Category: Capital Market

Zenith Bank Plc has recorded a profit after tax of N88.882 billion for the half year ended June 30, 2019 as against N81.737 billion reported in 2018, representing a growth of 8.74 per cent. In a filing with the Nigerian Stock Exchange (NSE), the group’s pre-tax profit also rose by 4.02 per cent from N107.358 billion during the previous year to N111.677 billion during the period under review. The lender’s gross earnings stood at N331.586 billion as against N322.201 billion posted in 2018, accounting for a growth of three per…

Trading activities on the floor of the Nigerian Stock Exchange (NSE) yesterday commenced the week on a positive track as the overall market performance indices firmed up with a gain of 0.71 per cent. Transactions on the stock market had last Friday recorded a decline to close on the red territory following depreciable demand by investors on sustained market apathy. Consequently, the All-Share Index gained 190.6 basis points or 0.71 per cent to close at 27,115.89 index points as against 26.925.29 recorded last Friday while the market capitalisation closed from…

FMDQ Securities Exchange has said that following the approval by the Securities and Exchange Commission (SEC), moving it from ‘an OTC Market’ to a full-fledged ‘Securities Exchange, it is planning among other things to enter the equity market. Addressing journalists on the development, the Managing Director/Chief Executive Officer of the firm, Mr. Bola Onadele Koko, said: “We will be in the equity market when we win the first listing. The fact that we want to do equity does not mean it will be now. Companies take time to come for…

The Board of the International Organization of Securities Commissions (IOSCO) has published the statement on communication and outreach to inform relevant stakeholders regarding benchmarks transition.   The statement seeks to inform relevant market participants of how an early transition to Risk Free Rates (RFRs) can mitigate potential risks arising from the expected cessation of LIBOR.   IOSCO in a notice obtained by Newsfieldglobal said it wished to raise awareness of the impact of LIBOR’s likely cessation and the need for relevant stakeholders to transition from the widely used USD LIBOR…

    Presco Plc has posted 24.39 per cent drop in profit after tax for the half year ended June 2019.       According to a report obtained from the Nigerian Stock Exchange (NSE), the unaudited financial result for the first half showed profit after tax of N3.016 billion from N3.989 billion recorded in 2018, accounting for a drop of 24.39 per cent.       Profit before tax stood at N3.882 billion in 2019 from N5718 billion a year earlier, representing a decline of 32.1 per cent.  …

        Some shareholders of quoted companies listed on the capital market have stressed the need for regulators to always seek for friendly policies and regulations to encourage new listings and bring back investors.       Capital market shareholders, who made the call on enquiry, said the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) should review penalties imposed on quoted companies to attract new listings.       They noted that incessant penalties was discouraging companies from seeking quotation on the nation’s bourse,…

Sterling Bank Plc, a full-service national bank, has reported a net interest income growth of 19.1 per cent to N30.4 billion for the half year ended June 30, 2019 as against N25.5 billion for the corresponding period of 2018. Overall, the bank recorded a 5.5 per cent improvement in operating income and a profit after tax of N5.66 billion. Commenting on the financial performance, Mr. Abubakar Suleiman, Chief Executive Officer of Sterling Bank, said: “Underlying our half year performance was a concerted effort in improving the quality of our funding…