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DANGCEM, MTN support SWOOTs capitalisation by N253bn



Market capitalisation of stocks worth over one trillion (SWOOTs) appreciated by 1.39 per cent to close at N18.42 trillion from N18.16 trillion the previous week, reflecting a gain of N253.24 billion.

Stocks included in this classification are AIRTELAFRICA, BUA CEMENT, DANGOTE CEMENT, NESTLE, MTNN Plc, and recently, BUA FOODS.

MTN Plc’s share price, at the end of the trading week, grew by 3.40 per cent to close at N213.00 per share, taking its market capitalisation to N4.34 trillion at the end of the five trading sessions of the week.

The communications company, a competitor with Airtel Nig Plc, has a total market capitalisation of N4.34 trillion, N401 billion lower than Airtel Africa’s current market value.

MTN Plc is the third-highest in market value on the Nigerian Exchange Limited (NGX). The company released its 2021 FY financial result, reflecting a 22.9 per centgrowth in revenue for the period, while profit after tax grew significantly by 45.53 per cent from N205.21 billion in FY 2020 to N298.65 billion in the current period.

Dangote Cement Plc’s share price grew by 2.38 per cent to close at N280.00 at the end of the trading week as the company’s market capitalisation stood at N4.77 trillion. The company, which is a competitor of BUA Cement Plc and Wapco Plc, has a total Market capitalisation of N4.77 trillion.

Dangote Cement Plc is currently the most-valued company quoted on The Exchange and makes up roughly 26 per cent of the total market capitalisation of all stocks worth over one trillion.

The company released its 2021 FY results, reporting a profit of N364 billion during the period, representing a 32 per cent increase Y-o-Y. The company has proposed a final dividend of N20.00 per share for FY 2021, a 25 per cent increase compared to what was paid a year earlier, N16.00

Other companies under the SWOOT classification remained unchanged in share prices and their performances are summarised below.

BUA Foods Plc’s share price remained unchanged to close at N59.50, with the market capitalisation standing at N1.07 trillion in market value at the end of the trading week.

BUA Foods is a newly listed company on The Exchange, however, the Q4 financial result revealed a 36.37 per cent growth in Profit after Tax from N14.81 billion recorded in the corresponding period of 2020 to N20.20 billion in the period reported.

The FMCG company, reported a revenue of N92.61 billion, reflecting a growth of 39.62 per cent from N66.34 billion in the corresponding period of 2020.

BUA Cement Plc’s share price remained unchanged to close at N70.75 from N69.95, with the market capitalisation standing at N2.40 trillion at the end of the trading week.

The Company’s Q4 2021 financial report revealed a revenue of N70.43 billion, reflecting a growth of 33.15 per cent from N52.89 billion in 2020.

Similarly, net income increased by N7.06 billion, reflecting a 37.60 per cent increase from N18.78 billion recorded in the corresponding period of 2020, to N25.84 billion in the current period.

Nestle Nigeria Plc’s share price remained unchanged to close the week at N1,395.00 per share, amidst sell-offs and buy-interests during the trading week.

The Fast-Moving Consumer Goods company currently has a market capitalisation of N1.11 trillion. Nestle Nigeria Plc is one of the two companies under the NGX Consumer goods Index to be worth over a trillion.

The FY 2021 financial result revealed a FY 2021 results revealing a profit of N40 billion, representing a marginal 2 per cent increase from the prior-year period as revenue grew by 23 per cent.

Earnings per share for the period was at N50.51 and the company is set to pay N25.50 per share as final dividend to its shareholders.

Airtel Africa Plc’s share price remained unchanged to stand at N1260.40 per share at the end of the trading week, with a market capitalisation of N4.74 trillion.

Airtel Africa Plc ended the week as the second-most capitalised company on the exchange once again, vying for the position with Dangote Cement Plc.

Airtel Africa Plc has released its 2021 9-month Unaudited Financial Statement revealing a 22.5 per cent growth in revenue from $2.85 billion in 2020 to $3.49 billion in the current period.

Net profit for the nine-month period appreciated significantly by 97.3 per cent from $261 million in 2020 to $514 million.

capital market

Ecobank declares N182.92bn PAT in Q3 2023



Ecobank Transnational Incorporated, has recorded a profit of N182.92 billion in its third quarter 2023 results.

According to the results posted on the Nigerian Exchange Limited (NGX) website, the Bank announced a 59 percent gross earnings growth in Q3 2023 Results.

The Gross earnings also grew by 59 percent from N761.30 billion to N1.211 trillion.

According to the results, profit before tax stood at N262.17 billion.

Meanwhile in its second quarter results Pre-tax profit increased to N92.52 billion from N56.89 billion profit in Q2 2022.

The increase in second-quarter profits helped its half-year profit before tax to rise by 38 percent to N150.31 billion compared to N108.96 billion in the same period last year.

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capital market

Market capitalisation gains N44.16bn as NGX ASI advances by 0.11%



Since the recent announcement of recapitalisation by the Central Bank of Nigeria Governor, the market had continued to see a rise in investment moves amongst banks thereby boosting the market capitalisation of the NGX.

As at yesterday’s trading, the NGX Market CAP recorded a gain of N44.16billion in Naira terms while the NGX All-Share Index (ASI) advanced by 0.11 percent.

Compared to the previous day’s gain of 0.34 percent, which closed at 71,284.56 basis points, the NGXASI now stands at 39.25 percent.

The total volume of stocks traded also advanced by 49.77 percent to close at N540.09 million, valued at N10.24 billion and traded in 6,516 deals. GTCO was the most traded stock by volume and value, with N67.23 million and N2.60 billion units traded.

At the close of trading, the market recorded 25 gainers, 31 losers, and 55 unchanged. NNFM topped the gainers list, while NSLTECH topped the list of losers.

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capital market

Naira hits N831.47/$1 in official market



The Nigerian naira appreciated against the dollar on Wednesday, 29th November 2023, closing at N831.47/$1 at the official market.

The positive trajectory aligns with expectations among experts, who anticipated that the Central Bank of Nigeria’s (CBN) recent initiative to clear a portion of its FX backlog would boost confidence in the currency.

The domestic currency appreciated 6.06 percent to close at N831.47 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.

This represents an N50.41 gain or a 6.06 percent increase in the local currency compared to the N841.14 it closed on Tuesday.

The intraday high recorded was N1159/$1, while the intraday low was N700/$1, representing a wide spread of N459/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $140.35 million, representing a 18.88 percent growth compared to the previous day.

However, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.26 percent, quoted at N1160/$1, while peer-to-peer traders quoted around N1159.47/$1.

The Central Bank of Nigeria (CBN) has said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.

The apex bank also disclosed that it has set up foreign exchange frameworks to address the FX issues.

Governor of the CBN, Yemi Cardoso, disclosed this on Friday at the bankers’ dinner in Lagos.

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