Economy

South Africa’s MTN slides on lower profit forecast

South Africa’s MTN slides on lower profit forecast MTN Johannesburg, March 1, 2019 (Reuters/NNN) Shares in MTN Group fell as much as 5.4 per cent on Friday, a day after the South African mobile phone group announced guidance for annual profit that was lower than forecasts. The stock at Johannesburg Stock Exchange was down 3.9 […]

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South Africa’s MTN slides on lower profit forecast
MTN
Johannesburg, March 1, 2019 (Reuters/NNN) Shares in MTN Group fell as much as 5.4 per cent on Friday, a day after the South African mobile phone group announced guidance for annual profit that was lower than forecasts.
The stock at Johannesburg Stock Exchange was down 3.9 per cent at 80.21 rand at early trading, recouping some losses after slipping to a low of 78.98 rand.
Shortly after the market closed on Thursday, Africa’s biggest mobile phone operator said 2018 profits would likely rise by as much as 90 per cent.
The forecast lagged behind an estimate of more a than two-fold jump in poll of seven analysts by Refintiv. (Reuters/NNN)
JI/TA

https://nnn.ng/south-africas-mtn-slides-on-lower-profit-forecast/

Economy

Interest rate cut: Stock market advances by N42bn

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Transactions on the Nigerian Stock Exchange on Tuesday rebounded further by 0.31 per cent, just as the Monetary Policy Committee (MPC) reduced interest rate by 100 basis points.


The News Agency of Nigeria reports that MPC of the Central Bank of Nigeria (CBN) at the end of two-day meeting slashed monetary policy rate by 100 basis points to 11.5 per cent from 12.5 per cent.

Mr Godwin Emefiele, the CBN Governor, said the committee retained the cash reserve ratio at 27.5 per cent due to inflationary pressures driven by structural policies.

Speficially, the market capitalisation rose by N42 billion or 0.31 per cent to close at N13.407 trillion against N13.365 trillion achieved on Monday.

Also, the All-Share Index which opened at 25,574.35 inched higher by 80.55 points to close at 25,654.90 following gains posted by MTN Nigeria and eight other equities.

Accordingly, the month-to-date gain increased to 1.3 per cent while the year-to-date loss moderated to -4.4 per cent.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd,. attributed the rally to the outcome of the MPC meeting.

Omordion who commended the interest rate cut expressed optimism that there would be movement of funds from money market into the stock market due to higher return.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; MTNN, Red Star Express, FBN Holdings, Dangote Sugar Refinery and Trans-Nationwide Express.

Analysts at Afrinvest Limited expected bargain hunting to persist in the market.

Red Star Express led the gainers’ chart in percentage terms, gaining 9.80 per cent to close at N3.25 per share.

Consolidated Hallmark Insurance followed with 9.68 per cent to close at 34k, while Trans-Nationwide Express rose by 9.33 per cent to close at 82k per share.

Lasaco Assurance rose by four per cent to close at 26k, while MTNN appreciated by 2.41 per cent to close at N123 per share.

Conversely, Union Bank of Nigeria topped the losers’ chart in percentage terms, dropping 6.54 per cent to close at N5 per cent.

Cornerstone Insurance trailed with 6.25 per cent to close at 60k, while Linkage Assurance lost five per cent to close at 38k per share.

Mutual Benefits Assurance, Chams and Courteville Business Solutions shed 4.76 per cent each to close at 20k per share each.

In the same vein, the volume of shares traded rose by 33.62 per cent with 262.05 million shares worth N4.39 billion achieved in 3,254 deals.

This was in contrast with 196.12 million shares valued at N1.73 billion exchanged in 3,542 deals on Monday.

Transactions in the shares of Zenith Bank topped the activity chart with 45.88 million shares worth N766.27 million.

FBN Holdings accounted for 24.14 million shares valued at N119.50 million, while Transcorp sold 20.97 million shares worth N12.55 million.

FCMB Group traded 20.53 million shares valued at N42.28 million, while Guaranty Trust Bank transacted 20.33 million shares worth N516.43 million.

Edited By: Wale Ojetimi
Source: NAN

https://nnn.ng/interest-rate-cut-stock-market-advances-by-n42bn/
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Health

Group unveils online physiotherapy service to reduce medical tourism

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Virtualphyisio, a global virtual physiotherapy service provider, has unveiled a virtual physiotherapy service to reduce financial implications of overseas treatment and to tackle medical tourism.


Mr Sam Eferaro, Virtualphyisio media consultant, said this in a statement on Tuesday.

Eferaro said that Virtualphyisio organisation had appointed international healthcare professionals and consultants to provide virtual physiotherapy services for Nigerians.

He said that the online platform would provide services for physical conditions such as stroke, arthritis, spinal/neck pain, mid-thoracic, and low-back pain of neural and muscular origin.

“This means that Nigerians requiring treatments now have the opportunity of being assessed by different specialists across the world just in one session and in the comfort of their homes.

“We are partnering with mobile telecoms operator, MTN, to facilitate link between patients in Nigeria and specialists in different parts of the world through short message services, phone calls and WhatsApp.

“Our consultants will provide comprehensive evaluations and follow up treatment, where possible, to save scarce foreign exchange by reducing financial implications of overseas treatment and reduction in health tourism.

“This will also result in a reduction in hospital burden of care, unnecessary waiting time, overcrowded hospitals and clinics, consultation time, and costs of treatment,” Eferaro said.

He added that the organisation had registered partner outlets in different parts of the country, where patients could be referred to continue a wide range of therapies when necessary.

Edited By: Kamal Tayo Oropo/ Chinyere Joel-Nwokeoma
Source: NAN

https://nnn.ng/group-unveils-online-physiotherapy-service-to-reduce-medical-tourism/
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Economy

NSE market indicators resume week with 0.01% growth

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The market indicators of the Nigerian Stock Exchange (NSE) resumed transactions for the week on Monday with a marginal growth of 0.01 per cent, amid cautious trading.


Speficially, the market capitalisation which opened the week at N13.364 trillion rose by one billion naira or 0.01 per cent to close at N13.365 trillion.

Also, the All-Share Index appreciated by 1.78 points or 0.01 per cent to close at 25,574.35 from 25,572.57 posted on Friday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Presco, UACN, International Breweries, MTN Nigeria Communications and Guaranty Trust Bank.

This week, United Capital Plc expected to see some buying interest in the equity market, ahead of third quarter 2020 financials.

Also, analysts at Afrinvest Limited said, “We expect to see positive performance in subsequent trading sessions on the back of buying interest in low-priced stocks.”

Associated Bus Company dominated the gainers’ chart in percentage terms, rising 10 per cent to close at 33k per share.

Wapic Insurance followed 8.11 per cent to close at 40k, while UACN appreciated by 5.79 per cent to close at N6.40 per share.

Mutual Benefits Assurance improved by five per cent to close at 21k, while Cornerstone Insurance appreciated by 4.92 per cent to close at 64k per share.

Conversely, Champion Breweries led the losers’ chart in percentage terms, dropping 10 per cent to close at 81k per share.

Red Star Express trailed with a loss 9.20 per cent to close at N2.96, while Japaul Oil dipped 4.76 per cent to close at 20k per share.

Regency Alliance Insurance Company shed 4.17 per cent to close at 23k, while Jaiz Bank depreciated by 3.39 per cent to close at 57k per share.

The volume of shares traded increased by 1.36 per cent with a turnover of 196.12 million shares worth N1.73 billion in 3,542 deals.

This was against an exchange of 193.49 million shares valued at N1.85 billion transacted in 2,934 deals on Friday.

Transactions in the shares of FBN Holdings topped the activity chart with 43.39 million shares worth N214.45 million.

Chams came second with 26.21 million shares valued at N5.26 million, while United Bank for Africa sold 13.19 million shares worth N79.09 million.

Mutual Benefits Assurance accounted for 12.23 million shares valued at N2.51 million, while Zenith Bank sold 11.66 million shares worth N195.08 million.

Edited By: Oluwole Sogunle
Source: NAN

https://nnn.ng/nse-market-indicators-resume-week-with-0-01-growth/
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Economy

Bargain hunting: NSE market indices rebound by 0.38%

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The key market indicators of the nation’s bourse recorded first week gain on Thursday, rebounding by 0.38 per cent on renewed bargain hunting.


Specifically, the All-Share Index improved by 96.06 per cent or 0.38 per cent to close at 25,520.97 against 25,424.91 posted on Wednesday.

Similarly, the market capitalisation rose by N50 billion or 0.38 per cent to close at N13.313 trillion from N13.263 trillion achieved on Wednesday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Zenith Bank, MTN Nigeria Communications, Guaranty Trust Bank, C&I Leasing and Access Bank.

Capital market analysts noted that the local bourse recorded the first gain this week due to bargain in Zenith Bank, Guaranty Trust Bank and MTNN.

However, analysts at Afrinvest Limited expected the equities market to close the week on a bearish note.

A breakdown of the price movement chart indicates that 22 stocks gained in contrast with 12 laggards.

Eterna led the gainers’ chart in percentage terms, appreciating by 9.69 per cent to close at N2.49 per share.

C&I Leasing followed with 8.45 per cent to close at N3.85, while Wema Bank garnered 7.84 per cent to close at 55k per share.

Japaul Oil increased by five per cent to close at 21k, while Chams appreciated by 4.76 per cent to close at 22k per share.

Conversely, Associated Bus Company led the losers’ chart in percentage terms, dropping 7.69 per cent to close at 36k per share.

Cornerstone Insurance came second with 7.58 per cent to close at 61k while Consolidated Hallmark Insurance shed 5.88 per cent to close at 32k per share.

Unity Bank dipped 5.56 per cent to close at 51k, while FCMB Group lost 4.87 per cent to close at N2.15 per share.

In spite of the growth in market indices, volume of shares transacted declined by 12.29 per cent with an exchange of 236.48 million shares worth N1.65 billion in 3,251 deals.

This was against a turnover of 269.63 million shares valued at N2.87 billion traded in 4,155 deals on Wednesday.

Transactions in the shares of Zenith Bank topped the activity chart with 33.16 million shares worth N546.75 million.

Fidelity Bank followed with 29.97 million shares valued at N52.65 million, while Mutual Benefits Assurance sold 25.04 million shares worth N5.01 million.

Wema Bank traded 20.22 million shares valued at N11.03 million, while FBN Holdings transacted 20.06 million shares worth N100.29 million.

Edited By: Wale Ojetimi
Source: NAN

https://nnn.ng/bargain-hunting-nse-market-indices-rebound-by-0-38/
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