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Business News

Nigerian Stock Exchange ends Friday’s session in the green

The Nigerian Stock Exchange (NSE) ended Friday’s trading session in positive territory. The All-Share Index closed at 27,525.57 basis points, up 0.37%.

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Nigerian Stock Exchange, Nigerian Stocks

The Nigerian Stock Exchange (NSE) ended Friday’s trading session in positive territory. The All-Share Index closed at 27,525.81 basis points, up 0.37%. Year to date, the index is down by 12.42%.

Top Gainers

UAC Nigeria Plc was the best-performing stock today. The stock gained 9.98% to close at N5. Sterling Bank Plc gained 9.17% to close at N2.50. Stanbic IBTC Holdings Plc gained 8.57% to close at N38. Unity Bank Plc also gained 7.69% to close at N0.70. Cement Company Northern Nigeria Plc rounded off the top five gainers for today. The stock gained 5.67% to close at N15.85.

Top Losers

On the flip side, GlaxoSmithKline Consumer Nigeria Plc was the worst-performing stock, declining by 9.43% to close at N7.20. Royal Exchange Plc fell by 9.09% to close at N0.20. Continental Reinsurance Plc fell by 7.64% to close at N1.45. Chams Plc fell by 7.14% to close at N0.26. FCMB Plc also rounded off the top five losers for the day. The stock shed 6.63% to close at N1.55.

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Top Trades by Volume

Access Bank Plc was the most actively-traded stock today. 22.8 million shares valued at N148.8 million were traded in 153 deals. Fidelity Bank Plc was next with 11.3 million shares valued at N18.9 million traded in 125 deals, followed by Guaranty Trust Bank Plc with 11.1 million shares valued at N302.6 million traded in 250 deals.

[READ ALSO: Fidelity Bank to become Tier-1 bank, as digitisation affects brick expansion]

Zenith Bank Plc was next with 9.2 million shares valued at N161 million traded in 309 deals. United Bank of Africa Plc rounded off the top five most actively traded stocks today with 7.7 million shares valued at N45.8 million traded in 177 deals.

Corporate Actions

Fidelity Bank Plc has released its financial statements for the period ended June 30, 2019.

Gross Earnings increased from N92.2 billion in 2018 to N103.6 billion in 2019.

Profit before Tax increased from N13 billion in 2018 to N15 billion in 2019.

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Profit after Tax also increased from N11.8 billion in 2018 to N13.6 billion in 2019.

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Cutix Plc has also released its financial statements for the period ended July 31, 2019.

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Revenue dipped from N1.3 billion in 2018 to N1.27 billion in 2019.

Profit before Tax decreased from N171 million in 2018 to N145 million in 2019.

Profit after Tax also decreased from N111.6 million in 2018 to N94.4 million in 2019.

 

Forte Oil Plc notified the general public that the proposed offer by Ignite Investment and Commodities Limited to other shareholders of Forte Oil is still under review by the relevant regulators and has not been formally launched.

 

United Bank of Africa Plc has declared a dividend of 20 kobo for every ordinary share of 50 kobo share for the period ended June 30, 2019, subject to withholding tax and shareholders’ approval.

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The qualification date is September 12, 2019.

The Register of Shareholders will be closed from September 13, 2019.

[READ ALSO: Can Berger Paints increase market dominance by reducing prices?]

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Coronavirus

COVID-19: Moderna set to launch a new vaccine for virus strain found in South Africa

Moderna said it is accelerating work on a covid booster shot to guard against the recently discovered variant in South Africa.

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Moderna COVID-19 vaccine passes safety test on animals

American biotechnology firm, Moderna Inc. on Monday announced that it is launching a trial of a new Covid-19 vaccine as it warned that its current shot was less effective in tackling the strain that emerged in South Africa.

Moderna said it is accelerating work on a covid booster shot to guard against the recently discovered variant in South Africa.

According to the company, Laboratory tests show Moderna’s Covid-19 jab still works against the variant named 501Y.V2, which emerged in South Africa, and B.1.1.7, which was first discovered in the UK.

It however warned that the neutralising antibody response to 501Y.V2 was sixfold lower compared to the original variant, raising concerns that immunity to it may wane significantly, particularly in older people.

“Out of an abundance of caution and leveraging the flexibility of our mRNA platform, we are advancing an emerging variant booster candidate against the variant first identified in the Republic of South Africa into the clinic to determine if it will be more effective to boost titers against this and potentially future variants,” Moderna CEO Stephane Bancel said.

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What you should know

  • On Thursday, Dr. Anthony Fauci, White House health advisor said that new data had shown that the Covid-19 vaccines currently on the market may not be as effective against new and more contagious strains of the coronavirus.
  • Also, a team of researchers working with South Africa’s National Institute for Communicable Diseases stated that the 501Y.V2 shows substantial or complete escape from neutralising antibodies in COVID-19 convalescent plasma.
  • According to reports by South African researchers, the 501Y.V2 variant is 50% more infectious than previous ones. It has already spread to at least 20 countries since being reported by the World Health Organisation in late December.
  • Meanwhile, the total confirmed cases of the virus is currently at 99.85 million with over 2 million deaths worldwide.

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Corporate Press Releases

FITC wins BIZZ, IBX Global Awards for Business Excellence, Strategic Leadership

FITC was announced the winner of the two global awards in an elaborate virtual ceremony held in Doha, Qatar and Houston Texas respectively.

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Financial Institutions Training Centre (FITC)

FITC, the world-class, innovation-led, technology-driven, knowledge and professional services institute has emerged winner of the 2020 Business Excellence Award (The BIZZ Awards) and the Strategy, Change, and Transformation Award (The IBX Awards).

FITC, which provides cutting edge Learning, Advisory and Research Services to organizations within the Financial Services and other sectors, was announced winner of the two global awards in an elaborate virtual ceremony held in Doha, Qatar and Houston Texas respectively.

The Nigeria’s premier knowledge institute, FITC, won the Gold category in The BIZZ awards and Silver category in Strategy, Change and Transformation in the International Business Excellence, IBX Awards in recognition of its phenomenal initiatives that have led to innovative and exceptional transformation within the organization.

Also presented with an award was the Managing Director and CEO, FITC, Chizor Malize, who won the IBX 2020 Award for “Inspirational Leader”. The award was in recognition of the innovative, dynamic and game changing work at FITC in 2020 at the height of the global pandemic resulting in the extraordinary organization wide transformation at FITC and positive impact on the Nigerian financial services sector, FITC’s primary focus area.

Other IBX 2020 Award winners include Microsoft and Virgin Mobile.

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The International Business Excellence (IBX) Awards is part of a global business movement, giving organizations the chance to meet and compete with others from all over the world. Over the last twelve years, IBX Awards have been leading the way in recognising inspirational business practices, holding over 100 events and hosting more than 2000 companies.

Organized by Awards International, the IBX Awards recognises long-term sustainable profitability achieved through the practice of excellence, which occurs across a broad range of disciplines and defines the modern business agenda.

The BIZZ Awards gathers and recognizes leading businesses from different regions that contribute to the daily growth of their local economy and the world economy. THE BIZZ was created by World Confederation of Businesses (WORLDCOB), to offer to the global business community a range of benefits that further their development.

WORLDCOB was founded in 2004 in Houston, Texas, in the United States of America. Its primary mission is to promote business development worldwide, recognizing and boosting the growth of leading businesses and businesspeople in every country through the special tools and services that it offers its members. The organization has approximately 3,500 members representing over 130 countries.

Considered to be the most important business excellence award in the world, The BIZZ Awards is organized and given out to the most outstanding companies and businesspeople in each participating country. The award which targets small, medium and large enterprises was created to recognize businesses with practices worthy of recognition who end up being examples for other businesses to follow in their communities and internationally.

Speaking on the awards, Malize, said the organization would keep going beyond the ordinary in its effort to delivering innovative knowledge solutions to its clients in the Financial Services and other sectors.

“For 40 years, FITC has been an innovator, enabling people and organizations to excel and it was in line with our vision to build a world class innovation-led and technology-driven organization that we defined our six success pillars which are programmes, process, platforms, people, positioning and performance.

“We took deliberate and strategic steps by making significant changes across these key drivers of the positive transformation experienced today by our stakeholders, and which has also culminated to these awards and recognitions being given to our organization today. We are extremely delighted by these awards and we remain committed to helping our clients in the Financial Services and other sectors navigate and advance their careers, while building on our member firms’ successes through our clear vision, strong corporate values, and our culture of excellence,” Malize said.

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Established in 1981 as a non-profit organisation limited by guarantee to provide capacity building and serve as a knowledge hub for the Nigerian Financial Services Sector, FITC is owned by the Bankers Committee, Central Bank of Nigeria, Nigeria Deposit Insurance Corporation (NDIC) and all deposit money banks in Nigeria.

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Over the years, FITC has demonstrated delivery of best-in-class services using a large pool of multidisciplinary and versatile professionals, who provide business support to its numerous clients within the public and private sectors, most notably within the financial services sectors and public sector of Nigeria and Sub-Saharan Africa.

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Debt Securities

Ecobank Nigeria secures N50 billion 10-Year subordinated loan

Ecobank Nigeria has secured a N50 billion, 10-year bilateral subordinated loan.

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Ecobank Nigeria

Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated (‘’ETI’’) has announced that it has secured a N50 billion, 10-year bilateral subordinated loan.

This is according to a disclosure signed by the Group Head, Adenike Laoye and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

The bilateral funding will enable the bank to maintain stable liquidity and improve its balance sheet, especially the capital adequacy ratio by an estimated circa 300 basis points.

What they are saying

The disclosure from the bank read thus:

“Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group, announces that one of its significant subsidiaries, Ecobank Nigeria, secured N50 billion, 10-Year bilateral subordinated loan.

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“The bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points. The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (“MSMEs”) and Small Corporates.”

What you should know

Ecobank Transnational Inc. had earlier recorded 11% rise in its interest income to N139.6 billion for Q3 2020, as captured by Nairametrics.

  • Subordinated loans have lower priority than other debt instruments in case of liquidation. They are only repayable after other debts have been paid.
  • This debt can either be secured or unsecured and it typically has a lower credit rating and higher yield than other senior debt.

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