Connect with us

Economy

NGX maintains bullish trend with 2.03% growth

Published

on

Equity Market Extends Gains by N63bn; Geregu, SCOA Lead Laggards’ Table

… As Naira gains marginally Investors and Exporters window, as Experts urge CBN to leverage technology to strengthen naira***

Trading activities on the Nigerian Exchange Ltd. (NGX) on Thursday remained bullish with the crucial indicators growing by 2.03 per cent.

The market capitalization gained N532 billion to close at N26.786 trillion, compared with N26.253 trillion on Wednesday.

Also read: Stock Market Rebounds, records 0.25% Growth; Naira Depreciates further at Exporters Window

Similarly, the All-Share Index, which opened at 48,675.24, gained 986.63 points or 2.03 per cent to close at 49,661.87.

A breakdown of the price movement table showed that Mutual Benefits Assurance topped the losers’ table with a loss of 9.68 per cent to close at 28k per share.

Honeywell Flour Mill trailed with a loss of 8.42 per cent to close at N2.72, while Flour Mills Nigeria dipped by 7.06 per cent to close at N27 per share.

Unity Bank was down by 7.06 per cent to close at 40k and First City Monument Bank (FCMB) declined by 3.51 per cent to close at N3.02 per share.

Conversely, Computer Warehouse Group led the gainers’ table, growing by 10 per cent to close at 99k per share.

Learn Africa followed with a gain of 9.78 per cent to close at N2.47, while Caverton Offshore Support Group reaped also 9.52 per cent to close at N1.15 per share.

Multiverse Mining & Exploration increased by 9.52 per cent to close at N2.30, while Chams improved by eight per cent to close at 27k per share.

Mutual Benefits Assurance dominated the activity chart with an exchange of 74.5 million shares worth N22.84 million.

FBN Holdings followed with an account of 23.43 million shares valued at N251.88 million, while Access Holdings traded 15.9 million shares worth N130.19 million.

United Bank for Africa sold 15.3 million shares valued at N107.07 million, while NEM Insurance transacted 13.49 million shares worth N62.12 million.

In all, investors bought and sold 226.47 million shares valued at N2.76 billion achieved in 3,515 deals.

In another development, the Naira on Thursday appreciated after a three-day loss against the dollar at the Investors and Exporters window, exchanging at N430.67.

The figure represented an increase of 0.08 per cent, compared with the N431 it exchanged for the dollar on Wednesday.

The open indicative rate closed at N429.75 to the dollar on Thursday.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N430.67.

The Naira sold for as low as N417 to the dollar within the day’s trading.

A total of 82.88 million dollars was traded in foreign exchange at the official Investors and Exporters window on Thursday.

In the meantime, some financial experts have advised the Central Bank of Nigeria (CBN) to leverage technologies and innovations by the BRICS countries to strengthen the naira.

The experts gave the advice at the maiden edition of the Annual Banking and Technology Forum, organized by the Centre for Financial Studies of the Chartered Institute of Bankers of Nigeria (CIBN) on Thursday in Lagos.

The newsmen report that the hybrid meeting had, “Leveraging on Technology to Gain a Competitive Edge” as its theme.

Mr Adjiedj Bakas, an economist, specifically urged the CBN to base the naira on gold to allow it to compete with the US dollar in value.

According to him, if the CBN wants the naira to be fairly strong and stable, it should fund it on gold, oil and gas and other commodities.

“The BRICS countries – Brazil, Russia, India, China, and South Africa – these five powerful nations, strong, big economies, are coming with a lot of initiatives, which might be beneficial to Nigeria.

“They are coming up with a new global reserve currency based on gold, oil and gas and other commodities, and that is going to compete with the US dollar,” said Bakas.

He said the BRICS had also developed an alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT) payment system, also in use in Holland and Nigeria.

“So, they come up with an alternative to SWIFT, a competent alternative to the dollar.

“And this new global reserve currency is founded on gold, and commodities.

“So, my advice would be for the Nigerian Central Bank to base the naira upon gold; you have to buy lots of gold, and we have tonnes of gold.

“But also have to base it on all the oil and gas reserves of Nigeria, and then the naira will be worth much more,” Bakas said.

The expert also urged the banks to utilise both SWIFT and the new payment platform introduced by the BRICS, which is based on Alipay and WeChat.

“It is connected with facial recognition, artificial intelligence and security; you can follow the money and the traces everywhere,” he said.

He urged banks to offer young people a good future by moving along with these technological trends that have boosted the world’s Gross Domestic Product.

“Step in, dive into in this technological revolution because technology is going to change blue-collar workers and devices are going to take over a lot of our financial administration.

“So, as a bank, you should be fast, provide fast services, especially to the millennials; and also leverage the digital naira because they all love the Central Bank’s digital currency,” he said.

The Director, Information Technology Department, CBN, Mrs Rakiya Mohammed, said the apex bank had been proactive by creating enabling environments for the banking industry to thrive.

She said the monetary authority came up with guidelines, frameworks, and innovative products to stimulate creativity in the banking sector without stifling the healthy competition among participants in the industry.

“If we have learned anything in the CBN, it is the fact that technology will not wait for regulation, so we decided to be as agile as possible.

“We have tried to be proactive by creating an enabling environment via guidelines, frameworks, and innovative products to stimulate creativity in the banking sector without stifling the healthy competition among participants in the industry.

“In 2021, when the CBN announced its intention to roll out the first central bank digital currency in Africa and one of the first in the world, some people were skeptical as to our capacity to accomplish what other central banks were still reluctant to do.

“But we were convinced it was the way to go because the technology trends were clear to us.

It is either you embrace disruption, or you become obsolete.

“Despite the naysayers, the eNaira was successfully launched and has been gaining momentum in adoption both locally and internationally with close to a million wallet downloads across individuals and merchants,” she said.

She narrated how the monetary authority recently stumbled on a Twitter post where someone said the large population of unbanked Nigerian international students in the North Cyprus city of Lefkosa was using the eNaira to facilitate payments for goods and services.

Mohammed, who was represented by Mr Afolabi Adeleye, said, “These digital natives are not waiting.

“At the CBN we are beginning to have conversations around monetary policy in the metaverse, open banking, and digital identities, among others.

“Leveraging the gains in the adoption of the eNaira, we recently concluded our first hackathon focused on expanding its use in driving financial inclusion and cross-border remittances.

“Embracing technology as a business enabler to drive competitive advantage is no longer optional.

It is a matter of corporate survival going into the future.”

Dr Ken Opara, President/Chairman of CIBN, represented by the first council Vice-President, Prof. Pius Olarenwaju, said, “This event provides another opportunity for us to offer value to our stakeholders as they try to navigate the financial technology and digital finance world.

“Indeed, this event could not have come at a better time as the ways in which we conduct banking has changed dramatically since technology entered the fray.

“Banks are now focused on elevated levels of personalization and tailoring solutions to meet customers’ needs which have been enabled by the fast-tracking of digital transformation.”

 

Economy

NGX Market Capitalisation Gains N836bn

Published

on

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

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

Continue Reading

Economy

SIFAX Group Appoints Basil Agboarumi As Executive Director

Published

on

SIFAX Group, one of the leading business conglomerates in Nigeria with investment in Maritime, Aviation, Oil & Gas, Haulage & Logistics, Financial Services, and Hospitality, has appointed Basil Agboarumi as its new Executive Director of corporate and Intergovernmental Affairs.

Agboarumi recently completed his term as the Managing Director/CEO of the Skyway Aviation Handling Company Plc. (SAHCO Plc.), one of the subsidiaries of SIFAX Group.

Agboarumi holds a National Diploma (OND) in Mass Communication from the Federal Polytechnic, Auchi and a Higher National Diploma (HND) in Mass Communication from the Federal Polytechnic, Oko, a Master in Communications (MSc) from the Lagos State University and a Certificate in Creative Design & Digital Communications from the School of Media & Communications of the Pan-Atlantic University, Lagos. He also holds a Management Certificate in Civil Aviation from Concordia University, Montreal, Canada.

Basil Agboarumi, Executive Director, Corporate and Intergovernmental Affairs

After the privatization and subsequent takeover of SAHCOL by SIFAX Group in 2009, Agboarumi was appointed the Head of Corporate Communications to spearhead the re-branding of the new company. He was subsequently appointed the company’s Managing Director in 2018. Under his leadership, SAHCO Plc was listed on the Nigeria Stock Exchange while many airlines, both local and foreign, signed business deals with the company due to its excellent and cutting-edge services which include passenger handling, ramp handling, and cargo handling.

Agboarumi has over 25 years of professional in public relations, reputation management, brand development, media relations, business development, and government relations.

Speaking on the new appointment, Dr. Taiwo Afolabi, Chairman, SIFAX Group, said Agboarumi brings vast experience and records of achievements to his new role, adding that these qualities will help him succeed in the new role.

He said: “He demonstrated the capacity and ability to navigate different terrains as a leader during his time as the Managing Director of SAHCO. The COVID-19 pandemic hit shortly after he took over the reins at SAHCO, but he was able to steer the ship of the company to profitability despite the uncertainties that characterised the global aviation business at the time. I am convinced the Group will benefit tremendously from his wealth of experience as he assumes this new role.”

Continue Reading

Economy

NGX All-Share Index Crosses 100,000 Mark

Published

on

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

…Guinness Nigeria and FTN Cocoa Processors lead the losers’ table

The All-Share Index, one of the performance indices of the Nigerian Exchange Ltd.(NGX), on Thursday, crossed a 100,000 mark for the second time in the year.

Having crossed the mark on Jan. 24, and later dropped, the All-Share Index specifically added 0.75 percent or 744 points to settle at 100,335.3, compared to 99,591.64 posted on Wednesday.

Consequently, investors gained N420 billion or 0.75 percent, as the market capitalisation which opened at N56.310 trillion, closed at N56.730 trillion.

Also, the Year-To-Date (YTD)return rose to 33.19 percent.

Improved buy interest in the shares of Dangote Sugar, MTN Nigeria, Transcorp Power, Oando Plc, and Cornerstone, alongside other top gainers drove the equity market to a positive terrain.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 9.11 percent.

However, market breadth closed negative with 33 losers and 25 gainers.

On the gainers table, Dangote Sugar and MTN led in percentage terms of 10 percent each to close at N50.60 and N201.30 per share, respectively.

Transcorp Power followed closely by 9.99 percent to close at N351.30, while Juli Plc added 9.96 percent to close at N4.97 per share.

National Salt Company of Nigeria (NSCN) rose by 9.92 percent to close at N47.65 per share.

On the other hand, Guinness Nigeria and FTN Cocoa Processors led the losers’ table by 10 percent each to close at N45.90 and N1.53 per share, respectively.

Transcorp also lost 9.95 percent to close at N17.10, Ikeja Hotel shed 9.93 percent to close at N6.08, while Redstarex declined by 9.87 percent to close at N3.38 per share.

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

A total of 554.72 million shares valued at N17.73 billion were exchanged in 9,708 deals, compared to 416.48 million shares valued at N19.51 billion exchanged in 9,338 deals.

On the activity table, Transnational Corporation (Transcorp) led both in volume and value with 301.36 million shares traded in value of  N5.65 billion.

Sterling Nigeria sold 33.32 million shares worth N150.78 million, while FBN Holdings traded 23.21 million shares valued at N773.91 million.

Also, United Bank of Africa (UBA) transacted 18.38 million shares worth N400.29 million and Zenith Bank sold 17.08 million shares valued at N583.93 million.

Reacting, a stockbroker with Premium Capital, Mr Victor Ibrahim, said that the improved performance of the equity market was due to renewed investors’ expectations from the current government’s policies.

Ibrahim stated in Lagos that investors were keying into the future benefits of the economy by boosting their investment in the equity market.

He said, “The stock market is a leading indicator of the Nigerian economy and as such, with government policies such as the free-flow economy, investors confidence in our market has been boosted.

“The artificial scarcity of dollars in order to underprice or devalue the Naira is also another indicator.

“This is because the price of stocks in the Nigerian equity market is cheaper for foreign investors and those local investors who have dollars in reserve.

“While the Nigerian economy may presently appear tough, investors are keying into the future opportunities in the current government’s policies with the belief in the capacity of President Bola Tinubu.”

Continue Reading

Editor’s Pick

Politics