• Growth attributed to steady increase in global oil price, listed companies’ impressive earnings
The Chief Executive Officer, Wyoming Capital and Partners, Tajudeen Olayinka, hinged the upswing trend on improved system liquidity that is traceable to massive reinvestment of 2021 yearly dividends by investors, who received their payments recently from listed companies. He disclosed that Pension Fund Administrators and other investment companies that pitched their tent in the fixed income market due to lull in equities have currently increased their stake in the stock market to ensure guaranteed investment return and capital appreciation.
For instance, global markets fell sharply last week, as fears over rising inflation and a slowdown in China’s export growth fueled worries about the health of the world economy. A look at the full year 2021 and Q1 2022 result of some listed firms showed that Fidelity Bank’s Profit Before Tax increased by 35.7 per cent from N28.05 billion in the 2020 financial year to N38.07 billion in the review period. Deposits also grew by 19.2 per cent to close at N2.02 trillion.
Specifically, the company’s unaudited results for the three months ended March 31, 2022 showed 197.8 per cent rise in profit before tax to N34.7 billion from N10.6 billion recorded in the previous year. Vice President of Highcap Securities Limited, David Adonri, attributed the growth to high crude oil price and generally impressive first quarter results released so far by listed firms.
“Favourable crude oil price is also a propelling factor. When political tension attendant to 2023 election starts mounting coupled with economic slowdown in industrialised economies, market correction will set in,” he said.
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Fonte: GuardianNigeria - 🏆 1. / 94 Leggi di più »