TheNewsGuru

Tag: NGX

  • Transcorp grows revenue to N88.6bn

    Transcorp grows revenue to N88.6bn

    Transnational Corporation Plc (Transcorp) says it recorded N88.6 billion revenue as at March 31, 2024.

    Mr Stanley Chikwendu, Group Company Secretary, Transcorp, said this in a statement capturing the unaudited financial result of the group for the period ended March 31, 2024, sent to the Nigerian Exchange Ltd.(NGX) on Wednesday in Lagos.

    The figure represented 173 per cent increase when compared to N32.4 billion posted in the corresponding period of 2023.

    Chikwendu explained that the  results was largely driven by a remarkable 209 per cent year-on-year revenue growth within the power business.

    He said that the results highlighted significant strategic progress as part of Transcorp group’s implementation of its integrated power strategy.

    According to him, the hospitality business recorded a 68 per cent year-on-year growth in revenue, driven by an increase in occupancy rate from 75 per cent to 82 per cent compared to the previous year.

    The company secretary said that the results showed substantial growth across all financial indicators, reinforcing the group’s market leadership and strategic positioning.

    Chikwendu stated that the group’s operating income also increased by 479 per cent from N8.5 billion in the first quarter of 2023 to N49.1 billion same period of the year.

    He said: “Operating expenses saw an increase of 40 per cent year-on -year to N8.2 billion in first quarter 2024, reflecting the impact of inflation and cost of operations.

    “Net finance cost increased by 14 per cent to N3.7 billion in 2024, from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.

    “Profit Before Tax from ordinary business of the group surged by 1,110 per cent, amounting to N34.7 billion in the quarter under review, compared to N2.9 billion posted in the same period of the previous year.

    According to him, profit before tax inclusive of extra ordinary income was N45.7 billion in first quarter 2024, compared to N2.9 billion in the corresponding period of year 2023.

    Chikwendu revealed that the group recorded extra ordinary income of N11 billion during the period under review, from the realised gain from the sale of shares.

    He said the firm’s profit after tax, including the extra ordinary income improved 1,832 per cent
    year-on-year to N35.9 billion in first quarter of 2024, compared to N1.9 billion recorded in same period of 2023.

    The company secretary noted that the group’s earnings per share stood at N61.12 as at March 31, 2024 compared to N2.58k posted at the end of first quarter of 2023.

    On the balance sheet, Chikwendu said the total assets of Transcorp grew by 8.3 per cent, from N530 billion recorded in December 2023 to N574 billion in the first quarter of 2024, due to the increase in operational activities.

    He stated that the shareholders’ funds increased by 20 per cent, from N187billion in December 2023 to N224 billion at at March 31, 2024, due to profit accredited to retained earnings.

    Commenting, Dr Owen Omogiafo, President/Group Chief Executive Officer of Transcorp, said that the 2024 first quarter results demonstrates Transcorp group’s resilience and commitment to excellence.

    Omogiafo stated that despite the challenges, the firm achieved growth across all major indices, focusing on operational efficiency at both its power plants, and maximising opportunities within its hospitality business.

    He said this shows the group’s ability to adapt and succeed in changing markets.

    “We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.

    “This robust achievement is a further demonstration of the group’s strategic focus and effective execution.

    “Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders,” he said.

    Transcorp Group is a leading, listed African conglomerate, with strategic investments in the power, hospitality, and energy sectors.

  • Investors lose N9bn on profit-taking in stock market

    Investors lose N9bn on profit-taking in stock market

    The equities market declined on Friday, with profit-taking in stocks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Wema Bank, Nigerian Breweries, and Nestle Nigeria, among others.

    Following a flip-flop trading session, the market capitalisation which opened at N55,520 trillion, lost N9 billion or 0.02 per cent, to close at N55.511 trillion.

    The All-Share Index also dropped 0.02 per cent or 16.4 points, to close at 98,152.91, in contrast to 98,169.30 recorded on Thursday.

    Consequently, the Year-To-Date (YTD) return on the index slipped to 31.27 per cent, while the market breadth closed negative with 19 losers and 18 gainers.

    Meanwhile, Sovereign Trust Insurance led the losers’ log by 10 per cent to close at 36k, Regency Alliance Insurance trailed closely by 9.76 per cent to close at 37k per share.

    Unity Bank lost 7.65 per cent to close at N1.69, Japaul Gold Group declined by 6.83 per cent to close at N1.91 and Wema Bank shed 6.72 per cent to close at N6.25 per share.

    Conversely, FBN Holdings, Stanbic, NGX Group led the gainers’ log by 10 per cent each to close at N20.35, N49.50, N23.10 per share respectively.

    Livestock Feed followed closely by 9.93 per cent to close at N1.66, while Vitafoam Nigeria rose by 9.91 per cent to close at N18.85 per share.

    Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 22.92 per cent.

    A total of 265.07 million shares valued at N5.02 billion were exchanged in 6,582 deals, as against 297.20 million shares valued at N6.52 billion exchanged in 7,417 deals posted in the previous session.

    UBA led the activity chart in volume and value with 42.35 million shares traded in deals worth N980 million, followed by Access Corporation with 28.55 million shares worth N473.11 million.

    The Initiative Plc sold 26.55 million shares worth N48.02 million, Zenith Bank traded 23.94 million shares valued at N788.67 million and GTCO transacted 16.55 million shares worth N592.20 million.

  • Stock market rebounds, gains N26bn

    Stock market rebounds, gains N26bn

    Bullish sentiment returned to the Nigerian stock market on Thursday, following investors’ interest in MTN Nigeria, Transcorp Hotel, United Bank of Nigeria(UBA), among other advanced equities.

    Specifically, the market capitalisation, which opened at N55.494 trillion, gained N26 billion or 0.05 per cent to close at N55.520 trillion.

    The All-Share Index also rose by 0.05 per cent or 48 points to close at 98,169.30, compared to 98,121.30 recorded on Wednesday.

    As a result, the Year-To-Date (YTD) return rose to 31.29 per cent.

    Market breadth closed negative with 24 declined equities and 16 advanced others on the floor of the Exchange.

    On the losers’ side, Sterling Nigeria led by 9.69 per cent to close at N3.82, Computer Warehouse Group trailed by 9.57 per cent to close at N5.20 per share.

    International Energy Insurance lost 9.30 per cent to close at N1.17, The Initiative Plc declined by 9.09 per cent to close at N1.80 and Omatek dropped 8.43 per cent to close at 76k per share.

    On the flip side, Transcorp Hotel led by 9.75 per cent to close at N96.50, Livestock Feed Plc followed closely by 9.42 per cent to close at N1.51 per share.

    Tantalizers also gained 9.38 per cent to close at 35k, Sunu Assurances rose by 7.44 per cent to close at N1.30 and Wapic Insurance added 6.15 per cent to close at 69k per share.

    Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 31.95 per cent.

    A total of 297.20 million shares valued at N6.52 billion, exchanged in 7,417 deals, in contrast to
    395.75 million shares valued at N9.58 billion were exchanged in 7,907 deals posted previously.

    Zenith Bank led the activity chart in volume and value with 48.49 million shares worth N1.77 billion, Access Corporation followed by 39.88 million shares valued at N639.98 million.

    Transnational Corporation sold 28.47 million shares valued at N397.34 million, UBA traded 22.94 million shares valued at N523.55 million and Nigerian Breweries transacted 20.29 million shares worth N560.16 million.

  • NGX market capitalisation down by N673bn

    NGX market capitalisation down by N673bn

    The Nigerian equity market on Wednesday experienced a downturn, losing N673 billion in market capitalisation due to sell-offs in major stocks like MTN Nigeria and Transcorp Hotel.

    Specifically, the market capitalisation shed 1.20 per cent or N673 billion to close at N55.494 trillion, compared to 56.167 trillion recorded on Tuesday.

    The All-share Index also lost 1.20 per cent or 1,190 points to close at 98,121.30, in contrast to 99,311.54 posted in the previous session.

    Consequently, the Year-To-Date (YTD) return declined to 31.22 per cent.

    Other declined equities, such as FBN Holdings, Cornerstone Insurance, Mutual Benefits Assurance, among others, also affected the market performance negatively.

    However, the market breadth closed positive with 22 advanced stocks outnumbering 19 declined others.

    On the gainers log, Sunu Assurances, Neimeth International Pharmaceuticals, The Initiative Plc(TIP) led by 10 per cent each to close at N1.21, N1.98 and 1.98 per share, respectively.

    Cap Plc followed closely with 9.90 per cent to close at N28.85 and UPDC Real Estate Investment Trust rose by 9.76 per cent to close at N1.35 per share.

    On the flip side, Transcorp Hotel and MTN led the losers log by 10 per cent each to close at N87.93 and N201.60 per share, respectively.

    Oando trailed closely by 9.90 per cent to close at N9.10, FBN Holdings lost 9.82 per cent to close at N19.75, while FIDSON Healthcare Plc dropped 9.82 per cent to close at N19.75 per share.

    Analysis of the market activities also showed trade turnover settled higher relative to the previous session, with the value of transactions up by 22.10 per cent.

    A total of 395.75 million shares valued at N9.58 billion were exchanged in 7,907 deals, as against 574.43 million shares valued at N7.84 bilion in 7,324 deals traded previously.

    Meanwhile, Guaranty Trust Holding Company Plc (GTCO) led the volume and value chart with 81.41 million shares valued at 2.93 billion, Zenith Bank followed by 46.16 billion shares worth N1.69 billion.

    United Bank of Africa(UBA) traded 41.60 million shares worth N953.52 million, FBN Holdings transacted 23.44 million shares valued at N480.99 million and Access Corporation sold 22.30 million shares worth N361.89 million.

    Reacting, Mr David Adonri, Vice Chairman, Highcap Securities Ltd., said that the equity market had been undergoing some forms of corrections to realign it with fundamentals of the capital market.

    Adonri, in an interview in Lagos, said this was responsible for the recent bearish mood of the market.

    According to him, underpinning this correction is the high yield on debt and failure of equities to justify its exuberant rally.

  • Equity market declines with N200bn loss

    Equity market declines with N200bn loss

    Trading activities on the floor of the Nigerian stock market on Tuesday declined, making investors to lose N200 billion.

    Specifically, the market capitalisation shed N200 billion or 0.35 per cent to close at N56.167 trillion, in contrast to N56.367 trillion recorded on Monday.

    Also, the All-Share Index also dropped by 0.35 per cent or 354 points to close at 99,311.54, compared to 99,665.05 posted in the previous session.

    Consequently, the Year-To-Date (YTD) return fell to 32.82 per cent.

    The market breadth closed negative with 25 losers and 16 gainers.

    Sell-offs in Tier-one banks such as: Zenith Bank, Guaranty Trust Holding Company(GTCO), Access Corporation, FBN Holdings, Wema Bank, as well as Royal Exchange, Africa Prudential, among others top decliners positioned the market in red.

    On the losers’ table, Honeywell flour led by 35k to close at N3.19, FBN Holdings trailed by N2.40 to close at N21.90, while Oando Plc shed N1.10 to close at N10.10 per share.

    FTN Cocoa depreciated by 14k to close at N1.35, Nestle Nigeria lost N80 to close at N820 per share.

    On the other side, Sunu Assurances led the gainers’ table by 10k to close at N1.10, Japaul Gold Group followed by 18k to close at N2.01 per share.

    CAP Plc gained N2.25 to close at N26.25, Omatek added 7k to close at 83k and Prestige Assurance rose by 5k to close at 60k per share.

    Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 47.95 per cent.

    A total of 574.43 million shares valued at N7.84 bilion were exchanged in 7,324 deals, as against 306.62 million shares valued at N5.30 billion exchanged in 8,298 deals.

    Transnational Corporation led the activity table in volume and value with 125.70 million shares traded in value of N1.89 billion.

    UPDC Real Estate Investment Trust followed by 12.12 million shares worth N605.59 million, United Bank of Africa (UBA) sold 55.49 million shares valued at N1.28 billion.

    Access Corporation traded 51.47 million shares valued at N833.25 million and Universal Insurance transacted 50.84 million shares worth N19.13 million.

    Meanwhile, investors buy interest improved on the shares of FBN Holdings, as the Group sold 7.91 million shares valued at N175.69 million, compared to 2.11 million shares worth N49.52 million traded on Monday.

    However, the stock price, which opened at N24.30, shed N2.40 to close at N21.90 per share.

    FBN Holdings subsidiary, First Bank Nigeria had on Sunday appointed an acting Managing Director, Mr Olusegun Alebiosu with immediate effect and subject to the approval of the Central Bank of Nigeria(CBN).

    The appointment followed the resignation of the bank’s former managing director, Dr Adesola Adeduntan, on Friday.

  • Stock market rebounds with N57bn gain

    Stock market rebounds with N57bn gain

    The Nigerian Exchange Ltd. (NGX) rebounded on Wednesday, gaining N57 billion to close at N56.504 trillion.

    This increase follows eight consecutive sessions of losses.

    The market capitalisation, which opened at N56.447 trillion, rose by 0.10 per cent to reach N56.504 trillion by the close of trading.

    Similarly, the All-Share index saw a 0.10 per cent increase or 101 points, closing at 99,908.89, compared to 99,808.34 posted on Tuesday.

    As a result, the Year-To-Date (YTD) return rose to 33.61 per cent, reflecting renewed investor confidence.

    The market saw notable buying interest in FBN Holdings, Access Corporation, Transnational Corporation, Guinea Insurance, Ikeja Hotel, and other top-performing stocks.

    However, the market breadth closed negative with 17 gainers and 28 losers.

    On the losers’ table, Livestock led with a 10 per cent decline to close at N1.44 per share.

    International Energy Insurance and Computer Warehouse Group followed,  trailing by 9.79 per cent each, to close at N1.29 and N6.45 per share, respectively.

    FTN Cocoa Processors declined by 9.72 per cent to close at N1.30, while Africa Prudential shed 9.42 per cent to close at N6.25 per share.

    Conversely, Ikeja Hotel led with a 10 per cent gain to close at N7.26 per share, followed by Fidelity Bank, which gained 9.88 per cent to close at N8.90 per share.

    Academy Press also recorded a gain of 9.77 per cent to close at N1.91, while Morison Industries Plc added 9.71 per cent to close at N3.39, and Prestige Assurance Plc rose by 9.26 per cent to close at 59k per share.

    However, despite the positive momentum, trade turnover settled lower relative to the previous session, with the value of transactions down by 30.56 per cent.

    A total of 322.66 million shares valued at N5.82 billion were exchanged in 9,074 deals, compared to 403.89 million shares valued at N8.38 billion traded in 10,170 deals on Tuesday.

    United Bank For Africa (UBA) led the activity in volume with 55.01 million shares valued at N1.30 billion, followed by Zenith Bank with 47.03 million shares worth N1.69 billion.

    Access Corporation traded 44.98 million shares valued at N789.62 million, while Universal Insurance transacted 21.25 million shares valued at N7.87 million.

    Transnational Corporation sold 15.92 million shares worth N211.40 million.

  • NGX’s market capitalisation drops N1.1 trillion

    NGX’s market capitalisation drops N1.1 trillion

    Trading activities on the Nigerian Exchange Ltd.(NGX) ended on a negative note on Tuesday as the capitalisation dropped by N1.11 trillion.

    Notably, the market capitalisation, which opened at N57.560 trillion, shed N1.11 trillion or 1.93 per cent to close at N56.447 trillion.

    The All-Share Index also dropped by 1.93 per cent or 1,969 points  to settle at 99,808.34, as against 101,777.12 recorded on Monday.

    As a result, the year-to-date (YTD) return fell to 33.48 per cent.

    The market performance was driven by sell-offs in telecommunications such as MTN Nigeria, alongside Tier-one banking stocks, namely : Guaranty Trust Holding Company (GTCO) and FBN Holdings, Access Corporation and Zenith Bank.
    Meanwhile, the market breadth closed negative with  27 losers and seven gainers on the trading floor.

    On the losers log, Cornerstone Insurance, Ellah Lakes, Fidelity Bank, Japaul Gold Group and Vitafoam Nigeria led in percentage terms of 10 each to close at N1.71, N3.15, N8.10, N1.80 and N18.90 per share, respectively.

    Conversely, Morison Industries Plc led the gainers table by 9.96 per cent to close at N3.09, Thomaswy trailed by 8.63 per cent to close at N2.14 per share.

    Universal Insurance also rose by 5.56 per cent to close at 38k, Omatek added 3.80 per cent to close at 82k, while Secure Electronic Technology Plc advanced by 3.45 per cent to close at 60k per share.

    However, analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 16.91 per cent.

    A total of 403.89 million shares valued at N8.38 billion were exchanged in 10,170 deals, compared to 326.64 million shares valued at N7.17 billion exchanged in 10,777 deals.

    Access Corporation led the activity chart with 62.93 million shares traded in value of N1.07 billion.

    GTCO followed by 47.38 million shares worth N1.74 billion to lead the chart in value.

    United Bank of Africa(UBA) sold 45.63 million shares valued at N1.10 billion, Zenith Bank transacted 41.36 million shares worth N1.50 billion and Fidelity Bank traded 23.14 million shares worth N189.36 million.

  • Equity market: Investors lose N412bn

    Equity market: Investors lose N412bn

    Losses in the stocks of Dangote Sugar, Guaranty Trust Holding Company (GTCO), among others have further weakened the performance of the equity market of Nigerian Exchange Ltd. (NGX).

    Specifically, investors lost N412 billion or 0.71 per cent, as the market capitalisation, which opened at N58.276 trillion, closed at N57.864 trillion.

    Similarly, the All-Share index shed 0.71 per cent or 733 points to settle at 102,314.56, as against 103,047.23 recorded on Monday.Consequently, the Year-To-Date (YTD) return dropped to 36.83 per cent.

    Profit taking in some banking stocks such as:  FBN Holdings (FBNH), Zenith Bank, Access Corporation, as well as United Capital, Nestle, Eterna Plc, among other stocks pushed the market performance further to a negative terrain.

    Market breadth also closed negative with 36 losers and 12 gainers on the trading floor of the Exchange.

    On the losers table, Dangote Sugar and GTCO led by 10 per cent each to close at N53.10 and N41.40 per share, respectively.

    Flour Mills lost 9.87 per cent to close at N33.80, Multiverse declined by 9.84 per cent to close at N13.75 and FTN Cocoa Processors depreciated by 8.82 per cent to close at N1.55 per share.

    Conversely, Transcorp led the gainers table by 9.93 per cent to close at N14.95, Morison Industries Plc followed by 9.87 per cent to close at N2.56 per share.

    Also, Oando Plc added 9.61 per cent to close at N12.55, Caverton advanced by 8.54 per cent to close at N1.78 and Deap Capital Management rose by 7.94 per cent to close at 68k per share.

    However, analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 569.96 per cent.

    A total of 734.04 million shares valued at N21.59 billion were exchanged in 12,491 deals, compared to 245.86 million shares valued at N3.22 billion, exchanged in 5,302 deals traded in the previous session.

    United Bank of Africa (UBA) led the volume chart with 148.88 million shares traded in deals worth N4.01 billion.

    Zenith Bank traded 135.81 million shares valued at N5.48 billion, GTCO sold 98.76 million shares worth N4.13 billion, Transcorp transacted 71.43 million shares worth N998.48 million.

    Access Corporation also sold 44.31 million shares valued at N868.1 million.

  • NGX: Stock market continues negative trend

    NGX: Stock market continues negative trend

    The stock market of the Nigerian Exchange Ltd. (NGX) witnessed a continued downturn on Thursday, with market capitalisation dropping by N252 billion.

    Specifically, the market capitalisation closed at N58.653 trillion, as against N58.905 trillion posted on Wednesday, representing a 0.43 per cent decrease.

    Similarly, the All-Share Index also fell by 445.24 points or 0.43 per cent, closing at 103,736.08 points from 104,181.32 recorded on Wednesday.

    This decline pushed the Year-To-Date (YTD) return down to 38.73 per cent.

    Bearish sentiment affected key stocks such as MTN Nigeria and Tier-one banks, namely; Guaranty Trust Holding Company (GTCO), Zenith Bank, Access Corporation, Transcorp and United Capital Plc, among others dragging the market into negative territory.

    The market breadth closed negative with 26 losers and 23 gainers.

    On the losers’ table, C&I Leasing Plc led by 9.79 per cent to close at N3.50, Mutual Benefits Assurance trailed by 8.57 per cent to close at 64k per share.

    Tantalizers lost 7.89 per cent to close at 35k, Unity Bank dropped 7.39 per cent to close at N2.13 and Jaiz Bank declined by 7.23 per cent to close at N2.18 per share.

    Conversely, Morison Industries Plc led the gainers’ table by 9.84 per cent to close at N2.12, SCOA Nigeria Plc rose by 9.77 per  cent to close at N2.36 per share.

    International Energy Insurance gained 9.72 per cent to close at N1.58, NEM Insurance advanced by 9.50 per cent to close at N9.80 and The Initiative Plc added 8.70 per cent to close at N2.50 per share.

    However, analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 75.57 per cent.

    A total of 487.73 million shares valued at N15.64 billion were exchanged in 8,908 deals, compared to 405.03 million shares valued at N8.91 billion exchanged in 10,364 deals posted in the previous session.

    Zenith Bank led the activity chart in volume and value with 161.68 million shares traded in value of N7.03 billion, followed by GTCO with 54.36 million shares worth N2.73 billion.

    UBA sold 47.82 million shares worth N1.30 billion, Access Corporation traded 40.88 million shares valued at N950.44 million and Transcorp sold 28.35 million shares worth N387.01 million.

  • NGX: Investors lose N190bn as Tier-1 banks experience sell-offs

    NGX: Investors lose N190bn as Tier-1 banks experience sell-offs

    Sell-offs in the shares of Tier-one banks on Thursday contributed to a 0.32 per cent decline in the Nigerian Exchange Ltd. (NGX) market indices.

    Specifically, losses in the share prices of FBN Holdings, Access Corporation, Guaranty Trust Holding Company (GTCO), Zenith Bank and StanbicIBTC Bank, among others, dragged down the market performance.

    Consequently, investors saw a decrease of N190 billion or 0.32 per cent, with market capitalisation opening at N59.095 trillion and closing at N58.905 trillion.

    The All-Share Index also dipped by 0.32 per cent to close at 104,181.32 points, compared to 104,518.14 points posted on Tuesday.

    This led to a Year-To-Date (YTD) return of 39.33 per cent.

    The market breadth ended negative, with 32 losers and 21 gainers.

    On the losers’ table, International Energy Insurance and Caverton led by 10 per cent each to close at N1.44, N1.62 per share respectively.

    Thomaswy lost 9.63 per cent to close at N1.97, NEM Insurance dropped 9.60 per cent to close at N8.95, while Tantalizers went down by 9.52 per cent to close at 38k per share.

    On the other hand, UPL Ltd., led the gainers table by 9.84 per cent to close at N2.68, SCOA Nigeria Plc gained 9.96 per cent to close at N2.15 per share.

    Morison Industries Plc rose by 9.66 per cent to close at N1.93, Cutix Plc advanced by 9.62 per cent to close at N2.85 and Mutual Benefits Assurance appreciated by 9.38 per cent to close at 70k per share.

    Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 39.04 per cent.

    A total of 405.03 million shares valued at N8.91 billion were exchanged in 10,364 deals, compared to 545.49 million shares valued at N14.61 billion exchanged in 12,747 deals posted previously.

    Access Corporation led the volume  chart with 50.00 million shares traded in value of N1.24 billion, UBA sold 49.01 million shares worth N1.37 billion.

    Transcorp traded N45.95 million shares worth N612.80 million, Zenith sold 41.88 million  shares worth N1.86 billion to lead the chart by value and GTCO transacted 29.70 million shared valued at N1.57 billion.