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Business News

Investors lose N9.14 billion to bears on Wednesday 

The stock market witnessed bearish trade performance for the third consecutive session this week, as it lost N9.14 billion.

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NSE Nigerian stocks, UBA, Zenith, First Bank lead actively traded stocks on Tuesday , Courteville, Jaiz Bank, Transcorp lead gainers on Friday 

The stock market witnessed another bearish trend for the third consecutive trading sessions this week, as it lost N9.14 billion to close its equity capitalization at N14.348 trillion, indicating a 0.06% decline.

Also, the major market indicator, the all-share index dipped by 0.09% to close at 27,523.08 index points. The decline recorded in the value of medium capitalized stocks such as GTBank, Forte Oil, Custodian Investment, Dangote Sugar and Mansard Insurance influenced the negative performance of the bourse’s indicators on Wednesday.

Top gainers

United Capital emerged the best performing stock as it gained by 9.9% to close at N3.22. This came after the company released its 2019 full-year financial statement, posting N4.97 billion profit after tax and declared dividend payment of 50 kobo per 50 kobo ordinary share held by shareholders.

African Prudential Plc followed the ranks of gainers having rose by 9.87% to close at N5.12 and AIICO Insurance gained 9.76% to close at N0.9. C & I Leasing also recorded positive growth in the value of its stock as it gained 9.48% to close at N6.35 while Unity Bank Plc rounded off the list with 9.26% gain to close at N0.59.

[READ MORE: Bears sustain reign in stock market, as investors lose N12.2 billion on Tuesday)

Top losers 

On the decliners list, AXA Mansard Insurance shed 10% to close at N1.8 followed by Forte Oil Plc, which dipped 9.97% to close at N16.7. Custodian Investment Plc recorded 9.92% loss to close at N5.45 as NCR Plc recorded a decline of 9.4% to close at N2.7 while Law Union Insurance Plc rounded off the list with 9.09% to close at N0.9.

Top trades by volume 

GTBank attracted the highest trades in terms of volume of stocks traded on Wednesday, recording trades in 79.35 million units of shares valued at N2.26 billion across 233 deals. GT bank accounted for 44.99% of the total value of stocks traded.

Zenith Bank followed with trades in 39.99 million units of shares at N780.85 million across 553 transactions while First Bank Holdings traded in 34.62 million units of shares valued at N199.5 million across 275 deals. Japaul Oil attracted sales in 16.31 million units of shares at N3.26 million across 30 deals while UBA caped the list with trades in 15.74 million units of shares valued at N120.45 million across 227 deals.

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Spotlight Stories

How digital wallets have boosted financial inclusion in Nigeria   

Digital wallets are being projected to become the future of mobile payment.

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Nigeria’s payment space has taken giant strides towards becoming cashless. This is largely due to the pandemic which redefined the payment experience for a growing number of people and also made various payment services easily accessible.

With the adoption of digital payment methods such as internet banking, mobile banking, Unstructured Supplementary Service Data (USSD), banking cards, etc., mobile payment in Nigeria has been growing steadily over the years.

The advent of digital wallets has further helped to bring Nigeria closer to becoming a cashless society and deepen financial inclusion in the country. Recently, we have seen the emergence of different digital wallets that have been created to bridge the financial exclusion gap, while making financial transactions easier.  According to a report by Statista, as at 2020, about 10 percent of digital payments in Nigeria were transacted through e-wallets.

What is a digital wallet?

Imagine your normal physical wallet in your pocket; you keep money in it, and whenever you need to buy something or pay for a service, you take it out, remove cash, and make your payment.

A digital wallet, or e-wallet, serves the same purpose as your physical wallet but in an electronic form. Digital wallets allow users to make cashless transactions when shopping online, making in-store purchases, paying bills, sending or receiving money, etc. with their smartphones.

What they are saying?

In a telephone chat with Toyosi Yusuff, a Marketing & Communication expert in one of the leading tech companies in Nigeria, he stated that there had been increased adoption by upwardly mobile, tech-savvy Nigerians—especially those between the ages of 18 and 26 years.

He emphasized that e-wallets had helped tremendously to manage online spending. While speaking on the challenges, Yusuff stated that trust was still one of the biggest challenges to the adoption of e-wallets in Nigeria. “Young Nigerians are still unwilling to risk their funds with ‘unstructured’ fintech companies,” he said.

Digital wallets in Nigeria

Here are a few digital wallets available in Nigeria:

Paga: Paga is a mobile payment company that enables people to digitally send and receive money by creating simple financial access for everyone. Founded in 2009 by Tayo Oviosu, Paga acts as a mobile wallet where any user equipped with a mobile device can conduct transactional activities using their device. With Paga, customers are able to deposit and save money, purchase prepaid phone credit, pay utility and cable bills, and make payments to retailers. Paga dominates the Nigerian e-wallet platform with over 17 million customers. It also offers basic banking services such as savings accounts, wire transfers, and merchant services.

Wallets Africa:  Wallets Africa lets users send and receive money, and make payments through their phones. Users can pay directly into bank accounts and pay utility bills in Nigeria from the app or website.

Founded in 2016 by John Oke, Wallets Africa also lets you create a virtual dollar card on their platform. These dollar cards can be used elsewhere for various kinds of payments, mostly international payments that may not be possible with local cards. It gives users a unique transaction experience and makes financial services more accessible to the under-banked.

GetBarter: GetBarter helps users to easily send and receive money instantly at no cost. Users can carry out bills payments directly on the app. It also allows users to create a virtual dollar card and a gift card for international transactions. GetBarter is owned by Flutterwave, a payment platform.

Chipper Cash:  Chipper Cash enables cross-border payments and money transfers within and between different African countries. Besides money transfer, it can also be used to pay bills (cable TV, internet, and electricity) and purchase airtime. Launched in 2018, the company offers mobile-based, no fee, P2P payment services in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. Chipper Cash has over 3 million users on its platform and processes an average of 80,000 transactions daily.

Why this matters

  • E-wallets are inherently more secure than physical wallets containing cash and debit cards that could get stolen or misplaced, thereby causing great distress to the owner. Also, your phone has security measures like passwords and fingerprint scanning to prevent other people from accessing it. Furthermore, the financial data carried in your digital wallet is itself encrypted.
  • The emergence of COVID-19 has made digital wallets the best way to go cashless in today’s world, as they are easier to use than traditional payment methods.  One can easily perform transactions from anywhere by using a smartphone, tablet, desktop, laptop, or other similar devices.
  • Though mobile payment is still an emerging market, the future of financial transaction is mobile, and more people are rapidly adopting this trend. With digital wallets international transactions could be made less cumbersome, currency conversion during the transaction will be easier, and it is less prone to fraud.

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COVID-19 Update in Nigeria

On the 8th of March 2021, 371 new confirmed cases and 13 deaths were recorded in Nigeria

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Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 158,906 confirmed cases.

On the 8th of March 2021, 371 new confirmed cases and 13 deaths were recorded in Nigeria.

To date, 158,906 cases have been confirmed, 138,502 cases have been discharged and 1,982 deaths have been recorded in 36 states and the Federal Capital Territory

A total of 1.6 million tests have been carried out as of March 8th, 2021 compared to 1.54 million tests a day earlier.

COVID-19 Case Updates- 8th March 2021,

  • Total Number of Cases – 158,906
  • Total Number Discharged – 138,502
  • Total Deaths – 1,982
  • Total Tests Carried out – 1,601,396

According to the NCDC, the 371 new cases are reported from 17 states- Lagos (102), Enugu (65), Edo (56), FCT (23), Ogun (20), Osun (18), Bayelsa (18), Rivers (15), Kaduna (14), Plateau (10), Oyo (8), Bauchi (7), Kano (5), Delta (4), Nasarawa (3), Niger(2) and Ekiti (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,444, followed by Abuja (19,350), Plateau (8,944), Kaduna (8,658),  Oyo (6,766), Rivers (6,680), Edo (4,670), Ogun (4,437), Kano (3,844), Ondo (3,066), Kwara (2,962), Delta (2,582), Osun (2,457), Nasarawa (2,251), Enugu (2,156), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,813), Akwa Ibom (1,610), and Abia (1,588).

Imo State has recorded 1,569 cases, Borno (1,308), Bauchi (1,274), Benue (1,188), Adamawa (942), Niger (919), Taraba (863), Ekiti (834), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (412), Cross River (334), Yobe (293), Zamfara (222), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

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On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

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On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.

On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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