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Bank investors appreciate N83.9bn during the week

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The five Nigerian leading financial institutions known as tier-1 banks or otherwise called FUGAZ, their last trading day results revealed that market capitalisation appreciated by 3.52 per cent to close the week at N2.46 trillion, even as investors gained a total of N83.9 billion.

The five tier-1 Nigerian banks enjoyed positive market sentiments throughout the week, with First Bank Holdings of Nigeria PLC lead as overall the gainers.

From the data supplied on the floor of Nigerian Exchange Limited (NGX), the market capitalisation of the top five banks grew significantly to N2.46 trillion after appreciating by 3.52 per cent during the week.

First Bank Holding of Nigeria share price appreciated by 2.3 per cent to close the week at N11.15, with its market capitalisation at N400.2 billion amid sell-offs and buy-interests at the end of the trading week.

FBNH Plc’s earnings report for the 9-month ended 30th September 2022, showed that interest income grew by 45.3 per cent Y-o-Y to N144 billion from N99 billion recorded in the same period of 2021. Similarly, Profit After Tax grew by 1155 per cent Y-o-Y to N34 billion during the period under review, from N2.7 billion.

United Bank for Africa Plc share price appreciated by 5.3 per cent to close the week at N8.00, with its market capitalisation at N273.5 billion amid sell-offs and buy-interests at the end of the trading week

UBA Plc released its Q3 2022 financial statements, revealing that net interest income appreciated by 29 per cent to N105 billion from N81.1 billion, while total assets grew to N9.31 trillion from N8.45 trillion recorded during the comparable period in 2021. In addition, the company’s profit after tax rose by 3.85 per cent to N45.708 billion from N44.014 billion in the same period of 2021.

Guaranty Trust Holding Company Plc’s share price appreciated by 4.3 per cent to close the week at N24.00, with its market capitalisation at N706.3 billion amid sell-offs and buy-interests at the end of the trading week.

The bank’s financial statements for the period ended 30th September 2022 revealed a growth of 23.71 per cent in net interest income from N68.94 billion as of Q3 2021 to N85.29 billion in the current period. However, post-tax profit appreciated by 5.61 per cent to N52.79 billion from N49.98 billion in the current period.

Access Bank Plc’s share price appreciated by 5.9 per cent to close the week at N9.00, with its market capitalisation at N319.9 billion amid sell-offs and buy-interests at the end of the trading week.

Access Bank Plc released its latest earnings report for the period ended September 2022, which revealed a profit of N48 billion. This is a 31 per cent increase compared to the profit report during the comparable period in 2021. The financial report also showed that interest income rose by 34 per cent from N154.941 billion to N115.543 billion in the current period.

Zenith Bank Plc gained N14.1 billion w-o-w after its market capitalisation appreciated to N767.6 billion from N753.5 billion at the end of the week. The appreciation can be attributed to the 1.9 per cent increase in its share price from N24.00 to N24.45.

The bank’s Q3 2022 financial result for the period that ended September revealed that interest income for the period grew by 24.7 per cent to N215.81 billion from N173.114 billion in the corresponding period of 2021. Profit After Tax for the period also grew by 15.5 per cent from N54.475 billion in 2021 to N62.924 billion in the current period.

The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI appreciated by 0.72 per cent to close at 51,222.34.

The FUGAZ banks make up over 70 per cent of the NSE Banking sector index, hence, strongly influencing the growth or otherwise of the index; however, the NGX banking index appreciated by 0.23 per cent from 417.50 last week to close at 435.34 points.

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NGX: Sell-offs in banking stocks drop value of transactions down 2.60%

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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 exchange 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, 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 in value of N888.55 million, while GTCO led in value with 38.30 million shares worth N1.31 biliion.
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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Financial expert seeks alignment of FG’s fiscal policy with CBN’s monetary policy

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A financial expert, Mr Eddie Osarenkhoe, has advised the Federal Government to align its fiscal policy with the Central Bank of Nigeria’s monetary policy to achieve economic stability.

Osarenkhoe, the immediate past President of Finance Houses Association of Nigeria (FHAN), gave the advice while speaking with newsmen on Wednesday in Ota, Ogun.

He attributed the current steady appreciation of the naira to CBN’s reforms and the country’s ability to pay some of its debts.

Osarenkhoe applauded the CBN reforms which, he said, had helped to sustain the steady appreciation of the naira against the dollar.

The financial expert stated that CBN was able to check speculators in the foreign exchange, thus resulting in continuous appreciation of the nation’s currency.

“If the federal government is able to come up with fiscal policy in alignment with that of CBN, it will help the nation’s economy a great deal,” he said.

According to him, the economy needs to improve through exports to enable the country to earn more foreign exchange.

The naira has shown a remarkable strength against the US dollar, trading below N1,000 at the official market.

This development has been attributed to the strategic financial policies being implemented by the President Bola Tinubu-led administration and CBN.

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Investors lose N457bn as bearish sentiment continues

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Investors in the Nigerian equities market lost N457 billion at the end of trading on Wednesday.

This followed the dip in the share value of Livestock Feeds, Computer Warehouse Group, International Energy Insurance, and FTN Cocoa Processors on the trading floor today.

After five hours of trading at the capital market, the equity capitalisation crashed to N56.5 trillion from N56.9 trillion posted by the bourse on Tuesday.

Similarly, the All-Share Index (ASI) fell below the 100,000-mark to 99,908.89 from 100,717.21 achieved by the bourse the previous day.

The market breadth was negative as 17 stocks advanced, 26 declined, while 78 others remained unchanged in 9, 074 deals.

Ikeja Hotel topped the gainers’ list with +10.00 percent to close at N7.26 from its previous N6.60 per share.

Fidelity Bank, Academy, Morison, and Prestige also increased their share prices by 9.88 percent, 9.77 percent, 9.71 percent, and 9.26 percent respectively.

On the flip side, Livestock Feeds, Computer Warehouse Group, International Energy Insurance, and FTN Cocoa Processors led other price decliners as they shed 10.00 percent, 9.79 percent, 9.79 percent and 9.72  percent each off their share prices.

UBA recorded the highest volume by trading 55.013 million shares valued at N1.28 billion in 1,092 deals followed by Zenith Bank with 47.029 million shares worth N1.69 billion traded by investors in 907 deals.

Access Corp traded 44.986 million shares valued at N789 million in 845 deals.

On the value index, Zenith Bank recorded the highest value for the day trading stocks worth N1.69 billion in 907 deals followed by UBA which traded equities worth N1.284bn in 1,092 deals.

Access Corp traded stocks worth N789 million in 845 deals.

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