NGX: Investors trade ₦63.79bn in weekly deals

The bears held sway at the Nigerian Stock market in the past week, as the total value of transactions fell by 20.7 per cent, week-on-week. On the aggregate, investors traded 2.606 billion shares worth ₦63.785 billion in 77,593 transactions this week on the floor of the Nigerian Exchange Ltd. (NGX). This compares to 2.645 billion shares valued at ₦77.005 billion exchanged in 86,110 deals during the previous week. The Financial Services industry topped the activity chart with 1.540 billion shares worth ₦28.963 billion in 32,805 transactions. This accounted for 59.08 per cent of turnover volume and 45.41 per cent of total value traded on the Exchange. The Services industry followed with 286.833 million shares valued at ₦1.711 billion in 6,280 deals. The Consumer Goods industry placed third with 202.565 million shares worth ₦7.439 billion in 9,708 transactions. FCMB Group Plc, Access Holdings Plc and Tantalizer Plc led trading with 600.684 million shares worth ₦6.570 billion in 7,201 deals. These three equities represented 23.05 per cent of turnover volume and 10.30 per cent of the value. The NGX All-Share Index rose by 0.90 per cent to close at 109,710.37 points. Market capitalisation also appreciated, ending the week at ₦68.953 trillion. All sectoral indices closed higher, except NGX Premium and NGX Lotus II which fell by 0.05 and 0.92 per cent, respectively. Sixty-one equities gained during the week, down from 68 in the previous week. Thirty-one equities recorded losses, up from 28 recorded in the prior week. Fifty-six equities remained unchanged, compared to 52 in the preceding week. Top decliners included Multiverse Mining, Union Dicon Salt, NAHCO, University Press, and Legend Internet at ₦1.95, ₦1.00, ₦8.00, 44k and 60k, respectively. Top gainers were Beta Glass, Champion Breweries, Caverton Offshore, FTN Cocoa and Northern Nigeria Flour Mills. They appreciated by 46.31, 42.08, 37.70, 36.32 and 32.49 per cent, respectively. Their respective gains stood at ₦72.40, ₦2.02, ₦1.15, 69k and ₦29.40 for the week.

FCMB jumps PBT 71% to N111.9bn in 2024

First City Monument Bank has recorded a 71 per cent rise in earnings to post N111.9 billion in gross profit for year end, December 31, 2024. The Nigerian Exchange Ltd confirmed the bank’s performance record through a corporate statement. The growth was impacted by a 56.6 per cent decline in revaluation income and a 1.9 per cent fall in Net Interest Margin. The Group’s gross revenue stood at N794.4 billion for December 2023 end, marking a 53.9 per cent jump from N516.4 billion in the previous year. This growth was driven by a 75.2 per cent rise in interest income and an 8.7 per cent increase in non-interest income. Non-interest income growth was constrained by a 55.7 per cent year-on-year drop in other gains, from N89.3 billion to N39.6 billion. Net interest income rose by 27.6 per cent, from N176.6 billion in the prior year to N225.3 billion by December 2024. Yield on earning assets improved to 16.2 per cent. However, Net Interest Margin declined by 1.9 per cent due to a 122 per cent rise in funding costs. Operating expenses increased by 45.7 per cent, year-on-year, to N229.1 billion. This was driven by higher personnel costs, regulatory costs, foreign currency-linked expenses, and inflationary pressures. The cost-to-income ratio closed at 59.9 per cent for the period ending December 2024. Net impairment loss on financial assets declined by 30.7 per cent year-on-year to N41.2 billion, down from N59.5 billion. Consequently, the cost of risk lowered to 1.8 per cent from 3 per cent. The Group’s divisions recorded year-on-year growth, with consumer finance rising by 83.5 per cent and investment management by 27.9 per cent, while the banking group declined by 7.7 per cent. Group earnings remained diversified, with non-bank subsidiaries accounting for over 30 per cent of profits. Loans and advances increased by 28 per cent year-on-year from N1.84 trillion to N2.36 trillion at the end of December 2024. Total assets grew by 59.5 per cent year-on-year, from N4.42 trillion to N7.05 trillion at the end of December 2024. Customer deposits rose by 39.4 per cent year-on-year, reaching N4.30 trillion from N3.08 trillion by December 2024. On recapitalisation, the statement read, “In line with the CBN’s directive, the Group focused on strengthening the banking franchise and building a more resilient balance sheet in 2024. “We completed the first phase of our capital-raising programme, securing N144.6 billion through a public offer. This doubled issued shares from 19.8 billion in 2023 to 39.6 billion in 2024, impacting EPS. “Subsequent phases of FCMB Group’s capital programme are in progress to ensure First City Monument Bank Limited meets the minimum capital requirement to retain its International Banking License. “The capital injection has enabled First City Monument Bank Ltd. to secure its National Banking License and raise its capital adequacy ratio to 18 per cent. “This has created essential buffers to support asset creation in select segments.”

Equity market continues bullish run, gains N534bn

Nigeria’s equity market on Monday appreciated by N534 billion as an investment in the shares of United Bank of Africa, FCMB, Access Bank and others lifted the market activity The market capitalization of listed equities increased by 1.60 percent to N33.731 trillion from N33.197 trillion reported the previous day. The NGX All Share Index also increased by 980.97 basis points to 61949.24 points from 60968.27 points traded on Friday. A review of the investment during the day showed that JapaulGold, UPL, and Fidelity Bank led the gainers’ table gaining 10 percent each to close at N0.77 percent, N2.75, and N7.70 percent respectively, Meyer Paint and Eterna Plc also increased by 10 percent each to close at N23.10 per share. On the contrary, Triple G topped the losers’ chart during the day, shedding 9.87 percent to close at N3.38 percent each, Cornerstone Insurance and NSL Tech trailed with a loss of 9.09 percent each to close at N1.00 and N0.30 per unit respectively. ABC Transport fell by 6.82 percent to close at N0.41 per share, Julius Berger was down by 3.23 percent to close at N30.00 per share. Volume of trades increased by 20.692 million, representing 20.73 percent as investors traded 1.205 billion shares valued at N14.039 billion in 12128 deals against 998.080 million shares valued at N15.956 billion in 10580 deals. Transactions in the shares of FCMB group was the toast of investor during the account for 173.808 million shares valued at N930.697 million, United Bank for Africa followed with an account of 160.673 million shares worth N2.119 billion, Access Corp traded132.518 million shares valued at N2.383 billion, Jaiz Bank exchanged 80.637 million shares worth N138.392 million while Transnational Corporation of Nigeria Plc sold a total of 74.963 million shares cost N285.247 million.