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Cryptocurrency12 mins ago

Why Bitcoin might likely hit $100,000 soon

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Business News

Ecobank leads this week’s gainers as NSE closes on a positive note

The Nigerian Stock Exchange (NSE) received a serious boost as the market closed on a positive note this week.

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NSE John Holt

The Nigerian Stock Exchange (NSE) received a serious boost as the market closed on a positive note this week. Last week, the All-Share Index closed at 26,925.29 basis points, down 0.47%. The NSE All-Share Index improved by 0.62% this week and closed at 27,800.17 basis points. Year to date, the index is down 11.55%.

40 equities appreciated in price during the week, higher than 15 equities that appreciated the previous week. 25 equities depreciated in price this week, as against 34 equities in the previous week, while 101 equities remained unchanged this week, lower than 119 equities recorded in the preceding week.

Here are the top 10 gainers and losers for the week.

Top Gainers

Ecobank Transnational Incorporated: Ecobank Transnational Incorporated was the best-performing stock this week. The stock opened at N6.00 and closed at N8.00, up N2.00  or 33.3%.

Year to date, the stock is up 42.9%.

 Oando Plc: Oando Plc opened at N3.35 and closed at N4.05, up N0.70 or 20.9%.

Year to date, the stock is up 19%.

 Fidelity Bank Plc: Fidelity Bank Plc opened at N1.40 and closed at N1.68, up N0.28 or 20%.

Year to date, the stock is up 17.2%.

UACN Plc: UACN Plc opened at N4.50 and closed at N5.35, up N0.85 or 18.9%.

Year to date, the stock is up 45.1%.

Law Union & Rock Insurance Plc: Law Union & Rock Insurance Plc opened at N0.33 and closed at N0.39, up N0.06 or 18.2%.

Year to date, the stock is up 35%.

C & I Leasing Plc: C & I Leasing Plc opened at N6.20 and closed at N7.30, up N1.10 or 17.7%.

Year to date, the stock is up 310%.

Sigma Pensions

Honeywell Flour Mill Plc: Honeywell Flour Mill Plc opened at N0.96 and closed at N1.10, up N0.14 or 14.6%.

Year to date, the stock is up 14.1%.

United Capital Plc: United Capital Plc opened at N1.82 and closed at N2.06, up N0.24 or 13.2%.

Year to date, the stock is up 27%.

Transnational Corporation of Nigeria Plc: Transnational Corporation of Nigeria Plc opened at N0.91 and closed at N1.03, up N0.12 or 13.2%.

Year to date, the stock is up 22%.

CHAMS Plc: CHAMS Plc rounded up the top 10 gainers for the week. The stock appreciated by 13% opening at N0.23 and closed at N0.26, up N0.03.

Year to date, the stock is up 30%.

Stock Market

Stanbic 728 x 90

Top Losers

Okomu Oil Palm Plc: Okomu Oil Palm Plc was the worst-performing stock this week, shedding 18.1%. The stock opened the week at N49.00 and closed N40.15, down N8.85.

Year to date, the stock is down at 47.3% and is trading at a year low.

NCR Nigeria Plc: NCR Nigeria Plc opened the week at N5.80 and closed at N4.95, down N0.85 or 14.7%.

Year to date, the stock is down 17.5%.

 LASACO Assurance Plc: Lasaco Assurance Plc opened the week at N0.33 and closed at N0.29, down N0.04 or 12.1%.

Year to date, the stock is down 3.3%.

Continental Reinsurance Plc: Continental Reinsurance Plc opened the week at N1.45 and closed at N1.30, down N0.15 or 10.3%.

Year to date, the stock is down 31.9%.

Tripple Gee and Company Plc: Tripple Gee and Company Plc opened the week at N0.70 and closed at N0.63, down N0.07 or 10%.

Year to date, the stock is down 18.2%.

MRS Oil Nigeria Plc: MRS Oil Nigeria Plc opened the week at N20.85 and closed at N18.80, down N2.05 or 9.8%

Year to date, the stock is down 26.9%.

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Cadbury Nigeria Plc: Cadbury Nigeria Plc opened the week at N10.30 and closed at N9.30, down N1.00 or 9.7%.

Year to date, the stock is down 7%.

[READ ALSO: May & Baker, United Capital Plc make best stocks as NSE closes negatively]

Mutual Benefits Assurance Plc: Mutual Benefits Assurance Plc opened the week at N0.22 and closed at N0.20, down N0.02 or 9.1%.

Year to date, the stock is down 4.8%.

Unity Bank Plc: Unity Bank Plc opened the week at N0.69 and closed at N0.63, down N0.06 or 8.7%.

Year to date, the stock is down 41.1%.

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Linkage Assurance Plc: Linkage Assurance Plc rounded up the top 10 losers for the week. The stock fell by 7.7%, opening at N0.52 and closing N0.48, down N0.04.

Year to date, the stock is down 33.3%.

[READ ALSO: Financial sector dominates gainers chart this week]

 

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Business

Digital Switch Over: Broadcasting code amendment to curb monopoly and boost local content – FG

The Minister disclosed that the DSO has been rolled out in five states so far.

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Insecurity: FG to implement town hall meetings to reach a national consensus

The Federal Government said the Digital Switch Over is a priority project because it will improve local content, create jobs, curb content monopolies and improve on-demand television to millions of Nigerian households.

This was disclosed by the Minister of Information, Lai Mohammed At The Digital Switch Over Stakeholders Meeting in Lagos on Monday.

The Minister disclosed that the DSO has been rolled out in five states so far, adding that the FG is “kick-starting the new rollout here in Lagos state on April 29th 2021, Kano state on June 3rd 2021 and Rivers state on July 8th 2021. We will then follow up with Yobe state on July 15th 2021 and Gombe state on August 12th 2021.”

What the Minister said

  • The DSO is about stimulating local content and empowering platform owners. It’s about creating jobs for our teeming population, especially the very creative youth population. This project is capable of generating 1 million jobs in three years.
  • We have carried out an unprecedented reform of the broadcasting industry because we know that there is a nexus between those reforms and the success of the DSO. The amendments were necessitated by the need to boost the local content in Nigeria, curb anti-competitive and monopolistic tendencies and boost advertising revenues.

The Amendments

The Minister revealed that the FG  amended the Code to curb monopoly and exclusivity of programme content in order to create room for the local industry to grow. “For example, the pay-tv sector of the Broadcast Industry had been controlled by foreign interests, while indigenous efforts to compete have been frustrated or weakened by the established control of the big monopolies,” he said.

  • We have amended the Code to stimulate growth in the advertising industry, introducing regulations mandating media agencies and advertisers to offset all outstanding invoices within 60 days related to advert placement and the barring of carriage of adverts of defaulters.
  • Under the new amendment, for a programme to qualify as local content, it must be authored, directed and produced by a Nigerian. In addition, at least 75 per cent of the leading actors and major supporting cast must be Nigerians, a minimum of 75% of its program expenses and 75% of post-production expenses paid for services provided by Nigerians or Nigerian companies.

The Minister added that the amendments also boosted advertising as all advertised products and services manufactured, grown, processed, developed, created and originating from Nigeria, shall be wholly produced in Nigeria.

What you should know

In February, The Federal Government launched a 14-member Ministerial Task Force on the Digital Switch Over (DSO) rollout across the country.

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Business

CBN moves against bad debtors to other financial institutions in new circular

The CBN has said it will extend its Credit Risk Management System to other financial institutions in the country.

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CBN health intervention fund gets new interest rate by March 2012, Nigerian banks’ non-performing loans drop significantly by 41% in 2019, External reserves decline by over 8% in 3 months, Nigeria’s external reserves increase by $1.36 billion in 13 days

The Central Bank of Nigeria (CBN) has further moved against bad debtors as it said it will extend its Credit Risk Management System (CRMS) to the other financial institutions (OFIs) in the country.

This follows the successful implementation of the CRMS in deposit money banks across the country.

This disclosure is contained in a circular titled, ‘Credit Risk Management System: Commencement of Enrolment of all Development Finance Institutions, Microfinance Banks, Primary Mortgage Banks and Finance Companies, issued by the apex bank and signed by its Director, Financial Policy and Regulation Department, Kelvin Amugo, on April 8, 2021.

CBN in the circular noted that this policy is to help promote a safe and sound financial system in the country as well as prevent the bad debtors from undermining the banking system.

What the CBN is saying in the circular

The statement from the CBN’s circular reads, “As part of efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.

“With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrolment of Other Financial Institutions on the CRMS platform.

Accordingly, all DFIs, MfBs, PMBs and FCs are required to report all credit facilities (principal and interest) to the CRMs and to update same on monthly basis. OFIs shall note the Bank Verification Numbers and Tax Identification Numbers are the only basis for regulatory renditions.

To ensure full compliance, OFIs are reminded to conclude the tagging of ALL life credits files for ALL individual and non-individual borrowers with BVN and TIN respectively by May 14, 2021.’’

Sigma Pensions

The apex bank in the circular also advised concerned OFIs to acquaint themselves with the regulatory guidelines for the operations of the redesigned CRMS for commercial, merchant and non-interest banks in the country.

While noting that it would monitor compliance with the requirements of this circular, the CBN said that appropriate sanctions would be applied for non-compliance.

What you should know

  • The CRMS was introduced due to rising cases of non-performing loans in banks and this contributed significantly to the financial distress in the banking sector.
  • This was also compounded by the existence of predatory debtors in the banking system who are fond of abandoning their debt obligations in some banks only to move to contract new debts in other banks. This led to the need for a central database from which consolidated credit information on borrowers could be obtained.
  • The CRMS is web-enabled thereby allowing banks and other stakeholders to dial directly into the CRMS database for the purpose of rendering statutory returns or conducting status enquiry on borrowers.

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