Author: Marketforces Africa

UBA: High Cost, Impairment Charge Drag Earnings Performance United Bank for Africa, UBA, reported a mild growth at the topline in the first half of 2020 earnings release. Amidst rising economic and health challenges, lender’s earnings per share bolted more than 23% year on year. Profit for the period dropped more than 21% when compare with the results achieved in the comparable period in 2019. In its first half 2020 results, the group reported mild 2% year on year growth in gross earnings to ₦300.3 billion, outperforming Vetiva estimates of ₦287.1.9 billion. The growth was driven by a 6% year…

Naira Gains as Traders Reduce FX Exposure ahead of CBN Auction. Naira appreciates Tuesday as currency traders reduce exposures ahead of the Central Bank of Nigeria weekly intervention sales resumption starting on September 07, 2020.

Savings Deposit Rate Cut to Relief Banks Funding Pressure. Analysts have said that the reduction in savings deposit rate will provide a momentary relief for Nigerian banks amidst earnings pressure.

Guinness Nigeria Stock Cuts to Neutral as Impairment Losses Damage Earnings

MAYBAKER: Earnings Growth Signals Better Value for Shareholders Analysts say May and Baker (ticker: MAYBAKER) earnings growth signal better value for shareholders in the financial year 2020. With the outbreak of coronavirus pandemic across the world, health care industry’s fundamentals have improved significantly as their services and products are in high demand. In the first half of 2020, May & Baker Nigeria Plc printed strong operating performance as its profit after tax (PAT) swelled by 50.91% to ₦0.44 billion on account of lower cost of sales. Also, revenue rose marginally by 0.41% to ₦4.07 billion in H1 2020, thereby increased…

IFC Supports Engee Limited with $39 million to Build PET Resin Plant IFC today announced a $39 million financing package to help Engee Manufacturing Limited to build its Polyethylene Terephthalate (PET) Resin plant in Ogun state. Engee, a leading Nigeria manufacturer of PET resin used in packaging for soft drinks, bottled water, and other household and pharmaceutical products recently emerged as one of the fastest growing manufacturer of packing materials. According to IFC, the financing support was offered to Engee to build a continuous polymerisation PET Resin plant for expansion. IFC said Engee would source more than 20 percent of…

NSE Sustains Bullish Trend for Second Months

Economic Growth: Heritage Bank to Supports Youth Entrepreneurs Heritage Bank Plc says it will support youths entrepreneurs to grow businesses either as start-ups or prospective owners amid the global economic challenges brought about by the outbreak of COVID-19 pandemic. Ifie Sekibo, Managing Director and Chief Executive Officer of the bank, said this in a statement in Lagos. Sekibo said that the pandemic has devastating impact on the nation’s economic system, hence, the bank’s stance to invest in youths entrepreneurs. He said Heritage Bank is mindful of the devastating impact of the pandemic to the nation’s economic system. “As an institution at the forefront of investing in human…

FCMB: CBN Debits Put Pressure on Lender’s Earnings Outlook

Chapel Hill Denham Analysts ‘Bet Large’ on MTNN, Airtel Stock