H1:2023 Zenith Bank Plc Earnings Result | FX Revaluation Gains to the Rescue
Zenith Bank Plc published its H1:2023 interim financial results, recording a 138.51% YoY expansion in Gross Earnings to NGN931.12bn. This is on the wheels of a tremendous increase in non-interest income (+238.47% YoY to NGN551.84bn) in the period. Interest Income also supported growth in Gross Earnings as it grew by 71.86% YoY to NGN415.43bn. […]
FTSE Russell Downgrades Nigeria’s Market Status
Recently, FTSE Russell announced the downgrading of Nigeria’s FTSE Equity Country Classification Status from a Frontier market status to an Unclassified market status. Furthermore, from September 18th 2023, Nigerian index constituents will be removed from various FTSE Russell equity indices, valued at zero (NGN0.0001). The equity indices include: FTSE Frontier Index Series, including the FTSE Frontier […]
FX Policy Reforms: CBN Guidance to the Banking Sector
Yesterday, the Central Bank of Nigeria (CBN) released a letter highlighting prudential guidelines to the banking sector, following the impact of the recent foreign exchange (FX) rate regime change. The letter observed the impact of the regime change on the banking sector and the resulting effect on the Naira value of banks’ foreign currency (FCY) […]
Weekly Commentary and Stock Recommendation: 4th September – 8th September 2023
Global Economy In Q2:2023, seasonally adjusted GDP increased by 0.10% QoQ in the Euro Area and was stable in the European Union (EU), according to Eurostat. In Q1:2023, GDP had increased by 0.10% QoQ in the euro area and by 0.20% QoQ in the EU. Furthermore, compared with Q2:2022, seasonally adjusted GDP increased by 0.50% […]
Q2:2023 Foreign Trade in Goods Statistics | Balance of Trade Maintains Positive Streak
Yesterday, the National Bureau of Statistics (NBS) released the Foreign Trade in Goods statistics for Q2:2023. On a Quarter-on-Quarter (QoQ) basis, Total Trade increased by 5.77% to NGN12.74trn (vs. NGN12.05trn in Q1:2023). This is due to the growth in both Total Imports (+2.99% QoQ) and Total Exports (+8.15% QoQ) to NGN5.73trn and NGN7.02trn respectively. However, […]
Daily Market Update | 08-09-2023
Daily Market Update (Equities) The Nigerian Equities Market closed the week positive as its benchmark index rose by 0.09% to settle at 68,143.34 points in today’s trading session. Consequently, the Year-to-Date (YtD) returns increased to 32.96% (Yesterday: 32.84% YtD). The gains in LAFARGE, FBNH, OANDO, FCMB and FLOURMILL offset the losses recorded in STANBIC, MTNN, […]
Daily Market Update | 7-09-2023
Daily Market Update (Equities) Today, the Nigerian Equities Market closed on downward note as its benchmark index reduced by 0.30% to 65,082.11 points. Consequently, its Year-to-Date returns settled at 32.84 from 33.24% Yesterday. We believe the negative performance in the market today was primarily driven by losses in DANGOTE Cement, DANSUGAR, Nestle, and NASCON, offsetting […]
Daily Market Update | 6-09-2023
Daily Market Update (Equities) Today, the Nigerian Equities Market closed negative as its benchmark index decreased by 0.07% to 65,286.28 points. Hence, its Year-to-Date returns settled at 33.24 from 33.33% Yesterday. We believe the negative performance in the market today was primarily driven by losses in DANGSUGAR, GTCO, International Breweries and Vitafoam, offsetting the gains […]
H1:2023 GTCO Earnings Result | Remarkable Performance Riding on FX Revaluation Gains
In its recently released earnings results for the first half of 2023 (H1:2023), GTCO’s Gross Earnings jumped by 181.08% year-on-year (YoY) to NGN672.60bn mainly due to the spike in non-interest income (+385.03% YoY to NGN446.66bn), an offshoot of the massive FX revaluation gains recorded in the period. Elsewhere, Operating Expenses increased by 26.26% YoY to […]
Oando Proposed Acquisition
Italian energy company Eni has agreed to sell its local subsidiary, Nigerian Agip Oil Company (NAOC) Ltd, to Oando Plc, a Nigerian energy company listed on both the Nigerian and Johannesburg stock exchanges. The deal, which is still subject to regulatory approvals, is expected to be completed in the first half of 2024. NAOC is […]
