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Economy

Investors gain N233bn on NSE, as market capitalisation crosses N13trn mark

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Investors net worth appreciated by N233 billion on the Nigerian Stock Exchange (NSE) on Friday,  following gains achieved by some blue chips.

The News Agency of Nigeria reports that the market capitalisation which opened trading at N12.902 trillion rose by N233 billion to close at N13.135 trillion.

Similarly, the All-Share Index increased by 446.36 points or 1.80 per cent to close at 25,204.75 against 24,758.39 achieved on Thursday.

An analysis of the price movement table indicated that Mobil led the gainers’ table, increasing by  N19.40 to close at N213.90 per share.

MTN Nigeria followed with N4 to close at N115, while BUA Cement garnered N3.40 to close at N39 per share.

Nigerian Breweries rose by N2 to close at N39.50 , while Conoil increased by N1.90 to close at N21per share.

On the other hand, Stanbic IBTC topped the laggards’ chart, shedding 30k to close at N32.55 per share.

Caverton trailed with a loss of 29k to close at N2.61, while Guaranty Trust Bank dipped 25k to close at N23.75 per share.

FBN Holdings lost 15k to close at N5.20, while May & Baker depreciated by 9k to close at N3.06 per share.

The banking stocks dominated activity chart with United Bank for Africa exchanging 49.17 million shares valued at N330.88 billion.

Zenith Bank came second, accounting for 44.96 million shares worth N756.58 million, while FBN Holdings sold 30.07 million shares valued  N156.79 million.

Guaranty Trust Bank sold 11.83 million shares worth 281.78 million, while Lafarge Wapco exchanged 11.63 million shares valued  N131.54 million.

In all, the volume of shares traded closed lower as investors bought and sold 259.58 million shares valued  N2.88 billion in 5,605 deals.

This was against a turnover of 350.77 million shares worth N3.71 billion transacted in 5,239 deals on Thursday.

Edited By: Chioma Ugboma/Oluwole Sogunle (NAN)

 

Foreign

Investors urged to take up housing financing opportunities in Africa

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Financing of affordable houses in Africa’s urban areas is one of the biggest opportunities for investors because of the ballooning population and high demand, head of a pan African housing financier has said.

Andrew Chimphondah, CEO of Shelter Afrique told Xinhua that Africa is urbanizing at rates the region has never experienced before, thus making the delivery of quality affordable housing a mammoth challenge.

“With African cities estimated to add over 40,000 people every day, this has pushed the current housing deficits in Africa to more than 56 million housing units,” Chimphondah told Xinhua in an interview on Thursday.

In Sub-Saharan Africa, for instance, over 60 percent of the urban population are estimated to live in areas categorized as slums and informal settlements and therefore need improvement to better housing units, according to Chimphondah.

Speaking in Nairobi, Chimphondah said it is important for governments and other related public and private stakeholders involved in affordable housing delivery and urban development to adopt more pragmatic, innovative and sustainable solutions to the related urbanization challenges facing the region.

He said investors from across the world should take advantage of the shortage of financing in Africa to cover the gap and benefit from the high demand for affordable housing across the continent.

“The lack of financial capacity of the African governments has resulted in an increasing deficit in affordable housing delivery in the region,” said the head of the agency with offices in Nairobi, Abuja in Nigeria and Abidjan in Cote d’Ivoire.

Shelter Afrique, which is a partnership of 44 African governments, the African Development Bank (AfDB) and the Africa Reinsurance Company has delivered 17,562 housing units, worth cumulative loan approvals of 124.44 billion shillings (1.17 billion U.S. dollars) up to December 2019. The agency is using this period of COVID-19 pandemic to build and strengthen referral partnerships.

(XINHUA)

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General news

Delta Investments Dev. Agency promises to attract more investors

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The Chairman, Delta State Investments Development Agency (DIDA), Mr Paul Nmah, says the agency will continue to attract more Foreign Direct Investments (FDIs) as well as Domestic Direct Investments to the state.

Nmah gave the assurance when he led the management team of the agency to the site of the recently-demolished Abraka market in Asaba, Oshimili South Local Government Area of the state on Tuesday.

He recalled that Gov. Ifeanyi Okowa, immediately after inspecting this site, directed that DIDA should facilitate the best suitable investment for the place.

“It is on the strength of this directive that we have come here to assess the site with a view to ascertaining its viability and marketability.

“Delta State is an investment hub in Nigeria where many investors are jostling to come to invest.

”The state is blessed with both human and natural resources which have made it the preferred investors’ haven,” he said.

Nmah noted that already numerous investors had started indicating interest, saying that DIDA would collate proposals that would be received and due diligence conducted.

“In DIDA, once investment proposals are received we would have to interface with the investors and conduct due diligence on their claims.

”This will enable us to have a grasp of their technical and financial capabilities and thereafter advise the governor appropriately,” he said.

Nmah further said that DIDA was currently championing the drive for investments away from oil.

He said that the current pandemic currently ravaging the world had in a way structured the world economy to focus on some sectors.

”We have taken cognisance of so many yardsticks and this will guide us in the aspect of taking an informed decision on the most suitable investments that will suit the site.

“Therefore, considerations have been made to drive investments that will cater for the well-being of the people of the state,” he added.

Edited By: Kamal Tayo Oropo/Adeleye Ajayi (NAN)

 

 

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Foreign

Foreign investors can apply for 5-year residency in Iran soon: official

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Foreign investors would soon be able to apply for a five-year residency in Iran based on regulations approved by the government last summer, Press TV reported quoting the Iranian deputy interior minister as saying on Wednesday.

Application forms would be available in three languages through platforms run by the Iranian Foreign Ministry, the Interior Ministry, Iran’s department on foreign investment, and the Central Bank of Iran, said Babak Dinparast.

The Iranian government has allowed foreigners to settle in the country for five years if they make an investment of more than 250,000 euros or its equivalent in other foreign currencies.

Investments that were eligible for the residency permit were not limited to manufacturing activities, but making bank deposits or investments in bonds or housing sector would also be regarded for the residency opportunity.

The Iranian decision seeks to facilitate Foreign Direct Investment amid the mounting sanction pressures by the United States.

(XINHUA)

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Foreign

Nigeria assures investors of forex repatriation amid dwindling oil revenues

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Nigeria on Sunday assured investors of the safety of their investments in the country despite dwindling revenues from the sale of crude oil globally.

Godwin Emefiele, governor of the Central Bank of Nigeria, who gave the assurance in Abuja, the nation’s capital, said the bank had put in place policies to ensure an orderly exit for those that might be interested in doing so.

The apex bank governor said investors interested in repatriating their funds from the country are guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.

Emefiele urged investors to be patient as such repatriations are being processed, owing to the bank’s policy of orderly exit of investments.

Recalling a similar situation back in 2015 over declining revenue, the governor said the central bank is able to settle all commitments in an orderly manner.

(XINHUA)

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Economy

Forex repatriation: Emefiele assures investors in spite dwindling oil prices

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Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has assured investors of the security of their investments in the country in spite dwindling revenue from the sale of crude oil globally.

The CBN’s Director, Corporate Communications Department, Mr Isaac Okorafor, in a statement on Sunday, said Emefiele gave the assurance in Abuja.

The apex bank governor said investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.

He noted that the bank had put in place policies to ensure an orderly exit for those that might be interested in doing so.

Emefiele, however, urged investors to be patient as such repatriations were being processed, owing to the Bank’s policy of orderly exit of investments.

Recalling a similar situation that occurred in 2015 over declining revenue, the governor said that the CBN was able to settle all commitments in an orderly manner.

According to him, the foreign exchange available will be devoted to strategic importation or service obligations that are priority.

Meanwhile, Emefiele also stated the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, was committed to galvanizing the manufacturing sector in a bid to reset the economy.

He disclosed that CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group to address the challenge posed by the pandemic.

He noted that as leaders, the fiscal and monetary authorities must work together to moderate the health and economic impact of the COVID-19.

Emefiele said the COVID-19 presented Nigeria with an opportunity to reset the economy and as such there was need for the country to prepare itself to get the manufacturing sector to work, while the banking sector supports the economy.

The governor added that with the revenue drop from crude, Nigeria had no choice but to diversify its economic base, adding that the time had come for Nigerians to produce what could be produced and consume what is produced in the country.

Edited By: Wale Ojetimi (NAN)

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Economy

COVID-19: SEC urges investors to explore opportunities in capital market

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The Securities and Exchange Commission (SEC) has called on investors to explore opportunities inherent in the capital market to create wealth in the face of the Coronavirus pandemic

A statement by Mrs Efe Ebelo, the Head, Corporate Communication of SEC, quoted Ms Mary Uduk, the Acting Director-General of the commission as making the call in Abuja on Tuesday.

Uduk said the commission was aware of the economic implications of the pandemic and had ensured that the market remained open for trading.

She noted that before the partial relaxation of the lockdown, both SEC and stakeholders in the market had been working remotely in a bid to ensure there was no shut down.

”As the pandemic continues to ravage the world, businesses and individuals suffer the effects, Nigerians are urged to look to the capital market as an avenue to create wealth.

”We must continue to make the best we can of the situation. 

”As a regulator, we have put measures in place to ensure our market does not shut down, trade is presently going on at the various exchanges that make up our market. 

”The Nigerian Stock Exchange is continuing with trading, the FMDQ and all the Exchanges are actually continuing and everything is going well. 

“We are leveraging on technology to continue our activities,” she said. 

Uduk expressed satisfaction with the way the market was going during these challenging times and urged investors to continue to invest stressing that the market was safe. 

On investor’s confidence in the period of the pandemic, she said the commission had put measures in place to improve market confidence. 

The acting director-general described investor’s protection as one of the mandates of the commission bearing in mind that investors would not come into the market in the absence of adequate protection.

 

Edited By: Edith Bolokor/Felix Ajide (NAN)

 

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Economy

NSE maintain bullish trend, investors networth rallied by N191bn

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The Nigerian Stock Exchange (NSE) sustained bullish trend on Friday with the market capitalisation rising further by N191 billion due to Nestle gain.

Speficially, the market capitalisation which opened at N11.754 trillion rose by N191 billion to close at N11.945 trillion.

Also, the All-Share Index which opened at 22,554.84 grew by 366.75 points or 1.63 per cent to close at 22,921.59.

Market watchers attributed the persistent four-day rally to activities of institutional investors who were taking advantage of low price of stocks to increase their stake in the market.

Nestle Nigeria dominated the gainers’ table with a gain of N53.80 to close at N967 per share.

Nigerian Breweries trailed with N2.90 to close at N32.35, while BUA Cement garnered N2.45 to close at N31.85 per share.

Conoil appreciated by N1.55 to close at N17.40, while NASCON improved by 85k to close at N9.35 per share.

Conversely, Ardova topped the losers’ chart with a loss of N1.10 to close at N10.10 per share.

Cadbury came second with 70k to close at N6.30, while Lafarge Africa dipped 40k to close at N11.60 per share.

Flour Mills was down by 30k to close at N21.20, while Oando dipped 26k to close at N2.62 per share.

In spite of the growth by market indicators, volume of shares traded by investors closed lower.

Consequently, investors bought and sold 231.61 million shares valued at N2.61 billion transacted in 4,521 deals.

This was in contrast with 379.11 million shares valued at N4.33 billion traded in 5,985 deals on Thursday.

The banking stocks remained the toast of investors with FBN Holdings emerging the most active, exchanging 47.69 million shares worth N219.71 million.

United Bank for Africa followed with 36.53 million shares valued at N220.47 million, while Guaranty Trust Bank accounted for 32.85 million shares worth N686.88 million.

Zenith Bank sold 29.89 million shares valued at N445.81 million, while Fidelity Bank accounted for 16.28 million shares worth N33.29 million.

Edited By: Ali Baba-Inuwa (NAN)

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Economy

SEC develops investors’ data, consent form to check identity theft, money laundering 

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  Securities and Exchange Commission (SEC)

has developed a standardised investors’ data and consent form 

to check identity theft and money laundering in the capital market.

 

Mrs Efe Ebelo, Head, Corporate Communication of SEC, in a statement,  said Ms Mary Uduk,  the Acting Director-General of the commission unfolded the initiative

in Abuja on Wednesday.

 

Uduk said the form would assist Capital Market Operators (CMOs) to 

collect and update investors’ data and enable them obtain investors’ consent for implementing capital market initiatives targeted at improving participation.

 

”We need to identify our investors, we need to know who is putting money in our market and who is not.

”That will also help us to take care of money laundering and other vices and people we do not want in our market. 

”That form is out there and we expect every stakeholder to look at it and make comments and other capital market operators so that we can use it to get information from investors.

”That information will be stored in a data base protected under the law and used to ensure that we have unique identifier investors,” she said.

The acting director-general expressed the commitment of the commission to identify investors properly so as to guard against flow of illicit funds into the capital market.

Uduk however warned that SEC would no longer tolerate investors buying stocks with fake names, terming it as illegal.

She added that many opportunities were still open for such investors to regularise their accounts at no penalty.

Edited By: Chioma Ugboma/Sadiya Hamza
(NAN)

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Economy

NSE: Investors lose N222bn in 6 hours

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Activities opened on the Nigerian Stock Exchange (NSE) for the week on a bearish posture with the market capitalisation losing N222 billion in about six hours of tradimg.

Specifically, the market capitalisation which opened for the week on Monday at N10.993 trillion shed N222 billiin or 2.02 per cent to close at N10.771 trillion.

In the same vein, the All-Share Index dipped 425.24 points or 2.02 per cent to close at 20,669.38 compared with 21,094.62 achieved on Friday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat, Dangote Cement, BUA Cement, BOC Gases Nigeria and Nigerian Aviation Handling Company (NAHCO).

This week, analysts at United Capital Plc expected sentiment for stocks to remain broadly tepid, with renewed interests anticipated on select blue-chip stocks, as discerning investors continue to take advantage of the current market valuation.

Cutix, Learn Africa and NAHCO led the losers’ chart in percentage terms dropping by 10 per cent each, to close at N1.26, 90k and N2.34, per share, respectively.

Seplat followed with a decline of 9.99 per cent to close at N490.10, while BUA Cement lost 9.92 per cent to close at N31.80 per share.

BOC Gases depreciated by 9.88 per cent to close at N3.65 and Academy Press declined by 8.82 per cent to close at 31k, per share.

On the other hand, Access Bank topped the gainers’ table in percentage terms, improving by9.92 per cent, to close at N6.65 per share.

AIICO Insurance followed with a gain of 9.59 per cent to close at 80k, while Lafarge Africa appreciated by 9.50 per cent to close at N9.80 per share.

Wema Bank grew by 8.51 per cent to close at 51k, while Fidelity Bank rose by 8.28 per cent to close at N1.83 per share.

The total volume of traded increased by 42.98 per cent as investors bought and sold 336.43 million shares valued at N4.13 billion exchanged in 4,184 deals.

This was in contrast with 235.29 million shares worth N2.98 billion traded in 3,988 deals on Friday.

Transactions in the shares of FBN Holdings topped the activity chart with 98.62 million shares valued at N393.42 million.

Guaranty Trust Bank followed with 55.66 million shares worth N1.003 billion, while Zenith Bank traded 32.53 million shares valued at N392.77 million.

FCMB Group sold 27.15 million shares worth N40.63 million, while Fidelity Bank sold 23.61 million shares valued at N41.75 million.

Edited By: Tayo Ikujuni/Ali Baba-Inuwa
(NAN)

 

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Contact US: editor @nnn.com.ng, nnnnews247 @gmail.com

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