TheNewsGuru

Tag: Stock

  • Nigeria’s public debt stock increases to N97.34trn in Q4 2023 – NBS

    Nigeria’s public debt stock increases to N97.34trn in Q4 2023 – NBS

    Nigeria’s public debt stock increased from N87.91 trillion (114.35 billion dollars ) in the third quarter of 2023 to N97.34 trillion (108.23 billion dollars ) in the fourth quarter of 2023.

    The National Bureau of Statistics (NBS) said this on Tuesday in its Nigerian Domestic and Foreign Debt Report for Q4 2023 released in Abuja.

    The report said Nigeria’s public debt stock, which included external and domestic debt, grew by 10.73 per cent on a quarter on quarter basis.

    It said that External debt stood at N38.22 trillion (42.50 billion dollars) in Q4 2023, while domestic debt was N59.12 trillion (65.73 billion dollars).

    “However, the share of external debt to total public debt stood at 39.26 per cent in Q4 2023, while domestic debt was recorded at 60.74 per cent.’’

    In a breakdown by states, the bureau said that Lagos State recorded the highest domestic debt of N1.05 trillion in Q4 2023, followed by Delta with N373.41 billion.

    The report showed Jigawa recorded the lowest domestic debt at N42.76 billion, followed by Kebbi at N60.69 billion.

    In addition, it stated that Lagos state recorded the highest external debt with 1.24 billion dollars , followed by Kaduna state with 587.07 million dollars.

    “Borno recorded the lowest external debt with 20.49 million dollars , followed by Yobe with 21.49 million dollars,” the NBS stated.

  • NNPC has 1.8bn litres of petrol in stock – Spokesman

    NNPC has 1.8bn litres of petrol in stock – Spokesman

    The Nigerian National Petroleum Company Ltd., (NNPC Ltd.) says it has 1.805 billion litres of petrol in stock.

    Its spokesman, Malam Garbadeen Muhammad, stated in Abuja on Monday that the volume of petrol in stock would last for 30 days.

    He explained that 805.35 million litres of the product were in depots nationwide, while one billion litres were still inside vessels.

    He added that in is efforts to ensure steady supply NNPC Ltd. placed a robust plan for the supply of petrol from mid-February to March 2023.

    “An additional petrol supply of 884 million litres is also expected by Feb. 28.

    “For March 2023, a total of 2.3 billion litres of petrol is expected, while about 2.5 billion litres, equivalent to 42 days sufficiency, will be the closing stock for the month,’’ Muhammad stated.

  • How Tinubu made his wealth before becoming a politician – Alake

    How Tinubu made his wealth before becoming a politician – Alake

    Director of Strategic Communication of the All Progressives Congress (APC) Presidential Campaign Council, Mr Dele Alake has narrated how the presidential candidate of the party for the 2023 elections, Bola Tinubu got his wealth.

    TheNewsGuru.com (TNG) reports Mr Alake attributed the source of Tinubu’s wealth to investment in the stocks of blue chip companies, stressing that he has known Tinubu to be wealthy before his foray into politics.

    “What I know is that right from his days in the corporate world, he has been trading in stocks, and he himself said so. He has been buying stocks and bonds and all of that. I am not a finance person. So, I am not going to be interested in the nitty-gritty of it all. But I know he has been trading in stocks.

    “I know that when you trade in stocks and you are a finance person, you know how to juggle the stock market and all of that. Those who are adept at it know what I am talking about. They wouldn’t start questioning how he made his money from stocks.

    “He was buying stocks of blue chip companies and all of that. He was making money and he was spending money. He has been doing all of these years before he got into office,” Alake said during an appearance on Channels Television’s Sunday Politics.

    He, however, failed to disclose the blue chip companies Tinubu invested stocks in and also did not disclose whether or not Tinubu owns or has investments in any company in Nigeria.

    “What is my business about the company that he owns in Nigeria? If tomorrow you become like Bola Ahmed Tinubu, why should I be bothering about the companies you own as long as it is not proven that you have taken the money of your state or whatever company you work for?

    “It is not proven and you are not indicted in any court of law. Why should I now be bothering my head? It is an extraneous issue and, like I always say, pandering to the whims and caprices of those who are jealous and extremely envious and suffering from OCH, obsessive-compulsive hatred, of Asiwaju.

    “Why people are querying the source of his wealth is because he had been a successful governor of Lagos and a successful politician even after office. He is about the only one of the class of 1999 who is at that enviable political height today. He is bound to attract all of these negative comments.

    “He made his money well before he got into office. I think what is important to Nigerians, really, is to know that this man was not a pauper before he came into office, like some others,” Alake said.

  • Elon Musk trades $7B in Tesla shares ahead of Twitter battle

    Elon Musk trades $7B in Tesla shares ahead of Twitter battle

    Elon Musk has traded nearly $7 billion worth of shares in Tesla as the billionaire gets his finances in order ahead of his court battle with Twitter.

     

    Musk disclosed in series of regulatory filings that he unloaded about 8 million shares of his company Tesla Inc. in recent days.

     

    “In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk tweeted late Tuesday.

     

    Musk is by far the largest individual shareholder in both Tesla and Twitter.

     

    Shares of Tesla rose almost 2% before the opening bell Wednesday. Shares of Twitter Inc., up 16% in the past month with most believing Musk faces long-shot odds of success in court, jumped another 3%.

     

    Musk countersued Twitter last week, accusing the company of fraud over his aborted $44 billion acquisition. He claimed that Twitter held back critical information and misled his team about the size of its user base.

     

    Musk alleges that Twitter committed fraud, breach of contract and violation of a securities law in Texas, where Musk lives.

     

    TheNewsGuru.com reports that Musk offered to buy Twitter earlier this year, then tried to back out of the deal claiming the social platform was infested with a larger numbers of “spam bots” and fake accounts than Twitter had disclosed.

     

    Musk said in the spring that he planned no major sales of his stake in Tesla after lining up financing to acquire Twitter, but Dan Ives, an industry analysts with Wedbush, said Wednesday that “the situation has dramatically changed.”

     

    Wedbush raised it’s target price for shares of Twitter, “With the chances of a Twitter deal now more likely in our opinion and the Street seeing through this poker move by Musk,” Ives wrote to clients.

     

    “We can also see Musk trying to resolve this powder keg situation before the Twitter deal officially heads to court in October,” Ives wrote. “At a minimum, we see Twitter getting a massive settlement from Musk in the $5 billion to $10 billion range that is starting to be factored into the stock.”

  • NSE revokes licences of 38 stockbroking firms [Full list attached]

    NSE revokes licences of 38 stockbroking firms [Full list attached]

    A total 38 stockbroking companies in the nation’s capital market have been expelled by the Nigerian Stock Exchange (NSE) over their acute level of inactivity, irredeemably weak operating status and infractions against the extant rules at the exchange.
    It was gathered that the operating licences of the affected firms have been revoked by the NSE and would no longer be eligible to function in the Nigerian capital market. The companies were booted out after an exhaustive review process by the management and the final expulsion order issued by the National Council of the Exchange, its highest administrative organ.
    With the revocation of their licences and expulsion, the firms shall not be able to trade on the Nigerian stock market and other international markets that Nigeria has Memorandum of Understanding (MoU) with. Nigerian capital market authorities have standing bilateral agreements with several other jurisdictions, including Morocco, Angola, China, Ghana, Kenya, Malaysia, Mauritius, South Africa, Tanzania and Uganda.
    With the expulsion, investors who have their investment accounts with the expelled dealing firms will be required to move their accounts to other functional stockbroking firms.
    Also, directors, executives, top management and other employees of the expelled firms will not be able to secure any employment in the capital market without prior clearance and written consent of the Exchange.
    “Dealing members are strongly advised not to engage in any activity with the above mentioned firms,” the Exchange stated in the expulsion circular signed by Olufemi Shobanjo, Head of Broker Dealer Regulation Department at the NSE.
    Under Rule 6.12 of the Rulebook of the Exchange, 2015, members of the Exchange are disallowed from employing any of directors, authorised clerks or other persons including principal officers such as the chief executive officer, chief finance officer, chief compliance officer and chief risk officer, who have been indicted by the Exchange or the Commission without prior regulatory approval.
    Also, the rule disallows other stockbroking firms from employing any person who was an officer or employee of a stockbroking firm or dealing member expelled from the Exchange; any person expelled, as an authorised clerk or its equivalent, from any other exchange; any person refused admission as a member of the Chartered Institute of Stockbrokers or any person expelled from its membership; any person expelled as a member of any professional association or institute and any person who is insolvent or has been convicted of theft, fraud, forgery, or any other crime involving dishonesty.
    The expelled dealing firms included Mercov Securities Limited; Resano Securities Limited; Transafrica Financial Services Limited; Andruche Investments Plc; Angela Eccles Limited; Associated Trust Investment & Finance Limited; Beaver Securities Limited; Betraco Securities Limited; Cobal Ventures Limited; Corporate Focus Securities Limited; Financial Intermediaries Limited; GF Securities Limited; IB Finance Limited; Integrated Securities Ltd; Integrated Ventures Nigeria Limited; Intercommerce and Consultant Limited; Investment & Capital Development Company Limited and Investment Trust Company Limited.
    Others included Kamrash Securities Limited; Lakeside Asset Management Limited; M & F Investment & Securities Limited; Milestone Investment Services Limited; Millennium Investment Trust Limited; Moji Securities & Investment Nigeria Limited; Morgan Trust Asset Management Plc; Multibank International Securities Limited; Nationwide Finance and International Securities Limited and Novelty Investment Limited.
    Also expelled were Optimus Finance and Securities Limited; Pabod Finance & Investment Company Limited; Pabofin Securities Limited; Path Securities & Investment Ltd; Shiroro Finance Ltd; Tassel Finance & Investment Company; Unique Securities & Finance Services Limited; Upper Credit Securities and Investments Limited; Wellsfargo Capital Limited and Westland Investment Ltd.

  • Skye Bank emerges best performing stock

    Skye Bank has emerged the best performing stock in January, with a growth of 194 per cent in spite of not presenting its financial reports for two years.

    Statistics obtained from the Nigerian Stock Exchange (NSE) on Wednesday in Abuja, indicated that Skye Bank closed the month at N1.47 per share against an opening price of 50k, an increase of 194 percent.

    Unity Bank came second with a growth of 186.78 per cent to close for the month at N1.52 against its opening price of 53k.

    Similarly, the shares of Wema Bank closed at N1.52 as against 52k in December, representing a growth of 182.69 per cent.

    Further analysis showed that Diamond Bank close at N3.18 in contrast with its opening price of N1.50, while FCMB Group closed at N3.06 as against N1.48 in December.

    Sterling Bank closed at N2.10 against N1.08 in December, while Cement Company of Northern Nigeria closed at N17.75 in contrast with opening price of N9.50.

    Conversely, Royal Exchange, ABC Transport and Lasaco Insurance emerged the worst performing stocks in percentage terms with a loss of 16 per cent each.

    Royal Exchange opened the month at 50k to close at 42k, ABC Transport closed lower at 42k, just like Lasaco Insurance as against 50k opening price due to the new pricing methodology.

    AG Leventis closed at 60k per share in contrast with opening month’s price of 70k, while Air Service also closed at N5.10 against N5.95, among others.

    The exchange recorded a turnover of N197. 22 billion on 21.71 billion transactions carried out in 168,649 deals in January.

    The exchange recorded a turnover of N47.7 billion on 8.12 billion shares in 61,515 deals for the month of January 2017.

    The financial services sector was the most active in volume terms, with a total of 13.09 billion shares worth N107.96 billion in 106,466 deals.

    It was trailed by conglomerates with a turnover of 6.63 billion shares valued at N16.54 billion exchanged in 10, 541 deals.

    Consumer Goods came third with a total of 1.07 billion shares worth N52.05 billion transacted in 27,854 deals

    The Oil & Gas sector sold 395.79 million shares valued at N5.19 billion traded in 7,483 deals.

    Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd. attributed the growth recorded by Skye Bank and others to low price attraction and the bull effect witnessed during the period.

    Omordion said that Skye Bank rally without submitting its financial report for two years was due to low price sentiment.

    He said the new pricing methodology and par rule introduced by the exchange on Jan. 29, would streamline price movement in the months ahead.

    According to him, the initiative will promote corporate governance and the performance of listed companies, while the forces of demand and supply will determine price movement.

  • Jaiz Bank emerges worst performing stock on NSE in May

    Jaiz Bank emerges worst performing stock on NSE in May

    Jaiz Bank has emerged the worst performing stock in percentage terms on the Nigerian Stock Exchange (NSE) for the month of May.

    The News Agency of Nigeria (NAN) reports that data obtained from the exchange for the month of May indicated that the stock dropped by 17.39 per cent, to close at 95k per share, as against the opening price of N1.15.

    Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, linked the stock’s decline during the period to its nature of banking business that emphasised on profit sharing, rather than interest on loans, charged by commercial banks.

    Omordion stated that the bank’s unimpressive 2017 first quarter numbers released in the market recently, contributed to the price depreciation.

    NAN reports that the company on Feb. 9 joined the league of quoted companies on NSE with the listing by introduction of 29.46 billion shares of 50k each at N1.25 per share, worth N36.83 billion.

    A further breakdown of the data showed that Mobil Oil trailed with a loss of 14.26 per cent, having closed at N284.65, as against the N332 achieved in April, while Seplat dipped by 14.15 per cent to close at N351 per share, as against the opening price of N410.

    Learn Africa depreciated by 9.76 per cent to close at 74k, against its opening price of 82k, while Larfarge Africa dipped 5.73 per cent to close at N48, in contrast with N50.02 in April.

    On the other hand, Fidson Healthcare was the best performing stock during the period under review in percentage terms, growing by 107.29 per cent to close at N2.28 per share, as against the N1.10 achieved in April.

    May & Baker followed with a growth of 75.29 per cent to close at N1.49, compared with the opening price of 85k and FBN Holdings grew by 67.19 per cent to close at N5.30, against N3.17 in April.

    Oando improved by 46.19 per cent to close the month at N8.45, against the opening price of N5.78, while AXA Mansard rose by 43.31 per cent to close at N2.25 per cent, in contrast with N1.57 per share posted in April.

    NAN also reports that a total of 9.73 billion shares valued at N102.81 billion were exchanged by investors in 93.899 deals.

    The Financial Service Sector was the most active, with a turnover of 5.61 billion shares worth N39.64 billion, transacted in 39,631 deals.

    It was followed by Premium Board with an exchange of 2.38 billion shares valued at N32.69 billion in 18.685 deals, while Consumer Goods sold 509.19 million shares worth N16.50 billion, achieved in 12,433 deals.

     

     

    NAN

  • Forte Oil emerges worst performing stock in Q1, declines by 43.39%

    Forte Oil Plc has recorded the highest price loss in percentage terms to emerge the worst performing stock on the Nigerian Stock Exchange for the first quarter ended March 31, the News Agency of Nigeria (NAN) reports.

    Data obtained from the exchange on Tuesday indicated that the stock dropped by 43.39 per cent to close trading at N47.80 per share during the period under review, compared with its opening first quarter price of N84.43 per share.

    NAN reports that the stock emerged the worst performing stock in 2016 in percentage terms with a drop of 74.42 per cent, having closed trading for the year at N84. 43 per share.

    Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed Forte Oil’s performance in the first quarter to declining earning power and failure to declare a dividend for the financial year ended Dec. 31, 2016.

    Omordion said that investors’ reaction to the company’s failure to declare a dividend impacted negatively on its stock performance.

    He, however, attributed the company’s failure to pay dividend to the capital intensive nature of oil business.

    NAN reports that UAC Property trailed with a loss of 37.79 per cent to close at N1.63 against N2.63 it opened trading with in January.

    7UP shed 35.66 per cent to close at N83 during the period under review in contrast with its opening price of N129, while NAHCO lost 33.54 per cent to close at N2.10 per share against its opening price of N3.16.

    Livestock Feeds followed with a loss of 29.76 per cent to close at 59k against 84k, and Guinness dropped 27.14 per cent to close at N60.51 compared with the year’s opening price of N83.05 per share.

    On the other hand, Betaglass was the best performing stock in percentage terms in the first quarter, having increased by 46.04 per cent to close at N47. 28 per share against its opening price of N30.32.

    Air Service followed with a growth of 42.40 per cent to close at N3.56 compared with its opening price of N2.50, and United Bank for Africa garnered 28.22 per cent to close at N5.77 against N4.50 in January.

    Okomu Oil improved by 24.47 per cent to close the quarter at N50 per share in contrast with N40.17 it opened trading with.

    Stanbic IBTC rose by 18.53 per cent to close at N17.78 against N15 it opened trading with. (NAN)

  • NSE: Forte Oil emerges worst performing stock in 2016, drops by 74.42%

    NSE: Forte Oil emerges worst performing stock in 2016, drops by 74.42%

    Forte Oil Plc. has emerged the worst performing stock in 2016 in percentage terms having dropped by 74.42 per cent.

    Statistics obtained from the Nigerian Stock Exchange (NSE) for the period showed the stock which in 2016 was worth N330 depreciated by 74.42 per cent to close trading at N84.43 per share.

    Skye Bank followed with a loss of 68.35 per cent to close at 50k compared with N1.58 it opened for the year.

    Caverton shed 63.56 per cent to close at 90k against N2.47, while Diamond Bank lost 61.74 per cent to close at 88k in contrast with the year’s opening price of N2.30 per share.

    Sterling Bank dipped 58.47 per cent to close at 70k against N1.83 and Lafarge Africa which opened for 2016 at N96.80 decreased by 57.70 per cent to close at N40.95 per share among others.

    Commenting, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed Forte Oil loss to weak earnings and AMCON related deal.

    Omordion said that Skye Bank performance was due to lack of market confidence in its stocks since the change of management by the Central Bank of Nigeria (CBN) and huge loss position posted in 2015 financial year.

    He added that Caverton’s weak earnings and narrow business model affected the company’s price movement, noting that dwindling earnings on increasing non-performing loan affected Diamond Bank shares.

    “Sterling Bank is market forces, while Lafarge Africa is increasing negative position of the company,’’ he said.

    Conversely, Dangote Flour was the best performing stock in percentage terms during the review period having improved by 276.11 per cent to close at N4.25 per share against opening price of N1.13.

    UBA Capital trailed with a growth of 108.40 per cent to close at N2.73 compared with N1.31 and Total which opened at N147.01 rose by 103.39 per cent to close at N299 per share.

    Seplat increased by 87.19 per cent to close 2016 at N379. 99 against the opening price of N203 and Mobil Oil inched 74.38 per cent having closed the year at N279 per share against N160 opening price.

    Seplat improved by 87. 19 per cent to close at N379.99 against N203 it opened for in the year and Mobil rose by 74.38 per cent to close 2016 at N279 per share compared with opening price of N160.

     

    NAN