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Nigeria’s Bourse Maintains Upward Trend With N42Bln Growth

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Transactions on the Nigerian Stock Exchange opened for the week on Monday still on an upward trend with the market capitalisation crossing N15 trillion mark.

Specifically, the market capitalisation which opened at N14.999 trillion inched higher by N42 billion or 0.28 per cent to close at N15.041 trillion.

Also, the All-Share Index increased by 80.90 points or 0.28 per cent to close at 28,777.96 compared with 28,697.06 achieved on Friday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Flour Mills, Dangote Cement, Custodian Investment, Ecobank Transnational and Glaxo Smithkline.

This week, analysts at United Capital Plc said “We expect more earnings to come in and investors will continue to cheery picks on stocks’’.

Also, analysts at Afrinvest Ltd., expected the performance of the equities market to be dictated by the earnings’ result.

Market breadth was positive with 27 gainers against 15 losers.

Custodian Investment led the gainers’ chart in percentage terms, gaining 10 per cent to close at N5.50 per share.

NPF Microfinance Bank trailed with 9.70 per cent to close at N1.47, while eTranzact rose by 7.73 per cent to close at N1.95 per share.

ETI and Lasaco Assurance improved by 7.69 per cent each to close at N4.90 and 28k per share, respectively.

On the other hand, Morison Industries led the losers’ chart in percentage terms, losing 10 per cent to close at 54k per share.

Consolidated Hallmark Insurance lost 8.82 per cent to close at 31k, while NASCON shed 8.39 per cent to close at N13.10 per share.

Wapic Insurance dropped 7.50 per cent to close at 37k, while Livestock Feeds depreciated by 7.46 per cent to close at 62k per share.

In the same vein, the total volume of shares traded increased by 20.44 per cent as investors bought and sold 340.80 million shares worth N5.56 billion in 4,235 deals.

This was in contrast to 282.97 million shares valued at N4.43 billion exchanged in 2,942 deals on Friday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 56.79 million shares valued at N1.74 billion.

Zenith Bank followed with 47.79 million shares worth N1.01 billion, while Wapic Insurance traded 40.05 million shares valued at N14.76 million.

FBN Holdings sold 26.14 million shares worth N160.09 million, while United Bank for Africa accounted for 21.76 million shares worth N155.39 million.

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Business Edge | Petroleum Industry Bill Passes Second Reading in the House of Representatives

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PIB has passed second reading at the House of Representatives. The PIB in many quarters appears to be the most politicized piece of legislation in Nigeria’s legislative history. It was conceived by the Executive Arm of government some 18 years ago to principally inject transparency and stimulate growth in the country’s oil industry. But controversies arising from vested interests have continued to bog it down, making it one of the longest bills in the National Assembly that had been subjected to legislative fireworks.

To get it passed in the first attempt, the document was balkanised by the two chambers of the Nigerian National Assembly, the Senate, and the House of Representatives which called it “Petroleum Industry Governance Bill, PIGB”. With the new name, the Bill was passed simultaneously in both chambers in January 2018.

It was later forwarded to President Muhammadu Buhari for presidential assent. But the President expressly declined his assent, citing anomalies, particularly the reduction of Powers of the Minister of Petroleum over Nigerian National Petroleum Corporation, NNPC. The refusal then necessitated the return of the Bill to the National Parliament.

Also, Ethiopia plans to sell a 45% stake in its Ethio Telecom monopoly, an adviser to the state minister of finance said, as the government pursues the liberalization of the sector despite an armed conflict in the north of the country. Ethiopia’s telecoms industry is considered the big prize in a push to liberalize the African country’s economy because of a vast protected market, which serves around 100 million people. Tolulope Adeleru Balogun discussed these with Nasir Afolabi Agbalaya and Ralph Malik

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South Africa Records Boost In Business Confidence

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Following the easing of lockdown restrictions imposed by the South African government to check the spread of COVID-19, the country has enjoyed a new boost in business confidence.

According to a quarterly assessment of business confidence in the country, conducted by FirstRand Ltd.’s Rand Merchant Bank unit, it on Wednesday, said business confidence country has increased to 40 from 24. It is the country’s highest since Q2/2018. The index is compiled by Stellenbosch University’s Bureau for Economic Research.

The improvement shown is another proof to the data that suggests the South African economy may be recovering gradually from its low ebb.

The country’s output contracted by an annualized 51% and 2.2 million jobs were lost in the second quarter.

“It only signifies an economy that’s out of intensive care, and not out of high care,” an RMB chief said. “The strong rise in confidence among consumer-facing sectors could easily turn out to be temporary if the ‘kicker’ having come from pent-up demand peters out.”

The confidence boost for businesses may however not be long-lasting due to the overall effects of the pandemic.

South Africa is one of Africa’s worst-hit countries and has been rallying back, following its recession in March. The country has faced two recessions in two years.

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Nigeria Suffers The Worst Economic Recession In 33 Years

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The news of Nigeria sinking into its worst recession in 33 years has left most Nigerians asking how the giant of Africa got here. News Central speaks with Muktar Mohammed, a finance analyst who further explains the implication of this recession.

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