Market Closes Flat as Sentiment Improves

The equities market closed in the green although flattish as gains in DANGECM pulled the All Share Index (ASI) 4bps higher to 43,073.42 points while YTD return stood at 12.6%. Accordingly, market capitalization increased by N6.0bn to N15.4tn. Today’s performance was largely driven by price appreciation in DANGCEM (+1.3%) which offset losses in ZENITH (-1.8%), UNILEVER (-4.9%) and DANGSUGAR (-4.5%); ex-DANGCEM the ASI would have shed 48bps. Activity level was however mixed as volume traded fell 5.4% to 407.8m units while value traded inched 9.9% higher to N6.0bn.

Local Bourse Opens the Week Negative

The local bourse opened the week on a negative note as the All Share Index shed 26bps to close at 43,056.51 points while YTD return moderated to 12.6%. Consequently, market capitalisation declined to N15.4tn as investors lost N105.0bn in value. The bearish performance observed in the market today was largely due to losses in UBA (-4.7%), UBN (-4.2%) and UNILEVER (-2.3%). Similarly, activity level weakened as volume and value traded fell 71.9% and 71.7% to 431.2m units and N5.6bn respectively.

Equities Market Rebounds

Photo L-R: Nigeria’s foremost Stand-up Comedian and Actor, Ali Baba; Chief Human Resources Officer, Nigerian Stock Exchange (NSE), Pai Gamde; former First Lady of Lagos State and Chairman, Learn NGO/Ella Care, Dame Abimbola Fashola, and Director General, NSE, Oscar Onyema, during the NSE International Women’s Day Symposium on the theme, “Press for Progress” held at The Exchange in Lagos.


Again, SEC Extends E-dividend Registration Deadline

The Securities and Exchange Commission (SEC) has extended its free e-dividend registration deadline to March 31, the News Agency of Nigeria learnt on Wednesday.

A senior management staff in the commission, who pleaded anonymity made the disclosure in an interview in Lagos.

The official said that the deadline was extended in principle for the third time for the operators to clear their e-dividend backlogs.

The e-dividend refers to online payment of dividends to investors rather than through post.

Local Bourse turns Southwards

The domestic bourse closed on a negative note on Wednesday as the All Share Index fell 1.5% to settle at 42,952.70 points while YTD return moderated to 12.3%. Accordingly, investors lost N236.1bn in value as market capitalisation declined to N15.4tn. The bearish performance was majorly due to sell offs in market bellwethers- DANGCEM (-3.6%), NIGERIAN BREWERIES (-3.4%) and GUARANTY (-1.9%). Consequently, activity level weakened as volume and value traded fell 39.3% and 13.1% to 270.3m units and N5.2bn respectively.

Delay in Passage of Budget Bad for Capital Market –Operators

Operators in the Nigerian Stock Exchange (NSE) on Monday said that delay in the passage of the 2018 budget would negatively affect the capital market.

Some of them expressed optimism that the 2017 earnings anticipated by investors this week would boost activities on the Exchange.

They told the News Agency of Nigeria in Lagos that the market would close upbeat as more companies would declare positive results.

The Managing Director, APT Securities and Funds Ltd, Garba Kurfi, Lagos said there was the need for the National Assembly to pass the budget.

Gains in Bellwethers Buoy Market Performance

Photo L-R: Bola Adeeko, Head, Shared Services Division, The Nigerian Stock Exchange (NSE); Simidele Adeagbo, Olympian and Skeleton Athlete; Oscar Onyema, Chief Executive Officer, NSE; Seun Adigun, the Olympia and Captain of Bobsled and Skeleton Federation; Tinuade Awe, Executive Director, Regulation, NSE and Ade Ewuosho, Ag. Head, Trading Business Division, NSE during the Closing Gong Ceremony at the Exchange today in commemoration of first African and Nigerian Bobsled team and a Skeleton Athlete who participated at the winter Olympics in South Korea.


Profit Taking Drags Market Performance Down

Trading session started on a flat note today but turned negative at the close of trade as the All Share Index fell 1.1% to settle at 42,843.38 points while YTD return contracted to 12.0%. Profit taking in DANGCEM (-1.8%), NIGERIAN BREWERIES (-3.6%) and GUARANTY (-2.0%) weighed heavily on today’s performance. Consequently, investors lost N174.8bn in value as market capitalization fell to N15.4tn. Similarly, activity level declined as volume and value traded fell 35.0% and 54.9% to 371.2m units and N4.9bn respectively.

MTN Nigeria Eyes $5.2b Debut Lagos Listing in July

MTN plans to list its Nigerian unit worth $5.23 billion by July in a debut IPO on the Lagos bourse and will raise fresh funds to reduce debt, according to pre-IPO presentation seen by Reuters.

MTN aims to raise at least $400 million from the IPO to pay preference shareholders and is preparing to file application to the Securities and Exchange Commission to launch the offer after getting approvals from existing investors last week, sources with knowledge of the matter said.