In the holiday shortened trading week to Friday October 22, many stocks listed on the Nigerian Exchange Limited (NGX) witnessed increased buy activities despite negative take-off to the review week. Out of the four trading days, the market recorded one negative close and four positive closes.

The journey further into the green zone was fueled by investors interest in industrial, oil and gas, and banking stocks amid pockets of profit taking in consumer goods and insurance stocks.

The Nigerian Exchange Limited (NGX) All-Share Index and its equities Market Capitalisation appreciated from 41,438.15 points and N21.625 trillion respectively to 41,763.26 points and N21.794trillion, representing an increase by 0.78percent and about N170billion respectively.

Read also: Stocks gain N237bn as investors buy ahead of Q3 scorecards

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The market’s year-to-date (YtD) positive return stood higher at +3.71percent at the close of trading session on Friday. As third-quarter (Q3) earnings season starts, Stanbic IBTC Holdings Plc joined the league of early bird companies that released their Q3 financials on the Nigerian Exchange Limited (NGX).

Stanbic IBTC Holdings Plc recorded 41percent decline in its third-quarter (Q3) 2021 profit before tax (PBT) of N45.312billion as against N76.86billion in same period of 2020.

The group’s profit for the Q3’2021 period printed lower at N39.95billion from a high of N66.16billion in Q3’20, which represents a decrease by 39.62percent.

According to its recently unaudited consolidated and separate interim financial statements for the nine months period ended September 30, 2021, its gross earnings printed lower at N146.61billion from N183.28billion in Q3’2020, down by 20.01percent.

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By Iheanyi Nwachukwu • October 25, 2021

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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