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NSE closes in the green as PZ Cussons drops Q1 results

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NSE, Stock

The Nigerian Stock Exchange (NSE) closed the last trading day of the month of September in the slimmest of positive trades as the All Share Index closed at 32,766.37 basis points, up 0.01%. Year to date, the stock is down 14.32%

Top Gainers and Losers

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Cement Company of Northern Nigeria (CCNN) was the best performing stock in today’s session. The stock appreciated by 10% to close at N25.30. OKomu Oil Palm Plc closed at N77, up 9.84%. Union Diagnostics and Clinical Services Plc closed at N0.34 up 9.68%

On the flip side, UAC of Nigeria Plc was the worst performing stock today. The stock closed at N10.70, down 9.70%. Wapic Insurance closed at N0.38, down 9.52%. NAHCO Plc rounds the top 3 losers, closing at N3.27, down 9.17%.

Top Trades by Volume

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UBA Plc was the most actively traded stock today with 44.4 million shares valued at N371 million traded in 99 deals. Guaranty Trust Bank was next with 25.9 million shares valued at N945 million traded in 138 deals. Access Bank Plc rounds the top 4 with 19.3 million shares valued at N157 million traded in 101 deals

Corporate Actions

Wema Bank Plc confirms MD and appoints DMD

Wema Bank Plc has confirmed the appointment of Ademola Adebise as Managing Director. Prior to this, he was in an acting capacity. The bank also announced that Moruf Oseni had been appointed Deputy Managing Director.

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The bank also disclosed that it is set to issue up to N20 Billion senior unsecured bond in series 2 of its bond issuance program. Proceeds of the bond issue will be used to boost the working capital financing needs of the Bank. The bond has a tenor of 5-7 years and is targeted at institutional investors.

C&I Leasing Plc acquires tugboats 

C&I Leasing Plc has acquired two brand new tugboats  ‘MV
Chidiebube’ and ‘MV Folashade’ with SIFAX MARINE LIMITED under the SIFAX C&I MARINE LIMITED joint venture arrangement.

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The boats will be immediately deployed for a long-term contract
with Nigerian Liquefied Natural Gas Company (NLNG).

PZ Cussons releases Q1 2018/2019 results 

PZ Cussons Nigeria Plc released its first quarter results for the period ended August 2018. Revenue fell from N18.5 billion in 2017 to N15.8 billion in 2018. The company’s loss before tax worsened from N181 million in 2017 to N204 million in 2018.

 

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Patricia

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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Coronavirus

FG announces schedule for 4th evacuation flight from the USA 

The evacuees will be expected to present an original COVID-19 negative test result not older than 14.

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flights, Nigeria sets conditions for border reopening, COVID-19: Nigerians in diaspora have not asked to be evacuated – FG, Attacks on Nigeria diplomatic residence, FG to engage Ghanaian government  

The Federal government has approved the fourth evacuation flight for Nigerians stranded in the United States of America for July 28.  

According to a statement that was signed by the Consulate General of Nigeria, the Ethiopian Airline with flight number ET509 will depart Newark Liberty International Airport, New Jersey on Tuesday 28 July 2020 by 21:15hrs and arrive Nnamdi Azikiwe International Airport, Abuja on Wednesday 29 July 2020 by 13:25hrs. 

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“All prospective evacuees duly registered with any of the three Nigerian missions in the USA should purchase their one-way tickets at a cost of $1250 for economy class and $2800 for business class for adult/child fare including all taxes with the usual percentage reduction for infants under 2 years,” the statement read. 

READ ALSO: FG acquires profiling robots for airport

In line with the earlier announced protocols from the Nigerian Presidential Task Force on COVID-19, the evacuees will be expected to present an original COVID-19 negative test result not older than 14 days on the day of departure at the airport. 

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There will also be a temperature check at the airport, and any intending evacuee with a body temperature above 38°c or any symptoms suggestive of COVID-19 will not be allowed to check-in. 

Evacuees are also required to wear a face mask as a matter of necessity and be in possession of hand sanitizer for intermittent use during the flight, while also adhering to the instructions of the  

Furthermore, all returnees are enjoined to adhere strictly to all instructions of Port Health Services (PHS) officials and observe other entry screening protocols on arrival. 

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Hospitality & Travel

Covid-19: British High Commission to resume visa application in Nigeria

Nigerians who want to visit the UK can do so as soon as international flight operations resume.

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Covid-19: British High Commission to Resume Visa Application in Nigeria

The British High Commission in Nigeria has announced plans to resume visa processing in the country. It revealed that it will soon begin receiving visa applications from Nigerians who want to travel to the United Kingdom (UK).

This was disclosed in a public statement by the British High Commission in Abuja on Thursday, July 9, 2020.

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It said that Nigerians who want to visit the United Kingdom can do so as soon as the international flight operations resume in the country. The statement said:

“We know there are many Nigerian nationals hoping to be able to travel to the UK when flights resume, both for employment and to see family members.

“UKVI are working closely with TSL contact, our commercial partner, to reopen visa application centres that were suspended due to COVID-19. UK visa application centres are reopening in phased manner globally when it is safe to do so and when we can operate an effective service.

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“TSL contact are putting appropriate measures in place and working hard to reopen in Nigeria. We will share details of when VACs will reopen soon,”

READ MORE: US to stop issuing visa for Birth Tourism 

It can be recalled that the Federal Government had shut down the airports to both domestic and international flight operations in March as part of measures to contain the spread of the coronavirus disease.

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Following the gradual resumption of domestic flight operations, Nigerians are expecting that international flight operations might be resuming soon.

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Commodities

Nigeria’s excess crude account falls to $72 million

Nigeria’s excess crude account has now fallen by a whopping 98% in just 5 years.

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Capital market to get more tax incentives - FG , FEC reviews Ajaokuta-Kaduna-Kano gas project contract, approves $2.571 billion, FG to reduce N1.5 trillion from 2020 budget due to coronavirus

Nigeria’s Excess Crude Account (ECA) now stands at $72 million as the country continues to grapple with an unprecedented revenue crisis not seen since the early eighties. The ECA account has now fallen by about 98% within the last 5 years.

The information on the excess crude account was revealed by the Minister of Finance, Zainab Ahmed in a National Economic Council Meeting during the week. The ECA is a savings account retained by the Federal Government and is funded by the difference between the market price of crude oil and the budgeted price of crude oil as contained in the appropriation bill.

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There were major concerns last November when it was reported that the ECA balances held just $324.5 million one of the lowest balances recorded at the time. At $72 million the ECA is in low territory highlighting the effect of the fall in crude oil prices this year. Crude oil prices have crashed to sub-zero in March and have risen back o just over $40/barrel in recent weeks. However, it still remains low from Nigeria’s previous budget benchmark.

ECA in the news

About a year ago Nairametrics reported Nigeria’s Excess Crude Account has dropped to $480 million. This is as controversy continues to trail the $1 billion military spendings which were withdrawn from Nigeria’s Excess Crude. According to the Central Bank of Nigeria’s annual report for 2018, Nigeria’s crude excess account fell from $2.45 billion in 2017 to $480 million as of December 2018.

(READ MORE: Rising COVID-19 cases in world’s biggest economy falter crude oil prices)

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Just 5 years ago (August 2015) the ECA stood at $2.2 billion. This was the early days of the Buhari administration. It was $3.6 billion in February 2014, one of the highest balances on record. That same month, at its monthly FAAC, the government agreed to remove fuel subsidy from its books. Fuel subsidy is currently being borne by the NNPC.

The Controversies: Last year, the federal government under President Muhammadu Buhari was accused of mismanaging the country’s Excess Crude Account especially the $1 billion reportedly spent on military equipment.

  • The National Security Adviser (NSA) retired Major General Babagana Monguno Gen. Babagana was quoted to have disclosed that he was not aware of the whereabouts or disbursement of the $1billion drawn from the ECA by the Buhari presidency in 2017 for security purposes.
  • While controversies trail the statement credited to the NSA, with many describing it as diversion of public funds, the Presidency provided some explanations.
  • Responding to the allegations, Senior Special Assistant on Media and Publicity, Garba Shehu, disclosed that various procurements had been made for the purchase of critical equipment for the Nigerian Army, the Nigerian Navy, and the Air Force, contrary to the allegations.

Nigeria’s ECA in retrospect: In Nigeria, there are two Sovereign Wealth Funds: the Excess Crude Account and the Nigeria Sovereign Investment Authority (NSIA). Note that these two are funded by the savings earned when oil prices are at peak.

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  • Hence, as a larger chunk of revenue is appropriated for ECA and NSIA, the country’s external reserves are likely to fall.
  • Note that the sovereign wealth fund was established to address the controversies surrounding the Excess Crude Account.
  • The fund is usually expected to generate revenue to meet budget shortfalls in the future, provide dedicated funding for the development of infrastructure and saves for future generations.

ECA depleted by 98% in 5 years: A closer look at the various annual reports of the Central Bank of Nigeria shows that Nigeria’s excess crude account has now fallen by a whopping 98% in just 5 years.

Patricia
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