By Bukola Idowu, Lagos The Debt Management Office (DMO) has in the past five months raised N5.15 billion through federal government’s savings bond which it launched in March this year. This is even as it has set out to raise N135 billion through the FGN Bonds this month. In an offer circular issued yesterday, the DMO said the bond auction which will hold on August 23, 2017 will be reopening of the 14.50 per cent FGN July 2021, 16.2884 per cent March 2027 and 16.24399 per cent April 2037 bonds. It said it plans to raise N35 billion from the five year bond and N50 billion each from the 10 and 20 year bonds. Despite the rising yields on the FGN Savings Bond interest in the debt targeted at small scale retail, investors have been waning since its debut in March this year. From over N2 billion raised at its debut auction in March, the...
Nestle Nigeria continued its upward trend on the Nigerian Stock Exchange (NSE) on Wednesday, hitting N1,315 to lift the All-Share Index by 0.55 per cent. The News Agency of Nigeria (NAN) reports that Nestle improved by N25 to close at N1,315 per share. Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., attributed the growth being experienced by Nestle to adherence to corporate governance issues in its operational dealings. Kurfi said that the share holding structure of the company contributed to the price rally. He stated that bulk of the companies shares were in the hands of majority shareholders who were not in a haste to dispose their holdings. NAN reports that Forte Oil followed on the gainers’ table with a gain of N2.05 to close at N43.20, while Unilever chalked up N1.79 to close at N41.89 per share. UACN increased 60k to close at N17.50, while Cadbury rose by 58k to close...
By ZAKA KHALIQ, Lagos Fifty three insurance companies in the country expended a whooping N116 billion on their respective management, translating to 40 per cent of their premium income of N324 billion made in the last financial year, LEADERSHIP can exclusively reveal. This happened while some of the affected firms had not given good returns on investment to their respective shareholders in the last four to five years. Further findings show that some of the underwriting firms had their accounts in the negative, after they had expended a huge chunk of their profit on management expenses, as well as paying claims. A document obtained from the National Insurance Commission (NAICOM) shows that in the Non-Life business, 43 non-life insurers spent N100.9 billion on management expenses, translating to 50 per cent of the Gross Premium Income of N201.5 billion made in the 2016 financial year end. Mutual Benefits Assurance PLC spent a whooping N4.7...
Activities on the Nigerian Stock Exchange (NSE) on Tuesday sustained bullish trend for the second consecutive day, with major equities recording price growth led by Nestle. Nestle recorded the highest price growth with a gain of N22 to close at N1,252 per share just as predicted by market watchers. It was followed by Seplat with N15 to close at N492 and Dangote Cement rose by N5 to close by N224 per share. Flour Mills rose by N1.50 to close at N31.50 per share. Some financial experts on Oct. 30 predicted that the 2018 budget proposal presentation and improved third quarter earnings would impact positively on the market this week. Consequently, the All-Share Index appreciated further by 195.99 points or 0.54 per cent to close at 36,680.29 against 36,484.30 on Monday. In the same vein, market capitalisation inched N67 billion or 0.53 per cent to close at N12.694 trillion compared with N12.627 trillion on Monday. Total posted...
By Kayode Tokede, Olushola Bello And Bukola Idowu, Lagos - Securities and Exchange Commission (SEC), Debt Management Office (DMO) and other stakeholders have said that for the nation’s capital market to grow, there must be mechanism for efficiency, accountability and transparency across major economy players including the Central Bank of Nigeria (CBN). Speaking at the 2017 workshop of the Capital Market Correspondents Association of Nigeria, the acting director-general, SEC, Dr. Abdul Zubair, at the weekend in Lagos said, apex capital market regulating body in deepening the market over the years continued to introduce initiatives targeted at enhancing the capital market contribution to economic growth and development. He noted that the initiatives introduced were in support of federal government policy of ease of doing business. According to him, SEC had introduced dematerialization, direct cash settlement, E-dividend management system, National Investor Protection Fund, Corporate Governance Code and Scorecard, Non-Interest Products and Complaint Management Framework. He...
Transactions on the Nigerian Stock Exchange (NSE) for the third consecutive day on Wednesday closed upbeat, as the market capitalisation rose by N72 billion on gains by major blue chips. The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N12.694 trillion, inched N72 billion or 0.57 per cent to close at N12.766 trillion. Also, the All-Share Index rose by 206.91 points or 0.56 per cent to close at 36,887.20 in contrast with 36,680.29 posted on Tuesday. Mobil Oil recorded the highest price gain to lead the gainers’ table with N6 to close at N161 per share. Dangote Cement followed with a gain of N3.50 to close at N227.50 and Presco appreciated by N3.32 to close at N69.82 per share. International Breweries increased by N1.01 to close at N50 and Flour Mills improved by 61k to close at N32.11 per share. On the other hand, Nestle recorded the highest price loss...

NSE Ends Q3 2017 With N765bn Gains

By OLUSHOLA BELLO, Lagos - Investments on the Nigerian Stock Exchange (NSE) has soared by N765 billion in the third quarter of the year ended September 29, 2017. Specifically, the NSE market capitalisation, which represents total value of shares on the Exchange, went up by N765 billion to N12.217 trillion at the close of trading on September 29, 2017, against N11.452 trillion at the end of June 30, 2017. Similarly, the NSE All Share Index, which measures the price movement of stocks traded on the Exchange, surged by 2,322.50 points or 7.01 per cent to 35,439.98 points at the close of business on September 29, 2017. Reviewing the sectoral indices for the period under review showed that all the indices closed positive except Oil and Gas, which declined by 13.10 per cent. NSE Consumer Good index led the gainers chart by 15.89 per cent, it was followed by the Banking index with a gain...
Market indicators of Nigeria Stock Exchange (NSE) dropped marginally on Thursday to break the three consecutive days upward trend. The News Agency of Nigeria (NAN) reports that that the All-Share Index lost 10.05 points or 0.03 per cent to close at 36,877.15 from the 36,877.20 posted on Wednesday due to profit taking. Also, the market capitalisation which opened at N12.766 trillion, shed three billion or 0.02 per cent to close at N12.763 trillion. NAN reports that Nigerian Breweries topped the price losers’ table with a loss of
N4.77 to close at N145.23 per share. International Breweries trailed with a loss of N1.01 to close at N48.99, while Unilever dropped N1 to close at N40 per share. PZ industries shed 91k to close at N22.70, while Dangote Cement went down by 50k to close at N227 per share. On the other hand, Flour Mills led the price gainers’ table by N1.58 to close at N33.69 per share. FBN...
The naira has appreciated by 30.3 per cent since February when the Central Bank of Nigeria (CBN) began its aggressive interventions at the foreign exchange market, the News Agency of Nigeria (NAN) reports. The Nigerian currency had exchanged at N520 to the dollar at the peak of onslaughts by currency speculators before the CBN stated intervening by injecting foreign exchange in the market. The CBN injection of over 3.6 billion dollars to meet the demand for foreign exchange resulted in the convergence of rates at the parallel market and the Bureau De Change segments. The apex bank’s intervention led to the current flattening of the rate at 362.5 to the dollar at the parallel market. Prof Sheriffdeen Tella, a Senior Economist at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, said that the CBN interventions were made possible by the increase in the price of oil at the international market. Tella said that the crude oil...
The Nigerian Stock Exchange (NSE) on Friday moved 362.05 million shares valued at N3.68 billion in 4,396 deals. The News Agency of Nigeria (NAN) reports that the turnover rose by 13.48 per cent from the 318.15 million shares worth N3.95 billion exchanged in 5,472 deals on Thursday. FBN Holdings maintained its position as the most traded stock, accounting for 88.68 million shares valued at N628.80 million. It was trailed by UBA with 50.71 million shares worth N500.42 million, while Diamond Bank sold 29.46 million shares valued at N30.52 million. FCMB Group traded 27.35 million shares worth N29.23 million, while AIICO Insurance exchanged 20.98 million shares valued at N11.43 million. . NAN reports that the market indices grew by 0.16 per cent on gains posted by some highly capitalised equities. Nestle recorded the highest price gain of N40 to close at N1,290 per share. Flour Mills rose by N1.78 to close at N35.47, while Lafarge Africa garnered N1.45...