Investors Gain N19.10bn as NGXASI Inches Up by 0.09% Amid Negative Market Breadth
Equities market closed on a positive note, as NGXASI appreciated by +0.09% to close at 42,013.39 basis points as against -0.15% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.33%.
Market breadth closed negative as INTBREW led 10 Gainers as against 30 Losers topped by UACN at the end of today’s session – an unimproved performance when compared with previous outlook.
Market turnover closes negative as volume moved down by -15.65% as against -66.53% downtick recorded in the previous session. UBA, FBNH and ZENITHBANK were the most active to boost market turnover. ZENITHBANK and UBA topped market value list.
UACN leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
Nigeria’s power sector stuck at 4000mw 8yrs after privatisation
Nigeria’s beleaguered electricity sector passed the milestone of eight years under private ownership this month, but the dream of constant power supply to customers still remains just – a dream.
Why Nigeria is Africa’s favorite market for fintech investors
Nigeria is investors’ most preferred destination, attracting half of the total technology funding in Africa and 37 deals in 2020, a report from Tellimer Research shows
Nigeria’s food vendor industry shrinks 16% on pandemic impact
Nigeria’s food vendor industry shrank 16percent in 2020 as Covid-19 lockdown brought activity to a near standstill in Africa’s biggest economy, a new report by Euromonitor International, a London-based market research company says. The report states that the industry declined to $12.3 million in 2020 from $14.6 million in 2019 as lockdown measures used to curb the spread of the virus.
Hobbled by crude theft, Nigeria again fails to meet OPEC production quota in October
Nigeria continues to miss the full benefits from the sharp rise in the price of oil as ruptures on critical pipelines caused by crude oil thieves in the Niger Delta has meant a failure to meet the country’s OPEC production quota. The failure is leading to a slowing in Nigeria’s plans to ease a severe revenue.
Consolidated Hallmark Insurance Plc Reports N534m PAT in Q3 2021 Result;(SP:N0.60K)
Consolidated Hallmark Insurance Plc released its Q3 2021 Unaudited results for the period ended September 30th, 2021.
Key Highlights
- Gross Premium grew by 11% to N8.4bn from N7.6bn in the previous quarter.
- Profit before tax grew by 15% to N770m.
- Profit after tax grew by 17% to N534m.
- Net Assets grew by 3.8% from N8.3bn to N8.6bn.
- Share Price Currently Stands at N0:60k
Q3 UNAUDITED REPORT FOR THE PERIOD ENDED 30 SEPT
| 2021 N’m | 2020 N’m | % Change | |
| SEPT | SEPT | ||
| Gross Premium Written | 8,356 | 7,557 | 10.6% |
| PBT | 769.527 | 672.126 | 14.5% |
| Taxation | (235.081) | (215.860) | 8.9% |
| PAT | 534.446 | 456.265 | 17.1% |
| Basic EPS | 5.26 | 5.32 | -1.1% |
| Balance Sheet Information | |||
| Net Asset | 8,639 | 8,322 | 3.8% |
Bank’s Credit to the Private Sector Rises as Economy Recovers
The need for improved lending to the private sector amid the pandemic-induced economic shocks on many sectors of the economy cannot be over-emphasized. Interestingly, recent money and credit statistics released by the Central Bank of Nigeria (CBN) showed a 1.3% m/m increase in credit.
Fiscal Commission to Sanction 14 Banks Violating Loan Conditions to States
The Fiscal Responsibility Commission (FRC) says it will sanction about 14 banks and financial institutions allegedly granting loans without due process to state governments. According to NAN, Victor Muruako, FRC chairman, said this at a transparency and accountability sensitization workshop for the south-east zone held in Lagos on Monday.
