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Tag: NGX

  • Investors lose N388bn on NGX amid selloffs

    Investors lose N388bn on NGX amid selloffs

    The Nigerian Exchange Ltd. (NGX) declined further on Friday as market capitalisation depreciated by N388 billion or 1.6 per cent to close at N23.918 trillion from N24.306 trillion on Thursday.

    Also, the All-Share Index (ASI) fell by 712.54 points or 1.6 per cent to 43,912.64 from 44,625.18 recorded at the previous trading.

    The negative performance was due to Selloffs in market heavyweights, Dangote Cement and MTN Nigeria.

    The market breadth ended negative with 16 stocks on the losers’ charts, while 13 stocks gained.

    WAPIC Insurance led the gainers by 9.09 per cent to close at 36k per share.

    Neimeth Pharmaceuticals followed with an appreciation of 8.7 per cent to close N1.50 per share.

    ABC Transport rose by eight per cent to close at 27k, while Fidelity Bank rose by 7.89 per cent to close at 57k per share.

    FBN Holdings appreciated by 7.69 per cent to close at N9.80 per share.

    Conversely, Dangote led the loser’s chat with a depreciation of 10 per cent to close at N220.50 per share.

    Learn Africa Press ollowed dropping by 9.68 per cent to close at N1.68 per share, while Honeywell Flour Mills lost by 9.36 per cent to close at N2.13 per share.

    Academy Press declined by 7.53 per cent to close at N1.35, while NEM Insurance shed 6.25 per cent to close at N12.95 per share.

    Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 183.07 per cent.

    A total of 122.79 million shares valued at N4.4 billion were exchanged in 3,402 deals.

  • Wema Bank emerges best performing bank in half year 2022

    Wema Bank emerges best performing bank in half year 2022

    Nigeria’s most innovative bank, Wema Bank Plc, has emerged as the best-performing bank in the first half of the year 2022 financial year with a weighted average score of 2.83 points, beating 12 other banks.

    According to a special report on the Nigerian banking performance in the first half of 2022 prepared by Nairametrics, Wema Bank ranked first in one category, second in three categories and third in one category. Stanbic IBTC and First Bank came second and third respectively.

    The key metrics considered in the report are total asset growth, loan book growth, profit growth, cost-to-income ratio movement, and return on average equity.

    The 13’reviewed banks which are listed on the Nigerian Exchange posted a net profit of N1 trillion in 2021 from N887.1 billion recorded in 2020.

    The 13 reviewed banks are Wema Bank, First Bank of Nigeria, FCMB, GTB, Jaiz Bank, Access Bank, and Stanbic/IBTC. Others are UBA, Sterling Bank, Unity Bank, Union Bank, Zenith Bank, and Fidelity Bank.

    During the first six months of 2022, the thirteen banks posted an aggregate of N501.1 billion as profit after tax, representing an increase of 13.1% compared to N443.17 billion recorded in the corresponding period of 2021

    The banks grew their bottom line despite headwinds ravaging the global economy as the energy crisis triggered a significant surge in the operational costs of businesses operating in the country, while some banks were forced to ration their operating hours in a bid to manage the rise in the cost of operation.

    Wema Bank came first in the category of
    Leading bank’s by customer deposits growth . The bank recorded ±30.2 percent customer deposit growth during the review period, followed by Fidelity Bank and Access Bank with +13.1 percent and +12.8 percent respectively.

    Wema Bank came second in three other categories – total assets growth rate (+13%), loan book growth rate (+19.9%) and profit after tax growth rate {+47.8%}.

    Stanbic IBTC , the second place winner, ranked first in total asset growth rate and leading bank’s by cost to income ratio growth rate.

  • Transcorp Plc delivers solid Q1 performance as profit leaps by 147%

    Transcorp Plc delivers solid Q1 performance as profit leaps by 147%

    Firing on all cylinders, Transnational Corporation Plc, (Transcorp Group) has reported significant and impressive returns in all its major financial indices for the first quarter ended March 31, 2022.

    Its unaudited results filed with the Nigeria Exchange Limited, showed that the conglomerate with interests in the power, hospitality, and energy sectors recorded a profit after tax of N5.0bn rising significantly by 147% up from N2.0bn recorded in March 2021; while Profit before tax which stood at N2.5bn in March last year, gained 129% to N5.7bn in the same period under consideration.

    A further look at the results showed that revenue increased by 28% from N24.4bn at the end of the first quarter of 2021; to N31.4bn as at March 2022, while operating income followed the same pattern as it grew by 45% to N10.0bn up from N6.9bn reported the previous year.

    An increase in expenses such as Inventories, prepayments, trade and other receivables, however, did not dampen the Group’s total assets which rose to N417bn in the period under review, up from N416bn recorded at the end of the 2021 financial year; just shareholders’ funds also rose by 3% to N151.0bn, up from N146.3bn.

    Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, who was excited at what she described as a great start to a rewarding year, expressed satisfaction with the performance for the first quarter 2022, and noted that the result is in line with the group’s strategy.

    She stated “This laudable performance was achieved as a result of the improved activities across all our businesses. We are excited with the results for the first quarter of 2022; delivering 28% rise in Revenue and 129% rise in Profit Before Tax; and we are confident in the strategic direction for the Group as it underlines the success of our long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all our stakeholders.”

    Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding that already, this has been evident from the results churned out by the business in the full year 2021, and Q1 2022, despite the unstable operating environment, adding, “We will continue to work diligently as we remain well-positioned to provide significant value for our stakeholders.”

    Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited and Transcorp Energy.

  • NGX: Equities gain, market capitalisation up by N35bn

    NGX: Equities gain, market capitalisation up by N35bn

    The Nigerian Exchange Ltd., (NGX) closed on an upward note on Thursday occasioned by gains in 25 stocks, as market capitalisation appreciated by N35 billion.

    Specifically, market capitalisation of listed equities was increased by 0.14 per cent to N25.477 trillion, from N25.442 trillion recorded on Wednesday.

    The All Share Index (ASI) also appreciated by 64.77 basis points to 47,272.04 points from 47,207.27 points recorded on Wednesday.

    Investors traded 340.67 million shares valued at N3.86 billion in 5,383 deals against 230.66 million shares worth N3.49 billion traded in 4,377 deals the previous day, representing 10.44 per cent increase in value.

    The increase was impacted by gains recorded in medium and large capitalised stocks, among which are: MTN Nigeria, NGXGroup, SEPLAT, Nigerian Breweries and Custodian Assurance.

    Also, market sentiment was positive as 25 stocks appreciated in price while 19 constituted the losers’ chart.

    Analysts at Vetiva Dealing and Brokerage said, “Market activity improved, with volume and value traded increasing by 47.70 per cent and 10.44 per cent to 340 million units and ₦3.8 billion respectively, while Custodian was the highest traded name following the 39 million units trades crossed at ₦7.20 price level.

    “We expect another mixed sectoral performance to close out the week, with demand in large cap names sustaining the positive close amid cherry picking activities across board.”

    On the price movement chart, Etransact recorded the highest gain increasing by 10 per cent to close at N2.42 from N2.2 per share.

    LearnAfrica trailed with a gain of 9.92 per cent to close at N2.66k from N2.42 per share. Scoa Plc inched up by 9.69 per cent to close at N2.83 from N2.58 per share.

    Royal Exchange Insurance gained 9.62 per cent to close at N1.14 from N1.04 per share while R.T Briscoe appreciated by 8.86 per cent to 86k from 79k per share.

    However, Multiverse shed eight per cent to close at 23 kobo. Japaul Gold depreciated by five per cent to close at 38kobo from40 k per share.

    International Breweries lost 4.55 per cent to close at N5.25 from N5.5 per share while CHARMS dropped 4.35 per cent to close at 22k from 23 Kobo per share
    Also Honey Flour shed 3.87 per cent to close at N3.73 from N3.88 per share.

  • NGX resumes after Christmas break with N238bn loss

    NGX resumes after Christmas break with N238bn loss

    The Nigerian stock market resumed trading on Wednesday after the Christmas holidays with a loss of N238 billion due to profit taking.

    Speficially, the market capitalisation which opened at N22.060 trillion lost N238 billion or 1.08 per cent to close at N21.822 trillion.

    Also, the All-Share Index inched lower by 455.75 points or 1.08 per cent to close at 41,807.10 against 42,262.85 achieved on Friday.

    Accordingly, month-to-date loss increased to 3.3 per cent, while the year-to-date gain moderated to 3.8 per cent.

    The market resumed trading activities after the public holidays on Dec. 27 and 28 declared by the federal government to mark Christmas and Boxing Day celebration.

    The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are: BUA Cement, MTN Nigeria Communications (MTNN), PZ Cussons, May & Baker and Ecobank Transnational Incorporated.

    Market sentiment was slightly positive with 17 gainers relative to 16 losers.

    BUA Cement led the losers’ chart by 10 per cent to close at N67.05 per share.

    May & Baker followed with a decline of 9.98 per cent to close at N4.06, while PZ Cussons lost 8.96 per cent to close at N6.10 per share.

    Jaiz Bank declined 8.06 per cent to close at 57k, while UPDC Real Estate Investment Trust shed 6.25 per cent to close at N3.75 per share.

    Conversely, Union Bank of Nigeria drove the gainers’ chart in percentage terms by 9.91 per cent to close at N6.10 per share.

    Royal Exchange followed with 9.09 per cent to close at 84k, while Sovereign Trust Insurance rose by 7.69 per cent to close at 28k per share.

    Livestock Feeds was up by 6.86 per cent to close at N2.18, while Caverton Offshore Support Group appreciated by 2.99 per cent to close at N1.72 per share.

    However, the total volume traded increased by 61.10 per cent with an exchange of 180.182 million units valued at N1.48 billion exchanged in 3,828 deals.

    This was in contrast with 111.84 million shares worth N911.92 million traded in 2,072 deals on Friday.

    Transactions in the shares of Jaiz Bank topped the activity chart with 17.65 million shares valued at N10.53 million.

    Union Bank followed with 16.80 million shares worth N101.83 million, while UACN traded 12.88 million shares valued at N123.52 million.

    Transcorp sold 11.39 million shares worth N11.25 million, while Sovereign Trust Insurance transacted 9.99 million shares valued at N2.78 million.

  • BREAKING: Titan Trust Bank buys Union Bank

    BREAKING: Titan Trust Bank buys Union Bank

    Union Bank of Nigeria (UBN) Plc on Thursday announced a proposed divestment of majority shareholding interest in the bank to Titan Trust Bank Ltd.

    The UBN Company Secretary, Somuyiwa Sonubi, said this a statement posted on the Nigerian Exchange Ltd (NGX) website tilted: “Proposed Divestment of Majority Shareholding Interest in Union Bank of Nigeria Plc.”

    The statement said the board of UBN had received a notification from Union Global Partners Ltd. (UGPL), the holder of majority shareholding in Union Bank of the execution of a Share Sale and Purchase Agreement.

    It said the agreement was between UGPL, certain other existing shareholders of Union Bank (as sellers) and Titan Trust Bank Ltd. (as Purchaser) for the sale of an aggregate 89.39 per cent of the issued share capital of Union Bank held by the Sellers, to the Purchaser.

    The statement said the completion of the transaction was subject to obtaining applicable regulatory approvals and the fulfilment of certain conditions precedent.

    Commenting on the transaction: Chair, Union Bank, Mrs Beatrice Hamza Bassey, congratulated all the parties involved in the transaction.

    “On behalf of the Board, we congratulate all the parties involved in reaching this phase of the transaction and the board looks forward to supporting the next steps to ensure a seamless completion of the process following regulatory approvals.

    “We are grateful to our current investors whose significant and consequential investments over the past nine years facilitated the transformation of Union Bank, one of Nigeria’s oldest and storied institutions.

    “Today, the bank is well-positioned with an innovative product offering, a growing customer base of over six million and consistent year on year profitability.

    “This is a solid foundation for our incoming investors to build on as we move into a new era for the Bank,” Bassey said.

    Also commenting, Chair, Titan Trust Bank, Mr Tunde Lemo, said the transaction made a key step for Titan Trust.

    “The board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels the institution to the next level in the Nigerian banking sector.

    “The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model, which promises to enhance the product and service offering for our combined valued customers,” Lemo said.

    To the Chief Executive Officer, Union Bank, Mr Emeka Okonkwo, the transaction marks a significant milestone in the journey of the bank.

    “This transaction marks a significant milestone in the journey of our 104-year old bank.

    “Whilst thanking our current investors for their unwavering commitment to the bank over the years, we welcome our new core investor, TTB.

    “We recognise the strategic fit between the two institutions and expect that this deal will deliver the best outcome for our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank,” Okonkwo said.

    The Chief Executive Officer, Titan Trust Bank, Mr Mudassir Amray, said:

    “After completing over two years of operations with aggressive organic growth, we are excited to have an opportunity for a significant leap forward in market share.

    “UBN’s widespread presence, state of the art technology platform, quality staff and strong brand loyalty fits well with our synchronised modular strategy.

    “We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders,” Amry said.

  • NGX opens December with N409bn loss

    NGX opens December with N409bn loss

    Activities on the Nigerian Exchange Ltd. (NGX) resumed the month of December on Wednesday in red with a loss of N409 billion due to profit taking in MTN Nigeria Communications (MTNN) and 22 others.

    Specifically, the market capitalisation which opened at N22.566 trillion shed N409 billion or 1.81 per cent to close at N22.157 trillion.

    Also, the NGX All-Share Index inched lower by 784.89 points or 1.81 per cent to close at 42,463.16 from 43,248.05 on Tuesday.

    Accordingly, Year-to-Date gain moderated to 5.4 per cent.

    The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTNN, Africa Prudential, Access Bank, Flour Mills of Nigeria and Ecobank Transnational Incorporated.

    Consequently, market sentiment was negative with 23 laggards, relative to 15 gainers.

    MTNN dominated the losers’ chart in percentage terms by 10 per cent to close at N171 per share.

    African Prudential followed with 7.69 per cent to close at N6.00, while UACN Property Development Company lost 7.48 per cent to close at 99k per share.

    Royal Exchange declined by 5.56 per cent to close at 51k, while Honeywell Flour Mills shed 5.32 per cent to close at N3.74 per share.

    Conversely, Cornerstone Insurance led the gainers’chart in percentage terms with 7.69 per cent to close at 56k per share.

    AXA Mansard Insurance followed with 7.55 per cent to close at N2.28, while Chams went up five per cent to close at 21k per share.

    Nigerian Exchange Group (NGXGroup) increased by 3.66 per cent to close at N17, while FTN Cocoa processors appreciated by 2.56 per cent to close at 40k per share.

    However, the total volume of trades increased by 49.16 per cent to 335.48 million units valued at N3.55 billion exchanged in 3,891 deals.

    This was in contrast with 224.91 million shares worth N3.71 billion traded in 4,331 deals on Tuesday.

    Transactions in the shares of FBN Holdings topped the activity chart with 133.99 million shares valued at N1.57 billion.

    Universal Insurance followed with 36.19 million shares valued at N7.24 million, while Zenith Bank traded 18.34 million shares worth N440.11 million.

    Guaranty Trust Holding Company sold 13.59 million shares valued at N334.80 million, while Transcorp accounted 10.54 million shares worth N10.19 million.

  • 2Baba, Chike to Perform at the Launch of NGX Group’s “The Stock Africa Is Made Of” Campaign

    2Baba, Chike to Perform at the Launch of NGX Group’s “The Stock Africa Is Made Of” Campaign

    Award-winning singer, songwriter and producer Innocent ‘2Baba’ Idibia is set to perform at the launch of Nigerian Exchange Group (NGX Group) Plc’s campaign, The Stock Africa Is Made Of. The legend will be joined by ‘boo of the booless’, Chike to provide first-class entertainment at the virtual event scheduled to hold on Tuesday, 18 May 2021.

    The Stock Africa Is Made Of comes on the back of the successful demutualisation of The Nigerian Stock Exchange which led to the emergence of NGX Group Plc and its three subsidiaries – Nigerian Exchange (NGX) Limited, NGX Regulation (NGX RegCo) Limited and NGX Real Estate (NGX RelCo) Limited. According to NGX Group, the campaign is designed to project its new positioning and commitment to the African financial markets as a leading capital market infrastructure provider, connecting Nigeria, Africa and the world. The Stock Africa Is Made Of serves to amplify NGX Group’s new brand identity and spotlight the growth potential of the African continent. Participants who wish to attend the virtual launch of the campaign can register via https://ngxgroup.com/the-stock-africa-is-made-of .

    Commenting on the campaign, the Group Chief Executive Officer, NGX Group Plc, Mr. Oscar N. Onyema, OON stated, “The Stock Africa Is Made Of is designed to reinforce the message that we are fully equipped and better positioned to champion the development of new and improved experiences for the benefit of domestic, regional and foreign stakeholders. Built around the new corporate identity, the campaign emphasises the vibrancy and dynamism of NGX Group and its subsidiaries. It provides stakeholders with an immersive experience through creative messaging and opportunities for direct engagement with the brand. Our goal is not only to celebrate this pivotal point in our journey, but to also show our stakeholders that we are ready and able to explore new frontiers in our quest to be the partner and platform of choice for meeting their business, financial and investment objectives.”

    From information gathered, other industry leaders joining Mr. Onyema as speakers at the event include, Otunba Abimbola Ogunbanjo, Group Chairman, NGX Group Plc; Dr. Zainab Ahmed, Honourable Minister of Finance, Budget and National Planning, Federal Republic of Nigeria; Lamido Yuguda, CFA, Director-General, Securities and Exchange Commission; Alhaji Aliko Dangote GCON, Chairman, Dangote Group; Masai Ujiri, President, Toronto Raptors; Tony Elumelu, CON, Chairman, Heirs Holdings; Temi Popoola, CFA, Chief Executive Officer (CEO), Nigerian Exchange (NGX) Limited; and Ms. Tinuade Awe, CEO, NGX Regulation (NGX RegCo) Limited. The event will be moderated by veteran Master of Ceremonies, Ik Osakioduwa.