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Tag: NSE

  • Full list: 56 inactive firms faces expulsion from NSE

    Full list: 56 inactive firms faces expulsion from NSE

    The Nigerian Stock Exchange (NSE) has marked out about 56 dealing-member firms as inactive, kick-starting the revocation of their licences and expulsion from the stock market.

    A breakdown of the status of dealing-member firms at the Exchange showed that there were 197 active firms and 56 inactive. Already, a total of 163 firms have been expelled since capital market authorities began the weeding.

    TheNewsGuru.com reports that under the Exchange rules, any dealing member inactive for six months will have its license revoked by the Exchange.

    “Under no circumstances shall a dealing member cease to carry out its day to day business activities for which it was licensed to operate without any reasonable cause,” according to the NSE’ rules.

    A dealing member may be deemed inactive voluntarily and involuntarily. Voluntary if the firm has not recorded any trading without suspension by the Exchange or Stock exchange Commission (SEC). Involuntary inactivity occurs where the firm has been suspended by the NSE or SEC for infraction.

    However, where a firm has been involuntarily inactive for six months, the Exchange can determine whether to revoke the firm’s dealing licence.

    “Where the Exchange revokes a dealing member’s licence, the Exchange shall immediately commence the process of expelling such dealing member,” the rules stipulated.

    Also, under the rules, suspension of any stockbroking firm by SEC will lead to immediate suspension by the NSE while revocation of any broker’s registration will lead to expulsion of the firm by the NSE.

    “Without prejudice to all the remedies open to the dealing member, where a dealing member is suspended by the Commission, as soon as the Exchange is notified, it shall immediately commence the process of suspension or expulsion of the dealing member.

    “Where a Dealing Member’s registration is revoked by the Commission, as soon as the Exchange is notified, it shall immediately commence the process of expulsion of the dealing member,” the rules stated.

    The firms marked out as inactive included Adamawa Securities Limited, Aims Asset Management Limited, Arian Capital Management Limited, Bestlink Investment Limited, Bytofel Securities and Investment Limited, Cadington Securities Limited, CEB Securities Limited, Clearview Investments Company Limited, Covenant Securities and Asset Management Limited, Cradle Trust Finance and Securities Limited, ECL Asset Management Limited, Excel Securities Limited, Finbank Securities and Assets Management Limited, Gem Assets Management Limited, GMT Securities and Asset Mangement Limited, Gombe Securities Limited, Horizon Stockbrokers Limited, International Standard Securities Limited, Investment Shark and Asset Mgt Ltd, ITIS Securities Limited, Kakawa Asset Management Limited, LB Securities Limited, Lion Stockbrokers Limited, LMB Stockbrokers Limited, Mact Securities Limited, Mainland Trust Limited, Marimpex Finance and Investment Company Limited, Maven Asset Management Limited, Mercov Securities Limited, Midpoint Capital Limited, ML Securities Limited, Monument Sec and Finance Limited, Mutual Alliance Investment and Securities Limited and Northbridge Investment and Trust Limited.

    Others are Options Securities Limited, Partnership Securities Limited, Perfecta Investment and Trust Limited, PML Securities Company Limited, Professional Stockbrokers Limited, Profund Securities Limited, Redasel Investments Limited, Resano Securities Limited, Resort Securities and Trust Limited, Shalom Investment and Financial Services Limited, Stanwal Securities Limited, Summa Guaranty and Trust Company Limited, Supra Commercial Trust Company Limited, Surport Services Limited, Tower Asset Management Limited, Transafrica Financial Services Limited, and UIDC Securities Limited.

  • Jaiz Bank emerges worst performing stock on NSE in May

    Jaiz Bank emerges worst performing stock on NSE in May

    Jaiz Bank has emerged the worst performing stock in percentage terms on the Nigerian Stock Exchange (NSE) for the month of May.

    The News Agency of Nigeria (NAN) reports that data obtained from the exchange for the month of May indicated that the stock dropped by 17.39 per cent, to close at 95k per share, as against the opening price of N1.15.

    Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, linked the stock’s decline during the period to its nature of banking business that emphasised on profit sharing, rather than interest on loans, charged by commercial banks.

    Omordion stated that the bank’s unimpressive 2017 first quarter numbers released in the market recently, contributed to the price depreciation.

    NAN reports that the company on Feb. 9 joined the league of quoted companies on NSE with the listing by introduction of 29.46 billion shares of 50k each at N1.25 per share, worth N36.83 billion.

    A further breakdown of the data showed that Mobil Oil trailed with a loss of 14.26 per cent, having closed at N284.65, as against the N332 achieved in April, while Seplat dipped by 14.15 per cent to close at N351 per share, as against the opening price of N410.

    Learn Africa depreciated by 9.76 per cent to close at 74k, against its opening price of 82k, while Larfarge Africa dipped 5.73 per cent to close at N48, in contrast with N50.02 in April.

    On the other hand, Fidson Healthcare was the best performing stock during the period under review in percentage terms, growing by 107.29 per cent to close at N2.28 per share, as against the N1.10 achieved in April.

    May & Baker followed with a growth of 75.29 per cent to close at N1.49, compared with the opening price of 85k and FBN Holdings grew by 67.19 per cent to close at N5.30, against N3.17 in April.

    Oando improved by 46.19 per cent to close the month at N8.45, against the opening price of N5.78, while AXA Mansard rose by 43.31 per cent to close at N2.25 per cent, in contrast with N1.57 per share posted in April.

    NAN also reports that a total of 9.73 billion shares valued at N102.81 billion were exchanged by investors in 93.899 deals.

    The Financial Service Sector was the most active, with a turnover of 5.61 billion shares worth N39.64 billion, transacted in 39,631 deals.

    It was followed by Premium Board with an exchange of 2.38 billion shares valued at N32.69 billion in 18.685 deals, while Consumer Goods sold 509.19 million shares worth N16.50 billion, achieved in 12,433 deals.

     

     

    NAN

  • BPE reform: privatised enterprises to list in the capital market

    BPE reform: privatised enterprises to list in the capital market

    Mr Alex Okoh, the Director-General, Bureau of Public Enterprises (BPE) says the structure of reforms being carried out by the organisation is targetted at listing of privatised enterprises as the final outcome.

    Okoh said this in a statement issued by the Head, Public Communications, Mr Chukwumah Nwokoh on Sunday in Abuja.

    Okoh said this during a meeting with members of the technical committee on attraction of new listings to the capital market.

    Okoh pledged strong collaboration with the capital market to help strengthen the market.

    “We will collaborate in reviewing what the conditions are and try to make it right for the listings.”

    He, however, raised concerns about the stability of the market and prospects of getting good value should the privatised entities be listed.

    “We will collaborate with you in establishing the conditions that reduces the nerves of the core investors.”

    He explained that there was a period of assessment of privatised entities during which the BPE examines the conditions of listing.

    Okoh urged the committee to adopt a holistic approach in carrying out their assignment.

    The statement also quoted Chairman of the committee, Mr Jallo Waziri, an Executive Director at the Nigeria Stock Exchange (NSE) as saying ” the exchange was engaging trade groups, regulators and quasi-regulators to actualise their mandate.”

    He noted that apart from creating efficiency, privatisation was a catalyst for economic growth, adding that it also induces inclusiveness in the populace.

    Waziri said that privatisation also increases the velocity of the capital market, adding that there was capacity in the primary market and depth in the market that was yet to be explored.

     

  • NSE launches X-Academy to boost capital markets investment

    NSE launches X-Academy to boost capital markets investment

    The Nigerian Stock Exchange (NSE) on Thursday launched X-Academy, a knowledge-platform designed to provide education services to individuals for better understanding of various aspects of the capital markets.

    Mr Oscar Onyema, NSE Chef Executive Officer, said at the product launch on Lagos that X-Academy would help in strengthening financial literacy and enhance investment in the capital market.

    Onyema said that X-Academy offered a wide range of courses geared towards bridging the knowledge gap of dealing members, issuers, investors and the general public about products and services of the capital market.

    He stated that the establishment of X-Academy was consistent with NSE tradition of pioneering far-reaching innovations within the Nigerian capital market.

    Onyema added that the product would feed directly into the National Financial Inclusion Strategy (NFIS) which was launched by the Federal Government of Nigeria in 2012 to reduce the number of adult Nigerians who were financially excluded, from 46.3 per cent in 2010 to 20 per cent by 2020.

    He said that the training programmes at X-Academy woukd provide individuals and businesses with a robust and effective array of training solutions that would ensure participants were abreast with trends in the rapidly evolving financial markets.

    “As a socially responsible organisation devoted to enhancing the fortunes of Nigerians and our investors, we are confident that participants of programmes offered by X-Academy will be better positioned to make informed financial decisions”, Onyema said.

    Ms Pai Gamde , NSE Acting Head, Corporate Services Division, said X-Academy would enhance financial literacy in Nigeria and equip professionals with requisite skill set to deliver innovative solutions for the challenges confronting our financial sector.

    Gamde said that the programmes offered by X-Academy would be facilitated by seasoned and certified subject matter experts with both local and international exposure to practical experience.

    “Partnerships with professional bodies to ensure that courses
    taken at X-Academy are awarded points under the Continuous Development Programmes of these bodies.

    “This initiative could not have come at a better time when the market is beginning to recover from the waning investors’ confidence.

    “The Exchange has taken into great consideration the state of the economy as well as income levels to make these programmes affordable to Nigerians”, she added.

    Gamde added that X-Academy would in 2017 offer programmes built around six broad themes, which include: Listings and Trading on the NSE, Products of the NSE, Market Data and Technology, Financial Education, Corporate Governance, and Risk Management and Compliance.

    She said that the first training of the X-Academy, titled Legal and Risk Aspects of Derivatives and Central Counterparty Clearing (CCP) Transactions, was scheduled for June 12 to 15 in Lagos.

     

     

    NAN

     

  • NSE market capitalisation appreciates by N76bn

    NSE market capitalisation appreciates by N76bn

    The upward trend continued on the Nigerian Stock Exchange (NSE) on Wednesday for the second consecutive day with the market capitalisation increasing by N76 billion.

    The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N10.121 trillion, rose by N76 billion or 0.75 per cent, to close at N10.197 trillion.

    In the same vein, the All-Share Index inched 221.72 points or 0.76 per cent, to close at 29,498.31, compared with the 29,276.59 recorded on Tuesday due to price gains by some blue chips.

    An analysis of the price movement indicated that Dangote Cement led the gainers’ table with a gain of N7.90, to close at N175 per share.

    It was followed by Nestlé with a gain of N5.01 to close at N875.01 and Total garnered N5 to close at N265 per share.

    Nigerian Breweries advanced by N3.50 to close at N149.50, while Unilever increased by N1.74, to close at N37.49 per share.

    On the other hand, Seplat topped the losers’ chart, dropping by N81.51 to close at N351.99 per share.

    7UP trailed with a loss of N4.98 to close at N94.77 and Guaranty Trust Bank shed N1.78 to close at N34.01 per share.

    Stanbic IBTC lost 75k to close at N26, while Zenith International Bank declined by 55k to close at N18.95 per share.

    NAN reports that the banking equities maintained leadership as the most sought after, with FBN Holdings recording the highest volume, trading 62.19 million shares worth N318.89 million.

    It was followed by Diamond Bank with an exchange of 41.86 million shares valued at N40.38 million and Fidelity Bank traded 38.78 million shares worth N40.72 million.

    United Bank for Africa exchanged 34.95 million shares valued at N264.76 million, while Zenith International Bank sold 26.57 million shares worth N506.29 million.

    In all, the volume of shares traded dropped by 58.78 per cent, with a turnover of 343.19 million shares valued at N3.34 billion transacted in 4,905 deals.

    This was in contrast with the 832.52 million shares worth N7.59 billion transacted in 6,259 deals on Tuesday.

  • NSE market capitalisation crosses N10trn mark

    NSE market capitalisation crosses N10trn mark

    The market capitalisation of the Nigerian Stock Exchange (NSE), on Friday, rose by N206 billion to hit the N10 trillion market for the first time in 2017.

    The News Agency of Nigeria (NAN), reports that trading closed higher at N10.047 trillion against N9.841 trillion recorded on Wednesday.

    NAN further reports that the All-Share Index inched 602.91points or 2.12 per cent to close at 29,064.52 compared with 28,461.61 posted on Thursday, due to price gains.

    Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the growth to the economy recovery and foreign exchange liquidity.

    Omordion stated that contraction of the Gross Domestic Product (GDP) by 0.52 per cent in the first quarter of 2017 from 1.77 per cent posted in the fourth quarter of 2016 contributed to the investors’ confidence.

    He said the figure showed that the country’s recession was gradually coming to an end.

    Dangote Cement led the gainers’ table, growing by N3.80 to N166.80 per share.

    Okomuoil followed with a gain of N2.09 to close at N52.99 and Guaranty Trust Bank added N1.68 to close at N35.28 per share.

    Flour Mills Nigeria increased by 96k to close at N20.23 per share.

    Conversely, Mobil Oil topped the losers’ chart, dropping by N14.98 to close at N234.65 per share.

    Cadbury trailed with a loss of 48k to close at N9.42 and Unilever was down by 25k to close at N35.75 per share.

    NASCON declined by 20k to close at N8.50, while NAHCO depreciated by 15k to close at N2.89 per share.

    Also, the volume of shares traded closed higher with a turnover of 725.54 million shares valued at N5.72 billion exchanged in 4,435 deals.

    This was in contrast with 418.94 million shares worth N4.96 billion traded in 3,944 deals on Thursday.

    The banking stocks remained the toast of investors with Diamond Bank emerging the most traded, accounting for 204.12 million shares valued at N187.82 million.

    Access Bank came second with an exchange of 144.73 million shares worth N1.09 billion and Guaranty Trust Bank sold 59.25 million shares valued at N2.08 million.

    United Bank for Africa traded 51.26 million shares worth N383.72 million, while Zenith Bank accounted for 44.33 million shares valued at N841.50 million.

     

     

    NAN

  • Telecoms masts pose health hazard only if EMF exceeds limit – NCC

    The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta has continue to argue against the position of the Nigerian Society of Engineers (NSE) that exposure to electromagnetic field (EMF) from base transceiver masts is hazardous to human health.

    Prof. Danbatta’s position as reported by TheNewsGuru was that the belief that telecom masts and/or towers constitute health hazards was mere imagination and myth, stressing that the belief “…has no scientific base”.

    Prof Danbatta was responding to questions yesterday in Abuja at a sitting of the House of Representatives’ Ad Hoc Committee that is currently investigating the health implications of mounting telecommunications masts close to buildings.

    “With regards to other professional bodies like Nigerian Society of Engineers (NSE), we don’t have any quarrel with their positions.

    “The only question is when we say exposure to electromagnetic field is hazardous to health what level are we talking about? We have to define the level of exposure that is hazardous to human beings.

    “Of course if you generate a massive electromagnetic field of unprecedented proportion and put a person inside, there will be medical consequences,” Danbatta said at the sitting.

    To prove his point further, Danbatta said given the concerns, researches so far conducted in areas where telecoms masts are located have not indicated any adverse health effects.

    “What we are saying is that: provided the limit specified is observed and NCC is there to ensure compliance with that limit, there is no health hazard.

    “There is a limit of safety below which electromagnetic fields do not cause any harm to health,” he explained.

  • NSE All-Share Index dips by 0.37%

    Transactions on the Nigerian Stock Exchange (NSE) closed for the week on Friday on a negative trend with the All-Share Index dipping 0.37 per cent.

    The News Agency of Nigeria (NAN) reports that the index shed 93.38 points or 0.37 per cent to close lower at 25,189.37, against 25,282.75 posted on Thursday.

    In the same vein, the market capitalisation lost N33 billion or 0.38 per cent to close at N8.715 trillion compared with N8.748 trillion achieved on Thursday.

    An analysis of the price movement indicated that 7UP recorded the highest loss to lead the laggards’ table, shedding N9.71 to close at N89.95 per share.

    It was trailed by Nigerian Breweries which lost N3.89 to close at N120.11 and Presco dropped 38k to close at N46.70 per share.

    ETI lost 28k to close at N7.10 and Union Bank of Nigeria depreciated by 25k to close at N4.75 per share.

    Conversely, Unilever topped the gainers’ chart with a gain of N2.35 to close at N35.50 per share.

    Stanbic IBTC added 97k to close at N20.47 and Dangote Sugar garnered 29k to close at N6.09 per share.

    Air Service gained 19k to close at N4.10 and Okomu Oil increased by 11k to close at N47.39 per share.

    In spite of the drop in market indices, the volume of shares traded closed higher with a total of 171.61 million shares worth N1.11 billion transacted in 2,846 deals.

    NAN reports that this was in contrast with a turnover of 147.89 million shares valued at N836.84 million traded in 2,578 deals on Thursday.

    FCMB Group was the most active with an exchange of 35.51 million shares valued at N35.58 million.

    Transcorp sold 33.27 million worth N31.84 million and Flourmill transacted 15.53 million shares worth N279.55 million.

    Diamond Bank sold 14.37 million shares valued N12.79 million, while FBN Holdings achieved a turnover of 10.83 million worth N35.95 million. (NAN)

  • Dangote Refinery, Petrochemical Company to enlist on NSE soon

    Dangote Refinery, Petrochemical Company to enlist on NSE soon

    President of the Dangote Group, Alhaji Aliko Dangote, on Monday promised the listing of companies under the Dangote Group of companies on the nation’s bourse.

    The companies include Refinery and Petrochemical.

    Dangote stated this at the bell ringing ceremony on the NSE in Lagos as part of activities to mark his 60th birthday.

    He said that he would ensure the listing of more of his companies on the NSE to deepen the market.

    Dangote assured the stock broking community that he would continue to work with the Federal Government to diversify the economy and spread prosperity among Nigerians.

    “We will continue work with the federal government to diversify the economy and spread prosperity to Nigerians,’’ he said.

    He promised to list every single company that would be created by Dangote Group of companies.

    “Very soon, we will start having our Annual General Meetings (AGM) in stadium, not halls due to the large shareholders we will be targeting. We will be having up to two million shareholders in the next ten years,” he said.

    He, however, commended the stock broking community for their support to Dangote Group, noting that they had contributed to the growth of the entity.

    The News Agency of Nigeria (NAN) reports that the four companies of Dangote listed on the NSE have a total market capitalisation of N2.9 trillion as at April 10.

    This represents 32.7 per cent of the total capitalisation of the equities listed on the Nigerian bourse.

    Alhaji Rasheed Yussuf, the former President, Association of Stock broking Houses of Nigeria (ASHON) described Dangote as an important stakeholder in the Nigerian capital market.

    “His decision to celebrate his birthday with the capital market community is a testimony to the mutually beneficial relationship to which has been involved over the years between Dangote, brokers and capital market in generally,” Yussuf said.

    He said that the tenure of Dangote as the president of NSE was the most challenging period for the capital market due to serious management succession crisis and ravaging margin loan crisis.

    “Dangote worked tirelessly with ASHON, leveraging on his contacts to make presentation to the various level of government functionality, CBN, among others.

    “This culminated in the setting up of Asset Management Company of Nigeria (AMCON) and eventual resolution of the margin loan problems,” he added.

    He noted further that if the margin loan crisis had not been resolved the way it was, the collateral damage on the operators and the market would have been enormous.

    Yussuf added that as a strong promoter of local content development in Nigeria, Dangote took the pioneering step of listing most of his companies on the floor of NSE, substantially deepening the market.

    Yussuf said that the listed companies of Dangote constituted a reasonable percentage of equities on the nation’s bourse.

     

     

    NAN