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Equities Ear N981b in Net Capital Gains

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Nigerian equities earned more than N981 billion in net capital gains in the past seven trading sessions, making Nigerian stocks some of the most lucrative in the global stock markets.

Benchmark indices for the Nigerian stock market yesterday rode on the back of increased demand across several sectors of the market to a year-to-date return of 4.

4 per cent; implying net capital gains of N981.
1 billion in the seven trading sessions.

The sustained bullish rally at the Nigerian stock market underlined a positive, though cautious, outlook for the equities by several pundits after the Nigerian market sustained a two-year consecutive positive return.

The continuing rally has built up the net capital gains for investors since 2020 to more than N8.

7 trillion.

Nigerian equities had over the past 24 months posted a two-year average return of 56.1 per cent, equivalent to net capital gains of N7.76 trillion over the past two years.

The stock market closed in 2021 with an average return of 6.07 per cent, equivalent to net capital gains of N1.278 trillion.

It had in the throes of the outbreak of the COVID-19 pandemic in 2020 recorded an average return of 50.03 per cent, representing net capital gains of N6.483 trillion.

Yesterday, investors raked in N403 billion in net capital gains amidst bargain-hunting for large-cap blue chips and value stocks. The benchmark index showed an average return of 1.7 per cent.

The strong rally yesterday was driven by influential stocks such as Dangote Cement, Seplat Energy; Guinness Nigeria; BUA Foods and MTN Nigeria Communications.

Dangote Cement, Nigeria’s most capitalised quoted company, yesterday announced that it would be buying back 170 million shares from shareholders between next Wednesday and Thursday.

The second tranche of the share buyback programme would see the company mopping up one per cent of its current issued share capital

Analysts at Afrinvest Securities said they “anticipate that bargain hunting would persist on improved investor sentiment”.

The All Share Index (ASI) of the Nigerian Exchange (NGX), a value-based common index that tracks all share prices at the NGX, closed yesterday at 44,608.82 points as against its opening index of 43,859.30 points. It had opened the year at 42,716,44 points

The aggregate market value of all quoted shares at the NGX rose from its opening value of N23.631 trillion to close at N24,034 trillion. It had opened the year at N22.297 trillion.

The total turnover of trades yesterday stood at 266.3 million shares valued at N3.8 billion in 4,502 deals.

All sectoral indices closed positive with the exception of the NGX Insurance Index, which dipped by 0.5 per cent. The NGX Industrial Goods Index led with a return of 3.1 per cent.

The NGX Oil & Gas Index rose by 1.4 per cent. The NGX Banking Index posted an average gain of 0.4 per cent while the NGX Consumer Goods Index appreciated by 0.1 per cent.

Dangote Cement rose by N16 to close at N275. Seplat Energy appreciated by N20 to close at N690. Guinness Nigeria rallied N1.20 to close at N42.20. BUA Foods added N1.65 to close at N66 while MTN Nigeria Communications chalked up N4 to close at N190 per share.

Most market pundits have predicted a continued rally at the stock market despite emerging political risks.

Analysts at Cordros Capital said the outlook for the Nigerian equities is bullish in the near term.

“In the near term, we believe positioning for 2021 full year dividends will continue to support buying activities in the market even as institutional investors continue to search for clues on the direction of yields in the fixed income market,” Cordros Capital stated.

President, Chartered Institute of Stockbrokers (CIS), Mr Olatunde Amolegbe, said two years of positive returns show that the market is reflecting its function as the barometer for the economy.

“We also expect the positive movement for the first half of 2022 on the back of good corporate performance, implementation of some part of the Petroleum Industry Act (PIA) and intense focus on infrastructural development and resultant increased capital raising by government and corporate entities,” Amolegbe said.

According to him, the implementation of the PIA has the potential to raise government revenue, which may elicit a positive response from the market while infrastructural development would likely boost market activity.

“These, however, depend on stable macroeconomic policy, increased security and stable polity,” Amolegbe, who doubles as Managing Director of Arthur Steven Asset Management Limited said.

Managing Director, APT Securities and Funds, Mallam Kasimu Garba Kurfi, also said the market would remain positive in 2022, although the second half would be determined by the politics of succession by the largest political parties.

“We expect the bullish rally to continue in first and second quarters but the continuity to the third and fourth quarters depends on the outcome of the primary election of the APC and PDP if they are able to succeed in electing the right candidates for the presidency.

“Acceptability will lead to bullish rally throughout the year, otherwise, the market may suffer a reversal,” Kurfi said.

Group Head, Research, GTI Capital Group, Mr. Emmanuel Onoja, said there was a strong possibility of the market running through a third positive year.

“It’s most likely we see the third year of positive return given the potential liquidity buildup next year as a result of increased borrowing, election spending and falling yields,” Onoja said.

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Bandits Invade Niger Local Market,  Village  Head, 20 Others Killed

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From Dan Amasingha,  Minna

After relative  peace since the start of the Ramadan fast,daredevil Bandits  invaded a Niger local market and killed the Village head and 20 traders in Madaka, Rijau local government areas of Niger State.Rijau Local Government which borders  neighbouring Kebbi State, has experienced consistent banditry attacks in the past one year.

Eye witnesses inform our Correspondent that the suspected bandits riding on motorcycles stormed the market  on Thursday  afternoon  around 3.
30- 4pm  when activities at the market  were  at its peak.According  to the source,  the invading  bandits who shot sporadically  into the air to scare away traders later started ransacking big time traders by carting away food stuffs  and Cash.
Villagers who had the pandemonium at the market square fled into nearby bushes to take cover and the Village head who attempted  to find out  what was happening was shot dead at close range.”At the end of the confusion, we discovered that twenty one persons  including our Village  head were wasted,The Source  maintained that, the bandits before leaving  later set about 50 houses  including commercial shops on fire, and a  number of cars and motorcycles were burnt down during the incident.”After  killing innocent victims and burning down the market they also went away with an unspecified number of the villagers to an unidentified destination”Confirming  the incident,  Madaka District Head, Alhaji Isah Bawale  said  it was a black Thursday evening in a telephone interview on Friday morning.He further recounted that the Community  had come under similar attack some times ago when his predecessor  was killed without any resistance from security agencies.When contacted, Niger State Command of Police Public Relations Officer PPRO SP Wasiu Abiodun assured to verify and get back but he couldn’t revert at the time of filing in the report.Meanwhile, the Niger state government, especially the commissioner for security, General Bello Abdullahi Mohammed (retired) is yet to speak on the incident.

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Women Are Nation Builders, Bayelsa NAWOJ

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From Mike Tayese, Yenagoa

The Nigerian Association of Women Journalists, NAWOJ, Bayelsa State chapter has described women as society builders hence they should be empowered to harness their potentials for nation building.

Chairperson of NAWOJ Bayelsa, Mrs Grace Orumieyefa handed down this during a one day program to commemorate the 2024 International Women Day held at the Nigerian Union of Journalists, NUJ Press Centre in Yenagoa, the state capital.

Mrs Orumieyefa noted that NAWOJ has over the years been at the forefront of advocacy for women rights as the empowerment of women brings empowerment for everyone around her which makes a better society.

Also speaking, Chief Executive Officer, Eunice Nnachi Women Advocacy Foundation, ENWAF, Lady Eunice Nnachi urged women to take advantage of technological advancement to improve their learning and training in order to empower themselves.

“You can learn almost anything using the internet, through YouTube, women should use this medium to learn many things and train themselves.”

While responding to questions, she said, women should not be desperate to get life partners but should ensure that they have partners who can help them to achieve their dreams.

The Keynote Speaker, Mrs Ebi Kakandar who delivered a lecture on “Harnessing the Prospects and Potentials of Women” called on women to shun all forms of laziness, be determined and courageous to pursue their life ambitions.

Mrs Kakandar pointed out that factors such as building a growth mindset, improving your emotional mindset, developing willpower, cultivating strong social support, aspiring for greatness and setting achievable goals are some of the keys to achieving success as a woman.

She encouraged women to seek more knowledge and inspire themselves to be self-reliant.

Various organizations such as NUJ, FIDA, NLC, MWAN, Starzz Initiative, DO Foundation, POWA and other women organizations as well as NGOS delivered Goodwill messages for women advising to aspire for higher achievement.

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Students Loan: FG Explains Delay in Take-off, Sets New Date

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The Federal Government has set the month of March for a definite opening of the Nigeria Education Loan Fund (NELFund) portal for eligible students.

Dr Akintunde Sawyerr, Execute Secretary NELFund, who disclosed this in an interview with newsmen on Thursday in Abuja urged eligible students to register to access the fund.

President Bola Tinubu on June 12, 2023, signed the Access to Higher Education Bill into law to enable indigent student access interest-free loan to pursue their education in any Nigerian tertiary institutions.

The scheme was slated to commence between September and October 2023, but because of unforeseen circumstances, there was a revised timeline to January.

Giving reasons for the delay in starting the scheme as earlier scheduled, Sawyerr explained that the process is technically driven and necessary measures needed to be put in place for proper execution.

“The take-off date is this month (March) and the reason for the delay is that we are trying to get it right.

“This is not a political programme where we say, oh! we are just going to do it, it doesn’t  matter how it works.

“This is a programme that will, probably run beyond me as a human being, not even as a Secretary. This is something that we want to run adequately, so we have to get it right,’’ he said.

Sawyerr, reiterated President Tinubu’s commitment to ensure that lack of finance should not be a reason for any student in Nigeria to halt education at a tertiary level.

According to him, the scheme was designed for indigent Nigerian students in tertiary institutions and applications would be done online.

“We have decided that, all applicants should be able to access this scheme regardless of where they are, who they are and who they know.

“We want this to be a process that is fair to all and we will advertise the portal widely so that applicants will be able to go to the website to fill series of forms and answer certain questions.

“Base on the data they input and their answers to the questions, the system will be able to determine appropriately, whether they are eligible to apply or not,’’ Sawyerr explained. (NAN)

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