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Stock Market Declines Further as 28 Firms Lose

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The nation’s stock market declined further on Tuesday as bearish sentiments persisted, making investors lose N4.8bn.

The market capitalisation of equities listed on the Nigerian Stock Exchange dropped from N10.954tn on Monday to N10.948tn on Tuesday while the year-to-date loss stood at -7.3 per cent.

On Tuesday, the stock market drew closer to a two-year low level of 25,780.02 basis points on April 21, 2017 and a one-year low level of 28,780.02bps as the All Share Index depreciated by 0.04 per cent to settle at 29,149.46 basis points on the back of sell-offs in Ecobank Transnational Incorporated, Dangote Cement Plc and Dangote Sugar Refinery Plc.

Activity level declined as volume and value traded fell by 17.7 per cent and 41.8 per cent to 374.026 million units and N3.057bn, respectively.

The top traded stocks by volume were Sterling Bank Plc (119.7 million units), Chams Plc (50.3 million units) and FBN Holdings Plc (44.6 million units) while the top traded stocks by value were Guaranty Trust Bank Plc (N788m), Zenith Bank Plc (N471.3m) and FBN Holdings Plc (N323.1m).

Performance across sectors was bearish as all indices closed on a negative note. The insurance index led losers, down by 1.8 per cent largely on the back of losses in NEM Insurance Plc.

The banking and oil and gas indices dipped by 0.5 per cent and 0.4 per cent, respectively, due to profit-taking in Zenith Bank, FBN Holdings and Oando Plc.

The consumer goods index fell by 0.2 per cent due to sell-offs in Nascon Allied Industries Plc and Dangote Sugar Refinery.

Major losses recorded in Dangote Cement dragged the industrial goods index down by 0.1 per cent.

Investor sentiment improved to 0.8x from the 0.4x recorded on Monday as 12 stocks advanced against 15 decliners.

The top five losers were NEM Insurance, Ecobank, Livestock Feeds Plc, Niger Insurance Plc and Nascon Allied Industries, whose respective share prices shed 9.87 per cent, 6.67 per cent, 5.66 per cent, 4.76 per cent and 4.75 per cent.

Analysts at Afrinvest Securities Limited said following the mild improvement in Tuesday’s trading session, relative to the prior session, they did not rule out the possibility of a positive performance in Wednesday’s trading session buoyed by the improving investor sentiment.

“However, we advise investors to remain cautious while seeking for opportunities as we maintain our bearish outlook over the near term,” they added.

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Business

Inaugural Set of FirstBank Management Associates Programme Graduates

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First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider, on Tuesday, June 30, 2020, graduated 28 successful candidates in its inaugural FirstBank Management Associates Programme (FMAP). The virtual exercise was held via the Zoom video conferencing application. The programme which commenced in 2018 had a total of 48 candidates selected from thousands of entries and applications received nationwide.

FMAP is a 24-month fast-track comprehensive developmental programme targeted at young, dynamic, self-motivated and highly driven individuals that possess the right skill set and excellent leadership potential among Junior and entry-level cadre staff. Entries and applications for the programme enrolment was also extended to the public

Speaking about the programme, Dr. Adesola Adeduntan, CEO, FirstBank said “It is an intensive skill development programme structured to enhance acute thinking, financial, methodical skills of staff. The bank would continue to reinvest in its human capital to create a kind of leadership needed for future growth and development

“This is part of the Bank’s strategic objectives of infusing and developing leadership at requisite levels across its staff hierarchy, aimed at building the next generation of leaders who will be groomed to drive the Bank’s vision of being Africa’s Bank of first choice”, he concluded.

At the end of the programme, successful candidates are moved to middle management, becoming Management Associates irrespective of their grades at the point of entry.
Cross country postings and secondment opportunities is also offered to such staff to provide them with global exposure and network.

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FirstBank Empowers Women Through FirstGem Online Community

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First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced that its all-female online community www.firstgem.com.ng, offers mentoring, support and capacity building opportunities for all to create a new generation of financially literate women.

With the aim to increase its engagement and reach a wider audience, an online repository for its FirstGem product was created and designed to provide a virtual online community where like-minded women irrespective of where they are in Nigeria and abroad, gather to connect, grow and share knowledge on everything about lifestyle, parenting, career development, entrepreneurship, health, work and family. Financial empowerment and wealth creation ideas are shared to encourage women to play their part in providing financial support for their families.

The portal provides varied contents ranging from Blog stories to Vlogs, Newsletters, Chat rooms which are built on 6 pillars – Health, Wealth and Finance, Food and Recipes, Events, Entrepreneurship, Lifestyle and Beauty. The FirstGem online community presently has over 61,634 members drawn from all walks of life sharing ideas, insights and experiences.

According to Chuma Ezirim, Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, “FirstGem is suited for the Nigerian woman, and we are using this online community as the ideal opportunity to position the Bank’s gender initiatives to meet the required needs on a wide range of issues affecting women from lifestyle, skills acquisition, finances, wealth acquisition and management, business support, etc.
We encourage all women to join the community by signing up via this link https://firstgem.com.ng/community to enjoy this experience.

FirstGem is a gender specific account designed to meet the needs of women, aged 18 years and above. It is targeted at a broad spectrum of women, working professionals, entrepreneurs and MSMEs with a view to promoting growth via an array of benefits, from free business advisory services, regular information or insights on business opportunities in various sectors and industries, as well as mouth-watering discounts at partnered stores and outlets.

FirstGem has successfully empowered women in states across the geo-political zones in Nigeria and the UK.

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FBNHoldings Wins World Finance Best Corporate Governance in Nigeria Award 

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Nigeria’s leading financial services group and holding company, FBN Holdings Plc, has won the 2020 Best Corporate Governance in Nigeria Award by the World Finance. World Finance is renowned for its comprehensive coverage and analysis of the global financial services industry, international business, and the global economy.

FBN Holdings Plc is winning this award for the second consecutive year on the back of its strong corporate governance practices and outstanding leadership in the Nigerian financial services industry

Commenting on the award on behalf of FBNHoldings, UK Eke, MFR, its Group Managing Director said; “winning the award in quick succession is a demonstration of not only the strength of our corporate governance practices but also its resilience. As a holding company, we emphasize the highest standards in corporate governance across all operating entities in our quest to deliver value to our numerous stakeholders”

For the past thirteen years, World Finance has been celebrating corporate achievements in the areas of corporate governance, innovation, and market leadership in the financial services sector across all the regions of the World.

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