Investors Lose N176.75bn WoW as NSEASI Dips by -0.86% to Close the Week Negative
Equities market closed today on a negative note, as NSEASI depreciated by -0.71% to close at 38,921.78 basis points as against -0.01% loss recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.35%.
Market breadth closed negative as UNITYKAP led 13 Gainers as against 19 Losers topped by LINKASSURE at the end of today’s session – an unimproved performance when compared with previous outlook.
Market turnover closes negative as volume moved down by -55.91% as against -1.00% downtick recorded in the previous session. UBA, GUARANTY and LINKASSURE were the most active to boost market turnover. AIRTELAFRI and GUARANTY topped market value list.
NPFMCRFBK leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
Boost for Nigerian SMEs as Jaiz Bank formalizes $25m Islamic Corporation financing
Nigeria’s premier non-interest bank, Jaiz Bank Plc has announced the signing of a formal agreement to secure a $25 million shariah-compliant line of financing (LOF) from Islamic Corporation for the Development of the Private Sector (ICD).
AfDB President commends Sahara Group’s commitment to promoting electricity access in Africa
African Development Bank Group (AfDB) president, Akinwumi Adesina has commended the Sahara Group, the largest privately-owned power generation and distribution businesses in sub-Saharan Africa, for boosting power supply in Nigeria, through its..
BAT’s sustainability show ‘Corner’ reaffirms company’s commitment to environment
British American Tobacco in West and Central Africa (BAT) has launched a sustainability show corner at the company’s factory in Ibadan. The project is an evidence of stellar results from its investments in sustainability and an affirmation of the company’s
Edmark marks ground breaking ceremony of Nigeria’s first blockchain-powered real estate project
Edmark City Development Company Limited has marked a significant milestone in continuing efforts to create and build a space for a happy community in Nigeria as they celebrated the ground breaking ceremony of Edmark City, Nigeria’s first ever blockchained.
States begin fresh battle over stamp duties as VAT war rages on
Nigerian states are of a sudden championing a rare push for true fiscal federalism by insisting on collecting taxes under their purview, whether that is Value Added Taxes (VAT) or more recently stamp duties
More trouble for dollar-starved Nigeria as crude production dips in August
Nigeria’s crude exports and foreign earnings currently stand on shaky grounds as the month of August marked the lowest crude oil production capacity recorded in 2021. Nigeria’s crude oil production fell from an average 1.36 million barrels per day in January to 1.23 million b/d in August, representing a 9 percent decline.
Nigeria’s herd immunity goal suffers on vaccine shortage
Nigeria may never achieve its herd immunity goal of fully vaccinating up to 70 percent of its population against the coronavirus pandemic, as access to vaccines remains stifled and hesitancy towards uptake draws the country farther from its vaccination target, health analysts say
VAT: Appeal court orders Rivers, Lagos to maintain status quo
The Court of Appeal sitting in Abuja, on Friday, ordered both Rivers and Lagos States to maintain the status quo on the collection of value added tax (VAT) pending the determination of an appeal that was lodged before it by the Federal Inland Revenue Service, (FIRS).
Lagos Assembly Passes VAT, Anti-Open Grazing Bills
The nation is reporting that the Lagos State House of Assembly has passed the Value Added Tax (VAT) bill. Speaker Mudashiru Obasa directed the Acting Clerk of the Assembly, Olalekan Onafeko, to transmit a clean copy to Governor Babajide Sanwo-Olu for assent.
Reps Expect Buhari’s Letter on 2022 Budget Next Week
The House of Representatives said on Thursday that it was ready to receive communication from the President, Major General Muhammadu Buhari (retd.), on the date that the 2022 budget proposal would be laid before the joint session of the National Assembly.
GUARANTY Reports N79.41bn PAT in Q2 2021 Results, Proposes 0:30k Interim Dividend
Guaranty Trust Holding Company Plc released its Q2 2021 audited results for the period ended June 30th, 2021.
• Interest Income declined by -22.3% to N116.87bn from N150.49bn in the previous quarter.
• Profit before tax declined by 15.2% to N93.05bn.
• Profit after tax declined by 15.8% to N79.41bn.
• Net Assets declined by 2.1% from N814bn to N797.58bn.
Q2 REPORT FOR PERIOD ENDED 30 JUN
2021 N’m 2020 N’m % Change
Interest Income 116,865 150,486 -22.30%
PBT 93,056 109,714 -15.20%
Income Tax Expense (13,641) (15,443) -11.70%
Profit 79,415 94,271 -15.80%
BALANCE SHEET INFORMATION
Net Asset 797,582 814,396 -2.1%
Proposed Dividend 0.30k
Payment date 12-Oct-21
Closure date 28-Sept -21