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Sell-offs in MTN, TransPower, others Pull Equity Market Down by 0.11%




The stock market on Tuesday declined further by 11 per cent, due to sell-offs in stocks of MTN Nigeria, Transnational Power(TransPower) Guaranty Trust Holding Company(GTCO), among others.

Other stocks that contributed to the market’s negative performance are: Unilever, Axa Mansard, Cornerstone Insurance, Royal Exchange Assurance, Nigeria Breweries, Fidelity Bank, Julius Berger, among others.

Specifically, the market capitalisation shed N62 billion or 0.

11 per cent to close at N59.115 trillion, as against 59.177 trillion recorded on Monday.

Similarly, the All-Share Index, which opened at 104,663.34, also lost 0.11 per cent or 110.03 points to close  at 104,553.


Consequently, the Year-To-Date (YTD) return declined to 39.83 per cent.

Analysis of the market activities showed trade turnover was lower than the previous session, with the value of transactions down by 29.69 per cent.

Meanwhile, on the loser’s log, Daar Communications led by 9.86 per cent to close at 64k per share,

Computer Warehouse Group(CWG) followed by 9.09 per cent to close at N5.50 per share.

Sovereign Trust Insurance also lost 8.51 per cent to close at 43k, while UPDC Real Estate Investment Trust trailed by 6.36 per cent to close at N5.15 per share.

Also, FIDSON Healthcare Plc dropped 6.25 per cent to close at N15 per share.

On the gainer’s log, International Energy Insurance led with 10 per cent to close at N1.32 per share.

International Breweries gained 9.89 per cent to close at N4.89 per share.

Juli Plc also rose by 9.85 per cent to close at N5.91, NEM Insurance appreciated by 9.59 per cent to close at N8, while FBN Holdings went up by 9.06 per cent to close at N43.95 per share.

Also, a total of 307.01 million shares valued at N7.59 billion were exchanged in 9,548 deals, compared to 287.45 million shares valued at N10.80 billion in 9,077 deals recorded on Monday.

FBNH led the activity log both the volume and value chart with 37.81 million shares traded in value of N1.57 billion, followed by United Bank of Africa(UBA) with 36.85 million shares worth N954.38 million.

Access Corporation sold 28.09 million shares worth N649.27 million, Transcorp traded 21.57 million shares  valued at N322.62 million and Fidelity Bank transacted 19.81 million shares worth N200.46 million.

Reacting,  Mr David Adonri, Vice Chairman, Highcap Securities Ltd., said that the downward performance of the market was due to little fatigue experienced after a prolonged rally.

Adonri, in an interview, noted that was propelled by demand pull.

He said that the selloffs were in high capitalisation stocks, noting, “hence, any decline on such stock is blown out of proportion.”

He mentioned that the share price of Tier-one banks, which appreciated over the weeks, was also witnessed relief by the declines.(NAN)


Naira Makes Huge Recovery, Gains 7.2% Against Dollar




The Naira on Friday experienced huge appreciation at the official market, trading at N1,142.38 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N88.


This represents a 7.16 per cent gain when compared to the previous trading date on Monday, April 8, exchanging at N1,230.

61 to a dollar before the Sallah holiday.

The total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,265 and N1,100 against the dollar.

Economic experts have continued to praise both fiscal and monetary policies of President Bola Tinubu’s administration responsible for the steady Naira appreciation.

The CBN, during its policy meetings held in February and March, implemented a total of 600 basis points in interest rate increases.

This helped tackle dollar scarcity, reduced volatility, and decreased reliance on parallel markets. (NAN)

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Business News

Geregu Power Earns N50.4bn From Electricity Sales, Capacity Charges 




By Tony Obiechina, Abuja 

Geregu Power Plc has generated N50.4bn on electricity sales and capacity charges to Nigerians in the first quarter of 2024.

The power company which is the first listed power company of the Nigerian Exchange Ltd disclosed the performance in its Q1, 2024 financial statement.

The company grew its Q1 revenue by 225 per cent from N14.

2bn in 2023 to N50.
4bn in 2023.

A breakdown reveals that Geregu Power sold energy worth N31bn and received N19bn as revenue from capacity charge.

Recall that the power company posted an annual revenue of N82.9bn in the full year of 2023 but it has covered half of the amount in Q1.

The revenue was above the company’s forecast for Q1 2024 when it projected its revenue to rise to N31.24bn.

Geregu Power recorded a profit before tax of N21.9bn up from the N5.3bn recorded in Q1 of last year, reflecting 307.8 per cent growth.

During the period underreview, the company saw its profit after tax rose by 307.3 per cent to N14.46bn from N3.54bn recorded in Q1 of last year. In the full year 2023, the company made N16.1bn net profit.

The net profit was above the company projection of N5.5bn. 

Geregu Power took an income tax charge of N7.43bn, up from the N1.8bn in Q1 2023. The tax charges were higher than the N2.7bn projected for Q1 2024.

The company also spent N21.5bn on the cost of sales involving gas supply and transportation, up from the N6.6bn spent on gas supply and transportation in Q1 2023.

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Afreximbank, Govt. of Bahamas Sign Host Country Agreement




African Export-Import Bank (Afreximbank) and the Prime Minister of the Commonwealth of The Bahamas on Thursday signed the Afreximbank Annual Meetings (AAM) Host Country Agreement.

The signing ceremony was held during a media briefing on Thursday in the Bahamas.

NAN reports that the 31st AAM2024 will be hosted in Nassau, Bahamas, from June 12 to 15, 2024 with the theme “Owning Our Destiny: Economic Prosperity on the Platform of Global Africa.

Philip Davis, Prime Minister of the Commonwealth of The Bahamas, in his remarks, said the signing ceremony was an important boost for the Bahamas and Africa and the Caribbean (AfriCarabian) visions.

“It is with immense pride that we officially sign the agreement for the Bahamas to host the AAM in June.

“Our ancestral history is marked by strength in the face of adversity, duty and creativity amid scarcity and the pursuit of self-determination.

“Our dreams, hopes and aspirations are encapsulated in this moment as we look forward to a future where Africa and the Caribbean stand shoulder to shoulder not just in solidarity but for economic collaboration for mutual prosperity.”

Davis said the AAM2024 meeting in the Bahamas was a symbol of what Africa and the Caribbean could accomplish through duty and collaboration.

“ In today’s world amid economic and environmental challenges, instead of building more walls, we choose to build bridges of trade, innovation, financial integration and most importantly bridges connecting our people and culture.

He said the Bahama’s commitment to the mission was underscored by the preparations underway to ensure the AGM stood as a forum for dialogue and impact deliberations and collaborations.

“ We are setting the stage for discussions to aid us in navigating the challenges of our times which include inclusivity, and the digital transformation of our economy.

“For the bank and our partners, we extend our deepest gratitude for entrusting us with the honour of hosting this significant event.

“Together we are celebrating the spirit of partnership, economic union of dreams, dreams of our ancestors and dreams of future generations that we pledge to realise through unity, collaboration and mutual respect.”

Davis said that in November 2022 The Bahamas and  other Caribbean countries signed an agreement with AFreximbank to forge a future for the advancement of the African and Caribbean people and their economies.

The prime minister said Afreximbank’s commitment to expanding operations in the Caribbean was seen in its establishment of the Caribbean Africa Bank, adding that it was an example of potential for development in the region.

“ As we come for the meetings, it will be remembered for the decisions made and agreements signed but also more significantly as Africa and the Caribbean came together for a better future,” he said.

Prof. Benedict Oramah, President and Chairman Board of Directors, Afreximbank, said the signing of the agreement would solidify the partnership between Afreximbank and the Caribbean.

Oramah said the partnership would form a platform for global Africa to take its destiny into its hands.

He said he was grateful to the prime minister, the government and the people of the Commonwealth of the Bahamas for the honour of agreeing to host the AAM2024.

“ By holding the 31st AAM, we collectively make a strong commitment to elevating the collaboration between the Afreximbank, the Commonwealth of the Bahamas and the entire Caribbean region to a higher pedestal.

“It bears testament to the depth of your government’s appreciation of the importance of our unique partnership in catalysing shared growth and prosperity for all of Africa and the Caribbean.

“It affirms commitment to ensure inclusiveness and bring the bank’s services to the doorsteps of the people.

“Bringing the meeting to the Caribbean also offers us the opportunity to celebrate the progress we have made so far between Africa and the Caribbean.”

Oramah said the bank was working with the government of the Bahamas to develop an Afro-Caribbeann marketplace in the Bahamas.

He said, when completed, it would be a permanent marketplace that would house manufacturing warehouses, and be a distribution and logistic hub for various tradable merchandise that Africa and the Caribbean would produce.

“It will finally establish the Bahamas as a gateway into the Caribbean and we hope the government will work with us diligently to bring this project to completion.”

Oramah said no fewer than 4,000 participants were expected at the AAM2024 adding that the opening ceremony would be held on June 13, which would be attended by Heads of State and Heads of governments.

He said others in attendance at the meetings would be African/Caribbean leaders and senior government officials, African and non-African policymakers, corporate leaders, bankers, academics and other thought leaders.

Oramah said there would be keynote presentations by policymakers and economists and a dedicated session to showcase trade and investment opportunities in the Caribbean and the Bahamas as well as sessions on youths, innovations and the creatives.

He said the 3rd Annual AfriCaribbean Trade and Investment Forum (ACTIF2024) will be incorporated into the AAM2024. (NAN)

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