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The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal slide of 0.03 per cent to remain in the red territory on Wednesday, April 26.

In the preceding session, the market dropped 1.44 per cent and this continued into the midweek session with the NASD Unlisted Securities Index (NSI) losing 0.25 points to wrap the session at 727.90 points compared with 728.15 points in the previous session.

Similarly, the sum of N350 million was sliced from the market capitalisation of the bourse to close the session at N1.006 trillion from N1.007 trillion.

The unlisted securities market recorded a price loser and a price gainer during the trading session, with Central Securities Clearing System (CSCS) Plc depreciating by 7 Kobo to close at N13.00 per share compared with the previous day’s N13.07 per share, as Afriland Properties Plc appreciated yesterday by 4 Kobo to close at N2.30 per unit, in contrast to Tuesday’s closing value of N2.26 per unit.

During the session, the volume of securities traded at the bourse went down by 60.0 per cent to 2.8 million units from the 7.0 million units quoted at the Tuesday session.

Also, the value of shares traded at the session went down by 56.2 per cent to N7.6 million from the N17.3 million achieved a day earlier.

These transactions were carried out in seven deals, in contrast to the 12 deals executed in the preceding trading session, indicating a decline of 41.7 per cent.

Geo-Fluids Plc remained the most traded stock by volume (year-to-date) with the sale of 820.8 million units valued at N1.3 billion, Industrial and General Insurance (IGI) Plc stood in second place with 615.6 units worth N48.6 million, while UBN Property Plc was in third place with 369.8 million units valued at N313.0 million.

The most traded stock by value (year-to-date) was VFD Group Plc as it has transacted 10.4 million units worth N2.4 billion, Geo-Fluids Plc followed with 820.8 million units worth N1.3 billion, and FrieslandCampina Wamco Nigeria Plc was in third place with 4.6 million units valued at N320.4 million.

Nigerian Aviation Handling Company Plc said its pre-tax profit rose by 315.1 per cent in 2022, riding on the back of strong sales income and business-wide efficiency.

A statement said the board of the aviation handling group recommended an increase of 251 per cent in dividend payouts from N665.93m paid in the 2021 financial year to N2.34bnin the corresponding period of 2022.

It stated that, “Shareholders on the register of the company as of the close of business on May 12, 2023, will receive a dividend per share of N1.20 for the 2022 business year. The dividend will become payable on May 26, 2023.”

The audited report and accounts for the year ended December 31, 2022, released at the Nigerian Exchange showed that group turnover rose by 63.3 per cent from N10.23bn in 2021 to N16.71bn in 2022.

Gross profit doubled by 125.81 per cent from N3.34bn to N7.55bn. Operating profit rose by 274.2 per cent from N1.05bn to N3.94bn.

Despite the inflationary trend that affected administrative expenses, profit before tax jumped by 315.14 per cent to N3.84bn in 2022 from N924.86m in 2021.

Net profit increased by 246.4 per cent from N771.62m to N2.67bn.

Earnings per share also rose by 257.89 per cent from 38 kobo to N1.36. The group balance sheet expanded with total assets rising by 13.9 per cent from N16.44bn to N18.73bn. Total equity funds improved by 28.6 per cent from N7.02bn to N9.03bn.

It stated that the group performance was underlined by significant improvements across the businesses, driven mainly by the group’s flagship handling business.

On a standalone basis, the parent company reported a 66.4 per cent growth in turnover from N9.66bn in 2021 to N16.07bn in 2022.

Gross profit grew by 140.3 per cent from N2.96bn to N7.12bn, while operating profit rose by 330.5 per cent from N860.61m to N3.71bn.

According to the statement, profit before tax jumped by 387.08 per cent from N742.8m to N3.62bn, and profit after tax followed the trend with an increase of 339.3 per cent from N579.73m in 2021 to N2.548bn in 2022.

Earnings per share jumped from 30 kobo in 2021 to N1.31 in 2022.

The parent company’s balance sheet also emerged stronger as total assets grew by 10.7 per cent from N16.28bn to N18.03bn. Total equity rose by 27 per cent from N6.98bn in 2021 to N8.86bn in 2022.

The Group Managing Director, NAHCO Plc, Mr Indranil Gupta, said the 2022 results showed the gains of recent investments and continuous improvements in the operations of the aviation handling group.

 

The Nigerian Exchange Limited rebounded on Tuesday, recording N2bn gain for investors.

The All-Share Index also appreciated by 11.54 base points to 51, 138.92, pushing the year-to-date returns marginally to 0.22 per cent at the end of trading.

Market activities showed trade turnover strengthened relative to the previous session, as the volume and value of transactions surged by 703.18 per cent and 220.17 per cent respectively.

Similarly, investors’ sentiment as measured by market breadth improved leading to 21 gainers against 21 decliners.

A total of 1.82bn units of shares valued at N5.02bn were exchanged in 4,669 deals on the NGX. Indigenous conglomerate, Transcorp, led the volume and value chart with 1.60bn units traded in deals worth N3.09bn.

Buying interests were also recorded in the shares of Nigerian Breweries (+1.10 per cent) and GTCO (+0.60 per cent).

Performance across indices was largely bearish as the insurance, banking and industrial goods indices declined by 1.43 per cent, 0.50 per cent and 0.01 per cent respectively, on the back of sell-offs in Linkage Assurance (-8.33 per cent), Zenith Bank (-0.91 per cent) and Wapco (-0.21 per cent).

The stock market segment of the Nigerian Exchange Limited (NGX) yesterday, started the week in negative territory with N418 billion loss, spearheaded by losses in MTN Nigeria Communications, among 17 others.

The NGX All-Share Index declined by 766.56 basis points or 1.48 per cent, to close at 51,127.38 basis points from 51,893.94 basis points it opened for trading.

Consequently, the overall market capitalisation value lost N418 billion to close at N27.850 trillion from N27.850trillion it closed for trading last week.

On sectoral performance, the NGX Banking index dropped by 5.5per cent and NGX Insurance index was down by 0.1per cent, while the NGX Oil & Gas Index and Industrial Goods indices closed flat.

The NGX Consumer Goods index appreciated by 0.1per cent, the sole gainer of the day.

The market breadth was negative as 18 stocks lost relative to 16 gainers.

International Energy Insurance led the losers’ chart by 6.98 per cent to close at N1.20, per share. MTNN followed with a decline of 6.67 per cent to close at N224.00, while Transcorp Hotels lost 5.80 per cent to close at N6.50, per share.

Africa Prudential declined 5.45 per cent to close at N5.20, while AIICO Insurance shed 5.08 per cent to close at 56 kobo, per share.

On the other hand, Ikeja Hotel recorded the highest price gain of 9.48 per cent to close at N1.27, per share.

Transnational Corporation (Transcorp) followed with a gain of 9.47 per cent to close at N1.85 and Consolidated Hallmark Insurance up by 8.77 per cent to close at 62 kobo, per share.

Nigerian Exchange Group rose by 8.16 per cent to close at N26.50, while Jaiz Bank gained 5.68 per cent to close at 98 kobo, per share.

The total volume traded fell by 58.19 per cent to 226.594 million units, valued at N1.568 billion, and exchanged in 4,373 deals. Transactions in the shares of Transcorp topped the activity chart with 107.213 million shares valued at N162.832 million. Fidelity Bank followed with 39.308 million shares worth N206.008 million, while United Bank for Africa (UBA) traded 22.603 million shares valued at N190.356 million.

Zenith Bank traded 20.614 million shares valued at N521.286 million, while FCMB Group transacted 12.611 million shares worth N47.830 million.

 

The United Bank for Africa Plc recorded 47.5 per cent growth in its gross earnings in the first quarter of 2023. The Group’s profit before tax also hit N61.4bn.

This was disclosed in its unaudited results for the first quarter ended March 31st, 2023, and released on the Nigerian Exchange Limited.

“The Group’s gross earnings rose by 47.5 per cent from N183.9bn to N271.2bn; while interest income which stood at N125.9bn as of March 2022, grew by 53.4 per cent to N191.9bn in the quarter under consideration.

The results revealed that operating income rose by 39.6 per cent to N175.7bn, as against N125.9bn recorded in the corresponding quarter of 2022.

UBA’s profit before tax also rose significantly by 38.2 per cent to N61.4bn in Q1 2023, from N44.5bn recorded in the first quarter of 2022.

According to the statement, its profit after tax jumped from N41.5bn to N53.6bn, representing an impressive 29.1 per cent increase.

Commenting on the result, UBA’s Group Managing Director/ Chief Executive Officer, Oliver Alawuba, explained that despite the high inflationary, and challenging global environment, UBA was able to leverage the uptick in interest rates and improved digital offerings, in growing funded and non-funded income.

He added that he was excited at the growth in PBT, which had helped to drive increased returns to shareholders, with a 22.6 per cent return on average equity, compared to 19.7 per cent recorded in December 2022.

“We have continued to record improved gains in our customer acquisition and retention strategies across our countries of presence, evident in the 10.5 per cent growth in customer deposits to N8.6tn from N7.8tn at the end of 2022FY.

“This has enabled the Group drive increased loan growth and interest income, with loans to customers at N3.6tn, representing a year-to-date increase of five per cent.

“For 2023, we remain committed to improving the Group’s performance as we strategically position our entities to take advantage of emerging developments within their jurisdictions and across the globe. We will continue to deliver excellent rewards to our stakeholders.”

The UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, added that the performance demonstrated the group’s resilience and commitment towards delivering value and enhancing the confidence of its customers, stakeholders and the wider public notwithstanding the competitive landscape and current global trend in the industry.