Equity Market Rebounds, Gains N140bn

Nigeria’s equity market on Thursday rebounded and gained N140 billion following gains recorded by small and medium stocks in the market. Market capitalisation of listed equities increased by 0.38 per cent to N36.526 trillion from N36.386 trillion reported the previous day. The NGX All Share Index also appreciated by 87.91 basis points to 66570.19 points from 66482.28 points traded on Wednesday. A review of the trading activities showed that Wema Bank led the gainers table in percentage terms, gaining 9.93 per cent to N4.65 per share, Thomas Way followed with a gain of 9.74 per cent to close at N2.14 per share, Regal insurance added 8.82 per cent to close at N0.37 per unit, Daar Communications and Royal Express increased by 8.70 per cent to close respectively to N0.25 per share and N0.50 Kobo per unit. On the contrary, Champion Breweries topped losers’ chart, shedding 9.87 per cent to close at N3.38 per share, Chellaram trailed with a loss of 9.84 per cent to close at N3.48 per unit, ABC Transport fell by 9.72 per cent to close at N0.65 per unit, APDC dropped by 8.57 per cent to close at N1.28 per share, MCNICHOLS dipped by 7.69 per cent to close at N0.60 per unit. Volume of trades increased by 356.485 million, representing a growth 54.22 percent as investors exchanged 1.014 billion shares valued at N4.733 billion in 6959 deals against 657.515 million shares worth N4.597 billion made in 6647 deals the previous day. Transactions in the shares of Neimeth international Pharmaceutical led market activities with 657.094 million shares valued at N985.649 million, Oando Plc followed with account of 75.146 million shares cost N771.243 million, Fidelity Bank traded 35.143 million shares cost N288.091 million, Sterling Bank exchanged 24.430 million shares worth N87.369 million while Ellah Lakes traded 19.018 million shares valued at N76.074 million.

Equity Market Begins Week Bullish, Gains N213bn

The domestic equity market opened the new week on Tuesday on a bullish run, gaining N213 billion, following profits recorded by some medium and highly capitalised stocks. Gains recorded in the shares of BuaCement, Oando, RTBriscoe and others impacted positively on the market. The market capitalisation of listed equities which closed on Friday at N36.331 trillion appreciated by 0.59 per cent to N36.544 trillion on Tuesday.The NGX All Share Index also appreciated by 388.83 basis points to 66770.97 points from 66382.14 points recorded the previous day. A review of the investment showed that BUA Cement led the gainers table in percentage terms with 9.94 per cent to close at N94.00, Betaglass followed with a gain of 9.93 per cent to close at N66.95 per unit, RTBriscoe added 9.93 per cent to close at N1.66 per unit, Oando Plc increased by 9.55 per cent to close at N8.60 per share, UAC of Nigeria gained 8.30 per cent to close at N10.85 per unit. On the contrary, Linkage Assurance topped losers’ chart, dropping by 10 per cent to close at N0.72 per share, CWG followed with a gain of 9.94 per cent to close at N7.79 per share, Redstarex fell by 9.86 per cent to close at N2.65 per unit, Tantalizer dipped by 9.38 per cent to close at N0.29 per unit while UPDC REIT declined by 8.97 per cent to close at N3.55 per share. Volume of transactions increased by 71.378 million, representing 24.37 per cent as investors traded 364.321 million shares valued at N3.851 billion in 7537 deals against 292.943 million shares costing N4.531 billion exchanged hands the previous day in 6323 deals. Transactions in the shares of Chi Plc led market activities with 71.536 million shares valued at N94.676 million, Fidelity Bank followed with 33.222 million shares cost N272.335 million, Oando Plc traded 26.190 million shares valued at N219.864 million, GTCO Plc exchanged 21.440 million shares cost N752.681 million, AccessCorp traded 19.916 million shares cost N318.621 million.

Again, Local Equities Suffer Setback, Shed N126bn

Transactions on the floor of Nigerian Exchange on Tuesday sustained a declining profile, shedding N126 billion following the depreciation in the share prices of Oando Plc, Conoil Plc, Flour Mills Nigeria Plc, Zenith Bank, FTNCocoa, among others.The decline in the share price of 22 companies impacted negatively on market capitalisation of listed equities forcing it to decline by 0.34 per cent to N36.479 trillion from N36.605 trillion reported on Monday. The NGX All Share Index also depreciated by 230.47 basis points to 66652.17 points from 66882.64 points recorded the previous day. An analysis of the investment showed that Chi Plc and Cornerstone Insurance led gainers table during the day in percentage terms, 10 per cent each to close at N1.10 and N1.65 per share respectively. UPDC REIT followed with a gain of 9.86 per cent to close at N3.90 per share, Betaglass added 9.85 per cent to close at N51.30 per share while Courtvellle Business Solutions increased by 9.09 per cent to close at N0.60 per unit. On the contrary, Conoil Plc topped losers’ chart for the day shedding 9.99 per cent to close at N80.20 per unit, FTNCocoa trailed with a drop of 9.95 per cent to close at N1.72 per share, Oando Plc dipped by 9.81 per cent to close at N9.65 per unit, Berger Paint sheds 8.63 per cent to close at N11.65 Kobo, Lasaco Insurance down by 8.43 per cent to N1.85 per share. Volume of transactions declined by 44.205 million representing 0.83 per cent as investors traded 363.989 million shares worth N4.529 billion in 7018 deals against 408.194 million shares valued at N5.442 billion exchanged hands the previous day in 7707 deals. Transaction in the shares of AccessCorp led market activities with 49.712 million shares valued at N784.914 million, Transnational Corporation of Nigeria followed with account of 48.531 million shares cost N291.182 million, United Bank for Africa traded 45.716 million shares valued at N787.373 million, Zenith Bank exchanged 21.575 million shares cost N681.594 million, FTNCocoa exchanged 15.801 million shares valued at N28.120 million.

Bears Trend As Equity Market Sheds N242bn

The domestic equity market on Monday opened the week bearish, shedding N242 billion as profit taking activities persisted during the day. Market capitalisation of listed equities declined by 0.66 per cent to N36.605 trillion from N36.847 trillion reported on Friday. The NGX All Share Index also depreciated by 441.95 basis points to 66882.64 points from 67324.59 points recorded the previous day. A review of the transactions during the day showed that Ikeja Hotel led the gainers table in percentage terms, gaining 10 per cent to close at N2.75 per share. JohnHolt followed with a gain of 9.70 per cent to close at N1.81 per unit. Cornerstones Insurance increased by 9.49 per cent to close at N1.50 per share, Regal insurance gained 8.57 per cent to close at N0.38 per unit, Tantalizer up by 6.67 per cent to close at N0.32 per unit. On the contrary, Caverton Business Solutions topped losers chart, dropping by 9.87 per cent to close at N1.37 per share, AccessCorp trailed with 9.86 per cent to close at N15.55 per share, Oando Plc dipped by 9.70 per cent to close at N10.70 per unit, TIP fell by 9.65 per cent to close at N1.03 per unit, RTBriscoe dropped by N0.38 per unit. Volume of trades declined as investors traded 408.194 million shares valued at N5.442 billion in 7707 deals against 1.028 billion shares worth N4.354 billion exchanged hands the previous day in 6370 deals. Transactions in the shares of AccessCorp led market activities with 113.391 million shares valued at N1.781 billion, United Bank for Africa followed with account of 59.615 million shares worth N1.049 billion, Unity Bank traded 27.790 million shares valued at N28.426 million, Universal Insurance exchanged 17.572 million shares cost N3.901 million, Transnational Corporation of Nigeria exchanged 16.789 million shares cost N103.697 million.

Conoil Grows Earnings To N145.8bn In 2022

Conoil Plc has reported gross earnings of N145.8 billion for the 2022 financial year. The amount represents an increase of 5.3 per cent against N138.2 billion in the corresponding period of 2021. The major oil marketer in a statement at the weekend on its audited results for the year ending December 31, 2022, said despite the massive developmental challenges in the country and the tough operating environment, its Profit Before Tax (PBT) grew by 60.1 per cent to N6.13 billion in 2022 from N3.83 billion in 2021, while Profit After Tax (PAT) increased by 60.1 per cent from N3.08 billion to N4.96 billion in the same period. With the significant improvement in profitability in the petroleum-marketing subsector, Conoil’s earnings per share rose to N7.14, representing a 60.8 percent increase over the N4.44 earned in 2021. The company also recorded an increase of 22 per cent in net from N53.98 billion to N65.91 billion. Thrilled by the impressive all-round performance, shareholders at the company’s 53rd Annual General Meeting at the weekend, unanimously approved the proposed final dividend payout of N1.734 billion, which translates to N2.50 per share, for the 2022 financial year. Conoil had assured the shareholders of its commitment to continue to deliver strong and sustainable performance that would enhance returns to its shareholders. The Chairman, Conoil Plc, Dr. Mike Adenuga (jnr), in his address to the shareholders at the meeting, said that company remained motivated in creating excellent value for its shareholders, while also ensuring that its share price remained on the rise. He said, “We have shown a consistent ability to improve our operating margin and grow our volumes across all our locations. We have a great brand portfolio with energized and talented personnel with a reach pan-Nigerian. Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensuring that our shareholders are rewarded. “Conoil Plc plans to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders. “Regardless of the odds, the company is marching forward in the year with confidence and optimism, as it strategically and continuingly positions its business to take advantage of key opportunities,” Adenuga assured the shareholders. Looking ahead, the Conoil Chairman noted that while there might be challenges posed by the rapidly changing geopolitical and socio-economic environment, Conoil would, however, concentrate on the strategies that have given it the greatest dividend. He said the Federal Government has stated critical reforms, such as the elimination of the petrol subsidy and reforms in the foreign exchange market.  Towards this end, he said Conoil would concentrate on the strategies that have given it the greatest dividend. “The Company will grow its earnings, improve profitability and asset quality and deliver competitive returns to its esteemed shareholders.”

Access Holdings’ Half-Year Profit Hits N940bn

Access Holdings’ net profit for the first half of the year rose by about 52 per cent compared to the corresponding period of last year as its half-year revenue reached N900 billion mark for the first time ever. Gross earnings for the period climbed by 58.9 per cent to N940 billion, putting the financial services group on track to dwarf the N1.4 trillion reported for full year 2022, when the current year winds down. Access Bank anchored the growth on fair value and foreign exchange gain, which expanded by approximately 50 per cent to N192 billion. That followed a major revamp of the Nigerian foreign exchange system towards the end of the second quarter, which triggered a reasonable drop in the value of the naira against the dollar but opened the door for the lender to gain big after converting its financial assets denominated in the foreign currency to the naira. At 13.5 per cent, improvement in net interest income was paltry as the cash the corporation paid savers as an incentive for holding their deposits ate away at most of the interest it generated during the period, which originally had surged by as much as 63 per cent. That expense alone consumed N382.6 billion of the entire revenue.Taxable profit advanced to N167.6 billion from N97.8 billion a year earlier, while profit for the period rose 52.4 per cent to N135.4 billion. Ironically, Access Holdings’ post-tax profit lagged those of its other peers who come behind it among Nigeria’s five biggest banks, including UBA, Zenith, GTCO and FBN Holdings in indication of the group’s current inability to tap the vast potentiality of its assets to boost earnings. Its total assets stood at N20.8 trillion in June in a big leap from N15 trillion at the end of last year, following a banking acquisition in Angola and a number of similar deals in the pipeline with Standard Chartered Bank in Cameroon, Gambia, Sierra Leone, Tanzania and also Angola. Access Holdings declared an interim dividend of N0.30 per share on Saturday equivalent to a payout of N10.7 billion, compared to the N0.20 per share it announced a year earlier. The stock has yielded 103 per cent since the beginning of the year.

Nigeria’s Equity Market Sheds N464bn Amid Profit-Taking

The nation’s equity market Monday opened the week bearish, shedding N464 billion. The downward trend followed profit-taking in the shares of GTCO, United Bank for Africa, Zenith, AccessCorp, Nascon, NGX group and others. Market capitalisation of listed equities declined by 1.24 per cent to N36.831 trillion from N37.295 trillion reported the previous day. The NGX also depreciated by 847.16 basis points to 67296.18 points from 68143.34 points traded on Friday. An analysis of the investment showed that Northern Nigeria Flour Mills Nigeria Plc led gainers table, appreciating by 9.96 per cent to N13.25 per unit, Oando Plc followed with a gain of 9.74 per cent to close at N8.45 per share, CWG increased by 9.0 per cent to close at N6.30 per share, NPF Micro Finance Bank added 8.20 per cent to close at N1.98 per share while RTBriscoe up by 7.32 per cent to close at N0.44 per unit. On the contrary, ETranzact, Nascon and NSL Tech topped losers’ chart, dropping by 10 per cent each to close at N9.00, N52.20 and N0.27 per share respectively. Dangote Sugar Refinery followed with a drop of 9.98 per cent to close at N57.75 per unit while Learn Africa declined by 9.86 per cent to close at N3.29 per unit. Investors traded 520.133 million shares valued at N8.334 billion in 9914 deals against 483.489 million shares worth N8.340 billion in 6660 deals. Transactions in the shares of United Bank for Africa led market activities with 75.932 million shares valued at N1.049 billion, AccessCorp followed with 57.668 million shares valued at N957.323 million, Transnational Corporation of Nigeria traded 53.724 million shares cost N331.528 million, Zenith Bank traded 43.128 million shares worth N1.523 billion while FBNHoldings exchanged 26.573 million shares valued at N480.793 million. Zenith Bank declares N15.70bn as interim dividend to shareholders Zenith Bank Plc has declared an interim dividend of N15.70 billion (representing N0.50 per share) to be paid to shareholders for the half year ended June 2023. This was disclosed in the company’s corporate action announcement to the Nigerian Exchange Limited (NGX) on Monday. The Board of Directors of the company proposed the payment of an interim dividend in the sum of N0.50kobo per ordinary share on the issued capital of 31,396,493,786 Ordinary Shares. At its 32nd Annual General Meeting (AGM) in May, shareholders of the bank unanimously approved the proposed final dividend payment of NGN2.90 per share. This brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value of NGN100.47 billion. The board of Zenith Bank Plc had earlier announced a delay in the release of its 2023 Half-Year (HY) financial results due to post-audit issues. According to the statement signed by the Company Secretary, Michael Osilama Otu, the delay in the publication of the Audited Interim Financial Statements for the Half Year ended June 30, 2023, is due to some outstanding post-audit issues. The bank said the results will be delivered on or before September 14, 2023. The statement reads: “Zenith Bank Plc (the Bank) wishes to notify its shareholders, the Nigerian Exchange Limited (the Exchange), and the investing public of a slight delay in the release of the Audited half-year financial reports by the Bank for the period ended June 2023. “The delay is to enable the bank to attend to some outstanding post-audit issues in the course of approval of the financial statements. “The Bank is, however, optimistic that the Audited half-year financial reports will be submitted to the Exchange on or before September 14, 2023, and regrets any inconveniences this delay might cause its esteemed stakeholders.

As profit taking persists, Nigeria’s equity market sheds N112bn

Trading activities on the floor of Nigerian Exchange (NGX) Thursday continued on a negative note, shedding N112 billion as profit taking by investors persisted in the market. Profit taking in the shares of Dangote Sugar, Dangote Cement, Nascon impacted on the market at the end of the trading session. Specifically, market capitalisation of listed equities declined by 0.30 per cent to N37.261 trillion from N37.373 trillion reported the previous day. The NGX All Share Index also depreciated by 204.17 basis points to 68082.11 points from 68286.28 points reported on Wednesday. Betaglass led gainers table, gaining 9.97 per cent to close at N51.85 per unit, Cadbury Nigeria Plc followed with a gain of 9.86 per cent to close at N15.60 per share, CWG gained 9.81 per cent to N5.26 per unit, Tantalizer gained 9.52 per cent to close at N0.46 per share, Guinea Insurance added 9.09 per cent to close at N0.36 per share. On the contrary, Morison Industry recorded the highest loss with 9.89 per cent to close at N2.55 per unit, Courtvellle Business Solutions trailed with a loss of 7.69 per cent to close at N0.60 per unit, Nascon dipped by 6.83 per cent to close at N56.60 per unit, RTBriscoe went down by 6.82 per cent to close at N0.41 per share while Wema Bank dipped by 6.42 per cent to close at N5.10 per share. Investors traded 378.089 million shares valued at N8.376 billion in 8106 deals against 378.654 million shares valued at N5.482 billion in 7671 deals. Transactions in the shares of Oando led market activities with 91.635 million shares valued at N678.965 million, Omatek trailed with account of 29.972 million shares valued at N19.207 million, Dangote Sugar Refinery traded 23.393 million shares valued at N1.483 million, Fidelity Bank exchanged 22.165 million shares cost N193.576 million, AccessCorp exchanged 20.803 million shares cost N361.865 million.

Nigeria’s equity market sheds N27bn

The local equity market on Wednesday returned to negative trend shedding N27 billion or 0.07 per cent to N37.373 trillion from N37.400 trillion reported the previous day. The NGX All Share Index also depreciated by 48.40 basis points to 68286.28 points from 68334.68 points reported the previous day. Volume of shares traded during the day declined by 179.198 million, representing 47.32 per cent as investors traded 378.654 million shares valued at N5.482 billion in 7671 deals against 557.852 million shares worth N10.210 billion exchanged hands the previous day in 9818 deals. Meanwhile, the domestic equity continued in positive trajectory for the fourth straight month to August with 3.44 per cent growth  month on month gains to close at 66,548.99 points, beating a 15-year high since March 2008. The bullish performance was spurred by strong investor sentiments in the consumer goods and Insurance sectors. Capital market operators also said that the positive interim dividend payments by corporates and strong search for gains by investors drove the rally which gave equity investors a total of N1.4 trillion in the month while the market capitalization of listed equities closed at N36.42 trillion and then the year to date return printed at 29.8 per cent. However, an analysis of the investment showed that Guinea Insurance led gainers table with 10 per cent to N0.23 per unit, Betaglass followed with a gain of 9.91 per cent to close at N47.15 per per share, Caverton gained 9.84 per cent to close at N1.34 per unit, Oando Plc added 9.70 per cent to close at N7.35 per unit, CWG added 9.11 per cent to close at N4.79 per unit. On the contrary, Vitafoam Nigeria Plc topped losers chart, declining by 10 per cent to close at N22.50 per share, Veritas Kapital trailed with a loss of 7.69 per cent to N0.24 per share, Linkage Assurance fell by 5.56 per cent to close at N0.85 per unit, Dangote Sugar Refinery dipped by 4.76 per cent to close at N66.65 per unit while International Breweries down by 4.35 per cent to N4.40 per unit. Transactions in the shares of Oando Plc led market activities with 83.526 million shares valued at N609.377 million, United Bank for Africa followed with account 35.627 million shares cost N533.748 million, Transnational Corporation of Nigeria exchanged 26.657 million shares cost N177.694 million, AccessCorp traded 18.534 million shares cost N321.080 million while Omatek exchanged 15.729 million shares cost N9.437 million.

Despite NLC strike, equity market gains N31bn

Transactions on the floor of Nigerian Exchange (NGX) on Tuesday sustained an upward trend appreciating by N31 billion as gain recorded in the shares of BUAfoods, Dangote Sugar, Oando and other boosted market activities. Market capitalisation of listed equities appreciated by 0.08 per cent to N37.400 trillion from N37.369 trillion reported the previous day. The NGX All Share Index also appreciated by 55.54 basis points to 68334.68 points from 68279.14 points traded on Monday. The NGX trading for the day showed that four companies recorded 10 per cent gain at the close of trading for the day Multiverse, Omatek, Betaglass Sunu Assurance led gainers table in percentage terms, increasing by 10 per cent each to close at N2.97 per share N0.55, N42.90 and N0.88 per unit respectively, Oando Plc followed with a gain 9.84 per cent to close at N6.70 per unit. On the contrary, NSLTech topped losers’ chart, dropping by 10 per cent to close at N0.27 per share, Chellaram Plc trailed with a loss of 9.80 per cent to close at N3.22 per share, Ikaje Hotel fell by 9.68 per cent to N2.80 per unit, JohnHolt fell by 9.03 per cent to close at N1.31 per shares Neimeth international Pharmaceutical down by 8.93 per cent to close at N1.53 per share. The volume of transaction declined by 287.828 million, representing 34.04 per cent as investors traded 557.852 million shares valued at N10.210 billion in 9818 deals against 845.680 million shares worth N13.037 billion in 11934 deals. Trading activities in the shares of United Bank for Africa led market activities with 63.322 million shares valued at N951.178 million, Oando Plc followed with account of 61.258 million shares cost N409.752 million, Fidelity Bank traded 58.141 million shares cost N486.483 million, AccessCorp traded 42.110 million shares worth N728.417 million while Transcorps exchanged 40.499 million shares valued at N272.158 million.