After finalising new terms for deep-water oil production in Africa’s biggest oil-producing country 10 days ago, ExxonMobil, Shell, and two other multinationals have announced plans to withdraw their multibillion-dollar lawsuits against Nigerian National Petroleum Company Limited. According to court letters seen…
The secondary market turnover on FMDQ Securities Exchange for the month ended July 2022 was N19.76trillion. The record market turnover in July represents a month-on-month (MoM) increase of 8.54percent (N1.55trillion) and year-on-year (YoY) increase of 16.45percent (N2.79 trillion) from turnover in
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Investors Gain N64.99bn as NGXASI Inches up by 0.25%; Open Repo Rate Expands by 0.50% to Close at 15%; IEFX Rate Depreciates to N431
- EQUITIES MARKET
1.1 NGX – Listed Equities
Nigerian Equities Market halts negative posture to close in the green zone as key market indicator inched up by 120.48bps amid positive market breadth.
The NGX All-Share Index inched up by 0.25% to close at 48,675.24 basis points as against 1.60% loss recorded to close at 48,554.76 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N64.99bn gain.
YTD, the NGXASI Stands at +13.95%
The total volume traded declined by -17.92% to close at 167.57m, valued at N3.37bn and traded in 3,751 deals. ACCESSCORP was the most traded stock by volume with 27.89m units traded while MTNN was the most traded stock by value which is put at N725.21m.
Sectoral performance was broadly positive as Eleven (11) NGX sector index closed northward, four (4) closed southward while three (3) closed flat. The NGX Insurance Index inched up by 2.17% to top the gainers chart while the NGX MERIVAL Index dipped by 0.26% to top the losers’ chart.
Dangote index closed flat at 128.25 basis points while Elumelu index also declined by 0.39% to close at 105.40 basis points.
At the close of trading, market recorded 15 gainers to 11 losers and 70 unchanged. NEM topped the list of gainers while FIDSON topped the list of losers.
Thus, market breadth closed positive as the Market Breadth Index (MBI) is put at 0.06x.
Volume and Value Contribution
ACCESSCORP led the volume’s chart with 16.65% contribution and closely followed by UBA and FBNH
MTNN tops the value’s chart with 21.50% contribution and closely followed by AIRTELAFRI and GTCO
NGX Earnings Summary
The following company released its result on the NGX Exchange today.
NGX Corporate News
No Corporate News was released on the NGX Exchange today.
1.2 NASD OTC Exchange – Unlisted Equities
The NASD market index dipped by 0.95% to close at 750.18 basis points as against 0.57% gain recorded to close at 757.38 basis points
The total volume traded advanced by +17.73% to close at 0.127m units valued at N13.34m and traded in 8 deals.
At the close of trading, NASD OTC market recorded zero (0) gainer(s) to three (3) loser(s)
Volume and Value Contribution
SDNDEP led the volume chart with 47.39% contribution while SDNDEP led the value chart with 85.60% contribution
NASD Earnings Summary
No Financial statement was released on the NASD OTC Exchange today.
NASD Corporate News
No Corporate News was released on the NASD OTC Exchange today.
1.3 Global Indices
On the global scene, the Argentina MerVal Index leads the top five gainers with 3.12% gain while the China SSE Composite All Share Index tops the top five losers with -1.86% loss as of 4pm Nigerian Time
1.4 African Indices
Similarly, on the African scene, the Mauritius SEMDEX Index tops the top five gainers with 0.60% gain while the Ghana GSE Composite Index tops the top five losers with -1.87% loss as of 4pm Nigerian Time
- BONDS AND FIXED INCOME MARKETS
2.1 Debt Market Size
The FMDQ Debt Market Size weas not available as of the time of finalising this report.
2.2 Overnight and Open Repo (OPR)
The overnight lending rate closed flat at 15.00% while the Open Repo (OPR) rate expanded by 0.50% to close at 15.00%
- COMMODITIES MARKET
3.1 AFEX Indices
The AFEX ACI inched up by 0.43% to close at 445.12 basis points while the AFEX AEI closed flat
3.2 AFEX Commodity Prices
Paddy Rice advanced by 8.21% to top the gainers chart while Maize declined by 8.29% to top the losers’ chart.
3.3 Global Commodity Prices
Gold recorded 0.40% gain while Silver also advanced by 0.21% as of 12:10 NY time
In the energy market, Brent advanced by 0.37% while WTI declined by -0.47% as of 11:12 AM Central Daylight Time (CDT)
- CURRENCY/ FX MARKET
The naira depreciated by 0.08% at the I&E FX Window to close at N431.00/USD while the NAFEX rate also depreciated by 0.14% to close at N427.33
ABC Transport Plc Reports N59.23m Loss in Q2’22 Results, (Share Price: N0.30k)
ABC Transport Plc released its Q2 2022 Unaudited results for the period ended June 30th, 2022.
- Revenue grew by 21.42% from N3.03bn to N3.67bn.
- Profit before tax stood at N5.43m
- Loss after tax stood at N59.23m
- Share Price Currently Stands at N0.30k
Brent Crude Zooms Towards $100 as OPEC+ Leaks That It May Cut Production Again
– Two months ago, we said that with oil tumbling from its post-Ukraine war highs, it’s only a matter of time before OPEC+ makes a mockery of the Biden-MBS “amicable” fistbump and resumes cutting output. Source ZeroHedge, Oilprice Read More
NEPC: Non-oil Exports Revenue Increased to $2.6bn in Six Months – Highest Since 2018
– The Nigerian Export Promotion Council (NEPC), says revenue generated from non-oil exports increased to $2.593 billion from January to June 2022. Source TheCable Read More
Nigeria Recovers N86.2bn Stolen Oil in One Month
– A total of 16, 000 litres of diesel valued at N800/litre (N12.8m) were on Monday reported to have been recovered by members of the Nigeria Security and Civil Defence Corps in Cross River. Source Punch Read More
FG Pledges to Address Airlines’ Trapped Forex – Minister
– The Federal Government on Monday said it was working to fix the pending issues on the foreign exchange belonging to international airlines currently trapped in Nigeria. Source Punch Read More
Oil Slips as Fears of Imminent OPEC+ Output Cut Fade
– Oil prices fell on Wednesday, taking a breather from a near 4% surge the previous day, on receding fears of an imminent output cut by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+. Source Reuters Read More
Lekki Port Project to Provide About 112, 000 Jobs to Nigerians – Transport Minister
– The Minister of Transportation, Alhaji Muazu Sambo, has said that the Lekki deep-sea port project would create 112,000 jobs upon its completion. Source Vanguard Read More
Digital Access Key to Economic Devt – Pantami
– The Minister of Communication and Digital Economy, Isa Pantami, has emphasised the need for individuals and government to prioritise digital access for the sake of economic growth. Source The SUN Read More
FG to Digitise Records, Automate Workflow for Effective Collaboration Among MDAs
– The federal government says it is working to digitise public service before the end of the first quarter of 2023. Ibiene Roberts, permanent secretary, ministry of special duties and intergovernmental affairs, disclosed this on Monday in Abuja. Source TheCable Read More
Zenith Bank Records Double-Digit Topline Growth of 17% in H1 2022
In a clear demonstration of its industry leadership and consistency in providing superior financial returns, Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2022, recording an astounding double-digit growth of 17% in gross earnings from N346 billion reported in H1 2021 to N405 billion in H1 2022. This is in spite of a very challenging macroeconomic environment.
According to the bank’s audited half-year financial results presented to the Nigerian Exchange (NGX) on Tuesday, 23rd August 2022, this growth was underpinned by a 19% YoY growth in interest income from NGN204 billion to NGN242 billion and an 18% YoY growth in non-interest income from NGN127 billion to NGN149 billion. The growth in interest income was driven by the modest increase in the loan book and improved interest margins. The increase in non-interest income attests to the Group’s success in its income diversification strategy.
Profit before tax (PBT) grew 11% year-on-year (YoY) from NGN117 billion to NGN130 billion. Earnings per share (EPS) also grew from NGN3.38 to NGN3.55 over the same 6-month period.
The Group also recorded an 11% year-to-date (YtD) increase in total customer deposits to close the period at NGN7.15 trillion. The retail strategy of the Group continues to deliver outstanding results as retail deposits grew by 17% YtD from NGN1.82 trillion to NGN2.13 trillion. Retail activities also supported the growth recorded in fees on electronic products which grew by 45% YoY from NGN17 billion to NGN25 billion.
Despite the elevated yield environment, the cost of funds increased only marginally from 1.3% in June 2021 to 1.4% in June 2022. The increase in the cost of funds was lower than the increase in yields on interest-generating assets, giving rise to an improved Net Interest Margin (NIM) of 7.1% from 6.4% in June 2021.
Total assets rose to NGN10.12 trillion at the end of June 2022 from NGN9.45 trillion at the end of December 2021. Despite the headwinds imposed by the operating environment, the Group grew its risk assets as gross loans grew by 5% YtD, from NGN3.5 trillion to NGN3.7 trillion. This was achieved at a moderate NPL ratio of 4.4% (FYE 2021: 4.2%) and cost of risk of 1.4% (June 2021: 1.3%). Prudential ratios such as liquidity and capital adequacy also remained stable and well-above regulatory thresholds at 60.5% and 21.0% respectively.
The Group is focused on advancing its digital banking strategy anchored on a strong technology base, and intends to consolidate on the gains achieved in prior years across all business segments. Combined with the Group’s industry leadership, we expect this to drive improved performance and deliver enhanced returns to stakeholders.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognized as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance ‘Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.
Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.
Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.