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Business News

Bears maintain hold as the NSE closes in the red

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Bonds, CBN

The Nigerian Stock Exchange (NSE) maintained its negative sentiments as the All Share index closed at 35,228.23 basis points down 0.35% . Year to date, the market is down 7.73%

 Top Gainers and Losers 

Mutual Benefits Assurance Plc led the gainers in today’s trading session. The stock closed at N0.33, up 10%. Closely following was Custodian Investements which closed at N5.64, up 9.94%. Livestock Feeds plc closed at N0.69, up 9.52%

On the flip side, ABC Transport Plc was the worst loser, dropping by 10% to close at N0.36. Union Diagnostics closed at N0.27 also down 10%. Eterna Oil rounds up the top 3 losers to close at N6.50, down 9.72%

Top Trades by volume 

UBA Plc was the largest trading stock by volume today, as 26.8 million shares valued at N250 million were traded in 147 deals. LASACO Assurance Plc, traded 12.2 million shares valued at N3.7 million in 36 deals. Rounding up the top 3 gainers was FBN Holdings (holding company for First Bank) which traded 11.4 million shares valued at N280 million in 280 deals.

Corporate Actions

Corporate actions are decisions taken by a company’s board of directors or management, that could have impact on the firm itself or shareholders.

Examples of corporate actions include the payment of dividends, closing of shareholders’ registers, appointments, resignations,  and Annual General Meetings (AGMs).

The following corporate actions were announced today:

Great Nigeria Insurance Plc 

Great Nigeria Insurance Plc has appointed Col. Sule Yakasai (Rtd) as an Independent Non-Executive Director.

Linkage Assurance Plc 

Linkage Assurance Plc released its results for the half year ended June 2018. Gross Premium Written increased from N2.6 billion in 2018 to N3.6 billion in 2018. Profit before tax, however, fell from N2.4 billion in 2017 to N750 million in 2018. Profit after tax also dropped from N2.2 billion in 2017 to N493 million in 2018.

UPDC Real Estate Investment Trust 

UPDC Real Estate Investment Trust released its audited financial statements for the year ended December 2017. Income from real estate increased marginally from N1.1 billion in 2017 to N1.12 billion in 2018. Profit after tax, however, rose from N1.5 billion in 2017 to N2.2 billion in 2018

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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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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Obituaries

Supreme Court Judge, Sylvester Ngwuta reported dead

Justice Sylvester Ngwuta, has been reported dead.

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A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.

He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.

According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.

READ ALSO: The Supreme Court never ordered AMCON to pay Bi-Courtney N132bn

What you should know

  • It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
  • He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
  • He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.

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