Shareholders approve delisting of 11 Plc from NSE

Shareholders of 11Plc (formerly Mobil Oil Nigeria Plc) have approved the company’s proposals to voluntarily delist from the Nigerian Stock Exchange. The approval was part of the resolution at the company’s Annual General Meeting (AGM) held in Abuja. The shareholders also approved the transfer of the real estate portfolio of the oil company to a wholly owned subsidiary, 11 Hospitality Limited. The meeting also approved distribution of N2.975 billion as cash dividend for the 2019 business year, representing a dividend per share of N8.25. The board of Directors of 11…

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#EndSARS Crisis: Investors count losses as stock market sheds N113bn

#EndSARS Crisis: Investors count losses as stock market sheds N113bn

The Nigerian bourse on Wednesday closed lower to reverse the previous day’s gain on the back of what market analysts called fear of insecurity arising from #EndSARS protest that degenerated into mayhem across the country. In the last two days, the country has witnessed spate of attacks on some public and private properties and infrastructure while more sadly, many Nigerians and security officials, especially in the country’s economic capital, have lost their lives to the crisis As the situation degenerates, there is panic in the capital market, and this contributed…

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Volatility, as investors opt for cash amidst Q3 earnings, mounting risks

Amid Positive NGSE Outlook, Time For Short, Medium-term Positions

Market Update for October 21 By Investdata Analysts Equity prices on the Nigerian Stock Exchange (NSE) suffered huge loss at the midweek, halting the previous session’s gains and market rebound from its March-lows as it hits a major speed bump on a very high volatility. This followed panic selloffs in the midst of ongoing earnings reporting season, as investors reacted to events of what has now been tagged Black Tuesday, when soldiers fired live bullets at #EndSARS protesters, resulting in alleged fatalities. The Lagos State Governor, Babajide Sanwo-Olu, however says…

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SEC sets January 2021 for Corporate Governance Guidelines enforcement

SEC sets January 2021 for Corporate Governance Guidelines enforcement

The management of the Securities and Exchange Commission (SEC), on Tuesday, issued a Corporate Governance Guidelines and a template (revised Form 01) for reporting compliance with the Securities and SEC Corporate Governance Guideline, (SCGG) which becomes mandatory from January 1, 2021. From that date, the commission advised public companies to comply with the Nigerian Code of Corporate Governance (NCCG) of 2018 issued by the Financial Reporting Council (FRC) of Nigeria, just as compliance with the SCGG/revised reporting template. Recall that the NCCG effectively replaced the Code of Corporate Governance for…

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Law Union & Rock to delist as NSE places its shares on full suspension

All is set for Law Union & Rock Insurance Plc to delist its shares from the Nigerian Stock Exchange (NSE) following approval by the Nigerian bourse. The insurance firm disclosed in a press release over the weekend that following the approval, it is set to commence the payment of N1.23 per share for every 50 kobo ordinary share to shareholders. Meanwhile, management of the bourse on Friday placed the shares of the company on full suspension, implying a total cessation of trading activities on the shares. The NSE explained that…

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NSE sustains fourth bullish week with N128bn despite 38% turnover fall

stock bull standard

The Nigeria stocks market remained in the green territory for the fourth consecutive week after it closed session last week with N128 billion. As equities investors recouped the profit, market value appreciated by 0.86 per cent, driving both market capitalization and the benchmark index higher to close at N14.980 trillion and 28,659.45 basis points. All other indices finished positive with the exception of NSE Insurance which depreciated by 0.68 per cent while the NSE ASeM Index closed flat. The weekly session however recorded less participation in turnover as both traded…

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NGSE recovery to continue on inflows from maturing bills, Q3 earnings releases

Amid Positive NGSE Outlook, Time For Short, Medium-term Positions

Market Update for the Week Ended October 16 and Outlook for Oct 19-23 By Investdata Analysts Nigeria’s stock market maintained its bullish disposition over the past weeks amidst increasing headwinds ranging from the economic meltdown, negative macroeconomic indices, rising insecurity, and a resurgence of new coronavirus infection cases. The new wage of Covid-19 spread has been ignored so far by youths across the country protesting against incidences of brutality, extra-judicial killings, and maiming of often innocent persons, mostly youth, by the Police Special Anti-Robbery Squad popular known as SARS. In…

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NSE’s 5th market data workshop holds soon​

NSE Market Data Workshop

The Nigerian Stock Exchange (NSE), in partnership with InfoWARE Limited, is set to host the fifth edition of the NSE Market Data Workshop on Friday, October 23, 2020. According to the management of the bourse in a press statement on Sunday, this year’s event will be held virtually in compliance with guidance around physical distancing occasioned by the COVID-19 pandemic. With the theme, “Handling Shocks in the Capital Market: A Quantitative Risk Management Approach Using Market Data”, the workshop has been designed to provide capital market stakeholders – particularly risk…

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Global ETF inflows jumped 40% despite pandemic

Global ETF inflows jumped 40% despite pandemic

A recent Financial Times article pointed out that exchange-traded funds (ETFs) inflows all around the world jumped 40 per cent despite the economic effects of the Covid-19 pandemic. “Net flows into exchange traded funds have jumped 40 per cent so far this year with the growing shift into low-cost index tracking vehicles forcing the pace of consolidation across the asset management industry to accelerate markedly,” the FT article said. “Morgan Stanley agreed last week to stump up $7 billion to acquire Eaton Vance while Franklin Templeton paid $6.5 billion to…

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Oil prices hold gains after U.S. crude inventory draw

oil price and equities

Oil prices edged higher on Thursday, extending their 2 per cent gains from the previous session, after data showed U.S. crude stockpiles fell last week, while OPEC and its allies were seen complying with their pact to curb output in September. West Texas Intermediate (WTI) crude CLc1 futures climbed 8 cents, or 0.2 per cent, to $41.12 a barrel at 0430 GMT, while Brent crude LCOc1 futures rose 7 cents, or 0.2 per cent to $43.39 a barrel. Oil markets climbed for a third day despite resurgence in COVID-19 infections…

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