Author: Marketforces Africa

Fiscal, Monetary authorities converging policy to reduce debt cost

“We advocate a hike in tax rate”, FBNQuest

Ecobank Transnational Incorporation has injected $64 million into its Nigerian unit in a bid to raise its capital ratio above the central bank’s regulatory minimum of 16 percent, the Africa-focused bank said on Monday. At the CBN official rate, this translate to about N20 billion at the time when capital base stands at N25 billion. The move comes after a decision in November to adopt a different exchange rate for the naira to the one supported by the central bank affected its capital ratio. In the recent time, the Central Bank of Nigeria (CBN) disclosed that the Capital Adequacy Ratio…

First Bank of Nigeria Holdings has declared N59.7 billion profit after tax, its audited result made available to the Nigerian Stock Exchange, NSE, as shown. FBNH has N279.983 billion market capitalisation as its shares traded at N7.50. The performance which analysts have commended came strong as the holding company raised year on year profit take by 58.23 percent from its continuing operations. The holdings co plans to pay 26 kobo per its share in 2018 as against 25 kobo in 2017. At the headline, FBNH recorded N583.477 billion as its gross earnings in the financial year 2018 result compare…

Access Bank Plc: Is it a good time to anticipate

Finance experts have said that the appointment if Ebenezer Onyeagwu as Zenith bank chief as a right step for the bank. They are of the view that the incoming Chief Executive Officer/Group Managing Director has a strong profile, expertise and experience relevant to take the group to a new height. Zenith International Bank Plc. has in the week announced appointment of Ebenezer Onyeagwu as it new Managing Director and Chief Executive Officer. The bank disclosed this in a notice to the Nigerian Stock Exchange (NSE) on Monday. It, however, said the appointment was subject to the approval of the Central…

The earnings season has not been strong enough to reverse the market from bearish move as money market continues to edge out equity for significant part of the first quarter trading session. Tracking the index and volume of trades, it has been observe that the investing communities have shifted focus into the fixed income market as yield from money market instruments excite both local and foreign investors. The stock market witnessed more bearish run in the first quarter, as investors lost significant chunk of their fortune on the back of massive selloffs, increased risk and inability of earnings season to…

Market index gained further at the end of yesterday trading session on the back of bullish performance sustained by bargained hunting. The domestic equities market advanced 0.5% on Thursday trading session to settle at 29,347.62 points following gains in bellwether stocks – GUARANTY (+2.1%), FBNH(+6.1%) and UBA (+2.4%). As a result, market capitalisation rose by N57.9 billion to N11.0 trillion while yield to date (YTD) return moderated to -6.6%. However, activity level weakened as volume and value traded shed 45.5% and 18.2% to 224.0 million units and N2.0 billion respectively.  Read Also: 8 out of 10 most valuable stocks record negative return ZENITH (45.4 million units), LASACO (42.3…

American investors in Nigeria have urged the National Assembly to review some provisions in the Nigeria Postal Commission Bill currently before it toward boosting investors’ confidence and economic growth. Mrs Margaret Olele, the Chief Executive Officer, American Business Council (ABC), made the appeal in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos. NAN reports that the American Business Council is an affiliate of the U.S Chamber of Commerce that promotes trade and investment between U.S and Nigeria, and also interests of American businesses in Nigeria. Olele said that American courier companies were worried with the…

Expert Advises Private Property Operators to Embrace PPP Scheme