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NSE Loses N70Bn on Bears Grip

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Nigerian Stock Exchange returned to negative territory on Tuesday with the market capitalisation shedding N70 billion due to losses by some blue chips.

NSE Loses N70Bn on Bears Grip

The market capitalisation was down 0.54 per cent to close at N12.858 trillion compared with N12. 928 trillion on Monday.

Also, the All-Share Index (ASI) dipped 133.45 points or 0.54 per cent to close at 24,650.16 against 24,783.61 recorded on Monday.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Seplat, Total, MTN Nigeria Communications (MTNN), Julius Berger and Guaranty Trust Bank.

Analysts at Afrinvest Limited believed the performance of the market this week would be largely dictated by the trend in earnings released in the market.

Market breath remained negative with 14 gainers in contrast with 17 losers.

Total dominated the laggards’ chart in percentage terms, dropping by 9.95 per cent, to close at N87.80 per share.

Seplat came second with a loss of 9.82 per cent to close at N282, while NPF Microfinance Bank 7.75 per cent to close at N1.31 per share.

UACN shed 6.85 per cent to close at N6.80, while Julius Berger depreciated by 6.25 per cent to close at N15, per share.

Conversely, Berger Paints and Mutual Benefits Assurance led gainers’ chart in percentage terms, gaining 10 per cent each, to close at N6.05 and 22k per share, respectively.

Unity Bank followed with a gain 8.77 per cent to close at 62k per share.

Okomu Oil improved by 6.31 per cent to close at N74.95, while Oando appreciated by 5.58 per cent to close at N2.27 per share.

Also, the volume of trade dropped by 11.53 per cent as investors bought and sold 150.39 million shares worth N1.98 billion in 3,780 deals.

This was in contrast with a total of 169.99 million shares valued at N2.39 billion transacted in 4,336 deals on Monday.

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 26.92 million shares worth N5.56 million.

FBN Holdings accounted for 17.04 million shares valued at N84.16 million, while Access Bank traded 11.24 million shares worth N69.79 million.

Lafarge Africa transacted 10.61 million shares valued at N130.78 million, while Guaranty Trust Bank transacted 8.45 million shares worth N190.44 million.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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