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NGX market capitalisation dips N248bn on Airtel Africa loss

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The Nigerian stock market on Friday lost N248 billion within six hours of trading due to profit taking on Airtel Africa.

The market capitalisation which opened at N20.043 trillion dipped N248 billion or 1.24 per cent to close at N19.795 trillion.

Similarly, the All-Share Index inched lower by 475.68 points or 1.24 per cent to close at 37,994.19 from 38,469.87 points reported on Thursday.

Airtel Africa dominated the laggards’ chart in percentage terms declining by 9.99 per cent to N601 per share.

NAHCO trailed with 9.65 per cent to close at N2.34, while NEM insurance declined by 9.09 per cent to close at N2 per share.

Regence Insurance went down by 8.16 per cent to close at 45k, while Red Star Express dipped 6.04 per cent to close at N3.11 per share.

On the other hand, FTN Cocoa led the gainers’ table in percentage terms, appreciating by 9.68 per cent to close at 34k per share.

Johnholt Engineering followed with a gain of 8.96 per cent to close at 73k, while Unity Bank gained 7.27 per cent to close at 59k per share.

Neimeth International Pharmaceutical increased by 5.88 per cent to close at N1.80, while Wapic Insurance rose by 5.36 per cent to close at 59k per share.

Guaranty Trust Bank Holding Company drove the activity chart with an exchange of 30.97 million shares valued at N909.73 million.

Courteville Business Solution followed with 22.18 million shares worth N4.84 million, while Chams traded 12.002 million shares valued at N2.40 million.

Fidelity Bank sold 11.51 million shares worth N26.60 million, while Transcorp exchanged 10.94 million valued at N10.31 million.

In all, investors bought and sold 241.84 million shares worth N2.71 billion achieved in 3,819 deals.

This was in contrast with a turnover of 238.24 million shares valued at N2.58 billion transacted in 3,927 deals on Thursday.

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NGX: Investors recoup losses, as NGX-ASI advance by 0.05%

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Investors on Tuesday recouped losess from Monday’s trading gaining N25.72bn.

The market gain was fueled by strategic buying interests in NAHCO (+3.74%), FIDSON (+9.26%), ZENITHBANK (+2.59%), UBA  (+2.25%), GTCO  (+1.88%), NB (+0.34%), UCAP  (+0.18%), and 16 others.

Consequently, investors gained N25.72bn, bringing the Market Capitalisation to N56.61trn, with a year-to-date return of 33.83%.

Meanwhile, the All-Share Index (NGXASI) gained 0.05 percent to close at 100,067.77 points, up from a 0.04 percent  loss at 100,020.83 the previous day.

The total volume traded advanced by 33.11% to close at 365.64m, valued at N4.12bn and traded in 8,665 deals. UNIVINSURE was the most traded stock by volume, with N61.53m units traded, while UCAP was the most traded stock by value at N711.31m.

The Gote index declined 0.10 percent to close at 343.77 points, the Toni index rose 0.06% to close at 1,287.04 points, while the Samad index closed flat at 364.34 points.

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FY 2023: Conoil declares N9.9bn profit, proposes N2.43bn dividend

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Conoil Plc has declared A profit after tax of N9.87 billion in 2023 financial year, about 99 percent growth  from N4.96 billion declared in 2022.

According to the company’s audited financial statement for 2023, the company posted a revenue of N201.4 billion, marking a 53per cent growth from the N131.4 billion revenue posted in 2022.

The company posted a gross profit of N19.8 billion, representing a 42per cent growth from the N14 billion gross profit posted in 2022.

There was however a slight decline in the gross margin, from 10.66 percent as of FY 2022 to 9.85 percent as at 2023.

The company also proposes to pay dividends of N3.5 per share, amounting to a dividend payout of N2.43 billion.

According to the audted statements, the oil company derived 97 percent of its revenue, amounting to N195 billion, from the sale of white petroleum products, including PMS, diesel, low-pour fuel oil, jet fuel, and kerosene, with the remaining 3 percent coming from lubricant sales.

The company’s petroleum purchases in 2023 increased by 68 percent from the previous year, rising from N109.4 billion in 2022 to N183.8 billion.

The company also generated N1.54 billion in FX gains during the fiscal year.

A review of the company’s balance sheet shows a 29per cent increase in trade and other receivables to N65.6 billion from N51 billion as of 2022. Part of the trade receivables include N34.3 billion from some of its trade debtors.

During the year, the company’s borrowings through overdraft hit N32 billion marking a 461% increase from the N5.7 billion overdrafts as of FYE 2022. According to the financial statement, the average interest rate on bank overdrafts in 2023 was 19per cent, in contrast with 14.7per cent in 2022.

It was also noted that the overdrafts were necessitated by a delay in outstanding subsidy claims from the Federal Government.

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FG savings bonds offer opens with lowest returns

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The Federal Government of Nigeria (FGN), through the Debt Management Office (DMO) has opened the sale of its Savings Bond to retail investors with a lower return than last four months auctions.

The offer which opened Monday July 1, closes on July 5 and the settlement date is July 10, 2024.

The government sells a two-year savings bond at 16.67 percent per annum, lower than the 17.41 percent it went for in June 2024.

The three-year bond sells at 17.67 percent, also lower than the 18.41 percent it was sold for in June 2024.

These are the lowest returns offered on FGN savings bonds since March 2024.

The interest payment will be paid quarterly with coupon payment dates on October 10, January 10, April 10, and July 10.

The 2-yr Savings Bond would be due on July 10, 2026, while the 3-yr Savings Bond would be due on July 10, 2027.

In March 2024, the government sold a two-year savings bond at 17.04 percent per annum, which is higher than the returns offered this month by 2.17 percent.

The three-year bond in March 2024 was also sold at 18.04 percent, higher than the offer for July 2024 by 2 percent.

According to the Debt Management Office (DMO), the minimum amount that can be invested in the Savings Bond is N5,000 while a maximum of N50 million can be invested.

The Debt Management Office also noted that interested investors should contact appointed stock-broking firms provided by the DMO.

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