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First Bank shares sustain rally driving the broad market cap up by N80.36 billion

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First Bank Plc traded over 148 million units of its shares after today’s trading session valued at N1.67 billion making the Tier-1 bank the highest traded shares, in volume and value, on the exchange today.

The buy-interests in the shares of the bank drove the price higher by 2.82% from the previous day’s closing price of N10.65, to close the day at N10.95, although the shares traded at N11.70 during the trading session.

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The Nigerian Exchange market closed on a positive note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) appreciated by 38 basis points. We saw the bulls dominate the bears in today’s trading session as market breadth indicated a positive mood.

Market performance

The NGX ASI closed at 41,051.19 points, to reflect a growth of 0.38% from the previous trading day and a Year-to-Date (YTD) return of 1.94%. Meanwhile, the market capitalization increased by N80.36 billion.

At the close of the market today, Wednesday, 13th October 2021, the stock exchange market value currently stands at N21.39 trillion from N21.31 trillion in the previous trading day.

The market breadth closed positive as TRANSCORP led 29 Gainers, and 14 Losers topped by FTNCOCOA at the end of today’s session.

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The stock market has advanced 780.47 base points since the start of the year.

NGX ASI top gainers

  • TRANSCORP up +9.94% to close at N5.97
  • CHAMPION up +9.88% to close at N2.78
  • CHIPLC up +9.09% to close at N0.60
  • OKOMUOIL up +8.23% to close at N125.00
  • UPL up +6.67% to close at N1.60

NGX ASI top losers

  • FTNCOCOA down –8.00% to close at N0.46
  • ABCTRANS down –5.88% to close at N0.32
  • REGALINS down –5.00% to close at N0.38
  • IKEJAHOTEL down –4.55% to close at N1.05
  • UNIVINSURE down –4.55% to close at N0.21

NGX ASI top traded by volume  

  • FBNH – 148,354,222 units
  • UNIVINSURE – 46,170,356 units
  • ETI – 42,551,212 units
  • GTCO – 32,605,359 units
  • FIDELITY – 19,731,635 units

NGX ASI top traded by value

  • FBNH – N1,672,289,968.65
  • GTCO – N923,010,070.10
  • ETI – N316,092,067.45
  • SEPLAT –  N231,625,962.10
  • MTNN – N183,099,657.40

Market sentiments trend towards the bulls with the market differential being in favour of the advancers as 29 gainers surpassed 14 losers.

Source: NairaMetrics

Business News

Lafarge supports over 130 secondary schools in Cross Rivers

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Lafarge Africa 1 e1548057182591

Present at the event were special guests of honour and dignitaries from the government and across the host communities which include Rt. Hon. Gorge O. Ben, Commissioner for Affordable Housing, Cross Rivers State, Dr. Janet Ekpeyong, Director-General Cross Rivers State Primary Health Care Development Agency, Hon Linus Bassey, Chairman Akamkpa Local Government, Evangelist Ntufam Alphusus Bassey, Chairman, Community Relations Committee, Mfamosing Plant as well as royal fathers from all the host communities.

“In 2020, Lafarge invested a total of N1.2 billion in development initiatives in host communities, reaching more than 10,000 families across Nigeria. The support also included collaboration with the Nigerian government at all levels to curtail the spread of COVID-19 and also reduce its socio-economic impact on communities. The company is still investing in interventions to curtail the new coronavirus pandemic in host communities”.

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Source: NairaMetrics

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Business News

Ebeosi is opening Nigeria to e-commerce transactions and dropshipping beyond borders – Chibueze Izugbo, CEO

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Joshua Chibueze Izugbo

With this option, customers who are salary earners in the civil service or structured private sector, can make bulky purchases (based on their eligibility) and spread the payment over a span of six months with zero interest.

“What this means is that you do not need to start saving for almost a year to buy gadgets for your home, for instance. If you are a salary earner, you can buy the gadgets you need to make your home comfortable, and then spread the payment over the next six months so that you pay with ease and without having to break the bank,” Izugbo explained.

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The fintech partner in the arrangement – Carbon – does the checks to determine the customer’s creditworthiness, income range and the amount he is eligible to access under the Buy now pay later option. Once this is decided, the customer can make purchase not more than his permitted range and the payment is structured.

“Nigerians are not bad people. I think the reason why people default in some times is that they borrow money to get a product, only to see that the quality is substandard or less than they wanted. In some other case, some platforms allow the individual to take loans or purchases that is even more than his annual salary. How can that individual repay with convenience in such a case? In our case, we have had minimal to zero defaults because the issue of quality has been taken care of, and the credit amount is also within a convenient range,” he explained.

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Source: NairaMetrics

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