Sunday, February 28African Business News
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Tag: capital market

Current revaluation of H1 earnings pushes index by 0.09%

Current revaluation of H1 earnings pushes index by 0.09%

Capital Market
On-going revaluations as a result of half-year earnings reports from quoted companies have continued to spur activities on the equities sector of the Nigerian Stock Exchange (NSE). Consequently, the NSE All-Share Index and Market Capitalisation both appreciated by 0.09 per cent to close the week at 25,221.87, and N13.158 trillion, respectively. All other indices finished higher with the exception of NSE Oil/Gas, NSE Lotus and NSE Industrial Goods Indices, which depreciated by 0.92 per cent, 0.12 per cent, and 0.41per cent, while the NSE ASeM closed flat. However, analysts urged conscious trading amid prevailing socio-political and economic uncertainties, especially the rising insecurity, mismatch in economic policies, and reforms that continue to threaten recovery and confiden...
Stock investors gain N44billion on sustained bargain-hunting

Stock investors gain N44billion on sustained bargain-hunting

Capital Market
Sustained bargain-hunting in most blue-chip stocks buoyed transactions on the equities sector of the Nigerian Stock Exchange (NSE), yesterday, as market capitalisation increased further by N44billion. Specifically, at the close of trading Tuesday, the All Share Index (ASI) increased by 85.19 absolute points, representing a gain of 0.34 per cent to close at 25,335.15 points. Similarly, the market capitalisation rose by N44billion to close at N13.216trillion. The uptrend was impacted by gains recorded in large and medium value stocks, amongst which were; BUA Cement, BOC Gases Nigeria, Dangote Sugar Refinery, Neimeth International Pharmaceuticals, and Prestige Assurance. Analysts at Afrinvest Limited, said: “We expect to see gains in the next trading session as invest...
Stanbic IBTC Runs Skeletal Operations

Stanbic IBTC Runs Skeletal Operations

Finance
As part of the plans to safeguard the lives of its staff and customers and also prevent the spread of Covid-19, Stanbic IBTC Holdings has announced that it has started running skeletal operations. The Chief Executive, Stanbic IBTC Holdings, Yinka Sanni, said the action was necessitated by the need to safeguard members of the public, given the rising number of individuals who have tested positive to Covid-19. He commended the actions taken by the government thus far, such as banning of large gatherings, closure of schools and certain offices, all aimed at managing the spread of the virus. He, however, stated that a lot more needs to be done to manage the situation given that the Covid-19 was the most serious world health emergency in a century. The Stanbic IBTC Holdings Chief E...
SophosLabs Warns against Cybercrime

SophosLabs Warns against Cybercrime

Economy
Following the outbreak of the COVID-19 currently ravaging the world, SophosLabs said it is tracking how the use of ‘COVID-19’ in domain names, spam, phishing attacks, and malware has skyrocketed, thereby creating threat to cybersecurity. According to SophosLabs, its current tracking showed that the volume of “COVID-19” email scams have nearly tripled in the past week. It said attackers were also increasingly impersonating the World Health Organisation (WHO), Centers for Disease Control and Prevention (CDC) of North America and the United Nations (UN), as evidenced in the scams it tracked recently. Speaking on the development, Sophos Principal Research Scientist, Chester Wisniewski, said: “Cybercriminals are wasting no time in shifting their dirty, tried and true attack campaigns ...
Computer Village market operators claim N20b loss as lockdown order takes effect

Computer Village market operators claim N20b loss as lockdown order takes effect

Business
Though operators of the Computer Village market, Ikeja, Lagos may have complied with the state’s directive, which ordered the closure of some markets, they put the loss suffered by the market within the last three months at about N20 billion. Checks by The Guardian yesterday, showed full compliance, as all the entrance gates to the market were under lock and key. Some of the operators that spoke with The Guardian said their health remains a priority, “so we support the shut down of the market until things normalise. However, since the discovery of this pandemic and spread, almost three months now, we have lost billions of Naira.” Specifically, the Public Relations Officer, Computer and Allied Products Dealers Association of Nigeria (CAPDAN) Olaifa Ademola, told The Guardian that ...
Investors lose N2.3tr in three weeks of first COVID-19 case in Nigeria

Investors lose N2.3tr in three weeks of first COVID-19 case in Nigeria

Capital Market
Stock market investors have lost over N2.3 trillion barely three weeks after the first case of coronavirus, which is currently ravaging the whole world, was confirmed in Nigeria on January 28, 2020. Specifically, the market capitalisation of listed equities, which stood at N13.657 trillion as at Friday, February 28, 2020 depreciated by N2.349 trillion to N11.308 trillion yesterday, while the All-share index which measures the performance of quoted companies closed at 21,700.98 from 26,216.46 representing 4,515.48 points or 20.8 per cent drop. Nigeria has recorded fewer confirmed cases of Covid-19, when compared to other countries, but the global pandemic’s impact on the economy is far more significant. While global oil demand drops drastically in the wake of the outbreak, Nigeria...
Mutual funds in capital market to hit N1.5 trillion by December

Mutual funds in capital market to hit N1.5 trillion by December

Capital Market
The Securities and Exchange Commission has expressed optimism that Collective Investment Scheme (CIS) or Mutual funds in the capital market will hit N1.5 trillion before the end of the year. CIS also known as Mutual Funds is an arranged pool of funds managed on behalf of investors by a professional money manager which may invest in; ventures capital, portfolio of stocks Bonds and other securities. Acting Director-General SEC, Ms Mary Uduk, at a forum sponsored by the commission in Lagos at the weekend.Uduk said the commission is setting up more strategies to develop the mutual fund segment in the Nigerian capital Market. Uduk who was represented by the Head, Office of Economics at SEC,Okey Umeano, noted that the segment which currently stands at N1.2 trillion is growing and urged re...