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Business News

NSE closes Friday’s trading session on a positive note

The Nigerian Stock Exchange (NSE) continued its upward trend.

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Bonds, CBN

The Nigerian Stock Exchange (NSE) continued its upward trend from yesterday as the All Share Index closed at 36,636.97 basis points, up 0.58%. Year to date the index is down 4.2%

Gainers and Losers

Cement Company of Northern Nigeria (CCNN) topped the gainers chart, closing at N31.35, up 10%. Dangote Sugar closed at N16.50, up 10%. Union Diagnostics closed at N0.22, up 10%.

On the flip side, NSL Tech closed at N0.40, down 9.09%. NPF Microfinance Bank closed at N1.57, down 8.72%. Berger Paints closed at, down 6.43%.

Top trades by volume

Medview Airlines was the largest traded stock by volume with 100,000,000 shares valued at N214,000,000 trading in 4 deals. 32 million UBA Plc shares valued at N310 million were traded in 232 deals. 31.2 million Zenith Bank shares valued at N743 million were traded in 290 deals.

Corporate Actions

FCMB Plc

FCMB has released its results for the period ended June 2018. Gross Earnings increased from N77.5 billion in 2017 to N83.9 billion in 2018. Profit before tax jumped from N3.8 billion in 2017 to N7.1 billion in 2018. Profit after tax also rose from N3.0 billion in 2017 to N5.7 billion in 2018.

Courteville Business Solutions Plc

Courteville released its results for the second quarter ended June 2018. Revenue dropped from N672 million in 2017 to N619 million in 2018. Profit before tax, however, increased from N52.5 million in 2017 to N81.1 million in 2018. Profit after tax also rose from N38.5 million in 2017 to N66.5 million in 2018.

Vitafoam Plc

Vitafoam Plc released its results for the 9 months ended 30th of June 2018. Revenue increased from N14.7 billion in 2017 to N16 billion in 2018. Profit before tax surged from N258 million in 2017 to N788 million in 2018. Profit after tax also jumped from N133 million in 2017 to N515 million in 2018.

University Press Plc

University Press released its results for the first quarter ended March 2018. Revenue increased from N132 million in 2017 to N375 million in 2018. The company made a loss before tax of N41.4 million in 2018 as against a loss of N89.1 million made in the corresponding period of the previous year. The company also made a loss after tax of N41.4 million in 2018 as against a loss after tax of N89.1 million made in the corresponding period of the previous year.

Morison Plc

Morison Plc released its results for the period ended June 2018. Revenue increased from N55 million in 2017 to N75 million in 2018. Loss before tax, however, increased from N60.6 million in 2017 to N67.6 million in 2018.

Transcorp Hotels Plc

Transcorp Hotels Plc released its results for the half year ended June 2018. Revenue for the group increased from N6.1 billion in 2017 to N8 billion in 2018. Profit before tax doubled from N1 billion in 2017 to N2 billion in 2018. Profit after tax also increased from N757 million in 2017 to N1.3 billion in 2018.

Law Union and Rock Insurance

Law Union and Rock insurance today announced the exit of its Chief Finance Officer (CFO) Olabisi Olayiwola effective today. The company has appointed Tunde Olaonipekun, the current Head Financial Reporting, and Budget, as acting CFO.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Consumer Goods

Sell-off of shares by investors extend Flourmillers loss on NSE to N25 billion

Nigerian Flour millers on NSE suffer a decline as wary investors offload shares.

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Bloody February: Sell off of shares by investors extend Flourmillers loss on NSE to N25 billion

The sell-off of shares on the Nigerian Stock Exchange has triggered an N24.9 billion loss in the market capitalization of Flour Millers since the beginning of February, as wary investors offload.

It is important to note that the Nigerian Equity Market has been on the downward trend since the beginning of February, as wary investors sell off stakes in companies as the yields in the money market become attractive.

The results of this move led to a decline in the shares of companies listed on the Nigerian Stock Exchange, including a decline in the shares of Flour millers listed on the bourse.

A review of the performance of the stocks of these Flour millers on NSE revealed that the market capitalization of FLOUR MILLS, HONYFLOUR, and Northern Nigeria Flour Mills from the open of trade on February 1 till the close of trading activities on February 24 has declined from N154 billion to N129 billion.

How they have all performed

FlourMills has declined from N142.3 billion to N118.3 billion. However, the market cap of Honeywell Flour Mills has also declined, albeit marginally from N10.31 billion to N9.91 billion, while that of NNFM has declined from N1.72 billion to N1.25 billion. When added up, the three millers have lost N24.85 billion in market capitalization.

However, Flour Mills, the largest miller on NSE lost the most with N23.98 billion, as a percentage of market capitalization. Flour Mills is down by 16.85%.

Market activity

At the end of trading activities on the floor of the Nigerian Stock Exchange, the shares of Flour Mills declined by 6.9% to close at N28.85 per share, as investors sell off 5,029,161 ordinary shares of the company worth N143,009,264.10.

Shares of Honeywell at the close of trading activities today declined by 1.6%, while shares of Northern Nigeria Flour Mills remained unchanged at N7.02 per share.

The Consumer good index to which the Flour millers belong has fallen by 6.1% year since the beginning of February, compared to the Nigerian Stock Exchange All Share Index -5.17%.

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Business News

FG says Finance Bill 2020 will check inflation

The Finance Minister has stated that the reduction of import duties on vehicles will subsequently reduce transport fares and food prices.

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Power: Mambilla Power Project not prioritised by Ministry of Power for 2021 Budget - Finance Minister

The Federal Government has said that the Finance Bill 2020 was designed to reduce import duties on some commodities, including vehicles, thereby checking inflation.

This is as the Bill was part of measures to make transportation affordable, thereby reducing the cost of foodstuff across the country.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Minister of Finance, Budget and National Planning, Zainab Ahmed, while answering questions from State House correspondents in Abuja on Wednesday.

Ahmed explained that her Ministry advocated and got approval for a reduction in the import duties charged on vehicles precisely to check inflation trends.

READ: FG to withdraw $150 million from sovereign wealth fund, to borrow $6.9 billion

What the Minister for Finance is saying

The Minister expressed concerns over the inflation rate in the country, saying inflation was high at 16.7% and still inching up gradually over the last couple of months.

Ahmed said, “When you look at the components that constitute inflation in our country, the largest contributor is food inflation and … if you decouple it, the largest contributor to food inflation is the cost of transport.

“We now look at how do we reduce the cost of transport because we can’t give every Nigerian money to pay for their transportation fares. We figured that one of the good ways to do it is to increase the acquisition of mass transit vehicles and to reduce the acquisition cost of vehicles and tractors that are used for productive purposes like agriculture.”

READ: Nigeria to receive first tranche of World Bank’s $3 billion loan soon

She expressed optimism that the reduction of the import duties on vehicles, when fully operational, would boost mass transit activities and subsequently reduce transport fares and food prices.

She said, “So the reason why we reduce those duties is to reduce the cost of transportation.

”So, once this implementation takes full effect, we are hoping that we’ll be able to see more tractors coming into the country, more mass transit buses coming to the country, reducing the cost of transportation as a result, and also having an impact on food prices.

What you should know

  • It can be recalled that as part of its bid to introduce tax incentives in the face of the economic downturn caused by the coronavirus pandemic, the Federal Government in November 2020, through the signed Finance Bill 2020, proposed the slash of import duties for tractors, buses and other motor vehicles from 35% to 10% and 0% to further help cushion the socio-economic conditions in the country.
  • The Minister for Finance, Budget and National Planning had explained that the need to reduce food inflation figures through one of the causative factors of high production cost, which is transportation, inspired the bill.

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