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Banking & Finance

Equity dips by N127bn; Naira depreciates, exchanges 444.50 to dollar

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Naira gains, exchanges N461.33 to Dollar

Accordingly, investors gained N127 billion or 0.52 percent as market capitalisation went down to N24.306 trillion from N 24.433 trillion the previous day.

Accordingly, the All-Share Index (ASI) declined by 234.6 points or  0.52 percent to 44,625.18 from 44.859.78 recorded on Wednesday.

Consequently, the Year-to-Date (YTD) gain moderately to 4.5 percent.

The market sentiment was positive as 11 stocks gained relative to nine losers.

Regent Alliance Insurance led the gainers’ chart in percentage terms by 8.7 percent each to close at 25k per share.

Sovereign Trust Insurance followed with eight percent to close at 27k, while Japaul Gold and Ventures was up by 7.41, percent to close at 29k, per share.

Cornerstone Insurance rose by 4.17 percent to close at 50k, while  UACN gained 4.07 percent to close at N8.95, per share.

On the other hand, Phamadeko led the losers’ chart in percentage terms by 9.76 percent to close at N1.85 per share.

Linkage Assurance followed with a decline of 9.3 percent to close at 39k, while WAPIC Insurance lost 8.33 percent to close at 33k per share.

ABC Transport dropped by 7.41 percent to close at 25k, while AIICO shed 3.45 percent to close at 56k per share.

The total volume traded decreased by 22 percent to 153.52 million units valued at N2.22 billion exchanged in 4,041 deals.

The total volume traded increased by 61.4 percent to 150.97 million units, valued at 1.55 billion, and exchanged in 2,905 deals.

In another development, the  Naira on Thursday exchanged at 444.50 to the dollar at the Investors and Exporters window, a depreciation of 0.64 percent, compared with N441.67 to the dollar it exchanged on Wednesday.

The open indicative rate closed at N441.25 to the dollar on Thursday.

An exchange rate of N450.06 to the dollar was the highest rate recorded within the day’s trading before it settled at N444.50.

The Naira sold for as low as 425 to the dollar within the day’s trading.

A total of 100.90 million dollars was traded at the official Investors and Exporters window on Thursday.

 

Banking & Finance

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

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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.

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Banking & Finance

CBN Revokes Licenses Of 4,173 BDCs

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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

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Banking & Finance

NGX: Stock Market Performance Indices Up By 0.33%

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

…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.

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