capital market

Bank investors appreciate N83.9bn during the week

Published

1 year ago

January 10, 2023

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.

capital market

FG lists N4.214bn April savings bonds on NGX

Published

3 days ago

May 16, 2024

NewsDirect

The Federal Government has listed its April 2024 Savings Bonds worth N4.214 billion on the Nigerian Exchange Limited platform.

This was disclosed in the market bulletin signed by Godstime Iwenekhai, Head, Issuers Regulation Department of NGX.

According to the bulletin, “Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on Nigerian Exchange Limited (NGX) on May 13, 2024.”

Details of the Bonds include FGS April 2026, 1.228 million units valued at N1.228 billion at a coupon rate of 17.046 percent, while FGS April 2027, 2.986 million units amounted to N2.986 billion at a coupon rate of 18.046 percent.

The bonds are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria, according to the debt office.

FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.

The retail savings bond product was introduced by the Debt Management Office (DMO) on behalf of the Federal Government in 2017 to democratise its activities in the bond market by making it easily accessible to Nigerians to ensure continuous development of the domestic market and bridge infrastructure deficit which has been a constraint to economic growth.

capital market

LCFE inducts 23 commodities brokers

Published

3 days ago

May 16, 2024

NewsDirect

As part of its capacity building functions, Lagos Commodities and Futures Exchange (LCFE), has onboarded and inducted another 23 Commodities Brokers, the fourth edition in the series, to increase the number of professionals to specialise in various asset classes in the Nigerian commodities ecosystem.

On the list of those inducted last week were the Managing Director, Dynamic Portfolio Limited, Mr Remi Lasaki and many Chief Executive Officers of stockbroking companies in Nigeria.

In his welcome address, LCFE’s Managing Director and Chief Executive Officer, Mr Akin Akeredolu-Ale, urged the inductees join hands with The Exchange to build a virile commodities market that shall be beneficial to all.

“LCFE is working hard to build a market that will benefit the entire Capital Market and its brokers. Each broker can select a commodity and dedicate their focus on it, thereby enhancing your company’s wealth, your individual skill set and contributing to the growth of the Nigerian Economy.

“Together, let us seize this opportunity to build a vibrant and dynamic marketplace that unlocks new possibilities for investors, enhances economic prosperity, and positions Nigeria as a leader in commodities trading.

“The Exchange is actively engaging with the Securities and Exchange Commission to obtain approval for more products like Lithium, diamond and Oil and Gas commodities. Just yesterday, we signed an MOU with a Global Certification Agent Bureau Veritas to certify lithium and other Solid Mineral commodities to be traded on LCFE. Additionally, we have made significant strides in the Cashew ecosystem, signing an MOU with the Cashew Association of Nigeria (CAN), aggregators, and a major cashew processor.

“Eko Gold also represents a pioneering investment opportunity within our commodities ecosystem, leveraging stability and transparency to diversify options, attract capital, and create value across the value chain. LCFE is fully committed to supporting its growth and providing brokers with the tools and guidance needed for effective promotion of the asset classes,” said Akeredolu-Ale.

Corroborating him, the Chairman, Securities Dealing Houses of Nigeria (ASHON), Mr Sam Onukwue, noted LCFE was established for total transformation of commodities exchanges in Nigeria and boost the country’s Gross Domestic Product (GDP).

“The underpinning drive for establishing the exchange was the need to transform and reposition the commodities market and harness opportunities in the commodities ecosystem. This drive will enhance and crate value for all stakeholders in the ecosystem,” he said.

The newly elected President of Chartered Institute of Stockbrokers (CIS), Mr Oluropo Dada, congratulated the inductees and advised them to uphold the ethical standard of the profession and operate with skills and integrity.

Akeredolu-Ale also congratulated the new board and management of Securities and Exchange Commission (SEC), under the new Director General, Dr Emomotimi Agada.

In July last year, the Pan African Exchange inducted 33 commodities brokers, including the first female office holder at Chartered Institute of Stockbrokers (CIS), Mrs Fiona Ahimie.

capital market

Tinubu asks Senate to confirm four board members of SEC

Published

3 days ago

May 16, 2024

NewsDirect

President Bola Tinubu has asked the Senate to screen and confirm four persons appointed as board members of the Securities and Exchange Commission (SEC), the apex regulator of Nigeria’s Capital Market.

The President’s request was contained in a letter read by the Senate President, Godswill Akpabio during the plenary on Wednesday.

The appointed members of the SEC are Emomotimi Agama, Frana Chukwuogor, Bola Ajomale and Samiya Hassan-Usman.

While Agama was appointed as Director-General, Mr Chukwuogor will serve as Executive Commissioner (Legal and Enforcement) of the Security and Exchange Commission. Ajomale was appointed as Executive Commissioner (Operations) while Hassan-Usman was appointed as Executive Commissioner (Corporate Services).

In April, President Tinubu approved the appointment of seven persons as members of the SEC pending their confirmations by the Senate. But, only four names were transmitted to the Senate for confirmation and Tinubu did not give reasons for not including the names of the other three professionals.

In the letter, the President explained that the appointment complied with the provisions of section (1) of the Investment and Security Act of 2007.

“Confirmation of appointment of the Director-General and Commissioners of the Securities and Exchange Commission.

“By the provision of sections 3 and 5 (1) of theInvestment and Securities Act 2007. I am pleased to present for confirmation by the Senate the under-listed four nominees as Director-General and Commissioners of Securities and Exchange Commission,” he said.

The president urged the lawmakers to expedite the screening and confirmation process.

The Senate President thereafter referred the request to the Senate Committee on Capital Markets to report back to the Senate within two weeks.