Investors lose N33bn as bears reclaim NGX floor

Investors lose N33bn as bears reclaim NGX floor

Investors lose N33bn as bears reclaim NGX floor     Negative sentiments resurfaced in the local bourse on Thursday as bears displaced by the bulls the previous session managed to reclaim trading floor of the Nigerian Exchange Group (NGX). The benchmark index that tracks share prices at the bourse shed 64.26 points equivalent to 0.16 % decline to close at 38,571.89 basis points following profit-taking on WAPCO (-3.1%) and UBN (-7.1%) stocks. The aggregate value of stocks in the market followed suit with N33 billion loss to close lower at…

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SEC to engage fintech players

SEC to engage fintech players

To sanction operators frustrating e-dividend     The Securities and Exchange Commission has stated that it will continue to engage players in the Fintech space and support them to operate lawfully in a bid to ensure the delivery of safe products and services without stifling innovation. Mr. Lamido Yuguda who stated this at a post-Capital Market Committee Meeting press briefing webinar held Thursday, said the recent Circular was issued by the Commission in its desire to ensure that only fit and proper persons continue to operate in the capital market. According…

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Overnight rate expands on CBN’s OMO auction

OMO Auction Overnight rate

Overnight rate expands on CBN’s OMO auction     The overnight lending rate expanded by 275bps to 15.0%, following outflows for CBN’s weekly OMO auction. The Nigerian Treasury Bill (NTB) secondary market was bullish, as the average yield contracted by 7bps to 4.4%. Across the curve, the average yield was flat at the short end but contracted at the mid (-3bps) and long (-13bps) segments, following buying interests in the 154DTM (-5bps) and 350DTM (-117bps) instruments, respectively. Elsewhere, the OMO segment’s average expanded by 11bps to 7.0%. Trading in the…

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Dangote Cement Q4 2020 Results Review: Bullish Outlook for ’21f Driven by Capacity Addition

Dangote Cement Q4 2020 Results

By FBNQuest Research Negligible changes to our EPS forecasts over the ’21-22f period DangCem delivered strong Q4 ’20 results with earnings up +55% y/y to N86.8bn. However, we have made negligible changes to our EPS forecast over the ’21-22f period because Q4 figures were broadly in line with our expectations. Our new price target of N239.5 is down by around -1% because we have raised our risk-free rate assumption by +100bps to 11%. Looking ahead, we expect DangCem to produce a stellar performance in FY’21 projecting an EPS growth of…

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FG to auction N150bn bonds in April

FG to auction N150bn bonds in April

FG to auction N150bn bonds in April     The Debt Management Office (DMO) on Wednesday disclosed that the Federal Government would offer N150 billion bonds for subscription in April. A circular by the DMO on its website showed that the breakdown of bonds comprised of three bonds worth N50 billion each. They are 10-year reopening bond to be offered at the rate of 16.2884 per cent and to mature in March 2027; a 15- year reopening bond to be offered at 12.5 per cent and mature in March 2035;…

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Nigerian Exchange Group admitted on NASD

Nigerian Exchange Group admitted on NASD

Nigerian Exchange Group admitted on NASD     NASD PLC has announced the admission of the securities of the Nigerian Exchange Group PLC (NGX) for trading on its market. According to information obtained by Business Metrics from the management of the unquoted bourse, the listing came pursuant to the successful demutualization of the Nigerian Stock Exchange (NSE) now known as the Nigerian Exchange Group PLC. “NGX shares will be available to be traded by licensed participating institutions or authorized traders registered on the NASD platform from Tuesday April 13 2021,”…

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Nigerian stock index sheds 0.35%

Nigerian stock index sheds 0.35%

Nigerian stock index sheds 0.35%   Negative sentiments persisted in the local bourse, as profit-taking in GUINNESS (-9.9%) dragged the All-Share Index (ASI) lower by 0.3% to 38,601.83 points. Accordingly, Month-to-Date and Year-to-Date losses increased to -1.1% and -4.1%, respectively. The total volume of trades increased by 7.6% to 208.81 million units, valued at NGN2.91 million, and exchanged in 4,013 deals. FIDELITYBK was the most traded stock by volume at 38.56 million units, while GUARANTY was the most traded stock by value at NGN951.30 million. Analysing by sectors, the Consumer…

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NGX Group unveils new brand identity, website

Nigerian Exchange Group admitted on NASD

NGX Group unveils new brand identity, website   Nigerian Exchange Group (NGX Group) Plc, a leading integrated market infrastructure Group in Africa, has announced the launch of its new corporate brand identity and website. The launch of the new identity on Tuesday followed the demutualisation of The Nigerian Stock Exchange (NSE) and the resulting creation of the non-operating holding company NGX Group Plc and its subsidiaries. The new subsidiaries are Nigerian Exchange (NGX) Limited, the operating exchange; NGX Regulation (NGX RegCo) Limited, the independent regulatory arm of the Exchange; and…

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NGX kicks off with BUA Cement’s N115bn bond listing

NGX kicks off with BUA Cement’s N115bn bond listing

NGX kicks off with BUA Cement’s N115bn bond listing     The Nigerian Exchange Limited (NGX) commenced formal operation under its new identity on Tuesday, April 13, 2021, with the listing of BUA Cement Plc’s ₦115bn 7-Year Series 1 Fixed Rate Senior Unsecured Bond issue. The listing was marked with a digital Closing Gong Ceremony by the Chief Executive Officer of BUA Cement Plc, Engr. Yusuf Haliru Binji. Speaking during the ceremony, the Divisional Head, Listings Business, NGX Limited, Olumide Bolumole said the exchange continues to provide a platform that…

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Investors lose N87bn as NSE resumes from Easter holidays

Investors lose N87bn as NSE resumes from Easter holidays

Investors lose N87bn as NSE resumes from Easter holidays   By Olamide Onabanjo with Agency Report   The Nigerian stock market resumed after the Easter public holidays on Tuesday with a loss of 0.39 per cent due to persistent bearish trend, the News Agency of Nigeria reports. Specifically, the All-Share Index lost 150.13 points or 0.39 per cent to close 38,766.61 compared with 38,916.74 achieved on Thursday. Also, the market capitalisation lost N78bn to close at N20.28tn from N20.361tn achieved before the break on Thursday. The market loss was driven…

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