Investors Loan Out 4.5 million Shares of GTBank, Zenith Bank

Image

By Dipo Olowookere

A total of 4.5 million shares of GTBank and Zenith Bank have been loaned out to interested investors under securities lending.

Securities lending involves investors offering to loan out their idle stocks to other investors willing to borrow them for a period of time for an agreed fee.

If an investor feels the share price of a particular company is likely to sell below the current value in the future and he does not have the cash to buy them now, he can opt to borrow the stocks for a fee to sell now and then repurchase them when the prices fall within the stipulated time.

In essence, an investor can borrow like 1,000 units GTBank shares at N31.2 it closed on Monday, April 26, 2021, sell at N35 and then buy the same number of shares at N28 at the exchange to return to the original owner.

About two weeks ago, Business Post reported that investors have offered to loan out a total of 162.6 million shares of Zenith Bank, GTBank, MTN Nigeria and Dangote Sugar.

On Monday, this newspaper confirmed that a total of 4.5 million units of these securities have been loaned out and they are GTBank and Zenith Bank stocks.

In a notice sighted by Business Post, it was disclosed that investors borrowed 2.5 million units of Zenith Bank equities and 2.0 million units of GTBank shares.

Share
Related Stories
Image
29-February-2024

The Nigerian Government’s Crypto Crackdown and the Role of USDT

In the last couple of weeks, Nigeria has found itself at the centre of a currency crisis, with the value of the Naira drastically falling against the US Dollar. Amidst this economic turmoil, recall that at the beginning of the year, the value of the Naira to Dollar was between N900 and N1,100 to $1, however, the Naira now goes for N1,600 to $1. This issue has raised a lot of concerns for the Nigerian government. In a bid to safeguard the Naira and tidy up the multiple systems of various exchange rates, the government has restricted access to some

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
29-February-2024

EnjoyCorp Buys Heineken’s Stake in Champion Breweries

By Adedapo Adesanya EnjoyCorp Limited, a holding company established for food, beverage and hospitality brands, has reached an agreement with Heineken B.V., to acquire its entire shareholding in The Raysun Nigeria Company Limited. The firm holds an 86.5 per cent stake in Champion Breweries Plc, a leading regional brewer listed on the Nigerian Exchange (NGX) Limited. The proposed transaction is subject to obtaining requisite regulatory approvals and the parties expect to close the transaction in the second quarter of this year (Q2 2024). EnjoyCorp intends to keep Champion Breweries Plc listed on the NGX. Heineken will continue to support Champion

Image
29-February-2024

Navigating the Complex World of Investing: What Novices Need to Know

Have you finally decided to take the leap into the exciting arena of investing? Not only is this an excellent way to secure a lucrative nest egg for the future, but many have begun to use these opportunities as a springboard for their businesses. However, appreciating the intricacies of online trading is no easy task. A great deal of preparation will be required and mistakes can occur on occasion. This is why knowing where to begin is one of the best ways to establish strong foundations. Let us therefore cut through a fair amount of “fluff” and examine a handful

More Stories
Image
20-May-2019

Rainfall: We’re Prepared to Tackle Flooding–Lagos Assures Residents

By Modupe Gbadeyanka The Lagos State Government today assured residents that it had put in place necessary measures to address challenges posed by heavy rainfall, as we gradually approach the rainy season. In a joint statement released in Alausa on Monday, the Permanent Secretary Ministry of Information and Strategy, Mr Fola Adeyemi and his counterpart in the Ministry of the Environment, Mr Abiodun Bamgboye, urged Lagosians to remain calm as the unpredictable pattern of rainfall currently being experienced is a natural outcome of climate change. The Government stated that it was not unusual to occasionally experience flash-floods, especially in a

Image
29-July-2021

ASR Africa Gives N1bn Grant to University of Benin

By Adedapo Adesanya The Abdul Samad Rabiu Africa Initiative (ASR Africa) has awarded a N1 billion infrastructure grant to the University of Benin (UNIBEN) as part of its 2021 Tertiary Education Grants Scheme. This was revealed during the grant presentation by ASR Africa management to the Vice-Chancellor and council members of the University of Benin on Wednesday. With this grant, the University of Benin becomes the fifth Nigerian university to receive the gesture from the ASR Africa Tertiary Education Grants Scheme, which is funded by the ASR Africa Fund for Social Development and Renewal, which has a yearly budget of

Image
05-November-2016

Sokoto Agog For 3,000-Horse Durbar For Sultan

By Dipo Olowookere The ancient city of Sokoto is already in cloud nine due to different dignitaries trooping in to honour the Sultan of Sokoto, Mr Sa’ad Abubakar 111. Nigeria’s President, Mr Muhammadu Buhari is also expected to be in town to felicitate with the highly respected monarch, who marks his 10th year on the throne. Today’s ceremony is a 3000-horse Durbar event put in place by the state government for the anniversary and as at press time, first class traditional rulers from across the country are already at the venue for the occasion. Some of them include the Ooni

Image
23-December-2016

Expert Urges Lagos to Tackle Water Crisis

By Modupe Gbadeyanka A passionate appeal has gone to the Lagos State government to look into the water crisis in the city in 2017. Making this appeal, a United Nations expert, Mr Léo Heller, said the government must ensure the 2017 budget improves funding for water and sanitation access for the estimated 21 million residents. “Government reports indicate alarmingly high deficits in the sector, representing clearly unacceptable conditions for millions of the megacity’s residents,” said Mr Heller. “The discussion of the annual budget is a great opportunity for the city to take steps towards delivering people their rights to water

Image
03-July-2017

Futures Pointing to Initial Strength on Wall Street

By Investors Hub The major US index futures are pointing to a higher opening on Monday following the mixed performance seen last Friday. Trading activity may be somewhat subdued as the markets are scheduled to close at 1 pm ET ahead of the July 4th holiday. After seeing modest strength for much of the session, the major averages gave back ground going into the close of trading on Friday. The tech-heavy Nasdaq pulled back into negative territory, while the Dow and the S&P 500 remained positive. While the Nasdaq edged down 3.93 points or 0.1 percent to 6,140.42, the Dow

Image
01-April-2017

Ecobank Announces Delay in Filing 2016 FY Results

By Modupe Gbadeyanka Ecobank Transnational Incorporated (ETI), the parent body of Ecobank, has explained why it has delayed announcing its results for the year ended December 31, 2016 like other firms have done. According to a statement signed by the bank’s Group Chief Financial Officer, Mr Greg Davis, the delay was caused by approval of regulatory agencies. Mr Davis noted that audited Financial Statements have already been approved by the Board of Directors of Ecobank. “The delay is on account of awaiting the regulatory approval for the release of results for Ecobank Nigeria,” he said. He said the bank “apologizes

Image
19-January-2017

WAIPEC 2017 Unveils Programme Overview

By Modupe Gbadeyanka Organisers of WAIPEC 2017 have unveiled an overview of its programme ahead of the three day conference and exhibition, taking place from February 21-23 at the Eko Convention Centre, Lagos. The international exhibition is integrated with a first-class conference programme which has been specifically developed to provide real value and insight for all delegates. Through a series of plenary and industry panel sessions and topical presentations, delegates will discuss, debate and explore innovative best practices, technological developments and alternative business and financing models relevant to Nigeria and West Africa’s upstream, midstream and downstream oil and gas sectors.

Image
05-December-2016

Senate To Focus On Economic Recovery Bills From Tuesday

By Modupe Gbadeyanka Six of the 11 economic growth and reform bills before the Senate would be given priority this week, the red chamber has disclosed. The Senate, in a statement from its Media Office on Sunday, further revealed that public hearings on the economic recovery bills would commence from Tuesday, December 6 to Thursday, December 8, 2017. Some of the bills to be considered this week are the National Road Fund Act, which is to fund the rehabilitation and maintenance of the national road system; the National Development Bank of Nigeria Bill intended to provide short, medium and long

Ad
Ad
Recent Stories
Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
01-March-2024

Harvard Business School Introduces Tony Elumelu Foundation Case Study

By Modupe Gbadeyanka A case study to spotlight the role of celebrated African businessman, Mr Tony Elumelu, in transforming the development agenda on the continent through his Tony Elumelu Foundation (TEF) has been introduced by the Harvard Business School. The case study, launched on Thursday, February 29, 2024, will critically look into how the former banker is catalysing entrepreneurship in Africa through his Africapitalism approach. At its unveiling before a class of graduate students at Harvard Business School, Mr Elumelu said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to

Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,

Image
29-February-2024

EnjoyCorp Buys Heineken’s Stake in Champion Breweries

By Adedapo Adesanya EnjoyCorp Limited, a holding company established for food, beverage and hospitality brands, has reached an agreement with Heineken B.V., to acquire its entire shareholding in The Raysun Nigeria Company Limited. The firm holds an 86.5 per cent stake in Champion Breweries Plc, a leading regional brewer listed on the Nigerian Exchange (NGX) Limited. The proposed transaction is subject to obtaining requisite regulatory approvals and the parties expect to close the transaction in the second quarter of this year (Q2 2024). EnjoyCorp intends to keep Champion Breweries Plc listed on the NGX. Heineken will continue to support Champion