor disclosed this at the signing of an Memorandum of Understanding (MoU) with some critical stakeholders of Cotton, Textile and Garment (CTG) su-bsector in Abuja on Tuesday.

The MoU was signed between CBN and Nigeria Cotton Association of Nigeria, Ginners Association of Nigeria as well as Nigerian Textile and Garment Manufacturers Association.

Others that signed the MoU with CBN include Armed forces, Nigerian Police force, Paramilitary institutions, NYSC and some uniform organisations.

Emefiele explained that the approval was to retooling their processing plants and provide them with improved access to finance at single digit interest rate.

According to him, this step would help to sustain their operations and improve their production capacity.

“We are improving the links between cotton farmers and ginneries, by ensuring that ginneries are able to off-take the high-quality cotton produced by these farmers.

”The same support will be extended to the textile and garment firms.

“We have invested heavily in our local textile and garment factories to retool and produce assorted uniforms for our uniformed services that meet international standards.

“We have also constituted a Textile Revival Implementation Committee (TRIC) which includes the CBN, Federal Ministries of Agriculture and Rural Development; Water Resources.

“Also, the ministry of Industry, Trade and Investment; and the Governments of Kano, Kaduna, Katsina, Gombe and Zamfara States.

Also read: Textile Workers bemoans worsening insecurity

“This Committee is driving the initiative to achieve self-sufficiency in cotton production and textile materials within a span of three years” he explained.

Emefiele said that he had held consultative meetings with State Governments on ways to reduce the operational cost of running textile factories within their respective States.

The CBN governor also reveled that the state governments had indicated their interest in providing captive power plants in industrial areas where textile manufacturers operate.

This he said was in order to enhance their productivity and reduce the operational cost of running their factories.

According to him, through these initiatives, all the businesses along the cotton- textile value chain can come alive again thereby helping to improve the economy of states.

The ceremony was attended by Governors of Kaduna, Cross River, Gombe states as well as Katsina state Deputy Governor.

Related Topics:Central Bank of Nigeria (CBN)Memorandum of Understanding (MoU)Mr Godwin Emefiele nine ginneries

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Banking & Finance

Investors Lose N132bn As Dangote Sugar, PZ Cussons Nigeria lead Losers table

Published

2 days ago

May 14, 2024

Maritime First

Investors Lose N132bn As Dangote Sugar, PZ Cussons Nigeria lead Losers table

The stock market recorded a downturn, resulting in a loss of N132 billion in investors’ wealth on the Nigerian Exchange Ltd. (NGX).

This negative trend was primarily driven by sell-offs in Tier-one banking stocks, such as Zenith Bank, FBN Holdings, and United Bank of Africa.

Apart from Tier-one banking stocks, Wema Bank, Sterling Bank, FCMB, Dangote Sugar, and PZ Cussons, among others pulled down the market on a negative note.

Consequently, the market capitalisation of the NGX declined to N55.132 trillion from N55.264 trillion, marking a decrease of N132 billion.

The All-Share Index also dropped by 0.24 per cent, losing 235 points to settle at 97,473.98 from an opening of 97,708.74.

Year-to-date (YTD) figures fell to 30.36 per cent, reflecting the overall negative sentiment prevailing in the market.

However, the market breadth closed positive with 22 gainers and 20 losers.

LearnAfrica and Tantalizers led the gainers’ table by 10 per cent each, closing at N3.63 and 55k per share, respectively.

McNichols Plc followed closely with a gain of 9.89 per cent, while Regency Alliance Insurance and Cutix advanced by 9.38 per cent and 8.33 per cent, respectively.

On the flip side, Dangote Sugar, PZ Cussons Nigeria, and The Initiates Plc experienced the biggest losses, each dropping by 10 per cent to close at N40.50, N22.50, and N2.25 per share, respectively.

NEM and Caverton also saw significant declines of 9.66 per cent and 9.55 per cent, respectively, closing at N9.35 and N1.24 per share.

The trade turnover settled 48.90 per cent lower than the previous session.

A total of 306.60 million shares valued at N5.81 billion were transacted in 7,951 deals, in contrast to 439.10 million shares valued at N11.38 billion in 8,607 deals traded on Monday.

Access Corporation led the activity chart in volume with 33.23 million shares valued at N575.59 million.

GTCO followed to lead the chart in value chart with 32.25 million shares worth N1.36 billion.

Nigerian Breweries sold 27.46 million shares worth N631.76 million and UBA traded 22.52 million shares valued at N519.50 million.

Also, Royal Exchange Plc transacted 19.46 million shares worth N10.18 million.

Banking & Finance

Sell-offs In Airtel, Others Drag Market Capitalisation Down By N500bn

Published

1 week ago

May 6, 2024

Maritime First

…Airtel Africa leads the losers’ table!

Opening the week, the Nigerian Exchange Ltd. (NGX) market capitalisation on Monday dropped by 0.89 per cent to close at N55.823 trillion.

Specifically, the market capitalisation declined by N500 billion or 0.89 per cent to close at N55.823 trillion as against N56.323 trillion recorded on Friday.

The All-Share Index, which opened at 99,587.25, also shed 0.89 per cent or 884 points to close at 98,703.68.

As a result, the Year-To-Date (YTD) slipped to 32 per cent.

Sell-offs in Airtel Africa, Transnational Corporation, Stanbic, Nigerian Breweries and Nigerian Aviation Handling Company(NAHCO), among other declined equities, pulled the market down.

However, market breadth closed positive with 39 gainers and 18 losers on the floor of the Exchange.

On the gainers’ table, Cornerstone Insurance and Guinea Insurance led by 10 per cent each to close at N1.98 and 33k per share, respectively.

NASCON and Oando Plc rose by 9.94 per cent each to close at N47 and N9.95, while Wema Bank went up by 9.24 per cent to close at N7.55 per share respectively.

On the other hand, Airtel Africa led the losers’ table by 10 per cent to close at N1,980, and Berger Paints trailed by 9.85 per cent to close at N12.35 per share.

Industrial & Medical Gases shed 9.82 per cent to close at N12.40, International Energy Insurance dropped 9.35 per cent to close at N1.26, while International Breweries declined by 9 per cent to close at N4.35 per share.

Also, the analysis of the market activities showed that trade turnover was higher than the previous session, with the value of transactions up by 26.10 per cent.

Investors traded a total of 421.73 million shares valued at N8.95 billion in 10,624 deals, compared to 446.57 million shares valued at N7.10 billion, exchanged in 9,297 deals posted in the previous session.

Access Corporation led the activity chart in volume and value with 98.24 million shares worth N1.76 billion, United Bank of Africa(UBA), followed by 40.39 million shares valued at N1.07 billion.

Guaranty Trust Holding Company (GTCO) sold 35.90 million shares valued at N1.49 billion, while Universal Insurance transacted 30.39 million shares worth N11.39 million.

Also, Zenith Bank traded 26.90 million shares worth N982.15 million.

Banking & Finance

MTN, Zenith, FBN Stocks Lift Market Capitalisation By N196bn

Published

2 weeks ago

May 1, 2024

Maritime First

…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.