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NGX Rebounds By N142Bn On Airtel, 19 Other Gains

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NGX Rebounds By N142Bn On Airtel, 19 Other Gains

The nation’s bourse extended a bullish trend on Wednesday largely driven by gains recorded by Airtel Africa and 19 others.

Consequently, the All-Share Index increased by 271.84 points, representing a growth of 0.69 percent to close at 39,448.46 from 39,176.62 posted on Tuesday.

Consequently, month-to-date gain increased to 2.3 percent, while the year-to-date loss moderated to 2.0 percent.

READ ALSO: Dangote Cement Tops NSE Gainers’ List With Over N130bn Profit

Similarly, the market capitalization gained N142 billion or 0.69 percent to close at N20.553 trillion against N20.411 trillion achieved on Tuesday.

The upturn was impacted by gains recorded in medium and large capitalized stocks, amongst which are; Airtel Africa, Northern Nigeria Flour Mills, Ecobank Transnational Incorporated, Neimeth International Pharmaceuticals, and Livestock Feeds.

Analysts at Afrinvest Limited said: “We expect the bullish performance to be sustained in the next trading session, as investors continue to trade on company-specific fundamentals.”

Market sentiment closed positive with 20 gainers relative to 15 losers.

READ ALSO: Nigerian Stock Market Gains N325bn On Enhanced Buying Interest

Pharma Deko drove the gainers’ chart in percentage terms, gaining 9.17 percent to close at N1.19 per share.

Neimeth International Pharmaceuticals followed with 8.61 percent to close at N1.64, while Ikeja Hotel appreciated by 7.69 percent to close at N1.40 per share.

Livestock Feeds rose by 6.84 percent to close at N2.03, while Linkage Assurance appreciated by 6.78 percent to close at 63k per share.

On the other hand, FTN Cocoa Processors led the losers’ chart in percentage terms by 8.89 percent to close at 41k per share.

Wema Bank followed with 7.32 percent to close at 76k, while May and Baker Nigeria lost 6.38 percent to close at N4.40 per share.

Mutual Benefits Assurance shed 5.56 percent to close at 34k, while Veritas Kapital Assurance depreciated by 4.17 percent to close at 23k per share.

Transactions in the shares of Transcorp topped the activity chart with 20.49 million shares valued at N19.34 million.

ETI followed with 17.54 million shares worth N97.99 million, while FCMB Group traded 15.31 million shares valued at N48.21 million.

Sterling Bank sold 14.14 million shares worth N22.24 million, while United Bank for Africa transacted 10.94 million shares valued at N83.39 million.

In all, the total volume of trades declined by 61.8 percent as investors bought and sold 181.42 million units worth N2.08 billion in 3,599 deals.

This was in contrast with 474.53 million shares valued at N3.98 billion exchanged in 4,161 deals on Tuesday.

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Sterling Bank Set To Change Name, Read Why

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Sterling Bank To Change Name, Read Why

Nigeria commercial bank, Sterling Bank Plc has moved to change its name after getting stakeholders’ consent of converting to a holding company.

This was disclosed by the board, as it will create a chance for the bank to have a controlling stake in companies where it currently holds a substantial interest.

Recall, a few days back, the bank convened a meeting of shareholders at the order of a court as part of the last key stages of the corporate reformation.

READ ALSO: CBN Increases Interest Rate For 3rd Time This Year

According to a report seen on the Nigerian Exchange Limited’s website, the bank will become known as Sterling Financial Holdings Company when the transition is delivered.

Becoming a Holding Company will see the bank have the leverage to make inroads into other sectors within financial services apart from commercial banking which its current license and those of many lenders in Nigeria do not allow.

Such sectors, comprising pension; asset management; payments, and fintech, are gaining appeal among banks and provide chances for diversification as competition for interest income, which accounts for the bulk of the revenue of the banking industry turns increasingly fierce.

Stanbic IBTC Holdings, one of the early birds that adopted the Holdco structure, is a testament that the Holdco structure is a model that works. Its pension unit controls around one-third of the N14.2 trillion assets under management as the market leader in the Nigerian pension industry.

With the key resolutions for the scheme of arrangement now approved, the transition will proceed to its final phase where regulators including the Central Bank of Nigeria are to sanction the new entity into existence.

“The bank will transfer all the assets, liabilities, and undertakings related to the non-interest banking business to The Alternative Bank Limited,” the statement said in reference to its newest subsidiary that received in approval-in-principle in December.

Sterling Bank’s issued and paid-up share capital valued at 28.8 billion outstanding shares will passé to the holding company in exchange for the allotment of those same units to shareholders on completion.

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Victor Ikpeba Endorses Moores Energy

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Victor Ikpeba Endorses Moores Energy

Super Eagles legend, Victor Ikpeba has endorsed Moores Energy, as he encouraged residents of the Ikorodu area of Lagos State, and its environs to patronise the brand at its retailing station.

At a media launch where Ikpeba was unveiled as Moores Energy brand ambassador, the Nigerian football legend expressed confidence in the newly-established company floated by Bola Tom-Jones.

Referring to the Chief Executive Officer (CEO) of Moores Energy, Ikpeba stated: “I have no Bola now for over a decade and I have strong confidence in her offerings. She’s someone very passionate about people, especially as it relates to their well-being. With her establishing this energy company, I believe it’s her way of contributing to Nigeria’s green energy drive.

Victor Ikpeba Endorses Moores Energy
Victor Ikpeba joins Bola Tom-Jones to unveil the newly-purchased bobtail truck of Moores Energy

The gas retailing facility of Moores Energy is fully-automated, and it is a proven solution to reduce exposure to household air pollution and disease.”

On her part, Tom-Jones expressed gratitude to Ikpeba, saying she couldn’t think of any other celebrity that carries the dignity her brand represents.

Tom-Jones further explained the unique selling proposition of her brand, as she unveiled her newly-purchased bobtail truck.

What we are doing differently at Moores Energy, is that we give our customers the assurance of getting the right quantity, and quality. So, if you are coming for your 12.5kg, you are sure to get the exact thing, and that can take you several weeks. We have as well subsidised our rates for senior citizens to encourage them to make use of cooking gas in their homes. Our products are affordable and accessible to everyone,” she added.

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Fidelity Partners SMEDAN to Empower SMEs

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Fidelity Bank

In what has been termed a major move to bridge the gap in helping small businesses access much needed funding and capacity development initiatives, leading financial institution -Fidelity Bank Plc – has announced a strategic partnership with the Small and Medium Enterprises Development Agency (SMEDAN).

At a Memorandum of Understanding (MOU) signing ceremony held in Lagos recently, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe said the partnership reinforces the fact that the bank is a leading supporter of SMEs in Nigeria.

“For us at Fidelity Bank, supporting SMEs is in our DNA and for more than two decades we have been creating multiple platforms to help them thrive. These include the numerous products we have pioneered for the sector, our collaboration with the Lagos Business School to host the Export Management Programme, the Fidelity SME Academy and our weekly SME Forum radio programme where we have had successful business owners and even SMEDAN share tips on running thriving ventures with listeners.”

“This partnership is therefore another step in our journey of helping entrepreneurs grow and compete favorably in any market they operate and we are very happy to have SMEDAN join us”, commented Onyeali-Ikpe who was represented by the Executive Director, Lagos and South-West, Fidelity Bank, Dr Ken Opara.

On his part, Director-General/Chief Executive Officer, SMEDAN, Olawale Fasanya thanked Fidelity Bank for facilitating the partnership emphasizing that the MOU was particularly significant not just to the Agency but to the MSMEs ecosystem.

“Fidelity Bank is one of the few commercial banks in Nigeria that have shown immense interest in providing support to the large MSME community. I am very aware of some of your products purposely designed to serve the MSMEs. This explains why the Agency is very excited entering into this relationship that we believe will help change the narratives of the sub-sector”, commented Fasanya.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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