MARKET

FBNH Gain Pushes Banking Index, Outperforms NGX

FBNH Gain Pushes Banking Index, Outperforms NGX

MARKET
FBN Holdings (Ticker: FBNH) share gained 4%, outperforming the Nigerian Exchange (NGX) equities index which popped by 3.3% as the Tier-1 lender become a popular investment window in the local bourse in the past seven trading sessions. For shareholders seeking alpha, it is a good start to the year. Over the last 7 days, the stock market gained 3.3%, driven by gains in the Communication Services and Materials sectors of 6.9% and 3.3%, respectively. Trading data show that the banking sector Index rose 3.5% as equities investors continue to hunt for growth, value stocks. It is all about solid fundamentals, equity analysts in addition to positive market sentiments – both are currently present, analysts said. Market analysts hope to see a healthy performance in the first half of 2023 as...
Stocks Plunge As Nigeria’s Inflation Pressure Slowdown

Stocks Plunge As Nigeria’s Inflation Pressure Slowdown

MARKET
After a record gain of more than N702 billion last week, the equities segment of the Nigerian Exchange (NGX) plunged on Monday as inflation rate data for December slowdown by 13 basis points to 21.34%. Large stocks offloaded by local investors dragged the Nigerian bourse lower as stockholders exited bad positions ahead of fourth quarter 2022 earnings releases. Thus, the NGX key performance indicators declined by 0.31%. Following a decline in the All-share index and market capitalization, year-to-date return also moderated to 2.14% from 2.5% reported on Friday. Market data show that the All-Share Index inched lower by 163.66 basis points to close at 52,348.82.  Despite sell pressures, market activities were up. Stockbrokers said in their market briefs that total volume and total va...
Airtel, MTN Become Most Valuable In Nigerian Exchange

Airtel, MTN Become Most Valuable In Nigerian Exchange

MARKET
Telecom companies, Airtel Africa and MTN Nigeria Plc have gained popularity among stock market value hunters with golden gains recorded in the past week following their respective earnings beats. The telecom stocks have shifted position among market movers ranking in the local bourse on account of healthy earnings performance helped by improved fundamentals. In the past, Dangote Cement used to be the most valuable on the Nigerian Exchange these mightiest telecom stocks encroached into its space from being merely challengers. At the close of the trading session on Friday, MTN Nigeria gained strongly, riding on its recent popularity among investors to become the second largest by market capitalization. Popped by about 20%, MTN Nigeria is now valued at N4.478 trillion, while Dangote Cem...
Bitcoin Drops Below $17K In Fresh Price Action

Bitcoin Drops Below $17K In Fresh Price Action

MARKET
Bitcoin, (BTC: USD) the largest digital currency, has been making an uptrend in the latest rally but backpedaled slightly below $17,000 early on Tuesday. Bitcoin price had settled above the $17,000 resistance zone and extended its increase. BTC was able to clear the $17,100 and $17,200 resistance levels. The price even spiked above $17,400 and traded close to the $17,500 resistance zone. However, the bears were active near the $17,500 resistance zone. A high was formed near $17,440 and the price started a downside correction. Bitcoin price declined below the $17,200 level and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $17,050 on the hourly chart of the BTC/USD pair. The price traded as low as $16,888 and is currently ri...
Naira Heading For Devaluation, Analysts’ Consensus

Naira Heading For Devaluation, Analysts’ Consensus

MARKET
A slew of investment banking analysts has consistently maintained a position that the Nigerian naira is relatively overvalued, saying the monetary authority is merely postponing the inevitable. Naira closed the week at N445.33 versus the United States dollar at the Investors’ and Exporters’ foreign exchange window. In the foreign exchange markets, the naira has held steady against the United States dollar after spurious demand that hit the system hard and fast following the decision to redesign the local currency. Naira has dropped to N446 against the United States dollar at the Investors’ and Exporters’ foreign exchange window in 2022, from an average exchange rate of N415 earlier in the year. Forces of demand which appear to be stronger than supply in the local FX markets have r...
Capital Market Registrars Call For Proper Identity Management

Capital Market Registrars Call For Proper Identity Management

MARKET
The Institute of Capital Market Registrars has called for proper identity management to aid the investment drive in Nigeria’s capital market. The President & Chairman of the Council of the Institute, Mr. Oluseyi Owoturo, said this in a statement in Lagos. Owoturo said that proper identification of existing investors was necessary to prevent identity theft and boost investor confidence in the capital market. He disclosed that issues bordering on proper identification would be key at the forthcoming ICMR 2022 annual conference. He added that the conference would likely raise the issue of the provision of national identification for all financial transactions. He added that the need for further coordination between agencies in the capital market would be x-rayed at the annual ...
Nigeria’s GDP Drops 1.78% To 2.25% In Q3 2022, Says NBS

Nigeria’s GDP Drops 1.78% To 2.25% In Q3 2022, Says NBS

MARKET
The National Bureau of Statistics (NBS), yesterday, disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 2.25 percent (year-on-year) in real terms in the third quarter of 2022. According to a document obtained from the bureau’s website, the growth rate declined from 4.03 percent in the third quarter of 2021. The reduction in growth, the bureau said, is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities. Also, the Q3 2022 growth rate decreased by 1.78 percent points from the 4.03 percent growth rate recorded in Q3 2021 and decreased by 1.29 percent points relative to 3.54 percent in Q2 2022. However, on quarter-on-quarter, real GDP grew at 9.68 percent in Q3 2022, reflecting a higher economic ac...
Nigeria’s Private Sector Improves In October – PMI

Nigeria’s Private Sector Improves In October – PMI

MARKET
In Nigeria, private sector activities have been noted to improve in October 2022 despite uncertainties in the macroeconomic conditions, according to the Stanbic IBTC purchasing manager index, PMI, released by S&P global. According to the purchasing manager index, the start of the fourth quarter revealed a solid improvement, noting that output and new orders rose sharply while purchasing activity increased at an accelerated pace. At the same time, backlogs increased for the second month in a row, with a sustained accumulation of outstanding business suggesting that hiring activity could continue in the months ahead, the report added. On the price front, price pressures showed further signs of abating with the overall rate of input cost inflation the weakest for three months, bu...
Stock Market Sheds N50.8bn After October Downturn

Stock Market Sheds N50.8bn After October Downturn

MARKET
The Nigerian stock market opens the new month with about N50 billion decline in the market value of all listed company's shares, according to trading data from the local bourse. Today, profit-taking activities continue after a dirty October where the equities segment records losses running into trillions of naira. Thus, year-to-date return moderated to 2.4% amidst a hot red inflation rate. In October, the Nigerian Exchange market movers were the major drivers of a downturn that greeted the market amidst interest rate hikes that necessitated upward yield repricing in the fixed-income segment. As bears continued to run riots in the equities, key market performance indicators declined by 0.21%. Consequently, the Nigerian Exchange plunged 93.35 basis points to close at 43,745.73. A...
Regulators, Operators To X-ray Fintech Service Delivery In Capital Market At FiBOP Workshop

Regulators, Operators To X-ray Fintech Service Delivery In Capital Market At FiBOP Workshop

MARKET
The apex regulatory institution in the Nigerian Capital market, the Securities and Exchange Commission(SEC), the Nigerian Exchange Ltd, NGX, the Debt Management Office(DMO), as well as Market Operators such as Cowry Assets Ltd. are billed to x-ray fintech service deliver at the Finance and Business Online Publishers, (FiBOP), workshop scheduled for tomorrow; Thursday, November 17, 2022. The program according to FiBOP will begin at 10 am at Airport Hotels, Ikeja, Lagos The organizers further said that there will be a robust discussion on the theme of the workshop, “Harnessing Fintech for Capital Market Growth and Development.” The discussion will focus on the deployment of fintech services in Nigeria for Capital Market sustainability and growth. A statement issued by the Preside...