The Nation Newspaper

Category: Equities

  • World Bank seeks action to accelerate gender equality

    World Bank seeks action to accelerate gender equality

    The World Bank Group has called for urgent action to accelerate gender equality.

    In a statement, the bank said equality of opportunity for all is a matter of fairness and justice.

    It said: “On International Women’s Day 2024, we celebrate women’s achievements, yet recognize the urgent need to accelerate gender equality and equal opportunity for all. Too many women are still held back, and the cost of inaction is high”.

    The bank explained that fairness and justice remain a key factor  for development.

    It said that women and girls are often more vulnerable to poverty, crises, and climate change.

    Read Also: World Bank: New data show massive, wider-than-expected global gender gap

    “Gender equality and women’s participation in decision making – in communities, businesses, workplaces, and households – is key to well-being and prosperity. The evidence is clear: removing gender barriers unlocks economic productivity, reduces poverty, and deepens social cohesion. Closing the gender gap in employment could raise long-term GDP per capita by nearly 20 percent on average across countries,” the bank said.

     “The draft World Bank Group Strategy raises our ambition to accelerate gender equality to end poverty on a livable planet, with a focus on innovation, financing and collective action,” the bank said.

    The bank also explained that: “As we mark International Women’s Day this week, it’s a pivotal time to reflect on the journeys, achievements, and impact of women around the world and how we can speed up progress on gender equality. The World Bank Group’s financing and advice are behind many of these stories, and I am proud of the unique opportunity we have as an institution to influence development outcomes for women in significant ways”. 

  • Equities sustain rally with N227b gains

    Equities sustain rally with N227b gains

    •Transcorp Group, FBNH main drivers

    Nigerian equities remained upbeat yesterday as investors continued their scramble for the shares of Transnational Corporation (Transcorp) and FBN Holdings.

    Benchmark indices at the Nigerian Exchange (NGX) closed yesterday with average return of 0.40 per cent, equivalent to net capital gain of N227 billion.

    With more losers than gainers, the positive overall market position remained largely due to investors interests in shares of Transcorp and its newly listed subsidiary, Transcorp Power. FBN Holdings also remained one of the most sought after stocks.

    The All Share Index (ASI)- the common value-based index that tracks all share prices at the NGX, rose by  401.18 points or 0.40 per cent to close at 99,591.64 points.

    Aggregate  market capitalisation of all quoted equities rose by N227 billion to close at N 56.310 trillion.

    There were 18 gainers to 30 losers.  Transcorp Power, which was listed on Monday, remained the most sought after stock, rallying almost the 10 per cent maximum daily allowable price change with a gain  of 9.99 per cent to close at N319.40 per share.  Transcorp followed with a gain of 9.96 per cent to close at N18.99. FBNH advanced by 9.95 per cent to close at N34.25. Africa Prudential rose by 9.49 per cent to close at N7.50 while C & I Leasing appreciated by 9.48 per cent to close at N3.81.

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    On the negative side, Ikeja Hotel and Tantalizers led with a drip of 10 per cent each to close at N6.75 and 36 kobo respectively. NASCON Allied Industries followed with a decline of 9.97 per cent to close at N43.35 per share. Ecobank Transnational Incorporated (ETI) lost 9.97 per cent to close at N43.35, while Livestock Feeds depreciated by 9.82 per cent to close at N1.47.

    The total volume traded rose by 4.61 per cent to 416.478 million shares valued at N19.508 billion in 9,338 deals.  Transcorp led the activity with 67.339 million shares worth N1.279 billion. FBNH followed with account of 47.685 million shares valued at N1.548 billion. Guaranty Trust Holding Company (GTCO) recorded 37.470 million shares valued at N1.555 billion. Transcorp Power posted 36.893 million shares worth N11.784 billion, while United Bank for Africa (UBA) traded 29.754 million shares worth N660.452 million.

  • Pension funds net 32% return on equities portfolio

    Pension funds net 32% return on equities portfolio

    • NGX, Pencom, PenOP to deepen collaboration

    A broad index that tracks average pension funds’  portfolios in Nigerian equities has gained 32 per cent so far this year.

    Stakeholders in the capital market and the pension industry yesterday called for greater collaboration to deepen pension funds participation in the capital market.

    The Nigerian Exchange (NGX) in partnership with the National Pension Commission (Pencom) and the Pension Fund Operators Association of Nigeria (PenOP) held a webinar to deepen knowledge of the NGX Pension Broad Index.

    The webinar featured a panel discussion by stakeholders in the pension industry who highlighted the importance of the benchmark for the industry.

    I Acting Chief Executive Officer of NGX, Jude Chiemeka, who was represented by Acting Divisional Head, Capital Markets, NGX, Tony Ibeziako, said that the exchange had been at the forefront of providing indexes for the capital market for decades and will continue to do so to deepen the market.

    He said, “We believe that this webinar will be of immense value to the stakeholders. NGX has been at the forefront of providing benchmarks for the Nigerian capital market for over 40 years. Over the years, the exchange has been proactive in providing more indexes. Now, we have over 20 benchmarks with five of them being sectoral.

    “The year-to-date gains of the NGX pension broad index is 32 per cent.  The NGX thought it to socialize the market with this index hence this all-important webinar. We promise to continue to partner with market stakeholders like PenOP and PenCom to boost the market in Nigeria and Africa.”

    Chairman, NGX Index governance Committee, Abimbola Babalola, said that the benchmark offers pension fund administrators a reference point to measure their performance as well as broaden their choice of securities.

    “With this broad index, PFAs now have a benchmark to compare their performance against. It is also like a guide for investors. Instead of cheery picking, they can look at the constituents of the NGX broad benchmark and decide on which stock to pick,” Babalola, who is also the Head, Market Surveillance, NGX Regulation.

    Head, NGX Secondary Market, Kazeem Alimi, said, “The index is to be able to give a reference and quantify performance.  It brings in the mid-cap and large cap stocks. This is a move that ensures that the benchmark is well ahead of challenges that can come up.”

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    Chief Investment Officer of Shell CPFA, Ehis Uzenebor, said, “The decision to intentionally push for benchmarking is a testament to the growth that the market has achieved. With appropriate benchmarking, fund managers can evaluate themselves.

    The board and trustees can also evaluate how fund managers can. It provides an objective basis for comparison across the industry.

    “When it comes to the role of risk management. If you appropriately benchmark, then to some extent, risk management appears elevated. It is also useful for the regulator in the sense that the regulator is able to ascertain and evaluate the appropriate the relevance of guidelines from time to time.”

    Head, Investment Supervision Department, PenCom, Abdulqadir Dahiru, said, “ We started on this journey with the NGX and it culminated in the NGX Broad Pension Index which provides diversification. From 40 stocks in the NGX Pension 40, we are now talking of 84 securities. We believe it is more representative and gives PFAs choices and helps them measure their performance.

    “I believe that while we are at this, we must look at the issue of capacity building. I think some of our PFAs have weaknesses around their investing team, so I will encourage the market to improve capacity, and understanding so they can go into the market with a bit of certainty.  There are some stocks which we have brought in which PFAs were not even looking at.”

  • Afreximbank tops the loan market rankings in Bloomberg’s Capital Markets

    Afreximbank tops the loan market rankings in Bloomberg’s Capital Markets

    African Export-Import Bank (Afreximbank) has been ranked number one in all three categories in the Bloomberg Capital Markets League Tables Report for African Capital Markets.

    Afreximbank is ranked as number one Mandated Lead Arranger, Bookrunner, and Administrative Agent for Sub-Saharan Africa Borrower Loans. These rankings recognize the Bank’s leadership role in facilitating capital from within and outside of the continent, from a diverse range of investors and stakeholders to fulfill the financing needs of African member states and organizations.

    Topping these prestigious rankings in all three categories simultaneously for the first time in the Bank’s 30-year history is a testament to the Bank’s remarkable growth, its systemic relevance on the continent, and its leading market position in the African loan markets. Despite the challenges faced by the African syndicated loan market in 2023, with volumes remaining relatively subdued at US$32 billion and a total of 82 loans only closing during the year, the rankings reflect Afreximbank’s unwavering commitment to its mandate.

    Notably, the Bank has almost doubled its market share in both the Mandated Lead Arranger (MLA) and Bookrunner categories, rising from 8% and 9% in 2022 to an impressive 19% and 14% in 2023, respectively. In the Loans Agency category, Afreximbank retained a significant 15% market share, while achieving a remarkable milestone of securing the position of the number one facility agent for the first time ever. The Bank’s specialized agency team is committed to growing the provision of these loans’ agency and security trustee services and is actively managing some of the largest loans on the continent.

    These statistics reflect Afreximbank’s pivotal role in proactively stepping in to close the funding gap across various industry sectors and recognise the Bank’s continued leadership in mobilising and leveraging African capital from within and international capital from outside the continent from a diverse range of investors and stakeholders to meet the financing needs of African borrowers.

    Afreximbank’s increased market share is particularly noteworthy in the challenging sectors of oil and gas and sovereign finance. Landmark financings in 2023 facilitated by the Bank include the US$1.3 billion Project Gleam facility for Angolan Ministry of Finance , the most significant “Green Loan” in Africa to date; partial prefunding of the US$2.7 billion multi-sourced financing for Ministry of Finance & Planning Tanzania’s backed development of Lots 3-4 of the Standard Gauge Railway; the US$ 1.3 billion annual facility for Angolan national oil company Sonangol; and a US$ 2,25 billion initial commitment of the US$ 3.3 billion crude oil prepayment facility for the Nigerian National Petroleum Company (NNPC).

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    Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, commented: “These outstanding rankings in the Bloomberg League tables underscore Afreximbank’s commitment to driving economic growth, facilitating capital flows within the African continent while reflecting our resilience and ability to navigate challenging market conditions.  The success of our rankings is a testament to the hard work and commitment of my colleagues and reinforces our position as a trusted financial partner for African organizations. We look forward to servicing their financing requirements for many years to come.”

    The Bloomberg Capital Markets tables showcase the top arrangers, bookrunners and advisors across a broad array of deal types in the financial sector including loans, bonds, equity and M&A transactions

  • Access Bank to empower 700,000 MSMEs with N50b loans

    Access Bank to empower 700,000 MSMEs with N50b loans

    Access Bank has launched a N50 billion campaign aimed at empowering more than 700,000 micro, small and medium enterprises (MSMEs) across the country.

    The N50 billion loan facility for MSMEs tagged “YouThrive” was unveiled at the bank’s head office in Lagos.

    Deputy Managing Director, Access Bank, Mr. Victor Etuokwu said the MSMEs that would benefit from the programme would undergo trainings to enable them optimally make use of the loan.

    According to him, the N50 billion MSMEs empowerment would not just be about lending, but also included various capacity-building activities, with curriculum that centres on technology, creatives, business management and skill acquisition.

    “Access Bank is set to financially empower over 700,000 youth MSMEs and to achieve this, we have set aside N50 billion to lend to them at a huge, discounted interest rate. To be eligible to access this loan, all applicants must be within the ages of 21 to 40 years.

    Read Also: Access Bank workers: we will sustain Wigwe’s legacies

    “The Youthrive’ is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. In the next four years we will empower four million youths, one million per year,” Etuokwu said.

    At the inaugural job creation and MSME quarterly communications forum, hosted by the Senior Special Assistant to the President on Job Creation and MSME held recently in Abuja, the bank provided further details on the N50 billion MSMEs campaign.

    Speaking at the forum, Head, Emerging Businesses, Access Bank, Chioma Ogwo,  said the bank has business exchange programme for the beneficiaries that would enable the MSMEs to go and exchange ideas with their counterparts in other countries.

  • Stock market sustains rally on Transcorp Group’s gains

    • We’ll create enduring value for shareholders, nation, says Elumelu

    Nigerian equities sustained their rally yesterday as investors continued their scramble for the shares of Transnational Corporation (Transcorp) Plc and its newly listed subsidiary, Transcorp Power Plc.

    Benchmark indices at the Nigerian Exchange (NGX) indicated average gain of 0.35 per cent yesterday, equivalent to net capital gain of N193 billion.

    With nearly four decliners to every advancer, the positive overall market position was largely due to considerable rally in the shares of Transcorp and Transcorp Power. FBN Holdings also supported the market with a major recovery.

    The All Share Index (ASI)- the value-based common index that tracks all share prices at the NGX, rose by 342.57 points or 0.35 per cent to close at 99,190.46 points as against its opening index of 98,847.89 points.

    Aggregate market value of all quoted equities also rose from its opening value of N55.890 trillion to close at N56.083 trillion.

    Read Also: Transcorp Power hits N2tr on listing rally

    There were 10 gainers to 37 losers. Transcorp and Transcorp Power retained the lead on the activity chart, with the maximum daily allowable gain of 10 per cent each to close at N17.27 and N290.40 respectively.

    Nigeria’s largest gas-fired power generating company, Transcorp Power, was listed on Monday and got off to a major rally as investors scrambled for the shares of the company which generates more than 10 per cent of the country’s power. The scramble for shares pushed up Transcorp Power’s entry listing value of N1.8 trillion to N1.98 trillion by the end of first trading session.

    Transcorp Power listed by way of introduction 7.5 billion ordinary shares of 50 kobo each at N240 per share. Its share price however recorded the maximum daily allowable gain of 10 per cent on Monday to close at N264 per share, representing a net gain of N180 billion within immediate period of listing. A total of 40 million shares of Transcorp Power were traded at N10.56 billion at the first trading session.

    Riding on the back of subsidiary listing, Transcorp also rose by 9.94 per cent on Monday while both companies were the most active stocks- in terms of volume and value.

  • Jaiz Bank eyes N10.05b from private investors

    Jaiz Bank eyes N10.05b from private investors

    • Rights issue coming

    Nigeria’s premier and largest non-interest bank, Jaiz Bank Plc, yesterday completed pre-issuance processes for a N10.05 billion private placement as part of a multi-prong strategic recapitalisation aimed at strengthening the capital base of the bank.

    At the completion board meeting yesterday in Abuja, the board of the bank and parties to the issuance signed off the offer documents, after securing prior approvals of shareholders and relevant regulators.

    Jaiz Bank is issuing 10.048 billion ordinary shares of 50 kobo each at N1 per share to private investors.

    Chairman, Jaiz Bank Plc, Alhaji Mohammed Bintube, said the private placement was in line with the bank’s target to sustain its growth trajectory and ensure it remains well-capitalised in line with its capital management strategy. 

    He said the net proceeds of the capital raising exercise will be deployed to improve service delivery on the bank’s various platforms.

    According to him, the additional capital would support the bank’s growth drive to achieve its five-year strategic objectives.

    “Qualified investors should take advantage of this opportunity to invest as the bank seeks to expand to other financial services via a financial holding company structure subject to regulatory approval in the future,” Bintube said.

    He added that the bank would soon provide opportunity to existing shareholders to invest additional capital in the bank through a rights issue.

    Regulatory filing at the Nigerian Exchange (NGX) indicated that Jaiz Bank plans to float a rights issue of about 5.41 billion ordinary shares of 50 kobo each at offer price of N1 per share. The rights issue will be pre-allotted on the basis of 87 new ordinary shares for every 250 ordinary shares held as at the close of business on Friday, October 6, 2023.

    Global rating agency, Fitch Ratings, in its latest ratings of Nigerian banks, affirmed Jaiz Bank as one of the several Nigerian banks with intrinsic strengths to maintain stable business outlook, despite macroeconomic challenges.

    In its latest ratings report, Fitch affirmed Jaiz Bank’s ratings of Long-Term IDR at ‘B-‘ as well as the National Long-Term Ratings with Stable Outlook.

    According to Fitch, the affirmation of the bank’s Long-Term IDRs and National Ratings reflects the rating agency’s view that the bank is likely to remain compliant with its respective regulatory minimum capital adequacy ratio (CAR) requirements despite the devaluation, with sufficient buffers and pre-impairment operating profits to tolerate a further moderate naira depreciation and the second-order effects of a challenging economic environment on loan quality.

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    The report noted that the IDRs and National Ratings of Jaiz Bank was driven by its “standalone creditworthiness”, as expressed by its viability rating (VRs).

    Jaiz Bank has projected significant growths in incomes and profitability in the first quarter of 2024 with increasing operating efficiency expected to add nearly a quarter to the bank’s profit-making capability.

    In its latest forecast, the management of the bank indicated that pre-tax profit margin could rise to 27.82 per cent in the first three months of 2024, about eight percentage points above 20.22 per cent recorded in its last interim report and accounts for the third quarter 2023. Post-tax profit margin is expected at 25.03 per cent in first quarter 2024.

    The forecast, obtained at the NGX, projected profit before tax of N4.78 billion, with gross earnings expected at N17.18 billion for the three-month period ended March 31, 2024. Profit after tax is estimated at N4.3 billion.

    The forecast outlined a robust earnings outlook for the bank as it continues to expand its operations and consolidate market share.

  • Lafarge Africa grows profit by 16% to N80.7b

    Lafarge Africa grows profit by 16% to N80.7b

    Lafarge Africa Plc recorded appreciable growths in sales and profitability in 2023 with pre-tax profit rising by 15.7 per cent to N80.70 billion.

    Key extracts of the audited report and accounts of Lafarge Africa for the year ended December 31, 2023 released yesterday at the Nigerian Exchange (NGX) showed that turnover rose by 8.6 per cent from N373.25 billion in 2022 to N405.50 billion in 2023. Operating profit grew by 21.7 per cent to N102.46 billion in 2023 as against N84.19 billion in 2022, implying operating profit margin of 25.3 per cent in 2023 as against 22.6 per cent in 2022.

    However, foreign exchange (forex) losses moderated the bottom-line. Profit before tax rose from N69.75 billion in 2022 to N80.7 billion in 2023. With the expiration of the pioneer status incentive of the group in 2022, profit after tax declined by 4.7 per cent from N53.65 billion in 2022 to N51.14 billion in 2023. Earnings per share thus dropped from N3.33 in 2022 to N3.17 in 2023.

    Chief Executive Officer, Lafarge Africa Plc, Lolu Alade-Akinyemi, said the performance in 2023 showed that the fundamentals of the business remain strong, in spite of extremely challenging macroeconomic headwinds.

    According to him, the company’s performance was largely impacted by spiralling inflation and unprecedented naira devaluation, with the attendant pressure on energy and supply chain costs.

    “Despite these challenges, we continue to maintain a strong free cash flow position and a strong balance sheet, positioning us for sustainable growth over the medium to long term. We are committed to delivering sustainable value to all stakeholders in the coming years, as we have done historically. I would like to thank all employees and stakeholders of Lafarge Africa for their commitment over the years,” Alade-Akinyemi said.

    He pointed out that the Nigerian infrastructure and construction sector is expected to continue growing despite inflationary pressure and currency depreciation affecting the economy.

    “As a result, we maintain our positive outlook, expecting increased demand in 2024 as the economy picks up. We will continue to maximize volume opportunities across our markets and actively manage our costs. The company remains committed to its sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovative building solutions and delivering stakeholder value,” Alade-Akinyemi said.

    He outlined several initiatives taken by the cement group to support its long-term growth and its commitment to sustainable business principles.

    During the period, Lafarge Africa unveiled its first green depot in Abeokuta, designed to accelerate green mobility. As part of its commitment to promoting sustainable growth, the green depot runs entirely on a solar power system, which guarantees 100 per cent energy conservation in lighting, air-conditioning, and electric forklift charging.

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    This complements the group’s electric and compressed natural gas (CNG) trucks; the additional injection of CNG trucks further facilitates eco-friendly transportation of cement from the Ewekoro plant to the depot, further underscoring dedication to green mobility.

    Earlier in the year, Lafarge had announced the launch of Eco Label cement brand; Lafarge UniCem; which contributes about 23 per cent of the company’s entire volume and is eco-friendly with a 30 per cent lower carbon footprint compared to the local industry standard (Global Concrete & Cement Association). It represents a broad range of green cement produced for high performance, sustainability and circular construction.

    Lafarge Africa also commissioned its cement bag manufacturing plant in Ewekoro Plant in May 2023 with a monthly production capacity of 8.8 million bags and an annual capacity of 105 million bags. The new bag plant allows Lafarge to reinforce availability and handle large scale production of bags while also improving livelihood through direct employment of 254 individuals, with 60 per cent being residents of Ewekoro community.

  • Standard Chartered posts 10-year highest profit in Africa, Middle East

    Standard Chartered posts 10-year highest profit in Africa, Middle East

    Standard Chartered Bank recorded a pre-tax profit of $1.31 billion in 2023, its highest profit within the region in a decade.

    Key extracts of the 2023 Strategic Report of the bank showed significant  improvements across key growth fundamentals.

    The report indicated significant percentage rise in operating income, substantial profit before tax increase, strong border income growth, widened loan net, leadership in transition to net zero goal and improved cost to income ratio.

    Chief Executive, Standard Chartered Africa and Middle East (AME), Sunil Kaushal said the achievement of $1.3 billion in annual profit for Africa and the Middle East, the highest in a decade, is a testament to the bank’s continued dedication to client success and strategic growth initiatives.

    “We remain committed to connecting global markets and providing clients with valuable investment opportunities and solutions, further solidifying our position as the Group’s fastest growing region,” Kaushal stated.

    He outlined that underlying profit before tax of $1.311 billion was up 66 per cent and highest annual profit since 2015 driven by higher income and a net release in credit provisions partially offset by an increase in expenses.  Operating income of $2.806 billion was up 14 per cent with strong growth in cash management, retail deposits and financial markets.

    Income was up by 29 per cent in Middle East, North Africa, Pakistan and up one per cent in Africa.

    Also, the bank widened its loan and advances net, with loan to customers up by eight per cent and customer accounts were up by four per cent since December 31, 2022, just as risk-weighted assets were six per cent than previous year despite the impact of sovereign downgrades due to continuing RWA optimisation activities, de-risking in markets with elevated macro-economic risk and currency devaluation.

    Credit Impairment net release of $91 million in 2023 compared to $119 million charge in 2022 reflects a non-repeat of the prior year’s sovereign related impairments and releases relating to historic CCIB provisions.

    RoTE increased to 16.6 per cent from 9.3 per cent in 2022, as Standard Chartered Bank topped the regional debt capital  market league tables for the tenth consecutive year and secured the first rank in GCC G3 Bond and Sukuk issuance.

    Read Also: Standard Chartered sells Côte d’Ivoire’s banking business to Coris Bank

    Kaushal noted that the bank also recorded strong cross-border income growth of 39 per cent with broad-based growth across key corridors.

    He pointed out that the drive to further embed international banking proposition and activate diverse footprint across Africa and the Middle East resulted in more than 150 per cent growth in priority banking client base across international banking corridors for Africa and the Middle East. Further on actions leading to impressive results, an improvement in productivity was recorded, with income per headcount up 18 per cent.

    “Standard Chartered Bank became the first international bank with digital fixed income solutions in Kenya, Nigeria and Ghana while extending the micro-investment solution (SC Shillingi) to Uganda and launching digital personal loans in Kenya.

    “With a rich Africa and the Middle East (AME) heritage founded on deep client relationships and historical contributions to the economy and the communities, the bank is improving its unique footprint in the region while also focusing on centres across Asia, Europe and the Americas towards further growth.

    Signifying how the bank is well placed to facilitate further trade and investments across the regions, priority areas include providing best-in-class structuring and financing solutions, accelerating growth in differentiated international network, investing in market-leading digitisation initiatives in CPBB to protect and grow market share in core markets and effectively playing the role of industry leader in the transition to net zero across the region,” Kaushal stated.

  • Equities open with N50b loss

    Equities open with N50b loss

    Nigerian equities reopened yesterday with a negative streak as investors await the decisions on benchmark interest rate by the Central Bank of Nigeria (CBN).

    The Monetary Policy Committee (MPC) of the CBN yesterday began a two-day meeting, during which it’s widely expected the apex bank will hike the Monetary Policy Rate (MPR), the benchmark interest rate.

    Trading at the Nigerian stock market was tight with a tilt towards bargain-hunting, but losses by many large-cap stocks overshadowed the market situation.

    Benchmark indices at the Nigerian Exchange (NGX) closed with average decline of 0.09 per cent, equivalent to net capital depreciation of N50 billion.

    The All Share Index (ASI) – the value-based common index that tracks all share prices at the Exchange, slipped from its opening index of  102,088.30 points to close at 101,995.53 points.

     Aggregate market capitalisation of all quoted equities also declined by N50 billion to close at N55.811 trillion as against its opening value of N55.861 trillion.

    With 28 gainers to 25 losers, the overall market situation was driven largely by losses recorded in medium and large capitalised stocks such as Nestle Nigeria, Presco, Dangote Sugar Refinery, Eterna and Fidson Healthcare.

    On the positive side, NASCON Allied Industries recorded the highest price gain of 10 per cent to close at N66 per share. Juli followed with a gain of 9.83 per cent to close at N2.57.  FBNH Holdings (FBNH) rose by 9.68 per cent to close at N34.00, per share. Wapic Insurance rose by 8.96 per cent to close at 73 kobo while DAAR Communications added 8.86 per cent to close at 86 kobo per share.

    On the negative side, Nestle Nigeria led the losers’ chart by 10 per cent, to close at N990 per share. Eterna followed with a decline of 9.97 per cent to close at N15.80. Fidson Healthcare declined by 9.82 per cent to close at N15.15.

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    CWG depreciated by 9.56 per cent to close at N6.15 while SUNU Assurance dropped by 9.09 per cent to close at N1.90 per share.

    The momentum  of activities improved marginally with total turnover rising by 1.14 per cent to 294.325 million shares valued at N6.723 billion in 9,957 deals. FBNH topped the activity chart with 73.835 million shares valued at N2.416 billion. United Bank for Africa (UBA) followed with 20.670 million shares worth N493.051 million. Zenith Bank traded 20.625 million shares valued at N731.406 million.

    Fidelity Bank traded 19.982 million shares valued at N205.396 million, while Veritas Kapital Assurance sold 12.320 million shares worth N8.965 million.

    Analysts at United Capital Plc said they anticipated the bearish sentiments amongst investors to persist in the equities market given the recent developments in the fixed-income market.

    “The impact of the high yields in the fixed-income market will continue to drive sell-offs as investors switch their asset classes to less risky assets.

    “Other headwinds to the equities market are the uncertainties surrounding interest rate decision and the possible ‘hike’ in Monetary Policy Rate (MPR) by the Monetary Policy Committee (MPC) at their meeting scheduled for the 26th and 27th February, 2024,” United Capital stated.