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Daily Business News Brief  Thursday, September 10th, 2021.

10
Sep

Stock market extends decline, investors lose N31.09bn – Punch

Equities listed on the Nigerian Exchange Limited fell for the fifth straight day on Thursday, triggering a N31.09bn loss for investors.  The NGX All-Share index declined by 0.01 per cent at the end of trading on the floor of the exchange, to 39,201.33 basis points from 39.204.52 on Wednesday while the market capitalisation fell to N20.42tn from N20.43tn.  The market activity slowed as trading volume dropped by 1.00 per cent to 350.53 million shares valued at N3.35bn in 3,523 deals from Wednesday’s tally of 354.06 million shares worth N3.20bn traded in 4,095 deals………………..read more

UBA reports 33% profit rise, declares 20 kobo dividend – Punch

United Bank for Africa Plc’s profit before tax rose by 33.4 per cent to N76.2bn in the first half of 2021 from the N57.1bn recorded in the same period of 2020, translating to an annualised return on average equity of 17.5 per cent from 14.4 per cent in the previous year.  The bank said this on Thursday in a statement on its audited financial results for the period ended June 30, 2021 titled ‘UBA records 33 per cent YoY profit growth, declares 20k per share interim dividend’.  It said it recorded impressive growth across all major income lines and performance indicators despite the challenging business and economic environment that emerged from the slow pace of activities following the global lockdown occasioned by the COVID-19 pandemic…………………read more

CBN moves to enhance transparency in banking sector – Punch

The Central Bank of Nigeria has directed banks and payment service providers to separate all transactions that would typically be categorised as bulk payment upon transition.  The CBN said in a circular on Wednesday that the directive was aimed at facilitating seamless auditing and boosting transparency in the banking system.  The circular, which was addressed to all banks and PSPs, was dated September 9 and signed by the Director, Payments System Management Department, Musa Jimoh…………………..read more

Marketers seek removal of VAT on imported cooking gas – Punch

The Major Oil Marketers Association of Nigeria has said the imposition of Value Added Tax on imported Liquefied Petroleum Gas, also known as cooking gas, will hamper the adoption of the fuel in the country.  The new chairman of MOMAN, Mr Olumide Adeosun, said this on Thursday during a virtual press briefing where his appointment was announced.  Adeosun, who is the Chief Executive Officer of Ardova Plc, succeeds the CEO of 11 Plc (formerly Mobil Oil Nigeria Plc), Mr Tunji Oyebanji, who was chairman of the association from 2019 to 2021………………..read more

 

Naira crashes to 543/dollar, pounds hit N740 – Punch

The naira continued its downward spiral on the parallel market on Thursday, selling for 543 to the dollar.  While Bureau de Change operators in Abuja bought dollar at N540, it was sold for N543.  The PUNCH had reported on Thursday that the naira fell to 535/$1 on Wednesday from 532/$1 on Tuesday.  The British pound sterling was sold for N740 on Thursday, compared to N730 on Wednesday.  The development comes 44 days after the Central Bank of Nigeria stopped the sale of foreign exchange to all BDC operators across the country………………..read more

 

Nigerian equities market posts worst return in Africa – Punch

The Nigerian Exchange Limited All-Share Index posted the worst gains among African stock markets at -2.53 per cent year-to-date as of September 7, according to African Markets.  African Markets is a provider of financial market data, news, analysis, and research with a focus on Africa.  Data from the website showed that among 17 stock exchanges across Africa tracked by the index, the NGX posted the lowest returns YTD, followed by the Botswana Stock Exchange Domestic Companies Index at -1.93 per cent………………………….read more

GTCO reports N208bn half-year gross earnings – Punch

Guaranty Trust Holding Company Plc has reported a 15.18 per cent drop in its profit before tax for the first half of 2021 amid a 7.65 per cent decline in gross earnings.  According to its audited half-year report, the company’s gross earnings dropped to N207.91bn in H1 2021 from N225.14bn in the corresponding period of 2020.  GTCO’s net interest income declined by 16.11 per cent from N127.62bn in H1 2020 to N107.06bn in H1 2021.  Its profit before tax fell by N166.58m to N93.06bn in H1 2020, while its earnings per share declined to N2.79 from N3.32. ………………….read more

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