×

Warning

JUser: :_load: Unable to load user with ID: 59

Displaying items by tag: Nigeria's gross domestic product (GDP)

Diamond Bank Plc has strengthened its retail business segment with digital customers of three million for the second quarter ended June 30, 2018.
 
Mr Uzoma Dozie, the bank’s Chief Executive Officer, on Monday attributed the milestone to its digital penetration strategy with strong focus on the Nigerian market.
 
Uzoma said that the bank’s digital strategy was paying off as the institution recorded a milestone figure of three million digital customers and significant increase in its mobile platform transaction fees.
 
He said that the bank’s non-interest income during the period grew by 6.4 per cent to N18.8 billion during the period on higher fees from retail transactions on mobile platform.
 
Uzoma noted that customers’ loan volume decreased by 3.6 per cent to N728.7 billion as maturities exceeded new loans during the period.
 
He said that the nation’s economy continued to record improvements at a macro level because of stable, higher than anticipated oil prices.
 
“We have witnessed 15 months of expansion reflected in monthly (Purchasing Managers Index (PMI) data, but investor sentiment has remained mixed caused in part by the election season factor.
 
“We have capitalised on the positive macro environment to sustain interest income in the short run with positive prospects for growth and have made progress in growing non-interest income.
 
“PMI is an indicator of economic health for manufacturing and service sectors,’’ Uzoma said.
 
He said that the bank would continue to build awareness in the wider financial ecosystem to develop new frontiers in retail banking.
 
Uzoma said that among this activity were the Beauty Souk and TechFest events, targeted at entrepreneurs and emerging businesses in the fashion and technology sectors respectively.
 
“Our partnership with Lagos Business School’s Enterprise Development Centre to support young entrepreneurs continued with the seventh season of the Building Entrepreneurs Today programme.
 
“In addition to retail banking, we are investing more resources in our mid-market business banking services to seize the opportunities emerging in that segment.
 
“In the second half of 2018, these investments will lead to improved profitability overall.
 
“Despite a tough six months being reported, the outlook for 2018 remains bright for the Bank as we continue to focus on a return to strong profitability and improvement in other (Key Performance Indicators (KPIs),” Uzoma said.
 
The News Agency of Nigeria (NAN) reports that the bank during the period under review posted profit before tax of N2.92 billion compared to N9.52 billion recorded in the corresponding period of 2017.
 
Gross earnings stood at N98.50 billion as against N97.89 billion achieved in the preceding period of 2017.
 
 
Source: NAN
Published in Bank & Finance
The Federal Government has promised to encourage and support apiculture with special emphasis to honey production in the country.
 
The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said this at the official flag-off of ApiExpo Africa 2018 in Abuja on Thursday.
 
Ogbeh said that the federal government would collaborate with the Afe Babalola University to support bee farmers and keepers in the purchase of special types of woods for the production of bee hives.
 
“It is a bit embarrassing that Nigeria is listed very low among the nations participating in this industry. Embarrassing to a place not too difficult to explain, once we found oil and gas, we lost our memory for agriculture.
 
“Bees help us pollinate our crops, people rent bees across the continents now; bees are dying in large numbers in many countries like Western Europe and the United States.
 
“Scientists are trying to find out what is wrong, is transmission by telephones, is it chemicals in the farms, or is it climate change issues.
 
“Will the same thing happen in Africa? If it does, how do we pollinate 75 per cent of our crops, how do we increase yield?
 
“I think that we need to show more services to the animals so they can give services to us.
“Don’t lose hope, together, we are coming back. We will support the bee farmers,’’ Ogbe said.
 
Mr Flilippo Amato, the Head of the Trade and Economic Section of European Union (EU), said no fewer than 10 countries in Africa were eligible to export honey to the EU.
 
He listed the countries to include Benin, Burkina Faso, Cameroon, Ethiopia, Ghana, Madagascar, Rwanda, Tanzania, Uganda and Zambia.
 
Amato urged Nigeria to join the list to boost the country’s economy.
 
“Being listed is not an easy process, it requires the effort, willingness and cooperation of several stakeholders both from the private and public sectors,’’ he explained.
 
Mr Ernest Aubee, the Head of Agriculture Division, ECOWAS Commission, said the commission would partner with the federal government to ensure that the api-expo, to be held in Nigeria in September, was a success.
 
Aubee commended the agricultural transformation of the federal government, adding that the commission will ensure the replication in ECOWAS member countries.
 
Mr Bosco Okeilo, the Chief Executive Officer, Apitrade Africa, said the objective of the exposition was to foster economic drive, social mobilisation and political (policies) influence to move apiculture industry forward.
 
He said that bee-keeping would ensure pollination for food security in the country.
 
The Chairman, Nigeria Apiculture Platform, Mr Ademola Adesina, said that many bee-keepers and representatives from Europe, Asia and America would be attending the Api-Expo in September 2018.
 
The Api-Expo launch attracted bee stakeholders from different states of the country.
 
 
Source: NAN
Published in Agriculture
To get the new national carrier off its feet, the Federal Government will be injecting about N3.168billion ($8.8million) as the startup capital for Nigeria Air.
 
The provision, among others, is contained in the Outline Business Case (OBC) recently approved by the Infrastructure Concession Regulatory Commission (ICRC) and currently before the Federal Executive Council for approval.
 
Meanwhile, airlines operators have expressed concerns over governments’ funding of the airlines and the high likelihood of interference in its operations that ordinarily should run as a private business and compete fairly with other existing airlines.
 
The Guardian gathered that the initial injection of N3.2billion is a part-payment for the government’s five per cent equity in the investment, whose take-off fund in the next three years of operation has been put at N108billion ($300million).
 
Sources at the Ministry of Transportation, contrary to claims, said the $300million is the minimum fund expected from both the public and private investors, of which only five per cent ($15million) is government’s contribution.
 
The director explained that the government is not funding the entire project, but will be offering the startup capital in the form of Viability Gap Funding (VGF).
 
“Once the strategic investor is in place, they will be expecting to build on the initial investment made. The OBC suggested that there is a need to start the business in order to attract credible investors,” the source said.
 
The $300million is the funding requirement for the next three years, beginning 2018 ($55million), 2019 ($100million), and 2020 ($145million).
 
Speaking on the development, the Chief Executive Officer, Med-View Airlines, Muneer Bankole, urged the Federal Government to fully disclose its plans for the general public to know what is in the offing, and warned against injecting public funds into the airline to allow it function and compete as another private carrier.
 
He said: “There is definitely no threat to operators that know their onions, and once they (new airline) operate normally like an airline, everyone will be fine. The only thing is that they should not take off with the government and people’s funds; it should be privately driven.
 
“I want to give them the opportunity to come out and be able to tell everybody the template that is still being talked about in Farnborough. When it comes to this country, we have to sit down and ask questions.”
 
The Chairman, Air Peace Airlines, Allen Onyema, congratulated the Federal Government on the feat, describing it as an avenue to create jobs for Nigerians, and improve capacity for air travel in the country.
 
Onyema, however, said the new carrier has to operate transparently, with regulators giving a level playing field to all operators in a fair competition.
 
He said: “If the airline will be used to frustrate the hard earned successes of existing airlines, then we all will be against it. As at now, Air Peace has acquired four B777, Med-View just got one, and maybe Azman soon. Does it mean that we would be restricted from those 91 routes that Nigeria Air will be flying? I hope not.
 
“We trust Buhari to be a nationalist, and he will not allow us to be forced out of business. That is why the new airline has to be transparent. Government has said it is going to be a private business. It has to operate side-by-side with other airlines. So, if the new airline goes to London, no local airlines should be stopped from the route, once it has the capacity,” Onyema said.
 
The Secretary General, Aviation Safety Round-table Initiative, Group Capt. John Ojikutu (rtd), added that the meticulous nature of the programme is quite pleasing and designed in a way that it takes the responsibility of infrastructure maintenance off the government.
 
Ojikutu said: “It is clear that this government does not want to go the way of other people; hence, the plan to concession the airports. National carrier is also to safeguard the market from other foreign carriers, and some of us are in agreement with them.
 
“Like I have said, let government not put its hand in it. Let them get technical partners from outside to invest a minimum of 40 per cent. That is why they are talking to Boeing, and will soon talk to Airbus to come and invest, while Nigerians will take the remaining 60 per cent.
 
“If the aircraft manufacturers bring aircraft today and government goes to the Stock Exchange, Nigerians will come out to invest in the 50 per cent. The remaining 10 per cent can then be between the Federal Government and the states. That is when we will have a national carrier.” he said.
 
 
Source: The Guardian
Published in News Economy
Nigeria’s consumer prices rose at the slowest pace in 2 1/2 years in June as food costs climbed the least since March 2016.
 
The annual consumer inflation rate was 11.2 percent from a year earlier, compared with 11.6 percent in May, the Abuja-based National Bureau of Statistics said in an emailed report Monday. The median estimate in a Bloomberg survey was for 10.9 percent. Prices rose 1.2 percent in the month.
 
The inflation rate fell even as the Nigerian government started releasing funding for its record 2018 budget of 9.12 trillion naira ($25 billion), which some analysts had anticipated would cause prices to rise.
 
Price pressures are still expected to kick in on growing election-related spending ahead of February’s federal and state vote, with President Muhammadu Buhari seeking a second mandate.
 
The central bank’s monetary policy committee will tomorrow announce its decision on its main interest rate, which it has held at 14 percent since July 2016 to curb inflation.
 
The bank targets an inflation rate of 6 percent to 9 percent and has signaled rate cuts when price growth moves closer to this band.
 
Food prices increased 12.98 percent in June from a year earlier, a seventh straight month of deceleration, the agency said.
 
Source: The Router
Published in News Economy

Economic uncertainties and slowdown of market activities have continued to weaken investors’ appetite for equities on the floor of the Nigerian Stock Exchange (NSE) as the All-Share Index and market capitalisation depreciated further by 0.6%. 
 Specifically, at the close of transactions last week, the market capitalistaion, which stood at N13.637 trillion when the market reopened for transactions on July 9, lost N94 billion or 0.6 per cent, to close at N13.545 trillion at the weekend.
  Also, the ASI depreciated by 255.16 points from 37,647.93 to 37,392.77.
 

Furthermore, turnover of 1.219 billion shares worth N17.333 billion were recorded in in 17,362 deals by investors on the floor of the Exchange lower than 1.842 billion shares valued at N16.594 billion that changed hands in 18,941 deals during the preceding week.
 Similarly, all other indices finished lower with the exception of the NSE oil/gas and the NSE Lotus II Indices that appreciated by 0.71 per cent  and 0.37 per cent respectively.
  Analysts attributed the downturn to the impact of 2019 elections and ongoing security challenges that have bedeviled the nation’s political space.
  For instance, the Chief Reseatch Officer of Investdata Consulting Limited, Ambrose Omodion, said: “The unfolding events regarding weekend’s Ekiti State governorship election confirm the fears among investors and analyst.
 
“For many, happenings around the July 14, 2018, election continue to feed the polity with unnecessary wrong signals that none of the regulators or government is doing much to play down, ahead of general election in 2019.
“We expect a slowdown in the decline that leads to reversal soon as Q2 earnings season kicks off any moment from now, since equities remain undervalued with higher yields. Investors should review their position in line with their investment goals and act as events unfolds in the global and domestic environment.

 “However, we would like to reiterate our advice that investors should go for equities with intrinsic value, especially during this season were Q2 interim dividend payment are expected in the market arena very soon.”
  Analyst at Codros Capital Limited said the continued selloffs and the absence of a near term one-off positive catalyst dampen the outlook for equities in the short-to-medium term, adding that strengthened macroeconomic fundamentals remain supportive of gains in the long term.

 
Vetiva Research Limited said: ”With market sentiments staying negative after a week of bearish trading, we expect the tepid sentiments to filter into the market at week’s opening.”
  Further breakdown of last week’s trading showed that the financial services Industry led the activity chart with 842.823 million shares valued at N9.587 billion, traded in 9,231 deals; thus contributing 69.15 per cent to the total equity turnover volume.
 The consumer goods industry followed with 113.667 million shares worth N4.657 billion in 3,120 deals, while the services industry ranked third with a turnover of 105.623 million shares worth N519.813 million in 593 deals.
  Trading in the top three equities- Access Bank Plc, Zenith International Bank Plc and Nigerian Aviation Handling Company Plc accounted for 497.482 million shares worth N6.619 billion in 2,251 deals, contributing 40.82 per cent to the total equity turnover volume.
 

Also traded during the week were 79,304 units of Exchange Traded Products (ETPs) valued at N1.491 million and executed in 18 deals, compared with 25,220 units valued at N454,438.90 that were transacted last week in four deals.
  A total of 13,517 units of Federal Government valued at N14.899 million was traded this week in 30 deals, compared with a total of 2,359 units valued at N2.188 million transacted last week in 24 deals.

Credit: The Guardian

Published in Business
Persistent price depreciation in the shares of most highly capitalised firms on the Nigerian Stock Exchange (NSE), yesterday dragged the All-share index further by 0.07 per cent.
Specifically, at the close of transactions yesterday, the All-Share Index (NSE-ASI) shed 26.81 absolute points, representing a decline of 0.07 per cent to close at 37,226.44 points.
Also, the market capitalisation declined by N10billion to close at N13.485trillion.The decline was occasioned by losses recorded in medium and large capitalised stocks, amongst which are; Beta Glass, Forte Oil, Nigerian Breweries, Dangote Sugar, and GlaxoSmithKline Consumer Nigeria.
 
Analysts at Afrinvest Limited said: “As highlighted, we continue to see some late bargain hunting in the market, albeit, insufficient to upturn market performance. Hence, we expect to see a similar trend in today’s trading activity.”
 
Market breadth closed negative, with 15 gainers versus 30 losers. Custodian and Allied Insurance recorded the highest price gain of 8.45 per cent to close at N6.80 per share. International Breweries gained 5.61 per cent to close at N40.50.
 
Multiverse Mining and Exploration appreciated by five per cent to close at 21kobo per share.Vitafoam Nigeria added by 4.52 per cent to close at N3.24, while Japaul Oil & Maritime Services gained 3.03 per cent to close at 34kobo per share.
 
On the other hand, Beta Glass led the losers’ chart by 10 per cent, to close at N81 per share. Tantalizers followed with a decline of 9.09 per cent to close at 30kobo, while McNichols shed 8.99 per cent to close at 81kobo, per share.
 
Nigerian Aviation Handling Company (NAHCO) declined by 7.25 per cent to close at N3.71, and Honeywell Flour shed 6.37 per cent to close at N1.91 per share.However, the total volume traded rose by 22.08 per cent to 350.47 million shares worth N4.6billion traded in 3,228 deals. Transactions in the shares of NAHCO topped the activity chart with 88.13 million shares valued at N483.47million. Access Bank followed with 42.87 million shares worth N428.75million, while Zenith Bank traded 40.84 million shares at N980.23million.
Sovereign Trust Insurance traded 33.77 million shares valued at N7million, while International Breweries transacted 20.95 million shares worth N777.03million.
  
 
Source: The Guardian
Published in News Economy
The Nigeria Customs Service, Federal Operations Unit, Zone ‘A’ Ikeja, Lagos has realized about N8.6 billion from intercepted contrabands and duty received on imported goods in the last six months.
Giving a breakdown of the earnings, Public Relations Officer, FOU, Jerry Attah said the duty paid value (DPV) of various intercepted contraband stood at N8.6 billion, while about N405.2 billion was realized from duty payments and demand notices on vehicles and general goods that tried to cut corners from seaports, airport and border stations through wrong classification, transfer of value, and shortchange in duty payment that are meant for the government coffers.
 
Attah said about 596 different seizures were made between January and June 2018, as a result of its strengthened its anti-smuggling operations. He stated: “107 suspects were arrested in connection with 596 different seizures comprising 34,652 foreign parboiled rice (equivalent to 58 trailers); 167 units of exotic vehicles (Toyota Prado/Lexus; bullet proof), Toyota C-HR , Toyota Camry LE, Toyota Prado(s), Toyota Hilux, Ford F150, Pajero Jeeps, Mercedes Benz ranging from 2015-2018 models respectively); 8,987 cartons frozen poultry products, 4,586 jerrycans of vegetable oil, 3,463 cartons of different pharmaceutical/medicaments, 370 parcels/98 sacks of Indian hemp weighing 1,350kg, and various general merchandise.
 
“Remarkable among the seizures within this period, was the interception of 460 sacks of pangolin scales weighing 12, 264 kg and 218 elephant tusks, making it the highest seizure of such endangered species in the history of Federal Operations Unit Zone A,” he stated, adding that the seized pangolin and elephant tusk are valued at N2.7 billion with two Chinese national as suspects.
 
Commenting on the seizures, Comptroller Mohammed Uba said: “In order to ensure full implementation of the Government policy banning the importation of rice through land borders, we re-strategized our operational modalities and beam our searchlight at the creek, water side, and at various locations in southwest zone and hence the reason for the massive rice seizure within the months under review. We will continue to make sure smugglers within our areas of jurisdiction count their losses until they repent from sabotaging our economy”
 
Uba reiterated that even though smuggling is a global phenomenon that cannot be eradicated entirely, all hands must be on deck so that it could be reduced to its barest minimum. He commended the officers/men who have put their lives on the line making these seizures; most especially the over 58 trailers load of rice knowing fully well it’s a big battle at the creek.
 
He also charged his officers/men to be professional and diligent in performing their statutory responsibilities; most especially in the area of anti-smuggling operations by making sure all revenue linkages are blocked and encouraged them to keep thwarting the antics of those dare devil smugglers who used different methods for smuggling.
 
 
Source:
Published in Travel & Tourism

The Federal Government of Nigeria received N3.211 trillion as Petroleum Profits Tax (PPT) and Royalties from the third quarter of 2015 to third quarter of 2017, according to the Economic Report of the Central Bank of Nigeria (CBN).

Breakdown of the revenue to the government showed that the country received N495.39 billion as PPT/royalties in third quarter of 2015; N388.66 billion, in fourth quarter of 2015; and N314.04 billion during first quarter of 2016.The revenue from PPT/royalties declined in second quarter of 2016 to N212.78 billion; later increased to N392.38 billion in third quarter of 2016; and decreased to N273.13 billion in fourth quarters of 2016.

There was a rebound of revenue to N325.38 billion in first quarter of 2017; N320.49 billion in second quarter and N489.41 billion during the third quarter of 2017. The CBN report for the third quarter of 2017 released recently, revealed that N103.46 billion was allocated to the 13 per cent Derivation Fund for distribution among the oil producing states. 

analysing the report, CBN disclosed that oil receipt at N1.27 trillion during the quarter under review was lower than the proportionate quarterly budget estimate by 6.2 per cent, but was above the receipts in the preceding quarter by 59.7 per cent. According to the CBN, the decline in oil revenue relative to the proportionate quarterly budget estimate was due to the shortfall in receipts from crude oil/gas exports, owing to the decline in crude oil production, arising from leakages and shut-ins/shut-downs at some NNPC terminals.

It disclosed that Nigeria’s crude oil production, including condensates and natural gas liquids, averaged 1.83 million barrels per day (mbd) or 168.36 million barrels (mb) in the review quarter.This, it noted, represented an increase of 0.17 mbd or 10.2 per cent, compared with 1.66 mbd or 151.06 mb recorded in the preceding quarter. The development was due to sustained peace in the oil production region.CBN said that crude oil export stood at 1.38 mbd or 126.96 mb, representing 14.0 per cent increase over 1.21 mbd or 110.11 mb in the preceding quarter.

The development, it hinted, was due, mainly, to reduced activities of vandals in the Niger Delta region.Allocation of crude oil for domestic consumption was maintained at 0.45 mbd or 41.40 million barrels in the review quarter.

Nigerian National Petroleum Corporation (NNPC) Chief Operating Officer, Upstream, Malam Bello Rabiu, proposed some key amendments to the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Act to enable the Federal Government optimize the collection of royalties and other revenue in deep water oil production activities.He noted that it was imperative to effect increment in royalties across all categories to increase government take.

“It is our opinion that the proposal to increase the royalty rate for terrains beyond 1000 metres, from zero per cent to three per cent, is commendable but it is necessary to also make corresponding adjustments in other categories,’’ he said.He argued that in the alternative, the graduated royalty scale as provided in the Act should be removed while the Minister of Petroleum Resources should be empowered to intermittently set royalties payable for acreages located in deep offshore and inland basin production sharing contracts through regulations based on established economic parameters.

“It is our opinion that these incentives have outlived their usefulness and are now impediments to the Federal Government’s revenue collection efforts. The use of such incentives can be terminated by an amendment of section 4 of the Act,’’ the Corporation noted.He called on the National Assembly to seek relevant input from the Federal Inland Revenue Service, to resolve the divergent opinions regarding the methodology for the computation of the taxes which would arise as a result of the proposed royalty regime.

Source: The Guardian

Published in Bank & Finance
Total revenue from the solid mineral sector in Nigeria in the past nine years stands at about N262 billion, maintaining a slow rise from N8.1 billion in 2007 to N65.7 billion in 2015.
 
Analysis of data provided in the Nigeria Extractive Industries Transparency Initiative (NEITI) audit dashboard showed that the country’s revenue from the sector in 2008 stood at N9.5 billion and moved to N19.4 billion in 2009. In 2010, the figure declined to N17.3 billion but moved to N26.9 billion, N31.4 billion, N33.8 billion in 2011, 2012 and 2013 respectively. In 2014, the revenue went to N49.6 billion before hitting N65.7 billion in 2015.
 
However, while the total royalty earned for the period under review stood at N7.4 billion, the total metric tons of solid mineral produced in the country stood at about 330 million metric tons with contributions from limestones hovering at 54.5 per cent of the total production.
 
According to the report, production of solid mineral reached the peak in 2014, when the country produced about 47 million metric tons of solid mineral while the lowest production was recorded in 2007, when the country produced about 13 million metric tons of solid minerals.
 
Though Nigeria is blessed with numbers of solid minerals, including coal, lignite and Coke, gold, columbite wolframite and tantalite, bitumen, iron Ore, uranium, mining of minerals only accounts for 0.5 per cent of Gross Domestic Product (GDP), a situation blamed on the influence of vast oil resources.
 
Chief Executive Officer, EPINA Technologies Limited, Prof. Eguakhide Oaikhinan, noted that while the sector could add as much as $50 billion (about N15.3 trillion) to the nation’s GDP by climbing from 0.5 per cent to 10 per cent growth, government has been insensitive to the call for the overhaul of the sector.
 
“Everybody seems to be concerned with oil or the mining of the minerals. In the raw state, these mined minerals sell at very low prices but when characterised and processed, it could have very competitive market value for the country,” he noted.
 
While the Advisory Partner and Mining Leader at Pricewaterhousecoopers (PwC) Nigeria, Cyril Azobu, told The Guardian that Nigeria is a fast evolving mining jurisdiction, he insisted that the sector could contribute much more given that most of the country’s rich solid minerals endowment remain largely untapped.
 
He noted that the lack of proper policy in the sector remained a basic challenges there must be tackled if desired objective would be achieved in the sector.
 
Azobu said: “There has over the years been a preponderance of largely informal operations fraught with the use of crude equipment and extremely dangerous working practices because of the absence of a formal policy on artisanal mining.
 
“We have a situation where for a very long time the solid minerals sector was neglected by the government. The agriculture sector also suffered from this neglect. Because of this, the sector has remained underdeveloped with no real structures put in place by successive governments to unlock its potential.”
 
Source: The Guardian
Published in Economy
The bears strengthened hold on the equity sector of the Nigerian Stock Exchange (NSE) yesterday, as more bluechip stocks depreciated in price, causing market capitalisation to dip further by N9 billion.
Specifically, at the close of transactions yesterday, market breadth closed negative, with 12 gainers against 35 losers.Precisely, Japaul Oil led the losers’ chart by 7.32 per cent to close at 38 kobo, while Eterna Oil shed 5.04 per cent to close at N6.41 per share.
 
First Aluminium and Prestige Assurance depreciated by five per cent each to close at 38 kobo and 57 kobo, respectively, while Cement Company of Northern Nigeria declined by 4.86 per cent to close at N23.50 per share.
 
Union Bank appreciated by 4.24 per cent to close at N6.15, while Africa Prudential Insurance gained 3.90 per cent to close at N4 per share.On the other hand, C&I Leasing recorded the highest price gain of 4.66 per cent, to close at N2.02 per share, as Unity Bank gained 4.49 per cent to close at 93 kobo, while Transnational Corporation of Nigeria (Transcorp) appreciated by 4.38 per cent to close at N1.43 per share.
 
Consequently, the All-Share Index (ASI) shed 24.61 absolute points, representing a decline of 0.06 per cent to close at 37,963.93 points, while the market capitalisation declined by N9 billion to close at N13.752 trillion.The decline was occasioned by losses recorded in medium and large capitalised stocks, amongst which are Okomu Oil, Cement Company of Northern Nigeria, Seplat Petroleum Development Company (Seplat), Mobil Nigeria and Zenith Bank.
 
Analysts at Cordros Capital noted that despite still-positive macro-economic fundamentals and favourable stock entry prices, the absence of likely catalysts to spark off potential gains in the equities market dents our positive outlook for the market in the medium term.Also analysts from APT Securities and Funds Limited said “the ASI remained within the red zone for two consecutive days. We anticipate positive reactions to second quarter results of quoted companies.”
 
However, the volume of trade depreciated by 31.02 per cent to 372.24 million shares, worth N3.18 billion, and traded in 3,800 deals.Transactions in the shares of Sterling Bank topped the activity chart with 172.63 million shares valued at N241.03 million, as Zenith Bank followed with 31.54 million shares worth N792.74 million, while Transcorp traded 22.92 million shares valued at N31.98 million.United Capital traded 21.18 million shares valued at N69.34 million, while UBA transacted 16.62 million shares worth N175.79 million.
 
Source: The Guardian
Published in Business
  1. Opinions and Analysis

Calender

« May 2021 »
Mon Tue Wed Thu Fri Sat Sun
          1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31