Saturday, January 16

Tag: Nigerian Stock Exchange

Nigerian Mutual Funds Hit N1.26 Trillion In 5 Months
Business

Nigerian Mutual Funds Hit N1.26 Trillion In 5 Months

Total net asset of collective investment schemes and funds in Nigeria has risen to N1.257 trillion in the first five months of the year. There is no doubt that COVID-19 has affected various parts of the Nigerian economy and indeed, the world economy. One industry in Nigeria that has remained resilient in spite of it all, is the mutual fund industry. Data released by the Securities and Exchange Commission (SEC) as at May 29, 2019 showed that net asset value of mutual funds rose by N251 billion or 24.95 per cent from N1.006 trillion on December 29, 2019 to N1.257 trillion to close the first five months of the year, on May 29, 2019. The analysis revealed that in spite of the decline of 5.864 per cent witnessed in the Nigerian equities market during the period under review, the Ni...
Dangote Loses $2.5bn In One Month – Bloomberg
Business

Dangote Loses $2.5bn In One Month – Bloomberg

The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, saw its total net worth drop by $2.5bn in the last 30 days, according to Bloomberg Billionaires Index. The index, which is a ranking of the world’s 500 richest people, showed that his wealth fell from $15.9bn as of February 25, 2020, to $13.4bn on March 26. It had risen to a high of $16.5bn on January 27. He was the only Nigerian on the list of 500 billionaires and retained his position as Africa’s richest person. “Africa’s richest person controls Dangote Industries, a closely held conglomerate. The Lagos, Nigeria-based company owns sub-Saharan Africa’s biggest cement producer, Dangote Cement, which had revenue of N901.2bn ($2.5bn) in 2018. It also has interests in sugar, salt, flour, fertiliser and pack...
Stock Market Suffers N280 Billion Loss In One Week
Business

Stock Market Suffers N280 Billion Loss In One Week

Equity trading on the floor of the Nigerian Stock Exchange closed last week on a negative note amid the spread of the global pandemic, COVID-19, in the country. The NSE All-Share Index and market capitalisation both depreciated by 2.35 per cent to close last week at 22,198.43 basis points and N11.568tn respectively. All other indices finished lower with the exception of the NSE Banking, the NSE Insurance and the NSE Oil/Gas, which appreciated by 0.29 per cent, 2.80 per cent and 0.22 per cent respectively while the NSE ASeM Index closed flat. A total turnover of 2.804 billion shares worth N32.56bn in 31,715 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 3.964 billion shares valued at N43.70bn that exchanged hands the previous we...
Access Bank Denies Arrest Of Its GMD, Herbert Wigwe
Business

Access Bank Denies Arrest Of Its GMD, Herbert Wigwe

Access Bank Plc has vehemently denied reports that its Group Managing Director, GMD, Herbert Wigwe has been arrested by the Economic and Financial Crimes Commission (EFCC) over allegations of fraud. Some online news sites had reported that the Access Bank boss was arrested for his connection with the assets of former Abia State governor, Orji Uzor Kalu, alleged money laundering for former petroleum minister, Deziani Allison-Madueke, as well as alleged inflation of contracts linked to former Lagos State Governor, Akinwunmi Ambode. In a notice to the Nigerian Stock Exchange (NSE) on Friday, January 10, 2019 by the company secretary, Sunday Ekwochi, the lender denied the reports, stressing that its officials were only invited for interrogation over credit facilities that were availe...
Union Bank Sells UK Subsidiary
Business

Union Bank Sells UK Subsidiary

Union Bank of Nigeria (UBN) Plc has entered a share sale and purchase agreement to divest its 100 per cent equity stake in its United Kingdom (UK) subsidiary, Union Bank UK (UBUK) Plc. In a regulatory filing just released at the Nigerian Stock Exchange (NSE), the board of Union Bank stated that the sale was in line with the bank’s strategy to geographically streamline its business operations to focus on growth opportunities in Nigeria. According to the bank, following a competitive bid process, MBU BidCo Limited (MBU), an acquisition vehicle wholly owned by MBU Capital Limited (MBU Capital), was selected as the preferred bidder. The completion of the sale is however still subject to regulatory approvals from the relevant regulatory authorities in Nigeria and the UK. MBU Capita...
MTN’s $2 Billion Tax Case Revoked By Attorney-General, Abubakar Malami
Business

MTN’s $2 Billion Tax Case Revoked By Attorney-General, Abubakar Malami

Nigeria's attorney general has withdrawn a $2 billion tax demand against South African telecoms giant MTN Group, the company and attorney general said on Friday, in a closely watched case that investors say has damaged Nigeria's appeal. In a letter filed with the Nigerian Stock Exchange, MTN said the government had decided to drop its case and refer the issue to tax and customs authorities "with a view to resolving contentious issues". "We are very pleased with the decision of the (attorney general) and we commend him for his wisdom," MTN Nigeria's Chief Executive Ferdi Moolman said in a statement. In a statement, the office of Attorney General Abubakar Malami said the decision "demonstrates unflinching commitment to the rule of law where all statutory agencies will be allowed...
Aliko Dangote Plans U.S. Office To Help Diversify Wealth
Business

Aliko Dangote Plans U.S. Office To Help Diversify Wealth

Aliko Dangote, Africa’s richest man, plans to take office space in New York to help diversify his investments and avoid the risk of currency fluctuations on his home continent. The owner of the biggest cement company in sub-Saharan Africa will use the base and an existing one in London to become more global after the completion of a $12 billion, 650,000 barrel-a-day refinery currently under construction in Nigeria. “In Africa, you know we have issues of devaluation, so we want to really preserve some of the family’s wealth,” Dangote told Bloomberg TV’s David Rubenstein Show. The 62-year-old Nigerian businessman became $4.3 billion richer in 2019 as his fortune continued to grow on the back of investments in cement, flour and sugar. With a net worth of about $15 billion, he is ra...
TY Danjuma Quits As May & Baker Chairman, Daisy Danjuma Takes Over
News

TY Danjuma Quits As May & Baker Chairman, Daisy Danjuma Takes Over

Former Minister of Defence, Lt. Gen. Theophilus Yakubu Danjuma (Rtd), has retired as a Director and Chairman of the Board of Directors May & Baker Nigeria Plc. A statement issued by the firm disclosed that the former military top brass exited the position at the board meeting of the company held on Friday, September 27, 2019 at MUSON Centre, Onikan, Lagos. In the disclosure to update the Nigerian Stock Exchange (NSE), shareholders and the investing public, May & Baker said wife of the retiring Chairman, Senator Daisy Ehanire Danjuma, has been appointed to fill the vacant position with immediate effect. Mrs Danjuma was born on August 6,1952 in Benin City, Edo State. She was first appointed to the board of directors of the firm on July 30, 1999 until October 8, 2003 and ...
Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal
Politics

Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal

The nation’s stock market closed 0.39 percent higher on Wednesday after suffering two consecutive losses this week as a result of profit taking activities by investors. During yesterday’s session, the bulls chased out the bears from the market as investors kept an eye on proceedings at the election tribunal giving its ruling on the disputes from the February 2019 presidential election between President Muhammadu Buhari of the All Progressives Congress (APC) and his challenger, Mr Atiku Abubakar of the Peoples Democratic Party (PDP). First feelers from the tribunal in Abuja gave clear indications that the President would retain his seat and this improved the level of confidence of investors, triggering buying pressure at the market. Though the final judgement did not come befor...
Ekiti Will Return To Top Three In Ease Of Doing Business – Fayemi
Politics

Ekiti Will Return To Top Three In Ease Of Doing Business – Fayemi

Ekiti State Governor, Kayode Fayemi, has said that his administration has put in place policies and legislations that would ensure that the state becomes one of the top three states in ease of doing business in the country. Fayemi said the state was rated number four in ease of doing business in 2014 when he left office, but slid to the 32nd position thereafter. The governor said this while presenting “Investing in Ekiti: Facts Behind the State Economy” at the Nigerian Stock Exchange (NSE) in Lagos on Friday. He urged investors to invest in the state and take advantage of the business-friendly environment. Fayemi, who was received at the Stock Exchange by the Director-General of NSE, Oscar Onyema, and the President, Abimbola Ogunbanjo, also rang the bell signifying the clos...
Airtel Africa Lists On NSE With N1.36trn
News

Airtel Africa Lists On NSE With N1.36trn

After last week’s suspension of listing on the floor of the Nigerian Stock Exchange (NSE), Airtel Africa finally listed on Tuesday in a N1.36 trillion ($4.4 billion) floatation, turning the telecom company into the bourse’s third largest stock by market value. Airtel Africa’s shares climbed 10% from their listing price of N363 after the float went live. Some 100,000 shares traded at Tuesday’s debut, helping the main stock index recover from a seven-week low. The company, owned 68.3% by India’s Bharti Airtel, offered shares in its African unit two weeks ago via a London IPO and said it would dual-list in Nigeria, its biggest market in Africa. Airtel Africa, which operates across 14 African countries, had planned to list last week but the bourse postponed the cross-border listin...
Airtel Nigeria Files Application For Listing On NSE
News

Airtel Nigeria Files Application For Listing On NSE

Telecommunication giant, Airtel Nigeria has officially filed an application with the Securities and Exchange Commission for the listing of its shares on the Nigerian Stock Exchange. It was revealed by sources at the commission that the telecom company’s application was filed two weeks ago. The Security and Exchange Commission, SEC, was presently examining the application in line with its rules and regulations, the News Agency of Nigeria reported. SEC would continue in its quest to protect the interest of investors in the market in line with its mandate to regulate and develop the capital market, the source said. The application would be given fast consideration if the company met all the requirements for listing on the nation’s bourse . The parent company of the telco, Bharti ...
MTN Nigeria Grossed N700 Million Loss Due To Server Breakdown
News

MTN Nigeria Grossed N700 Million Loss Due To Server Breakdown

MTN Nigeria server crash on Saturday, a regular source stated this may have cost the telecommunication company an estimated loss of N700 million within two hours. It was also claimed that the newly listed company on the Nigerian Stock Exchange (NSE) contacted the Economic Financial Crimes Commission (EFCC) to review cybercrime which developed N50,000 deduction for 128GB from customers whose phone numbers are linked to their account numbers. Another source said that several MTN customers’ lines who obtained free data via *131*7*5*1*1# were blocked for 24 hours as the company continued to restore its flunked data network.
Airtel, GLO, 9mobile To List On NSE Soon — NCC
News

Airtel, GLO, 9mobile To List On NSE Soon — NCC

The Nigerian Communications Commission (NCC) on Monday announced that telecommunications providers such Airtel, GLO, and 9mobile would soon be listed on the Nigerian Stock Exchange (NSE). Sunday Dare, Executive Commissioner, Stakeholders Management in NCC, who stated this in Abuja at an interactive session with newsmen, said the processes had earnestly begun for the telecommunications operators to be listed on NSE. He commended the recent official listing of MTN Nigeria on the Nigerian bourse, adding that it was a step in the right direction in the telecommunications industry. It would be recalled that MTN Nigeria recently completed the registration of 20.3 billion ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC). It said the successful comple...
Buhari’s Inaugaration Fails To Lift Stocks As All Share Index Ends In Red
Politics

Buhari’s Inaugaration Fails To Lift Stocks As All Share Index Ends In Red

Hope that President Muhammadu Buhari’s inauguration on Wednesday would trigger positive sentiments at the Nigerian Stock Exchange (NSE) was dashed as the All Share Index closed Friday’s trading session in the red, down by 0.59 per cent. At the close of transactions last week, analysts had warned investors to be cautious in trading of stocks and that came to the fore with Monday’s trading session resuming on a negative note. Due to profit taking in the shares of MTNN, Dangote Cement and Union Bank of Nigeria (UBN), the All Share Index (ASI) declined by 2.2 per cent while investors lost N302.4 billion as market capitalisation fell to N13.299 trillion. Tuesday’s session, a day to the President’s Inauguration, however, saw the market, the ASI rising by 3.7 per cent to 31,307.00 po...
EFCC Raids Mtn Nigeria Head Office Over Share Listing
News

EFCC Raids Mtn Nigeria Head Office Over Share Listing

Operatives of the Economic and Financial Crimes Commission (EFCC), on Friday, May 24, 2019, raided the office of MTN Nigeria in Falomo Ikoyi, Lagos, shutting down all activities in the Complex, Brand Spur has learnt. This is in what a source said was connected to complaints relating to the telecommunication’s recent listing in the market. The operatives of the anti-graft agency were said to have stormed the MTN’s office in Lagos, where it met with top key officials of the company and demanded some documents relating to its listing at the NSE. While the reason for the raid could not be ascertained at the time of reporting, Brand Spur, sources say members of the agency stormed the telco’s head office, stopping all activities for alleged fraudulent financial activities pertaining to t...
MTN Nigeria Sells At N125 Per Share In Off-market Deals
Uncategorized

MTN Nigeria Sells At N125 Per Share In Off-market Deals

Investors appeared to be willing to pay more than the 10 per cent daily premium on the share price of MTN Nigeria Communications Plc. While the share price of the telecommunications company rose again by 10 per cent at the weekend to N108.90 at the open market at Nigerian Stock Exchange (NSE), investors went into off-market negotiations to buy the stock at N125 per share. A transaction note at the weekend indicated that nine deals were struck for 16.26 million ordinary shares of 2.0 kobo each of MTN Nigeria at N125 per share at the negotiated dealing window of the NSE. The negotiated deals were struck at 14.78 per cent premium to the closing price of N108.90. Under the rules at the open market at the NSE, the maximum daily allowable price change is set at 10 per cent. As off-m...
Nigerian Stock Market Investors Lose N136.88 Billion In Five Days
News

Nigerian Stock Market Investors Lose N136.88 Billion In Five Days

The Nigerian stock market closed Friday's tradings bearish. The exchange market traded negatively throughput the week as key market indices continue tanking. The All Share-Index (ASI) fell by 0.17% in today's tradings compared to 0.24% decline recorded the preceding day. Year-to-Date the ASI was down by 8.24%. The market capitalization closed at N10.842 trillion as compared to N10.860 trillion the previous day. Nigerian stock market investors lost N18.21 billion in today's tradings as sell-off persists. Weak-on-Weak the equity capitalization went down by N136.88 trillion. Sovereign Trust Insurance Plc was the best-performed stock for the day. The stock appreciated by 8.70% to close at 25 Kobo. NEM Insurance Plc went up by 7.76% to close at N2.50. Prestige Assurance Plc gained ...
FG, NSE Collaboration Useful, Says Vp Osinbajo
Politics

FG, NSE Collaboration Useful, Says Vp Osinbajo

The Federal Government will welcome collaboration with the Nigerian Stock Exchange (NSE) in key aspects of improving the economy including the Ease of Doing Business, the privatization of public enterprises, amongst others, according to Vice President Yemi Osinbajo, SAN. Prof. Osinbajo stated this in Abuja today when a delegation from the Nigerian Stock Exchange led by the Chief Executive Officer, Mr Oscar Onyeama, paid him a courtesy visit at the Presidential Villa. The Vice President said the proposed NSE collaboration with the Federal Government important programmes of the Buhari administration would enhance service delivery and improve transparency in public governance. According to him, “The collaboration with the Federal Government in the Ease of Doing Business, governme...
MTN Board Appointments Cause A Stir
News

MTN Board Appointments Cause A Stir

While welcoming last week’s appointments of the Emir of Kano, Muhammadu Sanusi II and another Nigerian, Dr Aisha Abdullahi to the Board of the MTN Group as a good development, certain segments of the country have argued that it does not reflect the federal character principle. Specifically, they stressed that that appointments did not reflect the geographic diversity and balancing of merit principle in the country. A top official in MTN Nigeria, who pleaded to remain anonymous, disclosed the sentiment shared by some Nigerians in a chat with THISDAY. However, he welcomed the appointments, assuring that more eminent Nigerians could be appointed by the telecom giant, to reflect Nigeria’s market dominance. Ahead of its planned listing on the Nigerian Stock Exchange (NSE), MTN Nige...
MTN Nigeria Limited Changes To PLC Ahead Of NSE Listing
News

MTN Nigeria Limited Changes To PLC Ahead Of NSE Listing

MTN Nigeria has announced that it has completed its conversion from a private company to a public company. The telecoms company in a statement on Wednesday said the conversion to a Plc was a legal requirement and key milestone in the preparatory process for MTN’s listing by introduction on the Nigerian Stock Exchange. MTN said the proposed listing on the NSE would create a new telecoms asset class for investors and provide a wider group of Nigerians with a chance to participate in the MTN investment opportunity.
Dangote Is Selling Dangote Flour Mills For N130 Billion ($361.11 Million)
News

Dangote Is Selling Dangote Flour Mills For N130 Billion ($361.11 Million)

Aliko Dangote is reportedly selling his loss-making business unit, Dangote Flour Mills to Olam International for N130 billion ($361.11 million). The sale of Dangote Flour Mills Plc for N130 billion ($361.11 million), was announced in a corporate disclosure posted on the Nigerian Stock Exchange (NSE) on Tuesday. According to Thabo Mabe, director at Dangote Flours, Olam International has indicated interest to acquire all the outstanding and issued shares of the flour mills company that are not currently owned by Ola through its subsidiary, Crown Flour Mills Limited. “The total consideration offered by Olam and being considered by the Board of Dangote Flour Mills for the entire 5 billion issued shares of the company is N130 billion. “The consideration represents the enterprise value...
2019 Elections: Banking Stocks Record Biggest Fall Since 2016
Politics

2019 Elections: Banking Stocks Record Biggest Fall Since 2016

In a continuing negative reaction to President Muhammadu Buhari’s re-election, banking stocks recorded its biggest fall since 2016. Since Wednesday when the Independent National Electoral Commission (INEC) announced the results of the presidential election, the Nigerian Stock Exchange has lost N281 billion. Amidst this loss, the 10 largest banking stocks dropped by 4.6% at the close of trading on Thursday. According to data monitored by Bloomberg, the market’s biggest laggers by index points were Guaranty Trust Bank Plc, which dropped 6.9%, Zenith Bank Plc, which fell 4% and Nigerian Breweries Plc, down 4.5%. “We are seeing investors react negatively in the short term” to the election results, Olabisi Ayodeji, an analyst at Exotix Capital, said. Ambrose Omordion, another...
Diamond Bank Appoints Dele Babade Acting Chairman
News

Diamond Bank Appoints Dele Babade Acting Chairman

Diamond Bank Plc on Thursday notified the Nigerian Stock Exchange (NSE) that following the recent resignation of Mr. Oluseyi Bickersteth as Director/ Chairman of the Board, the Board of Directors of the bank has appointed Mr. Dele Babade as acting Chairman effective December 24, 2018. Babade holds Bachelors and Master’s degrees in Laws from University of London and was called to both the Nigerian and English Bar. He started his career with Midland Montagu London (the predecessor of HSBC Investment Bank) on the Graduate Training Programme in 1988 and at various times worked in the UK and Greece mainly in Corporate and Merchant Banking. He joined Citibank in 1993 and garnered experience from Citibank’s Emerging Markets business focusing on businesses beyond Africa and became Vic...
Otedola Set To Divest 75% Stake From Forte Oil, Notifies SEC, NSE
News

Otedola Set To Divest 75% Stake From Forte Oil, Notifies SEC, NSE

Forte Oil Plc has disclosed plans by  Nigerian billionaire businessman, Femi Otedola to sell his 75 per cent direct and indirect shareholdings in Forte Oil. Forte Oil Plc in a statement signed by its General Counsel, Akinleye Olagbende stated that it has notified the Nigerian Stock Exchange, NSE, Securities and Exchange Commission, SEC and the investing community that its majority shareholder, Mr. Femi Otedola has reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75 percent direct and indirect shareholding in the company’s downstream business. Femi Otedola The statement states: ““ Mr Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximise business opportu...
Diamond Bank Dominates Nigerian Stock Exchange
News

Diamond Bank Dominates Nigerian Stock Exchange

Diamond Bank Plc dominated trading activities on the Nigerian Stock Exchange (NSE) on Monday, following its acquisition by Access Bank Plc. PoliticsNGR learned that the bank exchanged 70.98 million shares worth N72.64 million in 129 deals. Mr Ambrose Omordion attributed the development to the bank’s official acquisition by Access Bank. Omordion said that the business combination was a good deal for Diamond Bank shareholders as the bank would pay N1 per share plus two units of Access Bank for every seven units of Diamond Bank shares. “For instance, if you had 10,000 units of Diamond Bank shares, you will get N10,000 and 2,857 units of Access Bank shares. “This is a good deal for holders of Diamond bank shares. But investors need to confirm what the cut-off date will be,” ...
NSE Lifts Suspension On Unity Bank
News

NSE Lifts Suspension On Unity Bank

The Nigerian Stock Exchange (NSE) on Friday lifted the trading suspension placed on the shares of Unity Bank Plc barely one day after the bank was suspended along with five other listed firms for not filling their accounts in accordance with the post-listing requirements of the exchange. Unity Bank was suspended along DN Tyre & Rubber Plc, FTN Cocoa Processing Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc and Union Dicon Salt Plc. According to the NSE, “pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange , which provides that If an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: send to the issuer a second filing deficiency notification within two b...
SEC: Result Of Oando’s Forensic Audit Out Soon
News

SEC: Result Of Oando’s Forensic Audit Out Soon

The Securities and Exchange Commission (SEC) said late on Wednesday night that Nigerians, particularly shareholders of Oando PLC, should expect the release of the primary findings of the forensic audit of the company soon. The statement was coming amid confusion earlier on Wednesday over the sudden lifting of the technical suspension on trading on Oando PLC shares. The Nigerian Stock Exchange (NSE) has already announced that trading on the embattled oil and gas company’s equities would resume on Thursday. The shares of the company were placed on technical suspension on October 23, 2017 following the announcement of a forensic audit in the wake of alleged massive “manipulation of the company’s shareholding structure.” Some petitioners had accused the company of gross misconduct ...
MTN To List N153bn Shares On Nigerian Stock Exchange
News

MTN To List N153bn Shares On Nigerian Stock Exchange

Telecoms operator, MTN Group Limited, is planning to raise about N153bn ($500m) from the sale of shares in its Nigerian business during the first half of this year, fulfilling the terms of a deal struck with the country to settle a record fine, Bloomberg has reported, quoting people familiar with the matter. Standard Bank Group Limited and Citigroup Incorporated have been advising Africa’s largest mobile phone company on the disposal of as much as 30 per cent of the Lagos-based unit on the Nigerian Stock Exchange, the sources said on Wednesday. The sources pleaded anonymity as the details of the listing had not been made public. Most of the shares will be sold to local institutions and individuals, though foreign investors could be brought in to ensure the process is a success, one o...
Market Indices, Volume Nosedive On Nigerian Stock Exchange
News

Market Indices, Volume Nosedive On Nigerian Stock Exchange

Activities on the Nigerian Stock Exchange (NSE) opened for the week on Monday in red, with market indices losing 0.85 percent and volume of shares dropping by 20.25 percent. The News Agency of Nigeria (NAN) reports that major blue chips recorded price depreciation, with Dangote Cement topping the losers’ chart with N8 to close at N270 per share. Forte Oil came second with a loss of N2.40 to close at N46.05, while Julius Berger was down by N1.35 to close at N28.65 per share. Lafarge Wapco declined by N1 to close at N53, while Cadbury decreased by 50k to close at N15.50 per share. Consequently, the All-Share Index dipped 378.27 points or 0.85 percent to close at 44,261.72 compared with 44,639.99 achieved on Friday. Similarly, the market capitalisation which opened at N16.019 t...
Petroleum Industry Governance Bill: Issues At Stake And Conflicting Areas, By Oluseun Onigbinde
News

Petroleum Industry Governance Bill: Issues At Stake And Conflicting Areas, By Oluseun Onigbinde

The National Assembly has taken a huge step on a proposed legislation meant to be an Executive Bill, considering the pivotal moment this represents. However, there are still questions on the pre-emption rights of the minister to seize all petroleum products during national emergency, the status of investments in the gas sector which were not properly defined… Six years ago, as an officer in the strategy department of a bank, I was assigned a duty to review the Petroleum Industry Bill. I was brimming with great excitement, that this would occasion the fully restructuring of Nigeria’s oil and gas industry. How can a country’s key legislation for its “goose that lays the golden eggs” be written in 1969 and key fiscal terms be set in 1993? I felt it was just rational for Nigerian leaders to...
Nigeria: Stock Market Indices Defy Profit Taking, Up By 5.1%
News

Nigeria: Stock Market Indices Defy Profit Taking, Up By 5.1%

Expectations of improved corporate performance have continued to buoy transactions on the floor of the Nigerian Stock Exchange, as market capitalisation closed the week with 5.1 per cent growth. Specifically, at the close of trading last week, the market capitalisation of listed equities rose by N786 billion to N16.154 trillion from N15.368 trillion recorded as at Friday, January 12, 2018. Also, the All-share index rose by 2,193 points from 42,898.90 to 45,092.83, as all other indices finished higher during the week with the exception of the NSE Consumer Goods Index that depreciated by 1.31 per cent, while the NSE ASeM Index closed flat. Analysts attributed the rise in indices, which defied profit taking by investors to repositioning ahead of earnings' season. "As the bull rampage cont...
Nigerian Stocks Hit 9-Year High In Third Straight Day Of Gains
News

Nigerian Stocks Hit 9-Year High In Third Straight Day Of Gains

Nigerian stocks hit a nine-year high on Wednesday, extending gains for a third straight session. The main index rose 1.89 percent to close to 45,000 points, a level last reached in October 2008.  Nigerian stocks have gained strongly in January, extending 2017’s 42 percent rise. The central bank floated the naira for foreign investors in 2017, a move that has lured back funds that had pulled out of Nigeria at the peak of a currency crisis. Oscar Onyema, CEO of the Nigerian Stock Exchange, said on Wednesday he expected corporate earnings to lift equities this year, despite currency and political risks. Cement Company of Northern Nigeria (CCNN), Diamond Bank and Sterling Bank gained the maximum 10 percent allowed on Wednesday. Transcorp, Fidelity Bank, FCMB, Caverton and Skye Ba...
News

NSE Gets New Executive Director For Regulation

The Nigerian Stock Exchange on Monday announced the promotion of its former head of its legal and regulatory division, Tinuade Awe, to the position of Executive Director, Regulation, with effect from January 1. A statement released by the Exchange said her appointment has received regulatory approval. “As Executive Director, Regulation in the NSE’s revised organizational structure, Ms Awe has oversight functions for the following teams: Broker Dealer Regulation, Listings Regulation, Market Surveillance & Investigations, and Regulatory Technology,” the statement said. Prior to her promotion, Ms. Awe was the General Manager, heading the Legal and Regulation Division of the Exchange, in which role she also served as General Counsel of The Exchange. She served as Secretary to the ...
NSE: Market Capitalisation Up N88bn
News

NSE: Market Capitalisation Up N88bn

Activities on the Nigerian Stock Exchange (NSE) on Friday sustained the positive slide with the market capitalisation appreciating further by N88 billion, amid gains by blue chips. The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N13.763 trillion rose by N88 billion or 0.64 per cent to close at N13.851 trillion. Also, the All-Share Index inched 247.14 points or 0.64 per cent to close at 38,923.26 compared with 38,676.12 achieved on Thursday. NAN reports that major blue chips posted price appreciation with Nigerian Breweries leading the gainers’ table with a gain N2.10 to close at N138.10 per share. Unilever followed with a gain of N1.99 to close at N41.85, while Forte Oil N1.90 to close at N46 per share. Guinness appreciated by N1.60 to...
2017: Forte Oil Worst Performing Stock On Nigerian Stock Exchange
News

2017: Forte Oil Worst Performing Stock On Nigerian Stock Exchange

For the second year running, Forte Oil maintained its leadership as the worst performing stock on the Nigerian Stock Exchange (NSE) in 2017 in percentage terms. Statistics obtained by the News Agency of Nigeria (NAN) from the exchange indicated that the stock, which opened trading in 2017 at N84.43, dropped by 48.50 per cent to close the year at N43.48 per share. NAN reports that Forte Oil in 2016 also emerged the worst performing stock in 2016 in percentage terms having dropped by 74.42 per cent. The stock, which opened trading in 2016 at N330, depreciated by 74.42 per cent to close trading at N84.43 per share. University Press followed with a loss of 46.23 per cent to close at N2.28 compared with N4.24 it opened for the year. MRS Oil shed 36.49 per cent to close at 27.46 a...
JANUARY 1st PRICE LIST FOR MUTUAL FUNDS, REITS And ETFS
News

JANUARY 1st PRICE LIST FOR MUTUAL FUNDS, REITS And ETFS

Investors in Dangote Sugar Refinery (DSR) Plc are counting their gains as the stock has recorded the highest price gain in the stock market for 2017. The shares in DSR soared by 227 per cent, from N6.11 to close the year at N20 per share. International Breweries Plc trailed with a gain of 194.6 per cent, while Fidelity Bank Plc appreciated by 192.8 per cent. Fidson Healthcare Plc and Dangote Flour Mills Plc went up by 189 per cent and 185.8 per cent respectively. Conversely, Morison Industries Plc led the laggards, shedding 67.8 per cent, trailed by Jaiz Bank Plc with 49.6 per cent. Forte Oil Plc depreciated by 48.5 per cent ,just as University Press Plc and MRS Oil Nigeria Plc closed 36.4 per cent lower. Some market analysts said the high demand for DSR shares that propelled the ...
Oando, 7Up, UAC Exit NSE-30 Index
News

Oando, 7Up, UAC Exit NSE-30 Index

The Nigerian Stock Exchange (NSE) has reviewed the NSE-30, and the seven sectoral indices of the Exchange. These indices are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices. Breakdown shows that Dangote Flour Mills Plc, NASCON Allied Industries Plc and Diamond Bank Plc are the new entrants into NSE-30 index, while Oando Plc, 7Up Bottling Co. Plc and UACN Plc also exited the index. However, Oando Plc exited two other indices. These are NSE Oil and Gas Index and NSE Pension Index. The composition of these indices is effective January 1, 2018 after the completion of the year-end review and index rebalancing exercise which will see the entry of some major companies and the exit of others from the various ...
Nigerian Stock Exchange To Review Composition Of Market Indices January 1
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Nigerian Stock Exchange To Review Composition Of Market Indices January 1

Nigerian Stock Exchange (NSE) has announced the review of the NSE-30 and the seven sectoral indices effective Jan. 1, 2018. The exchange in a statement signed by Mr Olumide Orojimi, Head, Corporate Communications, said that the composition of these indices would be announced in January, after the completion of the year-end review and index rebalancing exercise. Orojimi said that the exercise would see the entry of some major companies and the exit of others from the various indices. He said that the seven indices were NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices. Orojimi said that the indices, which were developed using the market capitalisation methodology, were rebalanced on a bi-annual basis, on the ...
Nestle Nigeria Closes 2017 At N1,555.99 Per Share
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Nestle Nigeria Closes 2017 At N1,555.99 Per Share

Transactions for the last trading day for 2017 on the Nigerian Stock Exchange (NSE) recorded an upward trend with Nestle Nigeria hitting over N1, 500 mark. Nestle garnered N70.99 to close the year at N1, 555.99 per share. Seplat came second on the gainers’ table followed with a gain of N29.82 to close at N626.22, while Mobil Oil garnered N7.65 to close at N194.60 per share. Further analysis of the price movement table indicated that Unilever appreciated by 79k to close at N41, while International Breweries added 50k to close at N54.50 per share. The All-Share Index improved by 252.45 points or 0.66 per cent to close at 38,243.19 against 37,990.74 achieved on Thursday. Also, the market capitalisation, which opened at N13.519 trillion, rose by N90 billion or 0.67 per cent to c...
NSE All-Share Index Crosses 39,000 Mark
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NSE All-Share Index Crosses 39,000 Mark

Nigerian Stock Exchange (NSE) All-Share Index on Wednesday crossed 39,000 mark just after the 38,000 mark on Tuesday. The News Agency of Nigeria (NAN) reports that the index rose by 580.88 points or 1.51 per cent to close at 39,075.30 against 38,494.42 achieved on Tuesday. Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., told NAN that the growth, in spite of the forthcoming Yuletide celebration, was due to renewed confidence of foreign investors in the market. Kurfi said that foreign investors were seriously taking position in the nation’s stock market to meet up with their portfolio requirements. He said that they were increasing their stake in stocks with strong fundamentals, noting that most equities on the exchange were trading below their fair valu...
NSE Trading Resumes On Negative Trend, ASI Drops By 0.31%
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NSE Trading Resumes On Negative Trend, ASI Drops By 0.31%

Activities reopened on the Nigerian Stock Exchange (NSE) on Monday on a negative trend, with the All-Share Index shedding 0.31 per cent. The News Agency of Nigeria (NAN) reports that the index lost 115.13 points or 0.31 per cent to close at 37,250.78 against 37,365.91 achieved on Friday. Also, the market capitalisation which opened at N13.009 trillion shed N37 billion or 0.28 per cent to close at N12.972 trillion, amid price losses. Mobil Oil topped the laggards’ table with a loss of N2.10 to close at N167.90 per share. Guinness trailed with a loss of N2 to close at N100, while Stanbic IBTC lost N1.99 to close at N40 per share. Flour Mills shed N1 to close at N34, while Unilever was down by 86k too close at N40.40 per share. Conversely, Nigerian Breweries recorded the hig...
Federal Govt’s Truck Transit Park To Gulp N4.8 Billion
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Federal Govt’s Truck Transit Park To Gulp N4.8 Billion

The planned Truck Transit Park initiative of the Nigerian Shippers’ Council (NSC), would gulp over N4.8 billion, even as investors are jostling to secure a stake in the project. The Minister for Transportation, Rotimi Amaechi, assured that the N4.8 billion Truck Transit Park (TTP), in eight locations across the country, and another six Inland Container Depots (ICD) are aimed at solving the chaos currently experienced in Nigerian ports. The Truck Transit Park (TTP) project is a modern state-of-the-art facility situated just off the highways, designed to provide temporary rest location where truck drivers can conveniently park their vehicles in a healthy environment, get accommodation, fuel, food, drinks, restrooms, showers and other basic supplies like oil and spare parts as well as s...
Zenith Bank Declares N531bn Gross Earnings In 9 Months
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Zenith Bank Declares N531bn Gross Earnings In 9 Months

Zenith International Bank Plc has declared gross earnings of N531.3 billion for the third quarter ended Sept. 30, 2017. This is according to the bank’s third quarter result released by the Nigerian Stock Exchange (NSE) in Lagos on Thursday. The report showed that the gross earnings represented a growth of 39.7 per cent above N380.4 billion achieved in the corresponding period of 2016. The bank’s Profit before Tax (PBT) inched by 30.8 per cent to N152.5 billion from N116.6 billion in the preceding period of 2016. Also, profit after tax (PAT) grew by 36 per cent to N129.2 billion compared with N95.4 billion in 2016. Its net interest income rose marginally by 6.2 per cent to N201.5 billion from N189.8 billion in the preceding period of 2016 and non-interest income surged by 123...
SEC Suspends Sales Of Oando Shares
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SEC Suspends Sales Of Oando Shares

The Securities and Exchange Commission on Wednesday instructed the Nigerian Stock Exchange to implement a full suspension in the trading of the shares of Oando Plc. It also ordered technical suspension of the company’s shares. “Effective for forty-eight (48) hours from today, 18 October 2017 to 20 October 2017, the Nigerian Stock Exchange should implement a full suspension in the trading of the shares of Oando Plc,” SEC said Wednesday. “Effective from 20 October 2017 and until further directive, The Exchange should implement a technical suspension in the shares of Oando Plc.” The company has been enmeshed in crisis since its last shareholders meeting with some calling for the exit of its management.