By Dipo Olowookere
In the first nine months of 2021, United Capital Plc increased its gross earnings by 59.2 per cent or N4.2 billion to N11.3 billion from N7.1 billion in the same period of last year.
This was majorly buoyed by growth in the investment income, which raked in N6.3 billion compared with the N4.4 billion achieved in the same period of last year.
A cursory look into the investment income showed that revenues from dividend income from securities investments and profit on disposal of investment mainly helped the income line, while revenue from managed funds also supported significantly by contributing N4.2 billion compared with N2.4 billion a year ago.
These revenue streams ensured that the impact of the decline in the earnings from interest from placements and bonds was not felt. In the period under consideration, the revenue line recorded N673.6 million versus the N1.5 billion it generated in the first nine months of last year, which was affected by the COVID-19 pandemic.
In the financial statements filed to the Nigerian Exchange (NGX) Limited on Friday, United Capital said it generated N4.4 billion as fee and commission income in Q3 of 2021 as against the N2.3 billion a year ago, while the net trading income raked in N15.6 million versus N125.3 million.
In terms of the expenditure side of the results, Business Post observed that the personnel cost gulped N1.3 billion in contrast to N1.2 billion it gulped in the first nine months of 2020, while the other operating expenses increased to N2.1 billion from N1.3 billion. These and others pushed the total expenses higher to N4.2 billion from N3.0 billion.
As a result, the company, as of September 30, 2021, reported a profit before tax of N7.1 billion compared with N4.1 billion it closed at the same period of last year, while the post-tax profit stood at N6.0 billion as against N3.5 billion a year ago.
Investors Gain N1.09bn as NASD Share Price Rises 9.1%
By Adedapo Adesanya
The unlisted securities market closed the last trading session of the week on a positive note after it appreciated by 0.18 per cent on the back of growth in the share price of NASD Plc.
Business Post reports that the NASD Over-the-Counter (OTC) Securities Exchange returned to the bulls’ territory on Friday after it closed flat on Thursday.
NASD Plc was the major driver of the return of the bourse to the green region as its value went up during the session by N2.45 or 9.1 per cent to close at N26.99 per unit in contrast to N24.54 per unit it closed at the previous session.
As a result of this, the NASD unlisted security index (NSI) moved up by 1.32 points to 745.44 points from 744.12 points, while the market capitalisation gained N1.09 billion to wrap the day at N615.86 billion in contrast to the previous day’s N614.77 billion.
On the activity chart, there was an improvement as the trading volume surged by 34,985.6 per cent because of the 2.3 million units of shares exchanged by market participants compared with the 6,688 units transacted at the previous session.
In the same vein, the trading value rose by 17,680.6 per cent to N63.4 million from the previous day’s N356,563.60, while the number of deals witnessed a 100 per cent rise as investors carried out 12 deals compared to the six deals executed at the previous session.
At the close of trades, Food Concepts Plc was the most traded stock by volume (year-to-date) with 11.4 billion units of its shares worth N14.4 billion, Lighthouse Financial Service Plc followed with 1.1 billion units valued at N546.2 million, while Geo Fluids Plc was in third place with 1.0 billion units worth N700.1 million.
Food Concepts Plc was also the most traded stock by value on a year-to-date basis with 11.4 billion units worth N14.4 billion, trailed by Nigerian Exchange (NGX) Group Plc with 456.4 million units valued at N9.2 billion, VFD Group Plc with 10.4 million units valued at N3.5 billion.
Naira Trades N414.73/$1 as Cryptos Bleed Heavily
By Adedapo Adesanya
The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market by 0.02 per cent or 7 kobo on Friday, December 4.
Data showed that the local currency was sold for N414.73/$1 at the investors’ window yesterday compared with the N414.80/$1 it traded on Thursday.
At the final trading session of the week, the turnover was $103.01 million as against $139.67 million achieved at the preceding session, indicating a $36.66 million or 26.62 per cent decline.
Also, the exchange rate of the Naira to the United States currency recorded a movement on Friday, though downward as the Nigerian currency depreciated by 4 kobo as it closed at N411.74/$1 versus the preceding day’s N411.70/$1.
The local currency, however, appreciated by N2.17 against the British Pound Sterling to settle at N546.26/£1 compared to N548.43/£1 it traded at the previous trading session and 57 kobo against the Euro to trade at N465.68/€1 compared to the preceding day’s N466.25/€1.
At the cryptocurrency market, investors counted a heavy loss as the new variant of the coronavirus called Omicron and hawkish comments by the US Federal Reserve that it could raise interest rates have raised serious concerns, causing cryptos to bleed heavily.
The heaviest loss was suffered by Dash (DASH), which plunged by 35.3 per cent to sell for N66,595.85. Ripple (XRP) depreciated 30.6 per cent to trade at N381.85, while Litecoin (LTC) sold for N66,595.85 after declining by 24.1 per cent.
Dogecoin (DOGE) went down by 22.7 per cent to sell at N90.29, Cardano (ADA) depreciated by 20.8 per cent to N652.82, Bitcoin (BTC) depleted by 16.9 per cent to quote at N26,800,504.20, Ethereum (ETH) equally saw a 16.9 per cent depreciation to trade at N2,100,100.39, Binance Coin (BNB) recorded a 12.9 per cent depreciation to trade at N218,577.24, Tron (TRX) went down by 12.7 per cent to trade at N48.00, while the US Dollar Tether (USDT) recorded a 0.1 per cent marginal loss to sell for N554.76.
Crude Mixed as Market Remains Unsettled by Omicron Jitters
By Adedapo Adesanya
Crude prices closed mixed on Friday, December 3 after erasing earlier big gains on growing worries that rising coronavirus cases and a new variant could reduce global oil demand.
Brent crude gained 21 cents or 0.3 per cent to trade at $69.88 per barrel while on the other hand, the United States West Texas Intermediate (WTI) crude lost 24 cents or 0.36 per cent to sell at $66.26 per barrel.
Both benchmarks declined for a sixth week in a row for the first time since November 2018.
Oil prices had witnessed one of the most troubled weeks as the market reeled from the fear brought about by the Omicron variant of the coronavirus with speculations that it could spark new lockdowns and dent fuel demand.
The World Health Organization (WHO) urged countries to vaccinate their people to fight the virus, saying travel curbs were not the answer.
Even with this, the Organisation of the Petroleum Exporting Countries and allies (OPEC+) surprised the market on Thursday when it stuck to its plans to add 400,000 barrels per day supply in January.
However, it said it will continue to monitor the market and this could make it change course if demand suffered from measures to contain the spread of the Omicron coronavirus variant.
The alliance said they could meet again before their next scheduled meeting on January 4.
Analysts noted that with the coronavirus cases rising, the US jobs report for November also didn’t help demand outlook even as the unemployment rate plunged to a 21-month low of 4.2 per cent, suggesting the country’s labour market was rapidly tightening.
US employment growth slowed considerably in November amid job losses at retailers and in local government education.
Meanwhile, in Vienna, diplomats attempting to restore the nuclear deal between Iran and world powers face substantial challenges that need urgent solutions, the top European envoy said Friday. Talks are set to resume next week.
Like Our Facebook Page
Latest News on Business Post
- FG to Distribute 4 million Meters in First Quarter of 2022 December 5, 2021
- SERAP Sues FG for Shutting Down Telecommunications December 5, 2021
- Enugu Disco Launches App for Seamless Services December 5, 2021
- We’re Yet to Receive Formal Report of Sylvester Oromoni’s Death—Police December 4, 2021
- Investors Gain N1.09bn as NASD Share Price Rises 9.1% December 4, 2021
- Naira Trades N414.73/$1 as Cryptos Bleed Heavily December 4, 2021
- Crude Mixed as Market Remains Unsettled by Omicron Jitters December 4, 2021
- MTN, FBNH Drag ASI to 5th Consecutive Losing Streak December 4, 2021
- Putin Stresses Broadening Economic Cooperation with Nigeria, Others December 3, 2021
- Excitement as NG Clearing Sets to Launch December 9 December 3, 2021
Feature/OPED2 years ago
Davos was Different this year
Economy5 years ago
Kwara Disburses N1.7b For Projects
Travel/Tourism5 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
Technology12 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Economy5 years ago
How To Identify Fake Naira Notes
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria
Economy4 years ago
NSE Market Capitalisation Sheds N76b as Sell‐offs Persist
Economy4 years ago
FAAC: FG, States, LGs Share N655.18b in January