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Spotlight Stories

Nigerian stocks begin March bullish, UACN, BUACEMENT, AIICO rally high

UACN (+6.67%) led the gainer’s chart today, while NASCON (-9.97%) was the top loser.

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Nigerian stocks ended the first trading session of the week positive. The All Share Index improved by 0.33% to close at 39,931.63 index points.

Year-to-date return and market capitalization settled at -0.84% and N20.89 trillion, respectively.

  • Investor sentiment as measured by the market breadth was however negative today, weaker at 0.70x on 17 advancers and 24 decliners.
  • A total volume of 543.9 million units of shares, valued at N1.88 billion exchanged hands in 4,673 deals.
  • The most traded stocks by volume were WEMABANK (369.67 million units) and ZENITHBANK (20.61 million units), while both also topped value by (N529 million) for ZENITH BANK and (N240.32 million) for WEMABANK.
  • UACN (+6.67%) led the gainer’s chart today, while NASCON (-9.97%) was the top loser.

Top gainers

  1. UACN up 6.67% to close at N8
  2. AIICO up 5.22% to close at N1.21
  3. VERITASKAP up 5.00% to close at N0.21
  4. BUACEMENT up 3.82% to close at N74.75
  5. NEIMETH up 2.73% to close at N1.88

Top losers

  1. NASCON down 9.97% to close at N14.45
  2. CHAMPION down 9.92% to close at N2.27
  3. PZ down 9.43% to close at N4.8
  4. LASACO down 8.94% to close at N1.12
  5. SOVRENINS down 7.41% to close at N0.25

Outlook

Nigerian bourse ended the first trading session of March on a bullish note amid earning results trickling in.

  • Price appreciation in BUACEMENT (+3.82%), UBA (+2.73%) and ZENITHBANK (+1.38%) moved the NSE industrial and banking index up by 1.47% and 0.25%.
  • Nairametrics, however, envisages caution in selecting stocks, as market indicators show growing uncertainty in the coming days.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Dividends

SEC accuse CMOs of frustrating e-dividend mandate process

The DG of SEC revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.

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Unclaimed dividends: SEC wades in, reduces processing time to 1 week for beneficiaries

The Securities and Exchange Commission (SEC) has faulted the activities of some Capital Market Operators (CMOs) which frustrates the e-dividend mandate process, leading to a rise in unclaimed dividends in the capital market.

This is as the unclaimed dividends in the capital market were estimated to have risen to over N200 billion.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Director-General of SEC, Lamido Yuguda, while speaking at the 2021 first post-Capital Market Committee (CMC) virtual news conference.

What the Director-General of SEC is saying

Yuguda, in his statement, said that the commission was aware that some CMOs were frustrating the e-dividend mandate process.

He said, “We implore all stakeholders to comply with all directives of the Commission in this regard, as defaulters would be sanctioned appropriately. We have observed that the growth in the number of mandated accounts has been on the decline for some time.

The capital market community has directed its e-Dividend Committee to engage with the Committee of Heads of Banking Operations to encourage better cooperation from banks as we tackle the challenges of unclaimed dividends.’’

The SEC boss reminded all CMOs that the commission’s directive on the update of investors’ Know Your Customer information was still in effect noting that the level of compliance had been low in spite of several engagements by the commission.

Yuguda revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.

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He said, “Despite several engagements, we realised that as of April 8, there were still 4,012,311 accounts with incomplete KYC information. This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority.’’

In case you missed it

  • SEC had earlier urged all Capital Market Operators (CMOs) to update their investors’ Know Your Customer information due to the low level of compliance.
  • The CMOs were also warned by SEC to stop providing any form of support to unregistered entities operating unlawfully in the country within the capital market as that would not be condoned.

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Funds Management

Best Pension Funds in Nigeria for the month of March 2021

Nigerian Pension Fund administrators in the month of March 2021, recovered from the downturn recorded in February to post marginal growth.

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Pension plan participation among Nigerians increases

Nigerian pension funds asset recorded tepid growth in the month of March, recovering marginally from the negative growth recorded in the previous month, as 81.25% of the total funds recorded positive growth against 22% recorded in February.

This is according to data tracked by Nairalytics Research on the fund performances of Nigerian Pension Funds Administrators.

A cursory look at the data revealed that the RSA Fund IV on average performed the best in March, followed by RSA Fund III, while RSA Fund I remained flat in the review month.

Nairametrics considered the prices of the different RSA funds as of 28th February 2021 and compared them with the prices as of the last day of March (31st March 2021).

Below is a list of the best-performing funds in March


RSA Fund I

This fund has the highest allocation of risky or variable income instruments and participation is strictly upon a formal request from a contributor. The RSA Fund I is suitable for people who want to invest in high-risk instruments with higher rewards. Hence, contributors who are 50 years and above cannot apply to be moved into this fund.

According to available data 9 of the funds recorded positive growth in the month under review, as against 1 recorded in the previous month.

First position: Crusader Sterling Pensions Limited

  • March return: 0.68%

Second position: ARM Pension Managers Limited

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  • March return: 0.52%

Third position: FCMB Pensions Limited

  • March return: 0.44%

Others on the list of gainers include; Premium Pension Limited, Trustfund Pensions Plc, Pensions Alliance Limited, Stanbic IBTC Pension Managers, NPF Pensions Limited, and Sigma Pensions Limited.

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It is noteworthy that Investment One Pension Managers and Veritas Glanvills Pensions were not included in the analysis, as their information could not be obtained, as at the time of writing this article. Considering the aggregate performance of the fund, it stood flat at 0%.


RSA Fund II

This fund is balanced and suitable for middle-aged contributors as well as those with a medium risk appetite. It is designed to be less risky with reduced allocation to variable income instruments compared to Fund I. The age requirement for participation is 49 years and below.

First position: Crusader Sterling Pensions Limited

Stanbic 728 x 90
  • March return: 0.65%

Second position: FCMB Pensions Limited

  • March return: 0.63%

Third position: ARM Pension Managers Limited

  • March return: 0.6%

Others on the list, which recorded positive growth in the month of March include; Leadway Pensure PFA, Nigerian University Pension Management, Trustfund Pensions, Pensions Alliance, Sigma Pensions Limited, Stanbic IBTC, and Radix Pension Fund Managers.

Of the 20 funds considered in the analysis, 16 recorded positive growth in value, representing 80% of the total. Meanwhile, it is noteworthy that as with the case in the RSA fund I category, Investment One Pension Managers and Veritas Glanvills Pensions, were not included.

The aggregate performance of the RSA Fund II, stood at 0.29% in March 2021.


RSA Fund III

This is a conservative fund that is designed for contributors close to retirement and contributors with a low-risk appetite. It is suited for contributors between the ages of 50 and 60 years. However, younger contributors may opt to participate in this fund category.

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First position: APT Pension Fund Managers Limited

  • March return: 1.17%

Second position: Crusader Sterling Pensions Limited

  • March return: 0.73%

Third position: Pensions Alliance Limited

  • March return: 0.66%

In this category of funds, all the pension funds posted positive growth in the month of March, with the exception of Investment One and Veritas Glanvills, which were not included in the analysis. The aggregate RSA Fund III, appreciated by 0.47% in March 2021.

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RSA Fund IV

The RSA Fund IV is exclusively for retirees. In the month of February, of all 22 Pension Fund Administrators, 10 of them recorded positive growth. However, they were all marginal growth of less than 1%.

First position: Pensions Alliance Limited

  • March return: 0.74%

Second position: First Guarantee Pension Limited

  • March return: 0.74%

Third position: Crusader Sterling pensions Limited

  • March return: 0.71%

Similarly, as witnessed in the RSA Fund III category all but AIICO Pension Managers recorded positive growth in March 2021, a recovery compared to the previous month. In terms of the aggregate performance, RSA Fund IV grew by 0.5% in the month under review.

According to the monthly report from the National Pension Commission, the total Pension Fund assets declined in the month of February 2021 from N12.3 trillion recorded as of 31st January 2021 to N12.25 trillion. This could be attributed to the bearish performance of the various funds in February 2021.

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