Connect with us


GTCO, UBA, Zenith Bank Attract Stock Investors



Attract Stock Investors

By Dipo Olowookere

Last week on the floor of the Nigerian Exchange (NGX) Limited, shares of GTCO, UBA and Zenith Bank were the most attractive to investors, who were taking position in anticipation for interim dividend.

The equities of these financial institutions accounted for 261.7 million shares worth N5.8 billion traded in 3,498 deals in the five-day trading week, contributing 25.95 per cent and 53.22 per cent to the total trading volume and value respectively.

Business Post reports that investors traded 1.0 billion shares worth N10.9 billion in 17,297 deals in the week in contrast to the 1.4 billion shares worth N12.1 billion transacted in 21,581 deals a week earlier.

One of the main reasons for the low trading activity was because of the siddon and look approach of investors as they await the release of half-year results of listed firms in the coming days.

ALSO READ  Nigerian Stock Market Rebounds, Gains 0.49%

It was observed that financial stocks led the activity chart by volume with the sale of 732.4 million units worth N7.2 billion traded in 9,131 deals, contributing 72.62 per cent and 66.04 per cent to the trading volume and value respectively.

The conglomerates shares followed with 52.9 million units worth N170.3 million in 656 deals, while the third place was ICT equities with 52.7 million units worth N1.8 billion in 701 deals.

In the week, 29 equities appreciated in price, lower than 44 equities in the previous week, while 32 equities depreciated in price, higher than 22 equities in the previous week, with 95 equities closing flat, higher than 90 equities recorded in the previous week.

ALSO READ  Rising Inflation: Emefiele Tasks Buhari to Tackle Insecurity

FTN Cocoa was the best-performing stock last week, appreciating by 20.59 per cent to trade at 41 kobo. NCR Nigeria gained 20.48 per cent to sell for N3.00, Capital Hotels rose by 10.00 per cent to N2.64, Sovereign Trust Insurance improved by 10.00 per cent to 33 kobo, while Tripple Gee appreciated by 9.89 per cent to N1.00.

On the flip side, Ikeja Hotel was the worst-performing stock of the week, depreciating by 18.83 per cent to N1.25. Consolidated Hallmark Insurance went down by 15.71 per cent to 59 kobo, Unity Bank dropped 8.47 per cent to 54 kobo, Coronation Insurance lost 8.47 per cent to 54 kobo, while University Press declined by 7.24 per cent to N1.41.

ALSO READ  Financial Inclusion: SEC, CBN Engage Citizens on Money Market

At the close of transactions for the week, the All-Share Index and market capitalisation depreciated by 0.12 per cent to close the week at 37,947.18 points and N19.771 trillion respectively.

Similarly, all other indices finished lower with the exception of the banking, AFR Div Yield, MERI Growth, oil/gas and NGX sovereign bond indices which appreciated by 0.09 per cent, 0.32 per cent, 0.15 per cent,1.81 per cent and 0.64 per cent respectively, while the NGX premium, NGX ASeM and NGX growth indices closed flat.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

Click to comment

Leave a Reply


CBN Gives Nearly 4 million Farmers N756.5bn



Ghana peasant farmers

By Ashemiriogwa Emmanuel

The Central Bank of Nigeria (CBN) on Tuesday said it has disbursed N756.5 billion to nearly 4 million (approximately 3,734,938) smallholder farmers cultivating 4.6 million hectares of land to improve food security in the country.

The development was revealed by CBN Governor, Mr Godwin Emiefele, while presenting the communiqué of the Monetary Policy Committee (MPC) meeting in Abuja.

ALSO READ  Senate Postpones MTEF Passage, Awaits OPEC Outcome

According to the CBN boss, a total number of 627,051 farmers were granted N120.2 billion for the 2021 wet season under the Anchor Borrowers’ Programme (ABP) to cultivate 847,484 hectares of land.

“Under the bank’s development finance initiatives, the bank granted N756.5 billion to 3,734,938 smallholder farmers cultivating 4.6 million hectares of land, of which N120.2 billion was extended for the 2021 wet season to 627,051 farmers for 847,484 hectares of land, under the ABP,” Mr Emefiele said.

ALSO READ  FG, States, LGs Share N701b from Federation Account

Furthermore, the apex bank said a total of N121.6 billion has been shared among 32,617 beneficiaries under the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS).

Mr Emiefele also disclosed that the bank has released N318.2 billion to 679,422 beneficiaries for the targeted credit facility.

These beneficiaries, as said by the CBN chief, includes 572,189 individuals and 107,233 small and medium scale enterprises (SMEs).

ALSO READ  More Trouble for FX Speculators as Dollar Falls to N430 at BDC Market

Meanwhile, the committee reviewed the domestic economic developments and noted that the non-oil sector, agriculture and industry sub-sectors were the major drivers of improvement as it recorded growth rates of 2.28 and 0.94 per cent, accordingly.

Continue Reading


Lafarge Africa Grows Net Sales to N145bn in Six Months



Lafarge Africa

By Dipo Olowookere

One of the major cement manufacturers in Nigeria, Lafarge Africa Plc, has continued to show resilience in the face of various challenges caused by COVID-19.

On Thursday, the firm released its half-year earnings for 2021 and the results showed that the net sales grew by 20.3 per cent to N145.0 billion from N120.5 billion in the same period of 2020.

Business Post reports that the sale of cement accounting for N141.4 billion of the total revenue for the period versus N118.6 billion in H1 2020, while the sale of aggregates and concrete contributing N3.6 billion compared with N2.0 billion in the same period of last year.

ALSO READ  Rising Inflation: Emefiele Tasks Buhari to Tackle Insecurity

The financial statements revealed that the cost of sales gulped N97.0 billion as against N78.8 billion in the first six months of 2020, leaving the organisation with a gross profit of N48.0 billion compared with N41.7 billion in 2020, while the operating profit improved to N38.2 billion from N32.8 billion.

In the results, Lafarge Africa said it had selling and marketing costs of N1.5 billion, lower than N1.6 billion in the same time of last year and this was mainly due to a reduction in advertising expenses to N113.0 million from N182.5 million.

ALSO READ  Nigeria Aims Production of 30,000 Litres of Milk Per Day—FG

However, the administrative costs rose to N9.2 billion from N7.8 billion as a result of the rise in salaries and other staff-related costs, office and general expenses, as well as technical service fees.

In the period, the cement firm recorded a decline in finance income, which stood at N362.9 million compared with N377.1 million, while the finance costs went down to N2.7 billion from N4.4 billion.

On the bottom line of the results, Lafarge Africa said it had a profit before tax of N36.8 billion in H1 2021 versus N28.8 billion in H1 2020, while the profit after tax jumped to N28.3 billion from N23.3 billion.

ALSO READ  Stanbic Africa Holdings Increases Stake in Nigeria's Stanbic IBTC to 64.44%

The CEO of Lafarge Africa, Mr Khaled El Dokani, while commenting on the results, stated that, “Our performance remained resilient in Q2 2021, with net sales of 29.4 per cent, recurring EBIT of 11.1 per cent and net income of 25.7 per cent compared to the previous year.

“We are equally pleased with the progress we are making on sustainability; our use of affordable clean energy and our agroecology footprint is in accordance with the acceleration of our net-zero pledge”.

Continue Reading


NGX Index Slumps 0.03% Amid Weak Trading Activity



Trading Activity

By Dipo Olowookere

Trading activity on the floor of the Nigerian Exchange (NGX) Limited was weak on Wednesday as investors continued to play safe.

Some of the traders have retreated from the market, awaiting the release of the half-year results of market shakers like Dangote Cement, the tier-one banks and others.

As a result, the NGX depreciated by 0.03 per cent, causing the All-Share Index (ASI) to drop 11.12 points to 38,791.03 points from 38,802.15 points.

Equally, the market capitalisation went down at the midweek trading session by N6 billion to close at N20.211 trillion compared with the previous day’s N20.217 trillion.

Business Post reports that sell-offs in banking and insurance equities contributed to the decline as their respective indices depreciated by 0.96 per cent and 0.88 per cent.

ALSO READ  Financial Inclusion: SEC, CBN Engage Citizens on Money Market

But during the session, the energy sector appreciated by 1.68 per cent, while the consumer goods counter grew by 0.11 per cent, with the industrial goods index closing flat.

Consolidated Hallmark Insurance and Tripple Gee were the worst-performing stocks yesterday as they lost 10.00 per cent each to close at 54 kobo and 90 kobo respectively.

Pharma Deko depreciated by 9.92 per cent to trade at N1.09, Regency Alliance lost 6.82 per cent to sell for 41 kobo, while Eterna went down by 6.58 per cent to N7.10.

ALSO READ  Stanbic Africa Holdings Increases Stake in Nigeria's Stanbic IBTC to 64.44%

At the other side, Capital Hotels outperformed others after its value rose by 9.85 per cent to trade at N2.90 and was trailed by Oando, which gained 9.81 per cent to close at N5.26.

BOC Gases appreciated by 8.88 per cent to N9.20, FTN Cocoa grew by 8.16 per cent to 53 kobo, while Livestock Feeds improved by 4.80 per cent to N2.40.

At the close of business, investors traded 237.5 million shares worth N1.9 billion in 4,305 deals in contrast to the 243.1 million shares worth N1.9 billion transacted in 4,326 deals on Tuesday.

This indicated that while the trading volume and the number of deals depreciated by 2.29 per cent and 0.49 per cent respectively, the trading value closed flat.

ALSO READ  Rising Inflation: Emefiele Tasks Buhari to Tackle Insecurity

It was observed that the demand for Oando stocks persisted after a settlement of its dispute with the apex capital market regulator, the Securities and Exchange Commission (SEC).

On Wednesday, the company was the most traded stock with the sale of 44.3 million units valued at N233.0 million, while UBA, which followed, traded 19.4 million units worth N150.8 million.

Wema Bank transacted 14.2 million units valued at N11.9 million, Access Bank traded 13.3 million units worth N123.7 million, while Jaiz Bank transacted 12.3 million units valued at N7.6 million.

Continue Reading

Like Our Facebook Page

Latest News on Business Post


%d bloggers like this: