CAPITAL MARKET
Equities halt losses as market capitalisation rises by N5 billion
Following gains recorded by many blue-chip stocks, the equities market halted its losing streak, closing in an upbeat, yesterday, and causing market capitalisation to appreciate by N5 billion. At the close of trading yesterday, the All-Share Index (ASI) increased by 10.32 absolute points, representing a growth of 0.02 per cent to close at 42,018.92 points. Similarly, the overall market capitalisation size gained N5 billion to close at N21.925 trillion. The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Lafarge Africa, Zenith Bank, Guaranty Trust Holding Company (GTCO), Guinness Nigeria and NEM Insurance. Guardian
BANKING
FBN Holdings Records N8.5trn Total Assets, N40.79bn PAT
FBN Holdings Plc announced yesterday that it gained 11 per cent to hit N8.51trillion in total assets as at September 30, 2021 from N7.69trillion reported in full year ended December 30, 2020. Key drives were 25 per cent gain in Customer loans & advances (Net) to N2.77trillion as at September 30, 2021 from N2.22 trillion reported in 2020 full year results, and 11 per cent increase in Customer deposits to N5.42 trillion from N4.89trillion reported in 2020 full year results. The Holdings, however, announced N40.79billion in profit after tax in its audited nine months ended September 30, 2021 result and accounts, a decline of 40.15per cent from N68.15billion reported in nine months of 2020. This Day
Despite Challenges, Six Tier-1 Banks Record N786.75bn PBT in Nine Months
On the heels of challenging operating environment, Ecobank Transnational, Incorporated (ETI), United Bank for Africa Plc (UBA), Access Bank Plc and three other Tier-1 banks generated N786.75billion in profit before tax in nine months of 2021, an increase of 21.14 per cent from N649.44billion reported in nine months of 2020. The other Tier-1 banks are FBN Holdings Plc, Guaranty Trust Holding Company Plc and Zenith Bank Plc. Of the banks, ETI had the highest increase in profit before tax by percentage, while Zenith Bank maintained the number one spot in terms of profit before tax value generated in the period under review. This Day
With SDF Impacting Profits, Banks’ Deposit with CBN Drops to 10-year Low of N2.5trn
Following the push by the Central Bank of Nigeria (CBN) to stimulate lending to the real of the economy, banks in the last 11 months of 2021 deposited just N2.5 trillion with the central bank, the lowest recorded in last 10-year, THISDAY investigation has revealed. Banks through the Standing Deposit Facility (SDF) on daily basis deposit excess funds with the central bank at an applicable interest rate of 4.5 per cent at an asymmetric corridor of +100/-700 basis points around the 11.5 per cent MPR. This Day
ECONOMY
$197m 5G mock auction holds Friday, rollout begins 2022 in 12 states
The Nigerian Communications Commission has said Nigeria’s 5G plan will allow efficient allocation of spectrum for 5G deployment, and ensure its effective deployment in major urban cities by 2025. The commission also disclosed that the much anticipated mock auction of the 5G spectrum for qualified telecommunication companies would hold on Friday, in preparation for the main auction scheduled for Monday December 13, 2021. Punch
Petrol import drives Nigeria’s trade deficit in Q3’21 to N3trn
Nigeria recorded a trade deficit of N3.023 trillion with her trading partners worldwide in the third quarter of 2021, Q3’2021, even as total merchandise trade stood at N13.284 trillion during the period.Speaking at a press briefing yesterday in Abuja, the Statistician General and Chief Executive Officer, National Bureau of Statistics, NBS, Dr Simon Harry, noted that the total trade grew by 10.43 percent over the N12.029 trillion recorded in Q2 2021. Vanguard
Omicron: NCAA lists new boarding rules, airlines risk ban
The Nigeria Civil Aviation Authority says international airlines will be made to pay $3500 fine on each passenger flown into the country not complying with the Federal Government’s Revised COVID-19 Provisional Quarantine protocol. The NCAA said non-compliance with the COVID-19 protocol requirements could also lead to an outright ban of the non-compliant airline. In an All-Operators Letter with reference NCAA/DG/AIR/16/327 issued to all accountable managers and signed by the Director-General NCAA, Captain Musa Nuhu, international airlines were reminded that the protocols for international flight operations and quarantine protocols for travellers arriving Nigeria issued on July 1, 2021 still hold sway. Punch