profit

NSE Index Rise 0.7% as Profit Taking Moderates Appreciation

January 20, 2020 6:55 am

Profit taking by some investors moderated the growth of the Nigerian stock market last week as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.69 per cent to close at 29,618.52. 

The gain was lower than the record 9.1 per cent posted the previous week, which was the highest weekly growth in two years. Market capitalisation added N81.8 billion to close at N15.256 trillion.

Sustained investor confidence had two weeks ago lifted the market as appetite for risk assets increased significantly following low valuations of equities. Against the backdrop of the increased demand the year-to-date growth hit …

Profit Taking: NSE All-Share Index Drops 0.13%

December 14, 2019 8:35 am

 The All-Share Index of the Nigerian Stock Exchange (NSE) on Friday bowed to profit taking after two-day upward trend.

The News Agency of Nigeria (NAN) reports that the index lost 33.59 per cent to close at 26,536.21 compared with 26,569.80 achieved on Thursday.

Also, the market capitalisation which opened at N12.823 trillion shed N18 billion to close at N12.807 trillion.

MTN dominated the laggards’ table with a loss of N2. 70 to close at N115.30 per share.

GlaxoSmithKline trailed with a loss of 55k to close at N5.25, while United Bank for Africa dipped 25k to close at N6.60 per …

Oil

₦10 Trillion Profit: Oil Communities Still Suffer Poverty

November 18, 2019 1:07 pm
Despite the receipt of over ₦10t from the 13 per cent derivation principle between 2000 and 2018, by Niger Delta states, the deplorable living conditions in oil-producing communities remain nauseating, raising questions about the application of such large sum by state governments.
Section 162, Sub-section 2 of the 1999 Constitution (as amended), explicitly states that no less than 13 per cent derivation should accrue to oil-producing states.

The evaluation of the revenue receipts of oil-producing states, particularly, Rivers, Akwa Ibom and Delta since 2000 indicates that the 13 per cent derivation formed the lion share of their earnings over the

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Zenith Leads As 4 Banks Record ₦431bn Profit In Nine Months

Zenith Leads As 4 Banks Record ₦431bn Profit In Nine Months

October 25, 2019 9:13 am

Investors in the banking sector are set to reap higher returns at the end of the year as four leading banks have reported a combined profit of ₦430.94 billion in their results for the nine months ended September 30, 2019.

The banks, Zenith Bank Plc, GTBank, United Bank for Africa Plc and FBN Holdings Plc, also reported total assets of ₦19.95 trillion.

Despite the challenging operating environment, the four banks that have so far released their nine months’ results have recorded increased performance following cost optimisation measures and better risk management strategies.

An analysis of the numbers showed that Zenith …

Royal Exchange Profit Falls By 187% In 3rd Quarter Q3 2019

Royal Exchange Profit Falls By 187% In 3rd Quarter Q3 2019

October 24, 2019 1:37 pm

Royal Exchange Plc has recorded a 187 percent loss for the third quarter (Q3) of the year which ended 30 September 2019.

This was revealed in the insurance company’s unaudited financial statements published on the website of the Nigerian Stock Exchange. According to the financial statement, Royal Exchange generated ₦11 billion in its gross premium income over the past nine months of 2019. However, there was a 0.9 percent decrease compared to ₦11.1 billion which was generated in Q3 2018.

For its Profit Before Tax (PBT), the underwriting firm recorded a loss before tax of ₦72.8 million in Q3 2019, …

Breaking: MTN Nigeria closes shops nationwide

MTN earns ₦98b half year profit, adds 3.3m new subscribers

July 27, 2019 12:48 am

Telecommunications firm, MTN has earned ₦98.9 billion profit in the first half of 2019, ended June 30 and added 3.3 million new subscribers to its network, pushing its subscribers base in Nigeria to 61.5 million.It explained that its service revenue increased by 12.2 per cent; voice revenue by 11.4 per cent, while data earnings grew by 31.7 per cent.

Its result released yesterday indicated that its Fintech revenue increased 21.2 per cent, while earnings from its digital businesses increased by 64.5 per cent.

The telecommunications firm, which made significant changes in its Nigerian board composition on Wednesday, said with its …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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