• Nigeria - 91 DAY Treasury Bill
  • Issue No:364DAY 1/27/2022
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The management of Transnational Corporation of Nigeria (Transcorp) Plc has assured that it would sustain its improved performance outlook for the conglomerate in the remaining quarters of the year 2021.

The conglomerate made this known at its half year virtual analyst parley. In H2, 2021, the Group targets to generate 641 average capacity and 537 average capacity for Transcorp Power Limited and Transafam Power Limited, while the Group targets occupancy rate of 67 per cent and 54 per cent for Trancorp Hotels and Transcorp Hotels Calabar.

The president/Group chief executive officer, Transcorp, Owen Omogiafo, said that although the COVID-19 pandemic affected global businesses last year, the positive economic turnaround in economies especially Nigeria has made Transcorp’s H1 2021 financial performance better than it was in H1 2020.

“The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5 billion, rising by 713 per cent up from N0.8 billion recorded in June of the previous year. Its revenue rose by 53 per cent, from N35.0 billion in June 2020 to N53.3 billion in H1 2021, gross profit grew by 60 per cent, from N14.7 billion in June 2020 to N23.5 billion in June 2021 while Profit before tax (PBT) rose by 689 per cent from N0.9 billion in June 2020 to N7.1 billion in June 2021.

“However, its operating expenses grew to N7.49 billion from N6.24 billion due to the reflection of inflation in the nation’s economy, Omogiafo said. Whilst reiterating the Conglomerate’s commitment towards producing long-term value and sustainable impact, she revealed that the company is growing impressively in its topline and bottomline indices while adding that its entities are also growing.

Speaking on the outlook of the company in H2 2021, Omogiafo said, “We do not plan to rest on our oars. We will continue to sweat our existing assets and explore new frontiers, as we continue to deliver on our purpose of improving lives and transforming Nigeria.”

Corroborating her, the managing director, Transcorp Power Limited, Christopher Ezeafulukwe, said the company intends to gradually sustained the increase of power generation over the next five years, saying that it is targeting 258 megawatts capacity by December 2021.

“We will continue to engage with key stakeholders to sell our stranded capacity through the West African Power Pool (WAPP), partnerships with Discos, eligible customers, among others. We also want to continue to engage with NBET to ensure our invoices are […]

The Nigerian stock market ended the week on a bearish note as the All-Share Index, which is the benchmark in measuring the market’s performance dipped by 0.57% and investors lost about N117 billion during the week.

This is contained in the weekly market report, for the week ended 3rd September 2021 as released by the Nigerian Exchange group.

The decline recorded in the week cancelled out the marginal gain of 0.01% recorded in the previous week. Specifically, the all-share index declined from 39,485.65 to 39,261.01 points as of Friday, 3rd September 2021, while the equities market capitalisation closed at N20.46 trillion. Equity Market Performance

A total turnover of 1.34 billion shares valued at N8.65 billion in 19,830 deals were traded this week by investors on the floor of the Exchange, compared to a total of 1.03 billion shares valued at N8.18 billion that exchanged hands last week in 18,102 deals.

The Financial Services Industry led the activity chart by volume with 615.59 million shares valued at N4.189 billion traded in 9,021 deals; contributing 45.9% and 48.4% to the total equity turnover volume and value respectively.

The Conglomerates Industry is a distant second with 253.39 million shares worth N280.79 million in 1,126 deals, while Consumer Goods came third, with a turnover of 185.85 million shares valued at N1.59 billion in 4,107 deals.

Trading in the top three equities namely Transnational Corporation of Nigeria Plc, Honeywell Flour Mill Plc and Access Bank Plc accounted for 450.57 million shares worth N1.492 billion in 3,696 deals, contributing 33.66% and 17.25% to the total equity turnover volume and value respectively.

Twenty-six (26) equities appreciated in price during the week, thirty-six (36) equities depreciated in price while ninety-four (94) equities remained unchanged over the week.

All other indices finished lower with the exception of NGX Insurance, NGX AFR Div Yield, NGX MERI Growth, NGX Meri Value and NGX Sovereign Bond indices which appreciated by 0.79%, 0.11%, 0.03%, 0.31% and 0.65% respectively, while the NGX ASeM and NGX Growth Indices closed flat.

During the week, Access Bank declared an interim dividend of N0.3 to its shareholder, with a qualification date of 16th September 2021, and payment date slated for 29th of the month. Top gainers

Top gainers Exchange-Traded Products (ETPs) A total of 54,468 units valued at N2.603 million were traded this week in 19 deals compared with a total of 39,465 units valued at N1.834 million transacted last week in 27 deals.The six […]

By Adedapo Adesanya

The Naira finished the week stronger against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday.

At the trading session, the domestic currency appreciated by 17 kobo or 0.04 per cent to sell at N411.5/$1 compared to N411.67/$1 it was transacted on Thursday.

The local currency was strengthened yesterday by the sufficient supply of FX to traders at the market window to meet the rise in the demand for foreign currencies witnessed at the market lately.

Business Post gathered from the FMDQ Securities Exchange that at the session, the value of transactions reduced by 56.9 per cent or $168.83 million to $127.51 million from the previous day’s turnover of $296.34 million.

But at the black market, the Nigerian currency retained its previous exchange rate against the Dollar at N530/$1 and lost N2 against the Pound Sterling to trade at N722/£1 in contrast to N720/£1 it traded at the previous session.

The local currency also depreciated by N2 against the Euro at the unregulated segment of the forex market on Friday, closing at N622/€1 compared with N620/€1 it finished at the preceding session.

At the interbank window of the forex market, the Nigerian Naira further lost 3 kobo or 0.01 per cent against the greenback to quote at N410.40/$1 as against the previous day’s N410.37.

Cryptos Bullish as Assets See Fresh Demand

A renewed interest in digital currencies at the cryptocurrency market spurred an uptick in the value of the assets on Friday, with Litecoin (LTC) growing by 14.2 per cent to trade at N112,622.

Dash (DASH) grew by 2.2 per cent to trade at N134,150.00, Bitcoin (BTC) appreciated by 2.1 per cent to sell at N26,600,000.00, Tron (TRX) went up by 1.9 per cent to sell for N54.10, Ethereum (ETH) recorded a 1.8 per cent gain to sell at N2,020,003.20, Ripple (XRP) made a 1.4 per cent appreciation to trade at N679.00, while the US Dollar Tether (USDT) added 0.3 per cent to sell for N532.88. FBN Holdings, Dangote Cement Lift Market by 1.89%

Nigerian Exchange Group (NGX) Heavy transactions in the shares of Transnational Corporation of Nigeria (Transcorp) Plc, Honeywell Flour Mill Plc and Access Bank Plc last week, lifted the volume of shares traded, as a turnover of 1.3 billion shares worth N8.7 billion was recorded in 19,830 deals by investors on the floor of the exchange.

The volume of shares traded was, however, higher than a total of one billion units valued at N8.2 billion that exchanged hands in 18,102 deals during the preceding week.

The top three equities accounted for 450.6 million shares worth N1.5 billion in 3,696 deals, contributing 33.7 per cent to the total equity volume.

On the sectoral activity chart, the financial services industry (measured by volume) led the chart with 615.6 million shares valued at N4.2 billion traded in 9,021 deals.

The sector contributed 45.9 per cent to the total equity turnover volume and value respectively. The conglomerate industry followed with 253.4 million shares worth N280.8 million in 1,126 deals.

The consumer goods sector ranked third with a turnover of 185.9 million shares worth N1.6 billion in 4,107 deals.

The Nigerian Exchange Limited (NGX) All-share index, which measures the performance of quoted companies, and market capitalisation of listed equities depreciated by 0.6 per cent to close the week at 39,261.01 points and N20.456 trillion respectively.

All other indices finished lower except NGX Insurance, NGX AFR Div Yield, NGX

MERI Growth, NGX Meri Value and NGX Sovereign Bond indices that appreciated by 0.79 per cent, 0.11 per cent, 0.03 per cent, 0.31 per cent and 0.65 per cent respectively, while the NGX ASeM and NGX Growth Indices closed flat.

Analysts predicted a gloomy outlook, citing the nation’s macroeconomic challenges, which have continued to impact negatively on businesses and investment.

Specifically, analysts at Codros capital said: “In the coming week, we expect earnings from the big banks, specifically GTCO and UBA to drive buying sentiments on the bourse, as the declaration of interim dividends may likely accompany the results.“Overall, we advise investors to take positions in only fundamentally justified stocks as the unimpressive macro story remains a significant headwind for corporate earnings.”Vetiva Dealings and Brokerage said: “We expect the market to remain quiet as investors continue to stay on the sidelines awaiting the remaining Tier-1 half-year.“However, we do not rule out pockets of gains in names that have declined in recent sessions but overall, we expect investors to continue to stay cautious.”The Chief Research Officer of Investdata […]

The equities market of the Nigerian Exchange Limited sustained its decline for the third straight day as investors lost N24.37bn at the end of trading on Wednesday.

The NGX All-Share Index declined by 0.12 per cent, closing at 39204.52 basis points from 39,251.29bps the previous day, while the market capitalisation dropped from N20.45tn to N20.43tn.

The NGX Premium and Main Board indices suffered declines of 0.04 per cent and -0.19 per cent respectively.

By sectors, the NGX Oil & Gas Index recorded a gain while others closed in the red.

NGX Banking Index fell by 0.32 per cent, NGX Insurance Index dropped by 1.01 per cent, NGX Consumer Goods Index declined by 0.08 per cent while NGX Industrial Index saw a marginal 0.001 per cent decline. The Oil and Gas Index rose by 0.55 per cent.

Market activity fell short of the previous day’s tally as trading volume fell by 0.53 per cent to 354.06 million shares valued at N3.20bn in 4,095 deals from 355.94 million shares worth N2.87bn in 4,241 deals on Tuesday.

Measured by market breadth, market sentiment was negative as 16 firms recorded losses, compared to 15 gainers at the end of trading on Wednesday.

The losers were led by SCOA Nigeria Plc, which dropped by 9.72 per cent to N1.30 per share.

Veritas Kapital Assurance Plc followed with an 8.70 per cent decline to close at N0.21 per share.

Other major losers on Wednesday were AXA Mansard Insurance Plc (-5.68 per cent), Chams Plc (-4.55 per cent) and International Breweries Plc (-4.00 per cent).

Atop the gainers’ chart was Regency Alliance Insurance Plc, whose share price rose by 8.51 per cent to N0.51.Universal Insurance Plc came next with a 5.00 per cent increase, closing at N0.21 per share on Wednesday. Sovereign Trust Insurance Plc, FCMB Group Plc and Oando Plc also rose by 4.17 per cent, 3.45 per cent, and 3.18 per cent respectively.FBN Holdings Plc was the top traded stock in terms of volume, accounting for 24.29 percent of the total volume of trades. It was followed by Access Bank (20.07 per cent), Universal Insurance (6.30 per cent), Guaranty Trust Holding Company Plc (5.49 per cent), and Transnational Corporation of Nigeria (4.55 per cent).Access Bank was the most traded stock in value terms, with 20.96 per cent of the total value of trade on the exchange. Copyright PUNCH. All rights reserved. This material, and other digital content on this website, may not be […]

NSE. Photo: AFRICANBUSINESSCENTRAL Sell-offs in many blue-chip stocks, especially, AXA Mansard and Chams, halted the two trading sessions of upbeat on the Nigerian Exchange Limited (NGX) to reopen on a downward note yesterday, as market capitalisation depreciated by N51 billion.

In summary, the All-Share Index (ASI), which measures the performance of quoted companies dipped by 97.95 absolute points, representing a decrease of 0.25 per cent, to close at 38,864.33 points. Similarly, the overall market capitalisation declined by N51 billion to close at N20.249 trillion.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are BUA Cement, AXA Mansard Insurance, Guaranty Trust Holding Company (GTCO), Zenith Bank and United Bank for Africa (UBA)

Analysts at GTI Securities Limited said: “We expect positive sentiment as expectation increases towards the compilation of third quarter (Q3) financial reports. Furthermore, investors will also track yield movement in the fixed income market.”

However, the market breadth closed positive, recording 20 gainers while 12 others constituted the losers’ chart.

On the price movement chart, AXA Mansard led the losers’ chart, shedding 9.94 per cent to close at N2.99 kobo. Chams followed with a decline of 4.35 per cent to close at 22 kobo. Sovereign Trust Insurance lost four per cent to close at 24 kobo.

Mutual Benefits Assurance lost 3.33 per cent to close at 29 kobo while BUA Cement shed 2.94 per cent to close at N66.00 kobo.

On the other hand, University Press recorded the highest price gain, adding 9.80 per cent to close at N1.12 kobo while Transcorp Hotel followed with a gain 9.70 per cent to close at N5.43 kobo while Courteville Business Solutions went up by 9.38 per cent to close at 35 kobo.

Oando also rose by 6.07 per cent to close at N5.24 kobo. Cutix Plc gained 5.38 per cent to close at N4.90 kobo.

The total volume of trades decreased by 77.99 per cent to 139.453 million units, valued at N1.713 billion, exchanged in 3,539 deals. Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 19.079 million shares valued at N4.395 million.

Fidelity Bank followed with 11.854 million shares worth N29.010 million, while Guaranty Trust Holding Company traded 11.146 million shares valued at N307.076 million.Transnational Corporation of Nigeria (Transcorp) traded 10.051 million shares valued at N9.302 million, while Courteville Business Solutions transacted 7.952 million shares worth N2.680 million.

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has denied the allegation put to it by the Senate that it failed to remit 80 per cent of its operational surpluses into the Consolidated Revenue Fund (CRF) in the last five years.

This came from Mr Kingsley Obiora, CBN Deputy Governor in charge of Economic Policy, at the senate public hearing on 2022-2024 Medium Term Expenditure Framework (MTEF) in Abuja.

Mr Obiora was reacting to an allegation by Senator Solomon Adeola that the CBN has not remitted its operational surpluses for five years.

He said the standard 80 per cent of the apex bank’s operational surpluses had always been remitted to the CRF on yearly basis.

The CBN Deputy Governor explained that the remittance was done in line with the provisions of the Fiscal Responsibility Act (FRA) and not that of the CBN Act, which stipulated 75 per cent remittance.

“With due respect to the Senate and in particular to this committee, the CBN, as a law-abiding government agency, has not at any time defaulted in the remittance of its operational surpluses.

“We do this on a yearly basis as required by the Fiscal Responsibility Act, despite the fact that the CBN Act requires us to remit 75 per cent only,” he said.

Responding, Mr Adeola urged the CBN to produce documentary evidence to prove its remittances to the committee on September 3.

He also urged the apex bank to produce its audited account for the last five years.

The upper chamber also asked that the country’s financial authority present its position paper on monetary policy point of view on the 2022 – 2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper being considered by the committee. FBN Holdings, Dangote Cement Lift Market by 1.89%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded on Thursday by 0.17 per cent following the rush for Access Bank Plc stocks by investors, especially the dividend hunters.

After the close of trading activities on Wednesday, the lender released its much-anticipated earnings for the period ended June 2021 and it proposed the payment of an interim dividend of 30 kobo .

This announcement, coupled with the improvement in its results, spurred bargain hunting at the stock market yesterday, with Access Bank stocks emerging as the most traded, selling 51.1 million units valued at N471.2 million.

It was trailed by Transcorp, which transacted 36.1 million units worth N32.5 million, Honeywell Flour sold 18.6 million units worth N72.4 million, Mutual Benefits Assurance exchanged 17.7 million units valued at N5.2 million, while Sovereign Trust Insurance traded 16.8 million units valued at N4.1 million.

In the end, a total of 262.1 million shares worth N2.0 billion were traded in 3,955 deals compared with the 169.3 million shares worth N1.4 billion transacted in 3,449 deals on Wednesday, indicating a growth in the trading volume, value and the number of deals by 54.84 per cent, 40.34 per cent and 14.67 per cent respectively.

Business Post reports that despite the buying pressure witnessed at the exchange yesterday, the market breadth still closed negative as a result of the 18 price losers as against the 16 price gainers recorded in the session.

The highest gainer was Chams as it rose by 4.76 per cent to 22 kobo. Prestige Assurance appreciated by 4.35 per cent to 48 kobo, Wema Bank grew by 3.66 per cent to 85 kobo, Axa Mansard increased by 3.49 per cent to 89 kobo, while Julius Berger gained 2.97 per cent to sell for N26.00.

However, the highest price loser for the trading day was Unity Bank as it fell by 8.62 per cent to 53 kobo, Oando lost 7.03 per cent to trade at N4.10, Union Bank depreciated by 6.54 per cent to N5.00, FTN Cocoa went down by 5.77 per cent to 49 kobo, while Honeywell Flour dropped 4.88 per cent to N3.90.

Unlike the previous session, the sectoral performance was better on Thursday as three of the five key sectors closed positive with the insurance, industrial goods and the banking indices closing higher by 1.07 per cent, 0.44 per cent and 0.19 per cent respectively, while the energy and the consumer goods counters lost 1.22 per cent […]

Investors Photo: PIXABAY Investors have received over N732 billion from dividend payout by 58 companies across 10 sectors listed on Nigerian Exchange Limited (NGX) in nine months.

A breakdown of the N732.91 billion dividend paid so far by listed firms on the exchange showed that out of the 58 companies, 21 emerged from the financial services sector, while seven stocks from consumer goods sector contributed to the overall dividend payout. Six firms from the industrial goods sector made up the 58 companies, while five companies from oil & gas contributed to the figure.

According to the latest data from the exchange, four firms emerged from healthcare and services sectors each, while three firms from the ICT made up the 58 companies. Also, two firms each, under the natural resources, construction/real estate, agriculture and conglomerates sectors were among the 58 companies.

The financial sector constituted the highest number of companies paying dividends as GTCO led with a payout valued at N79.46 billion, while Nestle led the seven companies in the consumer goods sector with N28.12 billion. Fidson led the healthcare sector with N521.59 million. Total Nigeria took the lead in oil & gas sector with N2.06 billion payout.

Others include UACN, which led the conglomerates with N3.45 billion. In the industrial goods sector, Dangote Cement Plc emerged the highest in dividend payment in the sector with N272.65 billion. MTN Nigeria led others in the ICT sector with N92.61 billion.

Caverton took the lead in services sector with N335.05 million, while Okomu led the agriculture sector with N6.67 billion. Overall, Dangote Cement paid the highest dividend payout, while MTN, GTCO, BUA Cement and Stanbic IBTC followed on the list.

Meanwhile, following losses suffered by most blue-chip stocks, especially SCOA and Academy Press, the Nigeria Exchange Limited (NGX) reopened on a downward note yesterday, as market capitalisation declined by N3 billion.

Yesterday, the All-Share Index depreciated by 6.16 points or 0.01 per cent to close at 38,915.62 from 38, 921.78 at which it opened for transaction on Monday.

Also, market capitalisation declined by N3 billion from N20.278 trillion to N20. 275 trillion. On the price movement chart, 20 stocks depreciated in price while 18 constituted the gainers’ chart. Scoa topped the losers’ chart with 10 per cent to close at N1.17 kobo while Academy Press followed with 7.69 per cent to close at 36 kobo.

Morison topped the gainers’ chart with 9.38 per cent to close at N2.10 kobo. Linkage Assurance […]

Positive sentiments continued in the local bourse as major indicators showed bullish feeling as the market continued to witness bargain hunting for value stocks from investors who exited trading on Wednesday with N25 billion gains. Analysts at Afrinvest Research have, however, maintained that the bullish performance will be extended on the back of bargain hunting activities in the market.

Strong demand in the stocks of market bellwethers such as MTN Nigeria (+1.5%), Guaranty Trust Holding Company (+0.7%), and First Bank Holding (+1.3%) buoyed a sterling 0.12 percent performance of the listed equities as the NGX all-share index inched further to close at 38,968.34 points, while market year to date loss improved to 3.2 percent while the market capitalisation advanced to N20.30 trillion from N20.27 trillion as recorded on the previous day.

Consequently, the level of market trading activity was mixed as total traded volume declined 38.1 percent to 141.4 million units while total value traded on Wednesday rose 58.3 percent to N2.97 billion from 3,079 deals.

Meanwhile, the top three most traded stocks by volume on Wednesday were Universal Insurance (17.9m units), Zenith Bank (9.7m units), and United Capital (9.3m units), while the likes of MTN Nigeria (N1.0bn), Nestle Nigeria (N703.5m), and Seplat Energy (N471.9m) led the top three most traded securities by value.

Across the sectors, it was mixed on Wednesday as the consumer and industrial goods indices closed flat while the oil & gas index led the losers category, down 2.0 percent due to price depreciation in Seplat Energy (-6.5%). By the same token, the insurance and banking indices plunged 1.2 percent and 0.4 percent respectively on the back of sell-offs in Aiico Insurance (-2.0%), Regency Alliance Insurance (-6.7%), and Fidelity (-1.2%). Temporarily, the ICT index was the only gainer, up-ticking 0.8 percent due to bargain hunting in MTN Nigeria (+1.5%).

A brief snapshot of the warm outing on Wednesday showed the level of investor sentiment as measured by the market breadth, strengthened to 0.7x from 0.6x, as 13 stocks gained while 18 stocks stayed in the losers’ territory. Northern Nigeria Flour Mills (+9.6%), Oando Plc (+6.2%), and Learn Africa (+5.9%) were the top gainers, while Transnational Corporation Hotel (-10.0%), Consolidated Hallmark Insurance Plc (-9.4%), and Prestige Assurance (-8.3%) ended the day in the losers’ category.

Meanwhile, the NGX 30 Index increased by 0.19 percent to close at 1,618.85 points as against 1,615.83 points as on the previous day. Market turnover closed with […]