Investors Mop up Banking Stocks Ahead of Q1’22 Earnings Update

Image

**As Access Bank, CAP, Others Lift Exchange by 0.02%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited had a lucky escape from the bears on Wednesday when it closed 0.02 per cent higher on the back of buying interest in shares with good fundamentals.

It was observed that investors cherry-picked equities with possible price appreciation in the next few weeks as the market gets ready for the release of first-quarter earnings from next week.

Though the market breadth was at equilibrium with 16 price gainers and 16 price losers, shares from banking, energy and industrial goods sectors lifted the bourse as they closed higher by 0.25 per cent, 0.11 per cent and 0.08 per cent respectively, while the insurance counter dropped 0.18 per cent, with the consumer goods sector closing flat.

At the close of transactions, the All-Share Index (ASI) rose by 7.38 points to 47,163.94 points from 47,156.56 points, while the market capitalisation increased by N4 billion to N25.419 trillion from N25.415 trillion.

CAP topped the gainers’ log at the midweek session after its value rose by 10.00 per cent to N19.80 and was deputised by Learn Africa, which gained 9.60 per cent to N2.17.

Champion Breweries expanded by 9.09 per cent to N2.04, Sterling Bank grew by 3.95 per cent to N1.58, while Conoil leapt by 2.92 per cent to N24.70.

As for the losers’ chart, it was led by FCMB which dropped 8.72 per cent to trade at N3.35 and was trailed by Mutual Benefits Assurance, which lost 7.41 per cent to settle at 25 kobo.

ABC Transport depreciated by 6.25 per cent to 30 kobo, Pharma-Deko went down by 5.98 per cent to N1.73, while FTN Cocoa depreciated by 5.88 per cent to 32 kobo.

Unlike the preceding session, the activity level was low as the trading volume dropped 11.86 per cent to 267.5 million shares from 303.4 million shares, the trading value fell by 17.61 per cent to N3.2 billion from N3.9 billion and the number of deals declined by 11,20 per cent to 4,099 deals from 4,616 deals.

It was observed that Fidelity Bank recorded the highest volume of trades, selling 68.8 million shares valued at N219.2 million, with Access Bank trading 38.6 million stocks valued at N384.1 million.

Furthermore, UBA transacted 30.9 million equities worth N236.1 million, GTCO exchanged 24.0 million shares valued at N622.0 million, while Zenith Bank traded 12.6 million for N339.0 million.

Share
Related Stories
Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
29-February-2024

NGX Falls by 1.27% as Traders ‘Protest’ CBN Rate Hike

By Dipo Olowookere The decision of the Central Bank of Nigeria (CBN) to push the anchor interest rate higher by 4.00 per cent to 22.75 per cent from 18.75 per cent on Tuesday had a toll on the Nigerian Exchange (NGX) Limited on Wednesday. Yesterday, the stock market lost 1.27 per cent after investors cut down their exposure to equities in reaction to the monetary policy announcement of the apex bank a day earlier. The bourse suffered selling pressure during the session, seeing all the major sectors closing in the red territory, with the banking index falling by 6.90 per

Image
28-February-2024

CBN Rate Hike Will Disrupt Economic Growth, Investment—CPPE

By Aduragbemi Omiyale The hike in the Monetary Policy Rate (MPR) by 4.00 per cent by the Central Bank of Nigeria (CBN) on Tuesday will not bring down inflation as believed, the Centre for the Promotion of Private Enterprise (CPPE) has declared. The chief executive of the organisation, Mr Muda Yusuf, said this is so because the Monetary Policy Committee (MPC) of the apex bank failed to take into consideration the country’s peculiarities before deciding to jerk the benchmark interest rate to 22.75 per cent from 18.75 per cent. The CBN, through its governor, Mr Yemi Cardoso, while briefing journalists

More Stories
Image
23-June-2017

GE to Transform Egypt’s Rail Infrastructure with $575m

By Dipo Olowookere General Electric (GE) has disclosed that it has signed a Letter of Intent with the Ministry of Transportation (MoT) and Egyptian National Railways (ENR), worth $575 million, to supply 100 GE ES30ACi Light Evolution Series Locomotives that can be used for both passengers or freight rail, as well as a 15-year agreement for parts and technical support for GE locomotives in ENR’s new and current fleet. The agreement, which is the largest ever between the parties, also includes technical training aimed at improving local capabilities and technical skills for more than 275 ENR engineers and employees in

Image
16-December-2023

Naira Further Strengthens to N889/$1 at Official Market

By Adedapo Adesanya The Naira further appreciated by 1.3 per cent or N11.55 against the United States currency in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 15, selling at N889.86/$1 compared with the previous day’s rate of N901.41/$1. The domestic currency was further strengthened by the low demand for foreign exchange (FX) in the official market during the session amid a decline in the supply of forex into the market. The turnover for the trading session depreciated by 71.70 per cent or $105.54 million to $41.66 million from the $147.20 million quoted on Thursday. Also, the local

Image
10-January-2024

NNPC to Supply Dangote Refinery Four Crude Cargoes Next Month

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited is expected to supply four crude oil cargoes from its February loading programme to the Dangote refinery, which is set to begin production soon. According to Reuters, which cited three sources, the Dangote refinery will receive the crude oil cargo next month after the 650,000 barrels per day capacity refinery located in Lagos got the sixth crude oil cargo of one million barrels on Monday, bringing total volumes received since December to six million barrels. Nigeria, Africa’s largest producing member of the Organisation of Petroleum Exporting Countries (OPEC), currently relies

Image
08-August-2016

FG Vows More Care For Pensioners

This piece of news will excite those who have worked hard for the country and have now retired. This is because the Federal Government has reiterated its commitment to improve the welfare of pensioners. At a media briefing in Abuja, Head of the Civil Service of the Federation, Mrs Winifred Oyo-Ita, said the government has lined up a number of programs to assuage some of the challenges confronting effective service delivery to pensioners. She disclosed this while addressing newsmen in her office as part of activities to mark the 2016 Nigeria Civil Service Week celebration. Mrs Oyo-Ita stated that “a

Image
18-November-2022

IMF Begs CBN to Reduce FX Interventions, Allow Banks Fix Rates

By Dipo Olowookere The Central Bank of Nigeria (CBN) has been urged to limit its foreign exchange (forex) interventions in the currency market and allow commercial banks to fix the Naira to Dollar rates freely. In a statement on Friday, the International Monetary Fund (IMF) pointed out that implementing these suggestions would go a long way to strengthen the local currency against its foreign pairs at the market and boost investors’ confidence. The apex bank regularly dips its hands into the country’s external reserves to take FX to defend the Naira in a bid to make the domestic currency stronger

Image
21-October-2023

Oil Prices Fall as Hamas Hostage Release Eases Pressure

By Adedapo Adesanya Oil prices settled lower on Friday after the Islamist group, Hamas, released two US hostages from Gaza, a move that calmed the market from expecting a further escalation. Brent crude futures fell by 22 cents or 0.2 per cent to settle at $92.16 a barrel and the US West Texas Intermediate (WTI) crude dropped 62 cents or 0.7 per cent to close at $88.75 a barrel. Hamas’ armed wing released two US hostages from Gaza, a mother and her daughter, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region

Image
24-November-2022

CBN Says Naira Redesign Not Targeted at Anyone

By Dipo Olowookere The Central Bank of Nigeria (CBN) has played down insinuations that the redesigning of the Naira notes was targeted at some individuals in the country. It was speculated that the central bank decided to change the look of the N200, N500, and N1,000 notes to frustrate some politicians ahead of the 2023 general elections. Last month, the CBN Governor, Mr Godwin Emefiele, informed reporters in Abuja that the bank had obtained the approval of President Muhammadu Buhari to redesign the banknotes. It was coming almost two decades after the CBN last carried out a similar action. Yesterday,

Image
23-February-2020

Court Orders Arrest of Second Suspect in Ex-SEC DG Gwarzo’s Case

By Modupe Gbadeyanka A bench warrant for the arrest of the second defendant in the case involving the former Director-General of the Security and Exchange Commission (SEC), Mr Mounir Gwarzo, has been issued by Federal High Court sitting in Abuja. The second suspect in the matter, Ms Jamila Ahmad Muhammed, a Principal Manager with the National Identity Management Commission (NIMC), is to be apprehended by security operatives for failure to appear in court over allegations of corruption. Mr Gwarzo is being prosecuted by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over their complicity in N12.8 million contract

Ad
Ad
Recent Stories
Image
29-February-2024

Adesina to Receive Prestigious Obafemi Awolowo Prize for Leadership

By Ichie Enyi Ejike Umunnabuike Jr Come March 6, 2024, the Lagos Continental Hotel will host an unforgettable occasion when the President of the African Development Bank (AfDB), Mr Akinwumi Ayodeji Adesina, will be formally honoured and presented with the distinguished Obafemi Awolowo Prize for Leadership 2023. The Obafemi Awolowo Prize for Leadership was first announced in December 2012, with the official award ceremony held on March 6, 2013. Before Mr Adesina was announced as its fourth recipient, three other distinguished personalities had been conferred with the prestigious award – Noble Laureate, Prof. Wole Soyinka; former South African President, Thabo

Image
29-February-2024

Exploring Diverse and Evolving Sounds of Africa

Africa’s music scene is a sonic melting pot, where rhythms collide and cultures connect. It’s a universal language, a force that breaks boundaries and fuels the soul. This sonic tapestry isn’t just diverse – it’s explosive. Afrobeats and Amapiano own the spotlight right now. Those irresistible Afrobeats hooks? They’ve got the whole world dancing. And Amapiano’s hypnotic blend of South African house and street sounds? It’s straight-up addictive. Mainstream African artists are pushing the boundaries like no one else, taking Amapiano and running with it. They’re injecting their fire, creating a whole new flavour. This is proof that African music

Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
29-February-2024

Silence Laboratories Raises $4.1m for Privacy-Preserving Computing

By Adedapo Adesanya Silence Laboratories has announced securing $4.1 million in funding to enable privacy-preserving collaborative computing led by Pi Ventures and Anurag Arjun, along with several prominent angel investors. In a statement shared with Business Post, the company said with the market for privacy-enhancing technologies (PETs) growing globally at a compound annual growth rate of 26.6 per cent, there is growing demand. In recognition of this, Silence Laboratories is offering to provide mathematical guarantees for techno-legal expectations as part of a mission to create infrastructure to enable complex data collaborations between enterprises and entities, without any sensitive information being

Image
29-February-2024

MainOne Stretches Submarine Cable to Akwa Ibom

By Modupe Gbadeyanka A submarine cable spanning 45,000km in length known as 2Africa has been landed in Akwa Ibom State by MainOne, an Equinix company. It is one of the world’s largest subsea cable projects and will interconnect Europe, Asia, and Africa, with a design capacity of up to 180Tbps. The cable is the first and only submarine cable system in Nigeria outside of Lagos, and it marks a significant milestone in enhancing broadband connectivity and driving economic development in the South-South, South-East and North-Central regions of Nigeria. The significance of 2Africa lies in its capacity to address critical internet

Image
29-February-2024

Russia, Mali Review Military Partnership

By Kestér Kenn Klomegâh  Russian Foreign Minister Sergey Lavrov has offered an increased military partnership during the latest bilateral talks held on February 28, 2024, with his Malian counterpart Abdoulaye Diop in Moscow. The significance of Russian support is directed at fighting terrorism and enhancing the combat effectiveness of the Malian army and law enforcement agencies, including the training of soldiers and police officers The interim military government has maintained a well-developed multifaceted nature of bilateral relations with Russia since the military ascended into political power. Russian leader Vladimir Putin and Mali’s Interim President Assimi Goita on the sidelines of

Image
29-February-2024

Anthropics Unveils Zyler Virtual Try-On for Menswear

By Modupe Gbadeyanka One of the global leaders in virtual fashion try-on technology, Anthropics, has moved to transform the future of online shopping with the introduction of the Zyler Virtual Try-On for menswear. The new initiative will improve the way consumers shop for clothes, providing a realistic virtual try-on experience. With it, customers can upload a headshot, enter some measurements, and then see themselves on the screen wearing the outfit. Powered by the latest research in Artificial Intelligence, Zyler creates a lifelike virtual representation of the user, allowing them to see how different garments fit and look on their unique

Image
29-February-2024

Aradel Holdings, CSCS, FrieslandCampina Sink NASD Exchange by 0.79%

By Adedapo Adesanya Profit taking in the trio of Aradel Holdings Plc, Central Securities Clearing System (CSCS) Plc, and FrieslandCampina Wamco Nigeria Plc made the NASD Over-the-Counter (OTC) Securities Exchange close the midweek session further in the red territory on February 28 by 0.79 per cent. Aradel Holdings Plc lost N20.50 to close at N2,500.00 per share compared with the previous day’s N2,520.50 per share, CSCS Plc depreciated by N1.35 to end the day at N18.65 per unit versus the N20.00 per unit it was traded on Tuesday, and FrieslandCampina Wamco Plc declined by 63 Kobo to N70.25 per share

Image
29-February-2024

Naira Gains as Binance, Others Halt USDT, USDC Exchanges Amid Crackdown

By Adedapo Adesanya The Naira appreciated against the US Dollar in the foreign exchange (FX) market on Wednesday, February 28 as crypto exchanges like Binance, will no longer allow users to buy the US Dollar Tether (USDT) and US Dollar Coin (USDC) stablecoins with Naira after renewed scrutiny from the Nigerian government. The regulatory crackdown continued in the Nigerian FX market as the country moved to aggressively suppress the activities of spectators and traders across digital platforms. On Wednesday, the Nigerian government tricked two executives of Binance – an American and a British Pakistani into the country for a meeting

Image
29-February-2024

Crude Oil Mixed on Undecided US Interest Rates Move, High Inventories

By Adedapo Adesanya Crude oil futures settled mixed on Wednesday after the US Federal Reserve held firm on its decision to hold off cutting interest rates soon while growing crude stockpiles in the world’s largest producer added further pressure. Brent crude futures settled 3 cents higher, or up 0.04 per cent at $83.68 a barrel while the US West Texas Intermediate futures (WTI) settled 33 cents lower, or down 0.42 per cent at $78.54. The market was unsteady over signs that interest rates in the world’s largest economy would remain elevated. US Federal Reserve Bank of New York President John