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Stock market increases by 0.11%



By Philemon Adedeji

Nigerian Equities Market maintained positive posture as the key market indicator inches up further by 53.29 basis points while market breadth remained positive.

The NGX All-Share Index inched up by 0.11 per cent to close at 49,889.80 index points as against 0.39 per cent gain recorded to close at 49,836.51 index points at the end of the trading session on Wednesday.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are BUA Cement, Flour Mills of Nigeria, Access Holdings, FCMB Group and Pharma-Deko Plc.

Analysts at GTI Securities Limited said, “Bullish sentiment persists among investors in the equity market, we expect mixed sentiments to continue throughout the week.”

As measured by market breadth, market sentiment was positive as 14 stocks gained relative to 12 losers.

Absolutely, the market capitalisation value gained N28.74 billion to close at N26.908 trillion from N26.880 it closed for previous trading day.

The total volume traded decreased by 37.63 per cent to close at 229.12 million shares, worth  N1.75 billion and exchanged in 3,575 deals.

Sectoral performance was broadly negative as seven (7) NGX sector index closed northward, eight (8) closed southward while three (3) closed flat. The NGX Industrial Goods Index inched up by 0.99 per cent to top the gainers chart while the NGX MERIGRW Index dipped by 0.91 per cent to top the losers’ chart.

On the gainers chart, Pharmadeko led the gainers with 7.43 per cent to close at N1.88 per share, followed by UPDC and Consolidated Hallmark Insurance which gained 5 per cent each increased to close at N1.08 and N0.63 per share respectively.

First City Monument Bank which recorded as the last fourth gainer rose by 4.92 per cent increased to close at N3.20 per share and Fidelity Bank grew by 4.39 per cent increased to Close at N3.33 per share.

On the other hand, mutual benefit assurance led the losers chart with dip of 9.38 per cent to close at N0.29 per share, followed by Computer Warehouse Group which recorded as the second best loser depreciated by 9.09 per cent to close at N0.90 per share, while Transcorp went down by 7.08 per cent to close at N1.05 per share.

Lasaco Assurance and Sterling Bank diminished by 0.06 kobo each to close at N0.96 and N1.46 per share respectively.

Transactiom in the share of Sterling bank topped the activities chart with 108.698 million shares valued at N159.822 million, followed by Guaranty Trust Holding Company which traded 34.251 million shares worth N680.452 million while Fidelity Bank transacted 15.553 million shares worth N50.592 million.

Mutual Benefit Assurance traded 9.181 million shares valued at N2.770 million and Zenith Bank accounted 7.452 million shares valued at N162.231 million.

Sterling Bank was the most traded stock by volume with 108.69 million units traded while GTCO was the most traded stock by value which is put at N680.45 million share.

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capital market

Zenith Bank posts remarkable triple digit topline, bottom line growth



Zenith Bank Plc has announced its audited results for the year ended December 31, 2023, achieving a remarkable triple-digit growth of 125% in gross earnings from NGN945.6 billion reported in 2022 to NGN2.132 trillion in 2023. According to the audited financial results for the 2023 financial year presented to the Nigerian Exchange (NGX), this impressive triple-digit growth in gross earnings resulted in a Year-on-Year (YoY) increase of 180% in Profit Before Tax (PBT) from NGN284.7 billion in 2022 to NGN796 billion in 2023. Profit After Tax (PAT) also recorded triple-digit growth of 202% from NGN223.9 billion to NGN676.9 billion in the period ended December 31, 2023.

The increase in gross earnings is primarily due to growth in interest and non-interest income. Interest income increased by 112% from NGN540 billion in 2022 to NGN1.1 trillion in 2023. Non-interest income grew by 141% from NGN381 billion to NGN918.9 billion in the same period. The increase in interest income is attributed to the growth in the size of risk assets and their effective repricing, alongside the rise in the yield of other interest-bearing instruments over the year. Growth in non-interest income was driven by significant trading gains and an increase in gains from the revaluation of foreign currencies.

The cost of funds grew from 1.9% in 2022 to 3.0% in 2023 due to the high interest rate environment while interest expense increased by 135% from NGN173.5 billion in 2022 to NGN408.5 billion in 2023. Notwithstanding the 32% growth in operating expenses in 2023, the Group’s cost-to-income ratio improved significantly from 54.4% in 2022 to 36.1% in 2023 due to improved top-line performance. Return on Average Equity (ROAE) increased by 118% from 16.8% in 2022 to 36.6% in 2023, underpinned by improved gross earnings, as the Group sought to deliver better shareholder returns. Return on Average Assets (ROAA) also grew by 95% from 2.1% to 4.1% in the same period.

The Group has continued to deepen its market leadership in key corporate and retail deposit segments as customer deposits increased by 69% from NGN9.0 trillion to NGN15.2 trillion in 2023. Its retail drive continues to yield dividends as retail deposits now constitute 46% of total deposits (compared to 44% in 2022) and grew by 77% from NGN3.97 trillion in 2022 to NGN7.04 trillion in 2023, also reinforcing increased customer confidence in the Zenith brand.

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capital market

eTranzact records N2.2bn profit in 2023



eTranzact International Plc on Monday announced a Profit After Tax (PAT) of N2.2 billion for the year ended Dec. 31, 2023, as against N1.18 billion posted in 2022.

Company Secretary of eTranzact, Mr Isaiah Oreweme, said this in the company’s annual report and audited financial statements for the year 2023, sent to the Nigerian Exchange Ltd. (NGX) in Lagos.

Oreweme said that the electronic payment technology and maintenance services company’s Profit Before Tax (PBT) for the year under review stood at N3.2 billion, compared to N1.61 billion recorded in the year 2022.

He stated that the company’s gross profit rose to N8.32 billion at the end of the 2023 financial year from N5.7 billion posted in the previous year.

According to him, the total liabilities of eTranzact leaped to N16.73 billion as at the close of the 2023 financial year, from N10.5 billion recorded in the year 2022.

The company secretary stated that the firm’s total assets also grew to N28.21 billion in 2023, compared to N19.78 billion posted in the year 2022.

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capital market

NGX: Investors lose N220bn



Investors in the Nigerian equities market lost N220 billion at the close of trading on Monday.

This followed the dip in the share value of some entities, including Abbey Mortgage Bank, Champion, Regalins and Chams on the trading floor today.

After five hours of trading at the capital market, the capitalisation crashed to N58.2 trillion from N58.4 trillion recorded at the close of trading on Friday.

Similarly, the All-Share Index (ASI) decreased to 103,047.23 from 103,437.67 achieved by the bourse four days ago.

The market breadth was negative as 17 stocks advanced, 23 declined, while 80 others remained unchanged in 5,302 deals.

Morison Industries led other gainers with 9.91 percent growth in share price to close at N3.33 from its previous price of N2.12 per share.

Omatek Ventures, Computer Warehouse Group (CWG), and Linkage Assurance also raised their share prices by 7.61%, 5.93%, and 5.56 percent per share respectively.

Abbey Mortgage Bank led other price decliners as it shed 9.75 percent off its share price to close at N2.50 from its previous N2.77 per share.

Champion Breweries, Regency Assurance, and Chams Holding Plc completed the list of losers with 9.68 percent, 9.30 percent, and 7.21 percent cut in their share prices respectively.

On the volume index, Abbey Mortgage Bank traded 137.411 million shares valued at N343.03 million in 37 deals followed by Guaranty Trust Holding Company (GTCO) with 33.445 million shares worth N1.55 billion traded by shareholders in 575 deals.

Access Holding traded 32.261 million shares valued at N728.09 million in 147 deals.

On the value index, GTCO recorded the highest value for the day, trading equities worth N1.55 billion in 575 deals followed by MTN Nigeria which traded stocks worth N903 million in 391 deals.

Access Corp traded stocks worth N728 million in 147 deals.

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