Market News in 2011 and Impact On The ASI - 311211 Proshare

ISSN 1597 - 8842 Vol. 1 No.
87
Market News YTD 2011 and Impact on the NSE ASI
YT 20 D 11
The Monthly NCM Report @ Dec 2011
The Nigerian www.proshareng.com
Capital Market Report - @ Dec 2011 Page 1
Market News and Impact on the NSE ASI

Issued on January 03, 2012
Market News YTD 2011 and Impact on the NSE ASI THE RELEVANCE OF THE REPORT One of the key challenges in the Nigerian Stock Exchange remains the limitations of Technical Analysis as a veritable predictive tool for decision making. We have observed many factors that undermine the timeliness, reliability and credibility of data over the last five years that has made it imperative for us to validate this through a medium to long term research. Proshare decided from January 2009 to collate data and information on the market, seeking to establish a nexus between the information flow in the market and price movements. The validating methodologies for analysing the data has been benchmarked against those used in developed economies given the markets desire to be judged on world class standards. To aid technical analysis, we hold the view that information flow must be a key determinant of action and price movements. Thus we have been investigating the information reflection capability of stock prices. The H1 2011 base information (a quantitative analysis of NSE listed companies and the potential impacts of publicly available news announcements on daily returns is not published as the research is still at its early stages) provided below serves as a guide on how information and the ASI moves. In the last week of June 2011, we however published an Impact Assessment update on NAHCo Plc https://www.proshareng.com/news/singleNews.php?id=14119 which revealed the company to be very sensitive to general market news as the price and ASI traded same direction more often than sideways trending by 54%- a significant correlation within the period reviewed. Our expectation is that as the market becomes more aware of price movements in stocks without any corporate action, corporate information or public news or information; early warning signals would be raised as to corporate governance weaknesses in the administration of the exchange. With those firms that establish a nexus between their prices and the information available to them we should see an increase in the compliance rate with post-listing requirements, exchange rules and investor relations responsibilities; including a higher level of compliance with corporate governance ethos.
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Date
Timelines
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ASI and Market Capitalisation Remarks
Jan 4
Stakeholders hinge improved equities investment in 2011 on AMCON Equities investments at the nations capital market may be threatened, if the operations of the AMCON are compromised and current inflation rate not addressed, financial experts have indicated. High expectations for banks in 2011 - With the transfer of N1.036 trillion worth of nonperforming loans to AMCON, there is optimism that the banking industry will play a leading role in boosting economic growth this year. Operators optimistic on Exchanges performance-Some operators at the NSE have expressed optimism that the nations capital market will perform better this year than last year because more money is expected to be in circulation during the year.
At the close of trading session, the NSE All-Share Index gained by 1.34% to close at 25,102.93 as against an upbeat by 0.02% recorded previous session to close at 24,770.52. In the same vein, market capitalization moved up by N106.20billion (US$719.78 million) to close at N8.01 trillion (US$54.35 billion) as against an appreciation by N1.71 billion (US$11.63million) recorded on preceding session to close at N7.91 trillion (US$53.63 billion).Market report for the day was titled: NSE ASI buoyed by 1.34% as bulls fortified market breadth for New Year rally.(http://www.proshareng.com/news/singl enews.php?id=12847)
Jan 5
NSE Asks Brokers to Separate Accounts- The Nigerian Stock Exchange (NSE) has directed all stockbroking firms to separate their own accounts from clients accounts as part of efforts to instil discipline and sanity in the stock market. Economic recovery: Experts hinge hope on new initiatives- FOR businesses in Nigeria, year 2010 would not easily be forgotten for a long time, especially by those that were primarily affected by the remarkable mixed fortunes that hallmarked the period. Central Bank keeps eye on foreign exchange stability- The Central Bank of Nigeria (CBN) has said the main thrust of its focus in the new year is to ensure stability in the foreign exchange market. AMCON: Banking index rises by 3.3%- Stocks in the banking sub-sector of the Nigerian Stock Exchange recorded increased activities at the end of the first trading day of the year.
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At the close of trading session, the NSE All-Share Index jumped by 3.50% to close at 25,981.58 as against an upbeat by 1.34% recorded previous session to close at 25,102.93. In the same vein, market capitalization moved up by N280.71 billion (US$1.90 billion) to close at N8.30 trillion (US$56.25 billion) as against an appreciation by N106.20 billion (US$719.78million) recorded on preceding session to close at N8.01 trillion (US$54.35 billion). Market report for the day was titled: Nigerian Capital Market jumps by 3.50% to close above six months high (http://www.proshareng.com/news/singlene ws.php?id=12851 )
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Jan 6 SEC set to confirm Onyema as NSE DG - Criticisms notwithstanding, the SEC may confirm Mr. Oscar Onyema as the DG of the NSE. Last week, there were reports that Onyema had been picked as the new helmsman of the NSE Q1 2011: Analysts expect banks to renew appetite for bonds With the conclusion of banks end-of-year balance sheet activities; stock market analysts expect banks to renew their appetite for bonds, particularly FGN bonds with shorter time to maturity. CBN adds Chinese yuan to tradeable - The CBN said on Wednesday that it had added the Chinese yuan to a list of currencies that can be used for trade settlement in the domestic foreign exchange market as trade flows with Beijing increase. Jan 7 SEC approves new code of corporate governance for operators- THE Board of Securities and Exchange Commission (SEC) has approved an up dated version of the code of corporate governance. AMCOM, banks boost investment in stock market by 3.50%- Analysts on the Nigerian Stock Exchange (NSE) has said that AMCOM contribution to the capital market and banks result which are to be released between now and march has made investors patronage on bank stocks high, noting that these factors are the main reason for the market drive. CBN offers $250m at forex auction- The Central Bank of Nigeria on Wednesday intervened in the foreign exchange market, as it offered $250m for sale at the foreign exchange auction. 26 41 58 14 At the close of trading session, the NSE All-Share Index climbed by 2.01% to close at 26,504.76 as against a surge by 3.50% recorded previous session to close at 25,981.58. In the same vein, market capitalization moved up by N167.14billion (US$1.13 billion) to close at N8.46 trillion (US$57.38 billion) as against an appreciation by N280.71billion (US$1.90billion) recorded on preceding session to close at N8.30 trillion (US$56.25 billion). Bulls tighten market breadth as ASI takes fresh air at 26,504.76 to gain by 2.01% (http://www.proshareng.com/news/12854 )
The All-Share Index in the week under review gained by 5.65% to close at 26,169.86 as against an upbeat by 0.33% recorded last week to close at 24,770.52 In the same vein, the market capitalization in the week appreciated by N447.07 billion (US$3.02 billion) to close at N8.36 trillion (US$ 56.66billion) as against appreciation of N26.13billion (US$177.14million) recorded last week to close at N7.91 trillion (US53.63 billion). Market report for the week was titled: Market booms as bull takes charge in the week(http://proshareng.com/news/singlenew s.php?id=12859 )
Jan 10
Capital Base: NSE Reads Riot Act to Brokers- The Nigerian Stock Exchange (NSE) last Friday read the riot act to stockbroking firms to shore up their capital and comply with its rules or be barred from the market. Our expectations for the capital market in 2011, Operators and stakeholders- Capital market operators and stakeholders are canvassing for
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At the close of trading session, the NSE All-Share Index dropped by -0.65% to close at 25,998.64 as against a decline by -1.26% recorded previous session to close at 26,169.86. In the same vein, market capitalization moved down by N54.70billion (US$370.72 million) to close at N8.30
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policies that will improve investors confidence that is gradually returning to the market in 2011. Analyst foresees NSE as investment destination- CONSIDERING the present strong fundamental of its companies, analysts at Thaddeus Investment Advisors and Research Limited has listed stock markets in Nigeria , Morocco , Egypt, and South Africa as countries that will receive the majority of foreign inflows of portfolio investment into Africa over the next three years. NSE to impose sanctions on under-capitalised firms- Beginning from this week, the Nigerian Stock Exchange will be imposing sanctions on erring stock broking firms. Jan 11 NSE to ensure strict compliance with rules in 2011 - The NSE has said that it will ensure that market operators and stakeholders adhere strictly with all the existing rules of the Exchange in 2011. NSE says foreign share purchases increased by 88% - The NSE said on Monday, share purchases by foreign investors rose 88 percent last year to N381 billion from N202.48 billion in 2009 and those wider trading hours indicated that liquidity was continuing to improve. No plans to liquidate Oceanic, Intercontinental, Unity banks - CBN - The CBN has said that it has no plans to liquidate Oceanic Bank, Intercontinental Bank and Unity Bank. CBNs Head Corporate Communications, Mr. Mohammed Abdullahi, said in a statement that the clarification was due to text messages being circulated that CBN would soon liquidate the banks. 41 18 At the close of trading session, the NSE All-Share Index climbed by 0.53% to close at 26,137.45 as against a decline by -0.65% recorded previous session to close at 25,998.64. In the same vein, market capitalization moved up by N44.34billion (US$300.56 million) to close at N8.35 trillion (US$56.59 billion) as against depreciation by N54.70billion (US$370.72million) recorded on preceding session to close at N8.30 trillion (US$56.29 billion). Market report for the day was titled: Equity Market regains its breadth as bulls roar back on the Custom Street(http://www.proshareng.com/news/128 85) trillion (US$56.29 billion) as against depreciation by N106.99billion (US$725.14million) recorded on preceding session to close at N8.36 trillion (US$56.66 billion). Market report for the day was titled: Equity Market extends loss as NSE ASI slumps by 0.65%(http://www.proshareng.com/news/sin glenews.php?id=12884 )
Jan 12
NSE seeks vendor for new trading platform raises committee - An ad-hoc stakeholders committee, comprising staffers and market operators, has been raised by the NSE, to ensure that the proposed trading platform is fortified with improved functionalities. Exchange gains weight by N44b, to meet NBC over delisting request
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21 At the close of trading session, the NSE All-Share Index gained by 1.45% to close at 26,515.15 as against an upbeat by 0.53% recorded previous session to close at 26,137.45. In the same vein, market capitalization moved up by N120.66billion (US$817.80 million) to close at
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Transactions on the NSE closed in an upbeat note yesterday, as more stocks recorded price appreciation, causing market capitalisation to appreciate by N44 billion. AMCON Bonds to Rise to $10 billion - The value of AMCONs bonds to the 21 eligible banks in the country is to rise to N1.5 trillion ($10 billion), with the addition of fresh N500 billion ($3.3 billion) bonds before the end of the first quarter. Jan 13 Rescued banks will need extra N1.1tn to be competitive Report In addition to the planned N2.55tn budget by the Asset Management Corporation of Nigeria to buy the toxic assets of Deposit Money Banks, a report has said that the rescued banks will need additional N1.1tn to bounce back to full operation. Tough bond market for private sector - The private sector may not thrive better than 2010 at the bond market, as the AMCON gets set for bond issuance this year. Oceanic Promises Growth with AMCON Proceeds - The management of Oceanic Bank has assured its customers and other stakeholders of robust growth, following the receipt of bonds worth over N200 billion from the AMCON in exchange for its NPLs. Jan 14 Union Bank gets N239bn injection from AMCON - Following the loan purchase agreement signed by the AMCON and 21 banks, the corporation has injected N239bn into Union Bank of Nigeria in the first phase of its bad loan purchase. Wema Bank gets N15.2 billion from AMCON - Wema Bank said it has got N15.2 billion from the AMCON as sales of some NPL portfolio of the bank. "We have got N15.2 billion from AMCON, in addition to the N7.5 billion we raised from bonds last year. 55 16 52 23 N8.47 trillion (US$57.41 billion) as against appreciation by N44.34billion (US$300.56million) recorded on preceding session to close at N8.35 trillion (US$56.59 billion).Market report for the day was titled: NSE ASI surges by 1.45% as Starcomms Plc leads gainers chart(http://www.proshareng.com/news/128 86)
At the close of trading session, the NSE All-Share Index gained by 1.88% to close at 27,014.19 as against an upbeat by 1.45% recorded previous session to close at 26,515.15. In the same vein, market capitalization moved up by N159.43billion (US$1.08 million) to close at N8.63 trillion (US$58.49 billion) as against appreciation by N120.66billion (US$817.80million) recorded on preceding session to close at N8.47 trillion (US$57.41 billion). Market report for the day was titled: : NSE Index consolidates by 1.88% on continued bargain, settles at 27,014.19 basis points(http://www.proshareng.com/news/12 887)
The All-Share Index in the week under review gained by 4.19% to close at 27,267.17 as against an upbeat by 5.65% recorded last week to close at 26,169.86 In the same vein, the market capitalization in the week appreciated by N350.57 billion (US$2.37 billion) to close at N8.71 trillion (US$ 59.04billion) as against appreciation of N447.07billion (US$3.02billion) recorded last week to close at N8.36 trillion (US56.66 billion). Market report for the week
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SEC, NSE, NBC to meet over delisting - Following investors complaints about the mode of delisting its shares, the Nigerian Bottling Company will be meeting with the apex regulator of the Nigerian Capital Market, the SEC and the NSE next week over the proposed delisting of the company. Jan 17 Regulators fail to act as rescued banks flout AGM rule - Eight of the nine banks that received bail-out money have failed to hold their AGM - one of the financial system statutory requirements for financial institutions - eighteen months after N620 billion was injected, leaving shareholders concerned for their stakes in the banks, and analysts wondering why the relevant agencies have failed to ask questions. Operators task regulators on recapitalization of stock broking firms Regulatory authorities of the Nigerian Capital Market have been urged to shun the planned recapitalization of stock broking firms in Nigeria as it is capable of militating against market rebound. AMCON to take shareholding in banks, second phase of bank bad debt purchase -Indications emerged last week that the AMCON set up by the CBN will afterall take up shareholding in banks from which they purchased bad debt. Jan 18 FG $500m Eurobond issue debuts Friday - The FGs $500 million Eurobond issue, repeatedly delayed hitherto, will now debut on Friday after a road show in the U.S and Europe, Abraham Nwankwo, DG, Debt Management Office, said on Monday. Banking reforms, positive outlook drive N0.8trn market gains - Improving sentiment lifted the Nigerian capital market back to new highs, with banking reforms and a raft of positive economic outlook spearheading a N0.8trn or 10.49% gain within four weeks - starting December 19, 2010 to January 13, 2011. Naira falls against dollar at inter-bank market -The Nigerian naira dropped 19 52 At the close of trading session, the NSE All-Share Index dropped by -0.65% to close at 26,953.80 as against a decline by -0.50% recorded previous session to close at 27,130.17. In the same vein, market capitalization moved down by N56.34billion (US$381.90 million) to close at N8.61 trillion (US$58.36 billion) as against depreciation by N43.39billion (US$249.08million) recorded on preceding session to close at N8.66 trillion (US$58.74 billion). Market report for the day was titled: Market dips further by -0.65% as profiteering depressed bargain sentiments(http://www.proshareng.com/news 32 41 At the close of trading session, the NSE All-Share Index dropped by -0.50% to close at 27,130.17 as against an upbeat by 0.94% recorded previous session to close at 27,267.17. In the same vein, market capitalization moved down by N43.39billion (US$249.08 million) to close at N8.66 trillion (US$58.74 billion) as against appreciation by N80.82billion (US$547.77million) recorded on preceding session to close at N8.71 trillion (US$59.04 billion). Market report for the day was titled: NSE All Share Index retraced by -0.50% on profit taking (http://www.proshareng.com/news/singlene ws.php?id=12910 ) was titled: : Blue chips, Banking and Oil stocks drive market as ASI gains 4.19% for the week.( https://www.proshareng.com/news/singlene ws.php?id=12899)
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slightly against the United States dollar on Monday at the inter-bank and official market. The local currency depreciated to N153.37 to a dollar at the market on Monday, from N153.30 on Friday, after the CBN failed to meet all demand at its biweekly auction. Jan 19 Banking crisis will end in second quarter Sanusi - The Governor, CBN, Mr. Lamido Sanusi, has said that the banking sector crisis will be over by the end of the second quarter of the year. He based his optimism on the result of the various reforms introduced by the apex bank into the financial system, especially the recapitalization of the Deposit Money Banks and the activities of AMCON. N70m Capital: NSE Suspends 60 Broking Firms - The management of the NSE yesterday wielded the big stick by barring 60 stockbroking firms from trading due to their non-compliance with the N70 million minimum capital requirement stipulated by SEC, the apex regulatory authority in the capital market. SEC had since December 2005 raised the minimum share capital for stockbroking firms from N20 million to N70 million. NSE: Analysts Predict Another Round of Profit Taking - Following a recent upsurge in the prices of equities in the nations stock market, analysts at Cowry Assets Limited, have stated that the current price level is primed for another round of profit taking. The experts stressed that there would be an increased activity in the Nigerian equities market that will culminate in the growth of the market capitalisation. Jan 20 SEC Okays Onyema as new stock exchange CEO - The SEC may have approved Oscar Onyema, a former VP of the American stock exchange, as the new CEO of the NSE. Onyemas appointment follows the SECs removal of the former stock exchange DG, Ndi Okereke-Onyiuke, last August amid concern about inadequate market supervision. AMCON requires N1.6trn to recapitalize rescued banks - Determined to 51 11 At the close of trading session, the NSE All-Share Index gained by 0.99% to close at 27,515.25 as against an upbeat by 1.08% recorded previous session to close at 27,245.10. In the same vein, market capitalization moved up by N86.30billion (US$584.95 million) to close at N8.79 trillion (US$59.58billion) as against appreciation by N93.06billion (US$630.76million) recorded on 48 21 At the close of trading session, the NSE All-Share Index gained by 1.08% to close at 27,245.10 as against a decline by -0.65% recorded previous session to close at 26,953.80. In the same vein, market capitalization moved up by N93.06billion (US$630.76 million) to close at N8.70 trillion (US$58.99billion) as against depreciation by N56.34billion (US$249.08million) recorded on preceding session to close at N8.66 trillion (US$58.74 billion). Market report for the day was titled: Market rebounds to gain N93.06 billion as Guinness Plc leads gainers (https://www.proshareng.com/news/singlene ws.php?id=12918 ) /12913)
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ensure quick recapitalization of the 10 rescued banks in the country, AMCON has said it requires between N1.2 trillion and N1.6 trillion to recapitalize them to zero. Inadequate capital: NSE releases list of suspended stockbroking firms -The management of the NSE on Wednesday released the list of companies suspended from trading on Tuesday, over inadequate shareholders funds. The list, which contained 57 names, was posted on the official website of the NSE on Wednesday. preceding session to close at N8.70 trillion (US$58.99 billion). Market report for the day was titled: NSE ASI climbs further by 0.99% on continued bargain(http://www.proshareng.com/news/1 2929)
Jan 21
CBN sees reserves recovering, stable naira - The CBN expects the drop in foreign reserves to end due to increasing oil prices, tighter monetary policy and stronger capital markets. Suspended firms: NSE assures clients of investments safety - The NSE has assured investors who are clients of the stockbroking firms suspended on Tuesday of the safety of their investments. NSE lifts suspension on five stockbroking firms - The Interim Administrator of NSE, Mr. Emmanuel Ikazoboh, yesterday, assured clients of suspended stock broking firms of adequate protection for their investments. NSE also disclosed yesterday, that five of the suspended firms have met the requirement and their suspension subsequently lifted. Amongst these five is BGL securities.
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The All-Share Index in the week under review gained by 1.53% to close at 27,684.40 as against an upbeat by 4.19% recorded last week to close at 27,267.17 In the same vein, the market capitalization in the week appreciated by N137.18 billion (US$929.76 million) to close at N8.84 trillion (US$ 59.97billion) as against appreciation of N350.57billion (US$2.37billion) recorded last week to close at N8.71 trillion (US59.04 billion). Market report for the week was titled: NSE ASI sustains uptrend by 1.53% as Spring Bank Plc leads gainers chart for the week(https://www.proshareng.com/news/12 943)
Jan 24
NSE tops global indices with 11% gain - The NSEs ASI has recorded a year-todate gain of 11.76%. The Index which opened the year at 24,770.52 rose by 2,913.88 or 11% to close on Friday, at 27,684.40 points. Capital: Brokers Mull Mergers/Acquisitions - Worried by the negative impact of the suspension on their operations, some of the affected stock broking firms have begun merger talks with stronger ones. Investors affirm confidence in Nigeria's economy - Last Friday, Nigeria made a successful debut at the international bond market with the 10 year $500 million Eurobond massive subscription. The issue was 2.5 times oversubscribed, translating
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At the close of trading session, the NSE All-Share Index gained by 0.31% to close at 27,770.11 as against an upbeat by 0.61% recorded previous session to close at 27,684.40. In the same vein, market capitalization moved up by N27.40billion (US$185.72 million) to close at N8.87 trillion (US$60.15billion) as against appreciation by N57.54billion (US$390.03million) recorded on preceding session to close at N8.84 trillion (US$59.90 billion). Market report for the day was titled: Market CAP records modest gain by N27billion as NSE ASI moves on weak momentum.(
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to about $1.25 billion. Jan 25 Investors intensify acquisition interest in rescued banks - The skirmishes between banks and individual investors angling for the acquisition of the eight banks rescued by the CBN are intensifying. Investor confidence boosts Oceanic Banks transformation programme The share price and performance indices of Oceanic Bank International Plc have been on upward swing as investors and customers continue to express confidence in the banks transformation and recapitalization programme. Analysts expect MPC rate increase - The Monetary Policy Committee (MPC) may, today at its meeting in Abuja, increase benchmark lending rate. AMCONs mopping up of banks bad loans is expected to push money into the system, causing MPC to tighten liquidity, analysts say. 57 18 https://www.proshareng.com/news/12954) At the close of trading session, the NSE All-Share Index gained by 0.10% to close at 27,797.39 as against an upbeat by 0.31% recorded previous session to close at 27,770.11. In the same vein, market capitalization moved up by N8.70billion (US$59.02 million) to close at N8.88 trillion (US$60.21billion) as against appreciation by N27.40billion (US$185.72million) recorded on preceding session to close at N8.87 trillion (US$60.15 billion). Market report for the day was titled: Market sustains five days uninterrupted upbeat as NNFM Plc leads gainers chart(https://www.proshareng.com/news/12 958) At the close of trading session, the NSE All-Share Index dropped by -0.10% to close at 27,769.52 as against an upbeat by 0.10% recorded previous session to close at 27,797.39. In the same vein, market capitalization moved down by N8.90billion (US$60.37 million) to close at N8.87 trillion (US$60.15billion) as against appreciation by N8.70billion (US$59.02million) recorded on preceding session to close at N8.88 trillion (US$60.21 billion). Market report for the day was titled: NSE ASI pulls back by -0.10%, as shorter traders take control(http://www.proshareng.com/news/12 967)
Jan 26
CBN hedges against inflation, raises benchmark rates to 6.5% - CBN Governor, Sanusi Lamido, and his monetary policy committee (MPC), expectedly hiked borrowing rates by 25 basis points to 6.5% from 6.25% in what it considered as a proactive measure to control excess liquidity in the economy occasioned by election spending, fund injections from AMCON, and government spending. Shareholders group tasks new NSE boss on interface with stakeholders Shareholders, under the aegis of the Progressive Shareholders Association of Nigeria, have urged the new DG of the NSE, Mr. Oscar Onyema, to ensure that he articulates the yearnings of stock brokers and meet with various stakeholders in the capital market, to effectively manage the affairs of the Exchange and help move the market forward. Market Violation: Trial of Operators Continues Next Week - The appearance of some of the 260 individuals and corporate bodies dragged before the Investment and Securities Tribunal by SEC for alleged market infractions will continue on Tuesday, February 1.
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Jan 27
Bank CEOs pressure CBN over 1% risk assets provision - Banks may have started lobbying the CBN to prevail on the Nigerian Accounting Standard Board (NASB) not to enforce the requirement that banks should make general loan loss
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At the close of trading session, the NSE All-Share Index dropped further by -0.72% to close at 27,568.96 as against a dip by -0.10% recorded
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provisions of at least one percent of risks assets. Rate hike: CBN targets inflation at expense Stakeholders and manufactures, still smarting from inflation projections, have expressed concerns that the will put further pressure on the cost of borrowing in the of economic growth the latest rate hike and CBNs lending rate to banks country. previous session to close at 27,769.52. In the same vein, market capitalization moved down by N64.10billion (US$434.45 million) to close at N8.81 trillion (US$59.71billion) as against depreciation by N8.90billion (US$60.37million) recorded on preceding session to close at N8.87 trillion (US$60.15 billion).Market report for the day was titled: Market CAP records N64 billion loss as profiteering continues(https://www.proshareng.com/news /singlenews.php?id=12970) 34 34 The All-Share Index in the week under review dropped by -1.18% to close at 27,365.59 as against an upbeat by 1.53% recorded last week to close at 27,684.40 Trading hour extension enhanced transaction value by N34bn Ikazoboh The two-hour extension of trading hours on the NSE enhanced the value and volume of transactions by N34bn in the first one month, the Interim Administrator of the Exchange, Mr. Emmanuel Ikazoboh, said on Thursday. Excessive govt spending putting pressure on naira Sanusi - The Governor of CBN, Mr. Lamido Sanusi, has said that excessive government spending and political uncertainty are putting pressure on the naira. Reuters quoted Sanusi on Thursday as saying at the World Economic Forum in Davos, Switzerland, that what is putting pressure on our currency is excessive government spending and political uncertainty. Nigerias foreign-exchange reserves declined by about $10bn in the year through November 29 to $33.1bn as the apex bank used the funds to defend the naira. Jan 31 CBN, banks plan to reduce cost of cash in transit by 15%, experts fear more job loss - In a bid to reduce the cost of doing business in the financial sector, the CBN, DMBs and cash processing companies have concluded 16 50 At the close of trading session, the NSE All-Share Index dropped further by -1.92% to close at 26,830.67 as against a dip by -0.77% recorded previous session to close at 27,356.59. In the same In the same vein, the market capitalization in the week depreciated by N104.77 billion (US$710.10 million) to close at N8.74 trillion (US$ 59.25billion) as against appreciation of N137.18billion (US$929.76million) recorded last week to close at N8.84 trillion (US59.97 billion). Market report for the week was titled: Transaction ends bearish as Intercontinental Bank Plc leads decliners for the ws.php?id=12980) week (http://www.proshareng.com/news/singlene
Activities drop on CBNs tight monetary policy - After five consecutive days of gains, major market indicators of the NSE, on Wednesday, recorded marginal losses. The NSEs All-Share Index fell by 0.1 per cent or 27.87 basis points from 27,797.39 the previous day, to 27,769.52. Jan 28 Banks defy CBN order on lending rates - The CBN is worried that the gap between the deposit and lending rates was still wide apart despite earlier directive that banks should lower their rates to reflect the spread between the rates.
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plans on how to reduce the cost of moving cash by at least 15%. NSE delists First Interstate - The NSE has delisted First Interstate Unit Fund from the Memorandum Quotations segment of the Daily Official List. According to the NSE, the firm was delisted following its liquidation on January 7, 2010, and as requested by the Fund registrars. Inter-bank rates rise as liquidity falls - Following the increase of the MPR by the Monetary Policy Committee of the CBN, inter-bank lending rates rose as liquidity dropped in the market. The inter-bank rates rose to an average of 5% last week from 4.92% after the MPC decision. vein, market capitalization moved down by N168.09billion (US$1.13 billion) to close at N8.57 trillion (US$58.12billion) as against depreciation by N67.87billion (US$460.02million) recorded on preceding session to close at N8.74 trillion (US$59.25 billion). Market report for the day was titled: : NSE ASI hits fresh low in 13days with 1.92% loss, as sell traders intensify activities.( http://www.proshareng.com/news/12992)
Feb 1
LSE Lists Nigerias $500m Bond- The Nigerian corporate image at the international capital market came alive yesterday as the London Stock Exchange (LSE) admitted the countrys first sovereign $500 million bond for trading on the exchanges main market. Investors dump shares to position for rising interest rates- Stock market in further N168 billion loss Cost of borrowing expected to rise Financial markets were caught in a two-way pull following last week's increase in benchmark rates by the Central Bank of Nigeria (CBN) to 6.5 percent. Experts predict improved market indicators this week- Analysts have predicted that there will be significant improvement in major market indicators towards the end of this week.
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At the close of trading session, the NSE All-Share Index dropped further by -0.40% to close at 26,723.49 as against a dip by -1.92% recorded previous session to close at 26,830.67. In the same vein, market capitalization moved down by N34.25billion (US$232.16 million) to close at N8.54 trillion (US$57.88billion) as against depreciation by N168.09billion (US$1.13billion) recorded on preceding session to close at N8.57 trillion (US$58.12 billion).Market report for the day was titled: : Market breadth remains negative as bears tightened grip(http://www.proshareng.com/news/single news.php?id=13004) At the close of trading session, the NSE All-Share Index gained by 0.77% to close at 26,928.67 as against a dip by -0.40% recorded previous session to close at 26,723.49. In the same vein, market capitalization moved up by N65.57billion (US$444.45 million) to close at N8.60 trillion (US$58.33billion) as against depreciation by N34.25billion (US$232.16million) recorded on preceding session to close at N8.54 trillion (US$57.88 billion). Market report for the day was
Feb 2
CBN: Banks No Longer Threat to Economy - The CBN said Tuesday that the banking system no longer posed any systemic risks to the nations economy as a result of the ongoing reforms in the industry. NSEs market capitalization slides further by N30b - Transactions on the floor of the NSE, yesterday, sustained its downward trend, as more highly capitalized companies continued to suffer price depreciation, resulting to a further slide in market capitalization by N30 billion.
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Analysts optimistic about foreign exchange derivative products - The move by the CBN to introduce derivative foreign exchange products will eventually allow for a more stable national currency. titled: Market regains breadth on renewed bargain tendency as Spring bank Plc leads gainers chart(http://www.proshareng.com/news/130 12) 29 30 At the close of trading session, the NSE All-Share Index droped by -0.12% to close at 26,895.35 as against an upbeat by 0.77% recorded previous session to close at 26,928.67. In the same vein, market capitalization moved down by N10.64billion (US$72.17 million) to close at N8.59 trillion (US$58.26billion) as against appreciation by N65.57billion (US$444.45million) recorded on preceding session to close at N8.60 trillion (US$58.33 billion). Market report for the day was titled: NSE ASI pulls back by -0.12% as banking sector records sell volume(https://www.proshareng.com/news/1 3015)
Feb 3
Regulators resolution to determine minority investors expectations Despite the fact that the NSE interim administrator, Emmanuel Ikazoboh, had noted that the move by the NBC to delist was in good faith based on the letter/report sent to the Exchange, minority investors attitude over the proposal seems not unchanged, especially with their unwillingness to dispose off the shares of the company. Investors swing positions to maximize returns - Uncertainty in the investment clime may be pushing investors to opt for more secured investment instruments. Some investment advisory firms have been encouraging their clients to switch to money market instrument in order to secure their investment and enjoy more returns. Questions raised over MoU terms for rescued banks - The banking industry and some top executives of the rescued banks are currently engaged in intense struggle to agree on a share ownership structure with their potential buyers as they prepare to sign their MoU.
Feb 4
Agenda for NSE DG designate- After months of shopping for a new head for the Nigerian Stock Exchange, the Council of the bourse, in conjunction with the Securities and Exchange Commission, has settled for Oscar Onyeama as the substantive Chief Executive. Nigerias economy will surge from third quarter- The Nigerian economy will experience a surge in the third and fourth quarter of this year as the country begins to put behind her the aftermath of the April elections. The economy sectors that would generate significant interest are the equities market and the property
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The All-Share Index in the week under review dropped by -2.17% to close at 26,763.84 as against a decline by -1.18% recorded last week to close at 27,365.59. In the same vein, the market capitalization in the week depreciated by N189.45 billion (US$1.28 billion) to close at N8.55 trillion (US$ 57.97billion) as against depreciation of N104.77billion (US$710.10million) recorded last week to close at
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development sector. UBA Asset Management predicts significant growth this year- NIGERIAN economy will witness significant growth and stability in 2011 despite growing concern across the country. Feb 7 Recapitalization: Stockbrokers scramble for more funds - Stockbroking firms that were recently suspended by the NSE as a result of inadequate capital are intensifying moves to increase their capital base. Bond prices to remain stable Analysts - Analysts at the Financial Derivatives Company Limited have said they expect bond prices to remain stable until the interest rates increase in March. Interbank rates climb on cash shortage - Nigerian interbank lending rates climbed to 8.00% on average last week, from 5.0% the previous week, as expectations of cash withdrawals by the state-run energy firm NNPC prompted market hedging. 20 34 N8.74 trillion (US59.25 billion). Market report for the week was titled: Bearish sentiments persist as YTD Market performance settles lower at 6.62%(https://www.proshareng.com/news/1 3020 ) At the close of trading session, the NSE All-Share Index dropped by -0.34% to close at 26,672.57 as against a decline by -0.49% recorded previous session to close at 26,763.684. In the same vein, market capitalization moved down by N29.17billion (US$197.70 million) to close at N8.52 trillion (US$57.77billion) as against depreciation by N42.03billion (US$284.88million) recorded on preceding session to close at N8.55 trillion (US$57.97 billion). Market report for the day was titled: Sell traders maintain position as NSE ASI slides further by -0.34% (https://www.proshareng.com/news/13031) At the close of trading session, the NSE All-Share Index dropped by -0.97% to close at 26,413.26 as against a decline by -0.34% recorded previous session to close at 26,672.57. In the same vein, market capitalization moved down by N82.88billion (US$561.71 million) to close at N8.44 trillion (US$57.21billion) as against depreciation by N29.17billion (US$197.70million) recorded on preceding session to close at N8.52 trillion (US$57.77 billion). Market report for the day was titled: Sentiments remain unchanged as NSE ASI hits 20days low (http://www.proshareng.com/news/singlene ws.php?id=13037)
Feb 8
SEC set to end one-size-fits-all code of corporate governance - SEC has said the new/revised code of corporate governance for quoted companies slated for April will end the era of one-size-fits-all rules that have been existing since 2003. NSE, vendors to conclude cost negotiation for new trading platform next month -Negotiation for a new trading platform for the NSE is to be concluded on or before the end of next month. Merger not an immediate solution for capital base' - While there are indications that some stockbroking firms are in merger talks following their inability to meet the new capital base, some market operators believe that the option of merger is not the solution.
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Feb 9 SEC prohibits directors, family members from dealing in their companies securities - As part of the effort to check the reoccurrence of insider dealing on the NSE, the new code of corporate governance released yesterday by SEC prohibits directors of public companies and their immediate families from dealing in their securities Banks make fresh moves to divest from non-banking subsidiaries Indications have emerged that some DMBs that have not complied with the CBNs directive on divestment from non-banking subsidiaries under the new banking regime have started fresh moves to comply Why NBC is delisting 1.3bn shares SEC - SEC has given reasons why NBC is delisting its shares valued at N50.33 billion from the trading floor of the NSE. Feb 10 Shareholders group blames regulators for slow recovery of capital marketTHE Independent Shareholders Association of Nigeria (ISAN) has blamed the regulatory authorities for the slow pace of recovery of the Nigerian capital market. NSEs market capitalisation rises by N87 billion- DESPITE price losses that outweighed gains, the bulls upstaged the bears yesterday on the trading floor of the Nigerian Stock Exchange (NSE), as major blue chip stocks recorded price appreciation, resulting to an increase in market capitalisation by N87 billion. How to attract more firms to NSE, by GTI Capital- EXECUTIVE Director, GTI Capital, Ola Ogedengbe, yesterday, advised the Securities and Exchange Commission (SEC), to carry out what he identified as detail research on why several medium and large scale firms in Nigeria are not willing to list their shares on the floor of Nigerian Stock Exchange (NSE). Feb 11 Survival of operators under test as SEC ups capital base by 2,400% Market operators in Nigeria have to prove their preparedness to face the emerging competitions with their peers from other market as SEC jacks up the capitalization requirement by over 1,000%. 29 21 25 31 At the close of trading session, the NSE All-Share Index dropped by -0.29% to close at 26,607.98 as against an upbeat by 1.03% recorded previous session to close at 26,685.30. In the same vein, market capitalization moved down by N24.71billion (US$167.48 million) to close at N8.50 trillion (US$57.63billion) as against appreciation by N86.94billion (US$589.27million) recorded on preceding session to close at N8.52 trillion (US$57.80 billion). Market report for the day was titled: : Nigerian Capital Market resumes southward trend as Julius Berger Plc leads decliners(http://proshareng.com/news/single news.php?id=13049) 23 33 At the close of trading session, the NSE All-Share Index gained by 1.03% to close at 26,685.30 as against a decline by -0.97% recorded on previous session to close at 26,413.26. In the same vein, market capitalization moved up by N86.94billion (US$589.27 million) to close at N8.52 trillion (US$57.80billion) as against depreciation by N82.88billion (US$561.71million) recorded on preceding session to close at N8.44 trillion (US$57.21 billion). Market report for the day was titled: NSE ASI turns green as market giant upbeats by 4.92%(http://proshareng.com/news/singlene ws.php?id=13043)
The All-Share Index in the week under review dropped by -0.30% to close at 26,684.49 as against a decline by -2.17% recorded last week to close at26,763.84. In the same vein, the market capitalization in the
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More Stockbrokers Comply on N70m Capital Base -More stockbroking firms have resumed trading on the floors of the NSE having complied with the N70 million minimum capital stipulated by SEC. SEC: Foreign Investment Hits N381bn SEC said Thursday, that the lasting solution to Nigerias huge infrastructure deficit was to continue to grow the capital market to a world class standard, such that the needed funds could be optimally raised from it. SEC pointed this out, as it also revealed that the total foreign portfolio investment in 2010 in the country through the nations capital market was N381.34 billion, which accounted for 48% of the aggregate turnover value. Feb 14 NSE: Analysts predict improved activities this week- In the face of significant losses recorded in the NSE within the last three weeks; analysts have said that there may be improved activities this week. Banks in Liquidity Drain amid Tight Policy - The opening balance of banks at the interbank naira market, which is a key measure of the liquidity of the system, crashed at the weekend to about N15 billion from N124 billion the previous week. Mixed reactions trail SECs move to slash stockbroking firms - Discordant tunes have continued to trail SECs move to prune the number of stockbroking firms operating in the Nigerian Capital Market. 19 32 At the close of trading session, the NSE All-Share Index dropped by -0.32% to close at 26,598.41 as against an upbeat by 0.29% recorded previous session to close at 26,684.49. In the same vein, market capitalization moved down by N27.51billion (US$186.47 million) to close at N8.50 trillion (US$57.61billion) as against appreciation by N24.45billion (US$165.74million) recorded on preceding session to close at N8.52 trillion (US$57.80 billion). Market report for the day was titled: NSE ASI remains weak, trading below its 20days moving average (https://www.proshareng.com/news/singlene ws.php?id=13071) At the close of trading session, the NSE All-Share Index dropped by -0.49% to close at 26,468.58 as against a decline by -0.32% recorded previous session to close at 26,598.41. In the same vein, market capitalization moved down by N41.49billion (US$281.22 million) to close at N8.45 trillion (US$57.33billion) as against depreciation by N27.51billion (US$186.47million) recorded on preceding session to close at N8.50 trillion (US$57.61 billion). Market report for the day was titled: Market CAP dips further by N41 billion as week depreciated by N25.36 billion (US$171.88 million) to close at N8.52 trillion (US$ 57.80billion) as against depreciation of N189.45billion (US$1.28billion) recorded last week to close at N8.55 trillion (US57.97 billion). Market report for the week was titled: : Market records N346.99 billion loss in 15days as bearish sentiments persist.( http://proshareng.com/news/13059)
Feb 16
SEC pledges commitment to IFRS adoption- DIRECTOR-GENERAL of Securities and Exchange Commission (SEC), Arunma Oteh, has reinstated the commissions commitment to the adoption of International Financial Reporting Standards (IFRS) fixed for 2012 in Nigeria. Rising Rates Take Toll on FGN Bonds- Rising interest rates appear to be hampering efforts by the Federal Government of Nigeria to deepen the bond market, as investors are reducing their stake in the securities at the secondary market. NSE to Enforce Rules on Compliance Officers- More stockbroking firms stand
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the chance of losing businesses as the Nigerian Stock Exchange (NSE) prepares to enforce its rule concerning compliance officers who are required to ensure full compliance with all NSE requirements. Feb 17 CBN Now to Approve Top Positions in Banks- Unlike in the past when banks were solely left to take decisions concerning the appointment of senior management officers, the Central Bank of Nigeria (CBN) Wednesday said such appointments would now be subject to its approval. Banks full year, other earnings release to moderate selling pressureHindsight of a robust 2010 fourth quarter financial report by banks and other quoted firms is impacting positively on the performance indicators of the secondary market at the Nigerian Stock Exchange (NSE). More stockbrokers join NSEs 235 remote trading connections in LagosTHE use of remote trading by dealing firms has continued to gain acceptance, as there are 235 remote trading connections in Lagos, besides those deployed in branches across the country. Feb 18 Code of corporate governance will be effective from April SEC- The Securities and Exchange Commission has said the newly approved code of corporate governance for public companies will be effective from April 1, 2011. AMCONll not give more funds to DMBs Chike-Obi- The Asset Management Corporation of Nigeria will not give additional money to the rescued Deposit Money Banks aside from the five per cent of the original value of unsecured loans it pays to them, the Managing Director, AMCON, Mr. Mustapha Chike-Obi, has said. Market operators urge investors to trade cautiously- Some market operators have urged investors to trade cautiously following the recent growth in transaction volume at the Nigerian Stock Exchange (NSE), despite the wobbly market performance. 28 33 30 23 downward trend gains momentum.(http://www.proshareng.com/new s/13079) At the close of trading session, the NSE All-Share Index gained by 0.60% to close at 26,627.29 as against a decline by -0.49% recorded previous session to close at 26,468.58. In the same vein, market capitalization moved up by N50.72billion (US$343.79 million) to close at N8.51 trillion (US$57.68billion) as against depreciation by N41.49billion (US$281.22million) recorded on preceding session to close at N8.45 trillion (US$57.33 billion).Market report for the day was titled: NSE ASI rebounds as sell pressure wanes(https://proshareng.com/news/singlen ews.php?id=13083)
The All-Share Index in the week under review dropped by -0.17% to close at 26,639.35 as against a decline by -0.30% recorded last week to close at26,684.49. In the same vein, the market capitalization in the week as depreciated against by N14.42 billion of (US$97.78 million) to close at N8.51 trillion (US$ 57.70billion) depreciation N25.36billion (US$171.88million) recorded last week to close at N8.52 trillion (US57.80 billion). Market report for the week was titled: Market CAP dips further by N14billion for the week as Nestle Plc grows PAT 28.8%.(http://www.proshareng.com/news/si nglenews.php?id=13097)
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Feb 21 Suspension: Brokers Seek Dialogue with SEC- The leadership of the stockbroking community in the nations capital market will this week meet with the management of the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) over the suspension of brokering houses and planned consolidation. CBN partners NASB for IFRS adoption-THE Central Bank of Nigeria (CBN) has declared its resolve to collaborate with the Nigerian Accounting Standards Board (NASB) in ensuring banks in Nigeria comply with International Financial Reporting Standards (IFRS) in the preparation of their financial statements Margin loans: Stockbrokers express divergent views over AMCONs intervention Ahead of the meeting with the AMCON (today), stockbrokers have expressed divergent views on the outcome of the discussions, especially as regards the modalities for acquiring margin loans. Feb 22 Investors urged to take position ahead of companies results - Investors in the capital market have been urged to take position in good stocks on the NSE ahead of the release of some companies f FDI: Stanbic IBTC set to host investors, corporate managers - Stanbic IBTC Bank Plc and its stockbroking subsidiary, Stanbic IBTC Stockbrokers Limited, have concluded arrangements to host institutional investors keen on making forays into the Nigerian economy through stake holdings in leading quoted firms on the NSE. financial results. CBN governor rejects IMF advice to devalue naira - CBN Governor, Lamido Sanusi, yesterday rejected the advice by the IMF to weaken the naira, saying the currency is not overvalued. 26 28 38 25 At the close of trading session, the NSE All-Share Index gained by 0.26% to close at 26,709.32 as against an upbeat by 0.05% recorded previous session to close at 26,639.35. In the same vein, market capitalization moved up by N22.36billion (US$151.57 million) to close at N8.53 trillion (US$57.85billion) as against appreciation by N3.85billion (US$26.12million) recorded on preceding session to close at N8.51 trillion (US$57.70 billion). Market report for the day was titled: Equity Market sustains uptrend by 0.26% as Nestle Plc leads gainers chart(http://www.proshareng.com/news/sing lenews.php?id=13114)
At the close of trading session, the NSE All-Share Index gained by 0.14% to close at 26,747.04 as against an upbeat by 0.26% recorded previous session to close at 26,709.32. In the same vein, market capitalization moved up by N12.05billion (US$81.70 million) to close at N8.54 trillion (US$57.93billion) as against appreciation by N22.36billion (US$151.57million) recorded on preceding session to close at N8.53 trillion (US$57.85 billion). Market report for the day was titled: Market CAP gains N89billion in four days on continued moderate buying(http://www.proshareng.com/news/sin glenews.php?id=13120) At the close of trading session, the NSE All-Share Index dropped by -0.12% to close at 26,713.73 as against an upbeat by 0.14% recorded previous session to close at 26,747.04. In the same vein, market capitalization moved down by N10.64billion (US$72.14 million) to close at N8.53 trillion (US$57.86billion) as against appreciation by
Feb 23
SEC, stakeholders plan alternative market - Plans are in the offing to offer investors alternative windows for building wealth to complement the NSE, as the Nigerian Association of Securities Dealers (NASD) and SEC are in top discussions to set up the OTC market. NSE Moves Closer to Global Membership - The renewed efforts by the NSE to
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enforce its rules and the appointment of a new CEO are said to have attracted favourable review from the World Federation of Exchanges (WFE) thus brightening the Exchanges chance of early admission into the g AMCON Plans Second Phase of Asset Purchase - AMCON Tuesday said it is seeking approval from the CBN to commence the second phase of its agenda of buying banks bad debt. MD and CEO, AMCON, Mr. Mustapha Chike-Obi, who disclosed this, said that the next stage of bad debt to be purchased would be from the healthy banks and other banks that did not meet up with the first stage. Feb 24 Attractive prices may lure investors to take position ahead FY10 results Ahead the release of banks financial year 2010 scorecards, many investors especially those in the NSE may leverage on the attractive share prices of some banks to take position ahead of the results that are likely to be out for public knowledge 2nd or 3rd week of next month. Equities Decline on Profit-taking - The wavy investors confidence in the stock market was once again reflected in the trading pattern as profit taking halted the positive run witnessed in the past few days. SEC seeks improved legal framework - SEC is seeking for an improved and efficient legal process upon which a world class capital market can be built in Nigeria. 20 42 At the close of trading session, the NSE All-Share Index declined by -1.86% to close at 26,217.28 as against a dip by -0.12% recorded previous session to close at 26,713.73. In the same vein, market capitalization moved down by N158.67billion (US$1.07 billion) to close at N8.37 trillion (US$56.79billion) as against depreciation by N10.64billion (US$72.14million) recorded on preceding session to close at N8.53 trillion (US$57.86 billion). Market report for the day was titled: NSE ASI dips further by -1.86% as Nigerian Breweries Plc rewards investors with N1.25(http://www.proshareng.com/news/sin glenews.php?id=13141) The All-Share Index in the week under review dropped by -1.72% to close at 26,181.18 as against a decline by -0.17% recorded last week to close at26,639.35. In the same vein, the market capitalization in the week depreciated by N146.44 billion (US$992.47 million) to close at N8.36 trillion (US$ 56.71billion) as against depreciation of N14.42billion (US$97.78million) recorded last week to close at N8.51 trillion (US57.70 billion).Bears tighten grip as NSE ASI hits fresh low in N12.05billion (US$81.70million) recorded on preceding session to close at N8.54 trillion (US$57.93 billion). Market report for the day was titled: NSE ASI pulls back by -0.12% as sell traders halt four days rally(http://www.proshareng.com/news/singl enews.php?id=13134)
Feb 25
Stock Market: Foreign Investors Dominate Transactions- Foreign investors are currently dominating transactions in the Nigerian equities market, as they account for 68 per cent investment on the Nigeria Stock Exchange (NSE), Interim Administrator of NSE, Mr. Emmanuel Ikazoboh disclosed Thursday. AMCON: Well Encourage Short-Selling of Securities- The Assets Management Corporation of Nigeria (AMCON),Thursday said it would encourage short-selling of the assets acquired from banks to traders that are interested in borrowing them Regulation, Liquidity Key To Capital Market Leadership- Effective regulatory and investment framework hold the key to Nigeria taking her pride of place as a
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leading world class capital market that engenders confidence, according to stakeholders who spoke at the Annual Capital Market Conference in Lagos yesterday Feb 28 Getting multinationals to list on the NSE-Penultimate week, President Goodluck Jonathan was reported to have ordered the directorgeneral of the Securities and Exchange Commission to encourage multinationals like oil and Telecommunication companies to list on the stock exchange. SEC vs stockbrokers: Resolving grey areas of consolidation- Capital market activities improved significantly, last year, with the establishment of the Asset Management Corporation of Nigeria. However, the recent announcement by the Securities and Exchange Commission that it is working towards reducing the number of stockbrokers through consolidation has generated a controversy, which experts say may affect the market trend. CIS warns SEC against NBCs delisting plan- The Chartered Institute of Stockbrokers has frowned on the planned delisting of the shares of the Nigerian Bottling Company from the Nigerian Stock Exchange. 16 38 30days(http://www.proshareng.com/news/si nglenews.php?id=13162)
At the close of trading session, the NSE All-Share Index declined by -0.63% to close at 26,016.84 as against a dip by -0.14% recorded previous session to close at 26,181.18. In the same vein, market capitalization moved down by N52.52billion (US$356.01 million) to close at N8.31trillion (US$56.35billion) as against depreciation by N11.53billion (US$78.18million) recorded on preceding session to close at N8.36 trillion (US$56.71 billion) Equity Market moves into bearish mode as ASI slides below 50days moving average(http://www.proshareng.com/news/si nglenews.php?id=13170 )
Mar 1
AMCON Gets Approval for 2nd Phase Loan Purchases-The Asset Management Corporation of Nigeria (AMCON) Monday said it has received all the necessary regulatory approvals to float the earlier postponed N1.5 trillion fully tradeable bonds by the end of March Shareholders differ over plans to delist NBC shares- SHAREHOLDERS of Nigeria Bottling Company Plc (NBC), yesterday, were divided over plans by the company to exit the Nigerian Stock Exchange (NSE). Experts predict unstable stock performance- The wobbly trading performances witnessed at the Nigerian Stock Exchange (NSE) during the first two months of this quarter are expected to continue in March, some finance experts have said. NSE goes public mid-year, moves to consolidate achievements - The NSE will go public by the middle of the year in a move that analysts expect will end its dependence on public fund and put a huge value on the Exchanges operation.
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At the close of trading session, the NSE All-Share Index declined by -0.56% to close at 25,871.22 as against a dip by -0.63% recorded previous session to close at 26,016.84. In the same vein, market capitalization moved down by N46.54billion (US$315.42 million) to close at N8.26trillion (US$56.04billion) as against depreciation by N53.52billion (US$356.01million) recorded on preceding session to close at N8.31trillion (US$56.35 billion).Market report for the day was titled: NSE ASI slips below 26,000 psychological line as atmosphere remains bearish(https://www.proshareng.com/news/s inglenews.php?id=13176)
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Mar 2 CBN, NASB face-off stalls banks year-end results - Stakeholders who are waiting to see banks performance after the purchase of their NPLs by AMCON may have to wait longer as these financial institutions are in a dilemma over the controversy surrounding the 1% provisioning. NSE council approves three new issues The Council of the NSE, through its quotation Committee yesterday announced that it has approved 3 new issues for companies in the Conglomerates and Petroleum Marketing Sub-sectors as well as in the Alternative Securities Market/Private Placement. Single-digit interest rate not feasible CBN - The CBN has said that the possibility of a single-digit interest rate for bank borrowers may not be attainable given the level of operational and overhead costs of banks in Nigeria. Mar 3 Current MPR may be inadequate to check inflation Analysts - Analysts at Financial Derivatives Company Limited have said the increase in the Monetary Policy Rate by the Central Bank of Nigeria may not be adequate to control the prevailing inflationary pressure in the country. Equities markets dip attracts bargain hunters - As the stock market fell sharply last week after being in control by the bears, leading to year-to-date performance below 6 percent level, some option traders bargain hunters - are expected to step in to buy the dip. Naira slips as reserves fall - The naira weakened further against the U.S. dollar on the interbank market, yesterday, as strong demand for the dollar persisted in the face of static supply, traders said. Mar 4 CBN modifies cash reserve requirements - The framework for the computation and maintenance of Cash Reserve Requirement of all Deposit Money Banks has been modified by the CBN Shareholders drag CBN, others to court over planned sale of Intercontinental Bank - Shareholders of one of the rescued banks, Intercontinental Bank Plc, on Thursday, made good their threats, by filing a petition 16 36 15 36 19 39 At the close of trading session, the NSE All-Share Index declined by -0.71% to close at 25,688.42 as against a dip by -0.56% recorded on previous session to close at 25,871.22. In the same vein, market capitalization moved down by N58.42billion (US$395.99 million) to close at N8.21trillion (US$55.64billion) as against depreciation by N46.54billion (US$315.42million) recorded on preceding session to close at N8.26trillion (US$56.04 billion). report for the day was titled: YTD market performance drops to 2.33% from 10.73% as bearish sentiments dominate(http://www.proshareng.com/news/ 13183) At the close of trading session, the NSE All-Share Index declined by -0.57% to close at 25,541.74 as against a dip by -0.71% recorded previous session to close at 25,688.42. In the same vein, market capitalization moved down by N46.88billion (US$317.73 million) to close at N8.16trillion (US$55.32billion) as against depreciation by N58.42billion (US$395.99million) recorded on preceding session to close at N8.21trillion (US$55.64 billion). Market report for the day was titled: Sentiments remain unchanged as market CAP sheds N385billion in 7days(https://www.proshareng.com/news/sin glenews.php?id=13189)
The All-Share Index in the week under review dropped by -3.14% to close at 25,357.84 as against a decline by -1.72% recorded last week to close at26,181.18. In the same vein, the market capitalization in the week depreciated by N263.16 billion (US$1.78
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at a Federal High Court, over plans by the CBN to sell the bank to Access Bank Plc. CBN cuts forex supply by 19% - The CBN, this week signaled it would no longer defend the naira as it reduced foreign exchange supply by 19 per cent, prompting the naira to depreciate further in both the official and interbank segment of the market. million) to close at N8.10 trillion (US$ 54.93billion) as against depreciation of N146.44billion (US$992.47million) recorded last week to close at N8.36 trillion (US56.71 billion).Market report for the week was titled: Market sheds N779.73billion as bear dominates market for five consecutive weeks(https://www.proshareng.com/news/si nglenews.php?id=13200) 26 31 At the close of trading session, the NSE All-Share Index declined by -0.45% to close at 25,243.93 as against a dip by -0.72% recorded previous session to close at 25,357.84. In the same vein,market capitalization moved down by N36.40billion (US$246.74 million) to close at N8.06trillion (US$54.68billion) as against depreciation by N58.77billion (US$398.36million) recorded on preceding session to close at N8.10trillion (US$54.93 billion).Market report for the day was titled: NSE ASI hits below 200days moving average to enter full bearish mode(http://www.proshareng.com/news/sing lenews.php?id=13218) At the close of trading session, the NSE All-Share Index declined by -0.28% to close at 25,174.24 as against a dip by -0.45% recorded previous session to close at 25,243.93. In the same vein, market capitalization moved down by N25.28billion (US$171.37 million) to close at N8.04trillion (US$54.51billion) as against depreciation by N36.40billion (US$246.74million) recorded on preceding session to close at N8.06trillion (US$54.68 billion).Market report for the day was titled: NSE YTD performance drops to 0.28% as Market CAP sheds N25 billion(https://www.proshareng.com/news/si
Mar 7
Rising oil prices: CBN may raise interest rates Sanusi - The Governor, CBN, Mr. Lamido Sanusi, has said the apex bank may raise interest rates for a second time this year as higher oil prices and state spending threaten to boost inflation. Operators link market downturn to brokerage firms suspension, SECs pronouncement - Operators in the Nigerian capital market have attributed the persistent bear run in the stock market to the suspension of 60 stock broking firms and regulatory authorities plans to slash the number of existing ones. 12 banks fail CBNs audit 10 rescued banks for acquisition in coming days Sanusi - Despite the various regulatory interventions put in place by the CBN to put the banking sector on a sound footing, 12 banks in the country still operated sub-optimally last year.
Mar 8
New banking regime: PenCom to transfer assets of bank-owned PFAs There are indications that the National Pension Commission may transfer the assets of bank-owned Pension Fund Administrators, who are unable to stand on their own after the divestment of their parent banks, to other PFAs. CBN to Adopt Further Tightening Measures - Governor of the CBN, Mallam Sanusi Lamido Sanusi, Monday said the apex bank would adopt further monetary policy tightening measures in a steady and stable manner so as to tame inflationary pressure in the country. Why CBN Embarked on Banking Reforms - CBN has said the need for a
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strong, reliable and viable banking system where the bulk of the depositors funds available to any bank are protected and which constitute not less than 70 percent of a typical banks liabilities informed the necessity to regulate the banking sector in the economy. Mar 9 Vine Capital moves to inject N60 billion into Afribank - Vine Capital Partners, a private equity firm and the preferred major investor into Afribank Plc, is proposing an investment of N60 billion ($400 million) into the bank starting with an initial investment of N45 billion ($300 million) and additional capital of N15 billion ($100 million). CBN to Guarantee Pension Funds for Bank Credit - The CBN has said it was working at providing guarantee for pension fund utilisation by banks for credit to deficit sectors of the economy, especially for the provision of critical infrastructure. SEC approves N36bn investment in Union Venture - Union Venture & Petroleum Plc, a company quoted on the second-tier segment of the Nigerian Stock Exchange, has received approval to take in a core investor. Mar 10 Stress test: Unity, Wema Banks emerge stronger CBN Gov - Indications have emerged that Unity Bank Plc and Wema Bank Plc have come out of the woods regarding the findings of the 2009 stress test jointly conducted by the CBN and the NDIC. Naira Depreciates Amid Increase in Reserves - The Nigerian currency, the Naira, continued its slide Wednesday, as the CBN underfunded the market notwithstanding accretion in external reserves. Nigerias external reserve has gained about $3 billion in two months from $33.5 billion it was in mid- January to $36.4billion Wednesday. Stock Market: Bulls Take Control After 10 Days - The nations stock market recovered from a 10-day decline Wednesday as the bulls resurfaced, making the NSE All-Share Index to close 0.20 per cent higher. 37 18 At the close of trading session, the NSE All-Share Index gained by 0.82% to close at 25,430.89 as against an upbeat by 0.20% recorded previous session to close at 25,224.98. In the same vein, market capitalization moved up by N65.78billion (US$445.86 million) to close at N8.12trillion (US$55.06billion) as against appreciation by N16.21billion (US$109.87million) recorded on preceding session to close at N8.05trillion (US$54.62 billion). Market report for the day was titled Moderate rally turns active as NSE regains its breadth in style with 0.82% upbeat:(https://www.proshareng.com/news/s inglenews.php?id=13257) 24 42 At the close of trading session, the NSE All-Share Index retraced by 0.20% to close at 25,224.98 as against a dip by -0.28% recorded previous session to close at 25,174.24. In the same vein, market capitalization moved up by N16.21billion (US$109.87 million) to close at N8.05trillion (US$56.62billion) as against depreciation by N25.28billion (US$171.37million) recorded on preceding session to close at N8.04trillion (US$54.51 billion). Market report for the day was titled: Moderate rally halts 10days bearish trend as ASI retraced by 0.20% (http://www.proshareng.com/news/singlene ws.php?id=13249) nglenews.php?id=13234)
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Mar 11 Banks resume big lending as Etisalat gets $650m - The impact of bond issuance by AMCON to clean up the toxic assets of banks has become evident as eight Nigerian banks, including two rescued banks, have successfully syndicated a $650 million loan - about N97.5 billion - to Emerging Markets Telecommunications Services Limited (EMTS), trading under the name of Etisalat Nigeria, yesterday. New reforms to birth 11 international, nine national banks - There are strong indications that 11 international, nine national and four regional banks may emerge after the final phase of the ongoing banking sector reforms. Zenith Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc, First Bank of Nigeria Plc and Access Bank Plc will opt for the international banking licence, findings by our correspondent have shown. NSE restructures ahead of demutualisation plans - The NSE has unveiled plans to restructure its activities before it goes ahead with its plans to demutualise the bourse. NSE to extend trading by two hours - The NSE has said that it will increase 46 12 The All-Share Index in the week under review gained by 0.90% to close at 25,585.24 as against a decline by -3.14% recorded last week to close at 25,357.84. In the same vein, the market capitalization in the week appreciated by N69.62 billion (US$471.85 million) to close at N8.17 trillion (US$ 55.40billion) as against depreciation of N263.16billion (US$1.78million) recorded last week to close at N8.10 trillion (US54.93 billion). Market report for the week was titled: Low price sustains bargain on the bourse as Transcorp Plc leads gainers chart in the week(https://www.proshareng.com/news/sin glenews.php?id=13279)
trading activities by another two hours within the next two months. The move will take trading hours to seven. Mar 14 Growth in GDP vulnerable, unsustainable Sanusi - Sanusi Lamido Sanusi, CBN Governor, says recent growth in GDP is vulnerable and unsustainable. Sansuis assessment is prompted by the seeming inability of the FG to put in place standards to deepen and diversify the economy from which all sectors could benefit. Investors chase rescued banks on NSE floor - Indications are strong that investors who believe they can get value from the results of ongoing merger 25 34 At the close of trading session, the NSE All-Share Index dropped by -0.64% to close at 25,420.49 as against an upbeat by 0.61% recorded previous session to close at 25,585.24. In the same vein, market capitalization moved down by N52.63billion (US$356.76 million) to close at N8.12trillion (US$55.04billion) as against appreciation by N49.31billion (US$334.23million) recorded on preceding session to close at N8.17trillion (US$55.40 billion). Market report for the day was titled: NSE ASI retracts by -0.64% as sell tendency ends 3days rally(https://www.proshareng.com/news/sing lenews.php?id=13294)
discussions involving some rescued banks are trying to buy into them on the Stock Exchange. NSEs bond market records N142.8b transactions in one week - Transactions in the Over-The-Counter (OTC) bond market of the NSE last week recorded a
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turnover of 159.82 million units worth N142.8 billion in 1,349 deals, compared to N144.4 billion staked by investors in the previous week. Mar 15 Operators criticise proposed extension of trading hours- Some market operators at the Nigerian Stock Exchange (NSE) have criticised the recent proposed extension of trading period by another two hours. CBN in Fresh Moves to Support Naira- The Central Bank of Nigeria (CBN) made its highest dollar offer year- to- date Monday, a move foreign exchange market analysts said was a bold attempt to support the Naira. CBN not involved in banks mergers, acquisitions- The Central Bank of Nigeria has said that it is not involved in banks fresh merger and acquisition plans. 12 43 At the close of trading session, the NSE All-Share Index dropped by -1.13% to close at 25,133.31 as against a decline by -0.64% recorded previous session to close at 25,420.49. In the same vein, market capitalization moved down by N91.75billion (US$621.84 million) to close at N8.03trillion (US$54.42billion) as against depreciation by N52.63billion (US$356.76million) recorded on preceding session to close at N8.12trillion (US$55.04 billion). Market report for the day was titled: Equity Market dips by -1.13% as sell volume grows(https://www.proshareng.com/news/si nglenews.php?id=13317) At the close of trading session, the NSE All-Share Index dropped by -0.75% to close at 24,944.63 as against a decline by -1.13% recorded previous session to close at 25,133.31. In the same vein, market capitalization moved down by N60.28billion (US$408.56 million) to close at N7.96trillion (US$54.01billion) as against depreciation by N91.71billion (US$621.84million) recorded on preceding session to close at N8.03trillion (US$54.42 billion). Market report for the day was titled: NSE ASI settles below 2months low as YTD market performance slides into negative zone.( http://www.proshareng.com/news/singlenew s.php?id=13322)
Mar 16
Foreign banks plan credit restriction to local lenders- The proposed termination of guarantee of inter-bank transactions by the Central Bank of Nigeria (CBN) in June will bring about the limitation of business relationship between foreign correspondent banks and their local counterparts, BusinessDay investigations have revealed. CBNll provide level playing field for banking sector - The CBN will continue to create a level playing field in the banking sector to ensure that the interests of the banks and consumers are protected, a director of the bank has said. AMCON recovers N10bn debt in 4 months - The AMCON has recovered N10bn debt owed Deposit Money Banks since its inception in November 2010, its Executive Director, Mr. Adegboyega Benson, has said. Benson made this known at the Capital Market Solicitors Association Members Forum in Lagos on Tuesday.
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Mar 17
FirstRand to invest N60bn in Sterling Bank - A strategic investment in Sterling Bank by South African bank, FirstRand, is imminent, banking sources who are familiar with the deal have revealed. According to them, FirstRand is ready to throw in between $300 and $400 million (N45 to N60 billion) into the deal
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At the close of trading session, the NSE All-Share Index dropped by -2.44% to close at 24,336.85 as against a decline by -0.75% recorded previous session to close at 24,944.63. In the same vein, market capitalization moved down by
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Shareholders task CBN, SEC over alleged plans to sell rescued banks Shareholders of the six rescued banks, yesterday, appealed to the CBN, to carry Nigerians along in its alleged bid to sell the financial institutions. CBN to keep naira stable, says Sanusi - The CBN yesterday said it will meet the rising need from investors for foreign currency before elections next month as it tries to stabilise the naira and control inflation. N194.18billion (US$1.31billion) to close at N7.77trillion (US$52.69billion) as against depreciation by N60.28billion (US$408.56million) recorded on preceding session to close at N7.96trillion (US$54.01 billion). Market report for the day was titled: Market CAP sheds N398 billion in four days as bear tightens grip(https://www.proshareng.com/news/singl enews.php?id=13329) 16 39 The All-Share Index in the week under review dropped by -4.72% to close at 24,378.72 as against an upbeat by 0.90% recorded last week to close at25,585.24. In the same vein, the market capitalization in the week depreciated by N385.48 billion (US$2.61 billion) to close at N7.78 trillion (US$ 52.78billion) as against appreciation of N69.62billion (US$471.85million) recorded last week to close at N8.17 trillion (US55.40 billion). Market report for the week was titled: NSE ASI slumps by -4.72% as huge sell hits market in the week(https://www.proshareng.com/news/sin glenews.php?id=13343) 29 30 At the close of trading session, the NSE All-Share Index gained by 0.72% to close at 24,555.00 as against an upbeat by 0.17% recorded previous session to close at 24,378.72. In the same vein, market capitalization moved up by N56.32billion (US$381.72million) to close at N7.84trillion (US$53.17billion) as against appreciation by N13.37billion (US$90.66million) recorded on preceding session to close at N7.78trillion (US$52.78 billion).Market report for the day was titled: NSE ASI extends gain by 0.72% as Guaranty Trust Assurance Plc leads gainers chart.(
Mar 18
Naira tumbles amid political risk, broad flight to safety - As fears about the potential impact of next months general elections intensify; foreign investors are pulling a lot of money out of the economy, leaving the Naira depressed. Brokers caution NSE on price ceiling removal, new initiatives - Stockbrokers in the Nigerian capital market have cautioned the authorities of the Nigerian stock market on the planned removal of the five per cent ceiling on share price movement, warning that if the peculiarities of the Nigerian market is not taken into consideration, the action is likely to lead to the collapse of the capital market. SEC, NSE to shore up investors confidence - The DG of the SEC, Arunmah Oteh has said that it is partnering with the NSE to build a world class complaint management framework that will ensure the return of confidence in the market.
Mar 21
Analysts predict rates raise as MPC meets - The Monetary Policy Committee (MPC) will, at its meeting this morning, raise its benchmark interest rates by at least another 25 basis points from 6.25 per cent, in a move to frontload monetary tightening as government spending continues to rise. Operators seek re-migration of FG bonds to NSE platform - AS the bears continue to tighten grip on the stock market, operators have urged the SEC to interface with the Debt Management Office (DMO) on how to re-migrate transactions on the FG bonds from Over-the-Counter (OTC) to the trading floor of the NSE. NSE Restructures Operations - The Council of the NSE has approved a
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restructuring of the Exchanges operations, ahead of the resumption of the Chief Executive Officer designate, Mr. Oscar Onyeama. Mar 22 SEC seeks partnership with consumer council on investors protection - AS part of strategies to consolidate on its investors protection initiatives, the Securities and Exchange Commission (SEC), has concluded plans to partner with the Consumer Protection Council (CPC). NSE Rolls out Tougher Penalties for Market Breaches - As part of efforts to protect investors and make the Nigerian stock market more attractive, the Council of NSE has rolled out new penalties to operators who breach rules and regulations guiding operations in the market. Analysts see MPC taking further measures to stabilise naira - Following the continued depreciation of the naira in the past 3-4 weeks, analysts say the Monetary Policy Committee (MPC) may rise today from its meeting, held every other month, with new measures to rescue the fast depreciating naira. Mar 23 CBN surprises markets, fights inflation with 1% rate rise - The CBN raised benchmark rates again by 100 basis points taking its rate to 7.50%, in a decision Tuesday; the latest in its monetary tightening cycle that many had thought would be softened to reflect the signs of recovery in the financial system. Profits by banks beat analysts expectations - As the dust settles on the financial crisis which brought banks to their knees, the banks appear to be emerging stronger from the debris of huge non-performing loans (NPLs), as they post impressive financial results with some of them actually paying dividend and giving out bonus shares to existing shareholders. CBN eyes elections, budgetary spendings, raises interest rates - Amidst fears of a possible rise in inflationary trends in the country following FGs 2011 fiscal plan as contained in the just passed 2011 Appropriation Bill as well as the huge spending by politicians for the next month general elections, the CBN yesterday raised interest rate by 100 basis point, from 6.50 per cent to 7.50 per 45 18 At the close of trading session, the NSE All-Share Index gained by 1.18% to close at 25,281.03 as against an upbeat by 1.76% recorded previous session to close at 24,987.14. In the same vein, market capitalization moved up by N93.90billion (US$636.39million) to close at N8.07trillion (US$54.74billion) as against appreciation by N138.06billion (US$935.73million) recorded on preceding session to close at N7.98trillion (US$54.10 billion).Market Report for the day was titled: Market CAP gains N301.7 billion in four days as ABC Transport Plc leads gainers chart.( https://www.proshareng.com/news/singlene ws.php?id=13375) 43 15 https://www.proshareng.com/news/singlene ws.php?id=13354) At the close of trading session, the NSE All-Share Index gained by 1.76% to close at 24,987.14 as against an upbeat by 0.72% recorded previous session to close at 24,555.00. In the same vein, market capitalization moved up by N138.06billion (US$935.73million) to close at N7.98trillion (US$54.10billion) as against appreciation by N56.32billion (US$381.72million) recorded on preceding session to close at N7.84trillion (US$53.17 billion). Market report for the day was titled: : NSE ASI climbs further by 1.76% as Zenith, GTB and Access Bank Plc reward investors.( https://www.proshareng.com/news/singlene ws.php?id=13370)
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cent forthwith. Mar 24 Aganga warns 2011 budget unworkable - Criticisms, knocks have continued to trail the 2011 expansionary budget passed by the National Assembly, with the latest coming from Olusegun Aganga, minister of Finance, who yesterday, declared the budget as un-implementable, particularly due to its huge deficits outlay Take-off of OTC market to revolutionise capital market - Investors who are pushing for an alternative window of wealth creation and capital formation may now have their way, as the SEC gives the National Association of Securities Dealers ( NASD) Limited approval, in principle, to establish an over-thecounter-trading (OTC) market within a four-month period. Increase in MPR will strengthen naira Analysts - Analysts have said that the increase in the Monetary Policy Rate from 6.5 per cent to 7.5 per cent will strengthen the naira Mar 25 Zenith Bank to sell non-banking units - Zenith Bank Plc has announced that it will sell its non-banking subsidiaries. The bank said that it had applied to the Central Bank of Nigeria for an international commercial banking license. CBN sells $16.6m at First Currency Forwards Auction - The CBN sold $16.6 million at its first foreign-exchange forward auction where only one commercial bank participated, the apex bank said. Profit taking takes toll on the Exchange - Profit taking by investors yesterday, depressed transactions on the Nigerian Stock Exchange, as market capitalisation fell by N68 billion. Specifically, at close of transactions yesterday, the All-Share Index shed weight by 213. 95 basis points or 0.8 per cent from 25,281.03 recorded on Wednesday, down to 25, 067.07, while market capitalisation decrease by N68 billion from N8, 077 trillion to N8, 009 trillion. 16 36 18 34 At the close of trading session, the NSE All-Share Index dropped by -0.85% to close at 25,067.07 as against an upbeat by 1.18% recorded previous session to close at 25,281.03. In the same vein, market capitalization moved down by N68.35billion (US$463.29million) to close at N8.00trillion (US$54.28billion) as against appreciation by N93.90billion (US$636.39million) recorded on preceding session to close at N8.07trillion (US$54.74 billion).Market Report for the day was titled: : NSE ASI retracts by -0.85% as Nigerian Breweries and Stanbic IBTC Plc give dividend(https://www.proshareng.com/news/ 13388) The All-Share Index in the week under review gained by 1.99% to close at 24,863.38 as against a decline by -4.72% recorded last week to close at24,378.72. In the same vein, the market capitalization in the week appreciated by N154.85 billion (US$1.04 billion) to close at N7.94 trillion (US$ 53.83billion) as against depreciation of N385.48billion (US$2.61million) recorded last week to close at N7.78 trillion (US52.78billion). Market report for the week was titled: NSE ASI climbs by 1.99% for the week as Transcorp Plc tops market with 86% YTD.( https://www.proshareng.com/news/singlene ws.php?id=13402) 17 38 At the close of trading session, the NSE All-Share Index dropped by -0.90% to close at 24,639.74 as against a decline by -0.81% recorded previous session to close at 24,863.38. In the same vein,
Mar 28
Afrinvest Plans Index-Traded Fund- Trading session in NSE Leading investment portfolio manager, Afrinvest (W.A) Limited is getting set to float the first index traded fund in the nations capital market, the companys Managing
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Director/Chief Executive Officer, Mr. Ike Chioke , has said . Shareholders Group tasks NSE on investors confidence- SHAREHOLDERS group under the aegies of Progressive Shareholders of Nigeria has urged the Nigerian Stock Exchange (NSE) to shun the planned demutualisation of the Exchange and address the issue on how to restore confidence in the market. MPR increase: Controlling inflation ahead of the elections- The benchmark lending rate was recently increased from 6.5 per cent to 7.5 per cent by the Monetary Policy Committee of the Central Bank of Nigeria. market capitalization moved down by N71.45billion (US$484.27million) to close at N7.87trillion (US$53.35billion) as against depreciation by N65.07billion (US$441.06million) recorded on preceding session to close at N7.94trillion (US$53.83 billion). Market Report for the day was titled: Nigerian Equity market slides further by -0.90% as Japaul Oil leads decliners chart.( https://www.proshareng.com/news/singlene ws.php?id=13414) 20 34 At the close of trading session, the NSE All-Share Index gained by 0.46% to close at 24,754.04 as against a decline by -0.90% recorded previous session to close at 24,639.74. In the same vein, market capitalization moved up by N36.51billion (US$247.49million) to close at N7.90trillion (US$53.60billion) as against depreciation by N71.45billion (US$484.27million) recorded on preceding session to close at N7.87trillion (US$53.35 billion). Market report for the day was titled: Banking and blue chip stocks lift NSE ASI by 0.46%(http://www.proshareng.com/news/sin glenews.php?id=13427)
Mar 29
Intercontinental Bank share price in positive response to merger talks After news of a proposed merger between Access Bank and Intercontinental Bank filtered into the stock market at the opening of trading yesterday, the share price of intercontinental soared to a two week high, rising 4.7 percent, or seven kobo, to close at N1.55. Banks hike interest rates over CBNs new lending rule - Borrowers, whether old or new, may be in for another tough time as banks have increased interest rates on their facilities in line with the CBNs new MPR. Nigerias $500 Eurobonds Performance Linked to Elections - Analysts have tied the fate of Nigerias $500 million debut Eurobond to the outcome of the April general election, saying a smooth electoral process is what could differentiate it from other political hotspots in the continent.
Mar 30
Imminent sale of bad loan collaterals unsettles property market - Property developers and speculators are in a panic sale of properties following fears that properties used as collateral for loans from some of the rescued banks, and which are now in the possession of the AMCON will, sooner than later, come to the market on sale. Recapitalisation: Mergers, acquisitions to be concluded this year - The Deputy Governor, Financial System Stability, CBN, Dr. Kingsley Moghalu, has said that mergers and acquisitions among Deposit Money Banks in the country will be concluded this year.
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At the close of trading session, the NSE All-Share Index dropped by -0.23% to close at 24,696.95 as against an upbeat by 0.46% recorded previous session to close at 24,754.04. In the same vein, market capitalization moved down by N18.23billion (US$123.60million) to close at N7.89trillion (US$53.47billion) as against appreciation by N36.51billion (US$247.49million) recorded on preceding session to close at N7.90trillion (US$53.60 billion). Market report for the day was titled: NSE ASI declines by -0.23% as sell tendency resumes(https://www.proshareng.com/news/
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SEC Gets Support on Corporate Governance Code SEC - Stakeholders in the nations capital market have thrown their weight behind the new Code of Corporate Governance issued by the SEC for listed companies, which would become effective on Friday, April 1, 2011. Mar 31 CBN to sack bank CEOs for misreporting - Any bank or discount house chief who deliberately misreports its financial statements will be removed from office by the Central Bank of Nigeria (CBN) Pension scheme under threat as military seeks exclusion - The current effort at resuscitating the decaying infrastructure and deepening the bond market through the pension funds is under threat from the imminent withdrawal of the military and para-military from the contributory pension scheme, BusinessDay investigations have revealed. World Bank, ADB Propose Diaspora Bond for Nigeria, Others - In order to accommodate more participation in the Nigerian financial market as well as other countries in Africa, the African Development Bank (ADB) and the World Bank have advised African policy makers to develop diaspora bond instruments that cater for citizens living abroad. 19 35 singlenews.php?id=13439)
At the close of trading session, the NSE All-Share Index dropped by -0.31% to close at 24,621.21 as against a decline by -0.23% recorded previous session to close at 24,696.95. In the same vein, market capitalization moved down by N24.20billion (US$164.02million) to close at N7.86trillion (US$53.31billion) as against depreciation by N18.23billion (US$123.60million) recorded on preceding session to close at N7.89trillion (US$53.47 billion). Market report for the day was titled: NSE ASI dips further as month ends bearish with -4.83% loss.(https://www.proshareng.com/news/134 58)
Apr 1
Shareholders endorse Intercontinental, Access Banks MoU: Intercontinental Banks shareholders have endorsed the signing of a Memorandum of Understanding (MoU) on business combination between the Bank and Access Bank plc, describing it as the surest safety net for their investments. Access Bank to exit non-core banking business: - Access Bank, in its 2010 financial statement released recently, said it plans to exit all its non-core business. Giving details of the plan, the bank disclosed that it is in compliance with the Central Bank of Nigerias (CBN) Regulation on the Scope of Banking Activities, issued September 7, 2010, which requires that every bank divest from all nonbanking businesses and apply for a new type of banking license. Dangote Cement to list shares on London Stock Exchange: - Dangote Group has said that plans are ongoing for the listing of its cement company on the London Stock Exchange by December 2011. Dangote Cement hit $12.3bn market value in
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The All-Share Index in the week under review dropped by -0.45% to close at 24,752.04 as against an upbeat by 1.99% recorded last week to close at24,863.38. In the same vein, the market capitalization in the week depreciated by N35.57 billion (US$241.07 million) to close at N7.90 trillion (US$ 53.59billion) as against appreciation of N154.85billion (US$1.04 billion) recorded last week to close at N7.94 trillion (US53.83billion). Market report for the week was titled: Equity market dips by -0.45% as sentiments defy rain of dividends in the week. ( http://www.proshareng.com/news/singlenew s.php?id=13475)
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mid-March, making it the largest company in the West African sub-region.
Apr 4
High operating costs force banks earnings down - The capacity of banks to grow earnings in 2010 was inhibited by high operational costs with the result that earnings were negative, flat or increased only marginally. Share sales: CSCS now credits investors directly - The CSCS has started to credit investors accounts directly with the proceeds of share sales. AMCON begins book-building programme - The ED, Finance, AMCON, Mrs. Foluke Dosumu, said on Friday that the corporation had started a process to gauge investors interest in the sale of $195m (N30bn) in bonds, Bloomberg quoted Dosunmu as saying at a presentation in Lagos that the bonds are part of AMCONs Series 1 debt programme of N1.7tn to be issued on April 6. Money market rates rise on MPR increase - Money market rates have increased, following the increase in the benchmark lending rate by the MPC of the CBN, with average short-term interest rates rising by 130 basis points.
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At the close of trading session, the NSE All-Share Index dropped by -0.34% to close at 24,667.66 as against an upbeat by 0.53% recorded previous session to close at 24,752.04. In the same vein, market capitalization depreciated by N26.96billion (US$182.74million) to close at N7.88trillion (US$53.41billion) as against appreciation by N41.80billion (US$283.33million) recorded on preceding session to close at N7.90trillion (US$53.59 billion). Market report for the day was titled: sentiments resume as NSE ASI dips by -0.34% on weak bargain. (http://www.proshareng.com/news/singlene ws.php?id=13501)
Apr 5
Foreign investors interested in Nigerian capital market Onyema - The CEO of the NSE, Mr. Oscar Onyema, has said that foreign investors are interested in the success of the Nigerian capital market because they want high returns on investment. Transcorp alerts NSE over unusual trading of its shares - Transcorp Plc has raised the alarm over what it perceived as market abuse on its shares on the NSE. Stakeholders task new NSE DG on transparency, investors confidence THE Registrar/Chief Executive officer, Institute of Capital Market Registrars, Dr. David Ogogo, yesterday, advised the new DG of the NSE, Mr. Oscar Onyema to adhere strictly to laid down rules and regulations as part of strategies to restore investors interest in the market.
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At the close of trading session, the NSE All-Share Index gained by 0.27% to close at 24,735.14 as against a dip by -0.34% recorded previous session to close at 24,667.66. In the same vein, market capitalization appreciated by N21.55billion (US$146.10million) to close at N7.90trillion (US$53.56billion) as against depreciation by N26.96billion (US$182.74million) recorded on preceding session to close at N7.88trillion (US$53.41 billion). Market report for the day was titled: Sentiments turn positive as CAP and UAC Plc rewards investors with dividend and bonus. (http://www.proshareng.com/news/singlene ws.php?id=13529)
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Apr 6 Rescued banks get reprieve as AMCON lists N1.7trn bond today The AMCON will, today, list N1.7 trillion bond issues to buy Non Performing Loans (NPLs) from the books of banks in the country. Rescued Banks Intensify Debt Recovery Drive - Rescued banks in the country have intensified their debt recovery drive ahead of the June, 2011 recapitalisation deadline that has been fixed by the regulator. We wont interfere in banks mergers, acquisitions CBN - The CBN said yesterday, that final decisions on Mergers and Acquisition, M&A, of banks rested with shareholders and that it would not interfere in the on-going process involving rescued banks. 28 18 At the close of trading session, the NSE All-Share Index dropped by -0.51% to close at 24,608.94 as against an upbeat by 0.27% recorded previous session to close at 24,735.14. In the same vein, market capitalization depreciated by N40.32billion (US$1273.27million) to close at N7.86trillion (US$53.28billion) as against appreciation by N21.55billion (US$146.10million) recorded on preceding session to close at N7.90trillion (US$53.56 billion). Market report for the day was titled: YTD market performance dips by -1.97 as PZ Plc leads decliners chart. (http://www.proshareng.com/news/singlene ws.php?id=13543) At the close of trading session, the NSE All-Share Index gained by 0.56% to close at 24,764.88 as against a decline by -0.51% recorded previous session to close at 24,608.94. In the same vein, market capitalization appreciated by N44.07billion (US$298.69million) to close at N7.90trillion (US$53.58billion) as against depreciation by N40.32billion (US$273.27million) recorded on preceding session to close at N7.86trillion (US$53.28 billion). Market report for the day was titled: Transaction ends positive as market breadth gains support. (http://www.proshareng.com/news/singlene ws.php?id=13556)
Apr 7
AMCON completes N1.7tn bond issue - The AMCON on Wednesday completed a N1.7tn ($11bn) bond issue, attracting yields significantly below equivalent government treasuries on strong demand. Reuters quoted the MD, AMCON, Mr. Mustafa Chike-Obi, to have said in an interview with CNBC Africa Television that the corporation was very happy with the 11.8 per cent yield. Recapitalisation: Afribank awaits CBN, SEC approval - Afribank Nigeria Plc said it is awaiting the approval of the regulatory bodies, the CBN, SEC and NSE following the Memorandum of Understanding it signed with two investors- Vine Capital Partners Limited and Phoenix Acquisition Company Limited for the recapitalization of the bank. AMCON bonds wont need Fed Govts guarantee, says MD - With the expected recovery from debtors and the sinking fund to be contributed by banks and the CBN, the AMCON, would not need the FGs guarantee for its bonds, MD of the corporation, Mustapha Chike-Obi, has said.
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Apr 8
AMCON bonds to aid real sector growth Analysts - Analysts have said that the zero coupon bonds issued by the Asset Management Corporation of Nigeria will boost the real sector of the economy. More bank mergers predicted as response to emergent big six - Following
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the raft of merger deals struck recently, and the possible emergence of six big banks in the Nigerian banking terrain, analysts say there are possibilities that banks that have now found themselves within the so called tier two bracket may be forced to make a commercial case for consolidation in the near future to remain alive and stay competitive. Interbank Rates Climb on N60bn Outflow - Nigerian Interbank lending rates edged northward Thursday as cash outflow for the payment of matured Treasury week depreciated by N5.96 billion (US$40.42million) to close at N7.90 trillion (US$ 53.55billion) as against depreciation of N35.57billion (US$241.07 million) recorded last week to close at N7.90 trillion (US53.59billion). Market report for the week was titled: Market dips further by -0.08% for the week as Mobil Plc rewards investors. (http://www.proshareng.com/news/13570)
Bills drained liquidity from the system. Dealers put the total value of the shortterm debt obligation which matured Thursday at N60 billion, insisting that the transaction further tightened the liquidity position of the market. Apr 11 New investors in Afribank to invest 55 per cent stake - The management of Afribank Plc says the new prospective investors in the bank are to have a 55 per cent stake in the bank. The News Agency of Nigeria reports that a private equity consortium, Vine Capital Partners and Phoenix Acquisition Company Limited are the new prospective investors in Afribank. New investors in Afribank to invest 55 per cent stake - The management of Afribank Plc says the new prospective investors in the bank are to have a 55 per cent stake in the bank. The News Agency of Nigeria reports that a private equity consortium, Vine Capital Partners and Phoenix Acquisition Company Limited are the new prospective investors in Afribank. Interbank rates rise on NNPC withdrawal - The current oil price spike, which is great news for oil producing countries, could be a double- edged sword and unsustainable, Managing Director, Financial Derivatives Company Limited, Mr Bismarck Rewane, has said. Apr 12 London Stock Exchange admits SacOil- IN line with the ongoing plans to expand investors base, SacOil Holdings Limited, with operations in Nigeria and 31 26 At the close of trading session, the NSE All-Share Index gained by 0.03% to close at 24,681.99 as 25 26 At the close of trading session, the NSE All-Share Index dropped by -0.23% to close at 24,675.75 as against a decline by -0.05% recorded previous session to close at 24,733.38. In the same vein, market capitalization depreciated by N18.41billion (US$124.78million) to close at N7.88trillion (US$53.43billion) as against depreciation by N4.31billion (US$29.21million) recorded on preceding session to close at N7.90trillion (US$53.55 billion). Market report for the day was titled: Equity market sustains bearish trend as sentiments remained unchanged. (https://www.proshareng.com/news/singlene ws.php?id=13580)
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some parts of Africa, was at the weekend, admitted to the Alternative Investment Market (AIM) of the London Stock Exchange. FCMB to Apply for International Banking Licence- The management of First City Monument Bank Plc (FCMB) Monday disclosed plans to form a holding company and apply for an international banking licence in line with the new regulation issued by the Central Bank of Nigeria (CBN), Reuters has said. Bank shares make a comeback- Investors at the Nigerian Stock Exchange (NSE) yesterday mopped up some bank shares in spite of the continuous decline in the markets general performance. Apr 13 Traders fret as bond instruments overwhelm market - The Nigerian debt market comes into full swing this year, as N1.7 trillion worth of instrument were listed last week on the Nigerian Stock Exchange. Election: Naira value dips further - Despite CBNs effort at stabilising the foreign exchange market, the nations currency, naira has continued to maintain progressive weakness against some other notable world currencies, a development that had been linked to the ongoing election in the country. Share sales: Stakeholders differ on new regulation - Stakeholders in the Nigerian capital market have expressed divergent views on the new policy on remittance of sales proceeds directly to shareholders accounts. NSE May Face More Pressure over Liquidity, Election- The presidential election re-scheduled for Saturday, April 16 and the associated uncertainty after the elections is expected to further exert downward pressure on the Nigerian capital market, experts have warned. Apr 14 WDAS: Naira Depreciates as Dealers Raise Dollar Demand - The Naira, Nigerias local currency was slightly hurt against the United States dollar at the CBN Wholesale Dutch Auction System (WDAS) Wednesday following stronger demand for the greenback put up by dealers. Court stops move to take over Union Bank - A Federal High Court sitting in 38 21 26 25 against a decline by -0.23% recorded previous session to close at 24,675.75. In the same vein, market capitalization appreciated by N1.99billion (US$13.50million) to close at N7.88trillion (US$53.44billion) as against depreciation by N18.41billion (US$124.78million) recorded on preceding session to close at N7.88trillion (US$53.43 billion). Market report for the day was titled: All Share Index retraces marginally as Air Service Plc leads gainers chart (https://www.proshareng.com/news/13589)
At the close of trading session, the NSE All-Share Index gained by 0.55% to close at 24,816.67 as against an upbeat by 0.03% recorded previous session to close at 24,681.99. In the same vein, market capitalization appreciated by N43.03billion (US$291.63million) to close at N7.92trillion (US$53.73billion) as against appreciation by N1.99billion (US$13.50million) recorded on preceding session to close at N7.88trillion (US$53.44 billion). Market report for the day was titled: NSE ASI sustains uptrend by 0.55% as RT Briscoe Plc rewards investors. (http://www.proshareng.com/news/singlene ws.php?id=13599)
At the close of trading session, the NSE All-Share Index gained by 0.40% to close at 24,916.97 as against an upbeat by 0.55% recorded previous session to close at 24,816.67. In the same vein, market capitalization appreciated by N32.04billion (US$217.17million) to close at N7.96trillion (US$53.95billion) as against appreciation by N43.03billion (US$291.63million) recorded on preceding session to close at
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Ikeja has stalled the planned acquisition of the Union Bank of Nigeria Plc by a proposed core investor, Messrs African Capital Alliance Consortium, the proposed core investor. NSEs market capitalisation rises further by N44 billion - Equity transactions on the NSE continued on the upbeat yesterday, as major blue chip stocks joined the gainers league, causing market capitalisation to rise further by N44 billion. Apr 15 NSE new initiatives to enhance investor confidence: The Nigerian stock Exchange (NSE) has introduced initiatives targeted at enhancing investor 38 23 However, the All-Share Index in the week under review gained by 1.23% to close at 25,036.75 as against a decline by -0.08% recorded last week to close at24,733.38. In the same vein, the market capitalization in the week appreciated by N96.92 billion (US$656.90million) to close at N7.99 trillion (US$ 54.21billion) as against depreciation of N5.96 billion (US$40.42million) recorded last week to close at N7.90 trillion (US$ 53.55billion). Market report for the week was titled: ASI inches up by 1.23% as Transcorp Plc sustains strong bid position in the week. ( http://www.proshareng.com/news/singlenew s.php?id=13621) N7.92trillion (US$53.73 billion). Market report for the day was titled: Market CAP records N77.06billion gain in three days as FBN and UBA Plc reward investors(https://www.proshareng.com/news /singlenews.php?id=13612)
confidence. One of such initiatives that market players are commending is the recent introduction of Straight Through Processing (STP) by the NSE. Brokers Fault Retention of Manu, Ikazoboh in NSE Council: The Association of Stock broking Houses of Nigeria (ASHON) has petitioned the SEC, faulting the decision to allow the Interim President of the Nigerian Stock Exchange (NSE), Mallam Ballama Manu and Interim Administrator of to remain on the Council of the Exchange. the NSE, Mr. Emmanuel
Ikazoboh ,
Nigeria oil revenue rose 46% to $59bn in 2010 on improved security: The nations revenue from oil exports rose 46% from 2009 to N9.15 trillion ($59 billion) in 2010, as companies raised output on improved security in the Niger Delta, the National Bureau of Statistics stated yesterday. Apr 18 Foreign investments, peaceful elections boost index by 1.2% - The rekindled interest of players, especially foreign investors in the Nigerian capital market helped to boost equity trading activities last week, as major indicators closed higher. 43 18 At the close of trading session, the NSE All-Share Index gained by 1.09% to close at 25,309.09 as against an upbeat by 0.48% recorded previous session to close at 25,036.75. In the same vein, market capitalization appreciated by
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NSE Council: Brokers Consider Peaceful Resolution - Stockbrokers under the aegis of Association of Stockbroking Houses of Nigeria (ASHON) may have changed strategies in their bid to play a leading role in the running of the NSE and its eventual demutualisation, THISDAY checks have revealed. Elections: IMF cautions Nigeria, others on huge spending - The IMF has cautioned African countries including Nigeria to watch their spending during a year packed with elections in the region where rising food and fuel prices already pose a big threat to the poor. Apr 19 Credible presidential poll to boost investor confidence, institutional credentials Analysts - Analysts are optimistic that the outcome of the presidential elections, won by President Goodluck Jonathan, will boost foreign and local investors confidence and are certain that it will equally enhance Nigerias institutional and democratic credentials. Election crisis puts pressure on naira - The naira ended the day flat on Monday, erasing early gains amid investor nervousness over violent protests in the north at President Goodluck Jonathans victory in Saturday elections. Criticisms trail appointment of Ikazoboh into NSE Council - Criticisms have continued to trail the appointment of Mr Emmanuel Ikazoboh as the deputy president of the Council of NSE. 34 28 N87.01billion (US$589.72million) to close at N8.08trillion (US$54.80billion) as against appreciation by N38.27billion (US$259.37million) recorded on preceding session to close at N7.99trillion (US$54.24billion). Market report for the day was titled: : NSE ASI extends gain in style by 1.09% as rally continues.( https://www.proshareng.com/news/singlene ws.php?id=13639) At the close of trading session, the NSE All-Share Index gained by 0.30% to close at 25,384.10 as against an upbeat by 1.09% recorded previous session to close at 25,309.09. In the same vein, market capitalization appreciated by N23.96billion (US$162.40million) to close at N8.11trillion (US$54.96billion) as against appreciation by N87.01billion (US$589.72million) recorded on preceding session to close at N8.08trillion (US$54.80billion). Market report for the day was titled: Equity Market records modest gain as Dangote Sugar Plc rewards investors.( https://www.proshareng.com/news/singlene ws.php?id=13648) At the close of trading session, the NSE All-Share Index dropped by -0.23% to close at 25,324.53 as against an upbeat by 0.30% recorded previous session to close at 25,384.10. In the same vein, market capitalization depreciated by N19.02billion (US$128.97million) to close at N8.09trillion (US$54.83billion) as against appreciation by N23.96billion (US$162.40million) recorded on preceding session to close at N8.11trillion (US$54.96billion). Market report for the day was titled: NSE ASI pulls back by -0.23% as profit taking ends 6days rally.(
Apr 20
Banks, CBN to pool N110b for AMCON - All the 24 deposit money banks in the country and the CBN will be contributing N110 billion to the banking sector resolution cost fund, known in financial parlance as Sinking Fund. Stock market operators oppose removal - Piqued by the turbulence recorded in the stock market, operators have kicked against the proposed removal of the five per cent ceiling on daily share price movement. Recapitalisation: Rescued Banks Board, Bidders Differ - Strong indications have emerged that the June 30 deadline stipulated for the recapitalisation of the rescued banks may not be realistic, after all.
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https://www.proshareng.com/news/singlene ws.php?id=13656) Apr 21 NSE looks to telecoms, oil, agric to deepen stock market - Oscar Onyeama, the new chief executive officer of the NSE, yesterday unfolded his agenda for a world-class stock exchange. Capital market deepening: SEC to encourage firms to stay listed - As part of its key plans for year 2011, the SEC says it will ensure the deepening of the nations capital market by promoting more listing and encouraging companies to stay listed on the NSE. CBN seeks creation of financial Ombudsman, others - The House of Representatives, the Central Bank of Nigeria and other stakeholders in the financial sector have backed the establishment of the Office of the Nigerian Financial Ombudsman. 30 33 However, the All-Share Index in the week under review dropped marginally by -0.07% to close at 25,020.08 as against an upbeat by 1.23% recorded last week to close at25,036.75. In the same vein, the market capitalization in the week depreciated by N5.32 billion (US$36.10million) to close at N7.99 trillion (US$ 54.17billion) as against appreciation of N96.92 billion (US$656.90million) recorded last week to close at N7.99 trillion (US$ 54.21billion). Market report for the week was titled: Equity Market dips for the week, as Ecobank Plc grows PAT by 135% in its Q4 10 result.( https://www.proshareng.com/news/singlene ws.php?id=13672) 27 31 At the close of trading session, the NSE All-Share Index gained by 0.88% to close at 25,204.88 as against a decline by -1.20% recorded previous session to close at 25,020.08. In the same vein, market capitalization appreciated by N70.54billion (US$478.11million) to close at N8.06trillion (US$54.65billion) as against depreciation by N97.27billion (US$659.26million) recorded on preceding session to close at N7.99trillion (US$54.17billion). Market report for the day was titled: Equity Market gains by 0.88% as Dangote Cement Plc moves northward.( https://www.proshareng.com/news/singlene ws.php?id=13686)
Apr 27
AMCON to List N1.3tr Bonds by Year End - Barring any last minutes hitches, the AMCON would list its remaining N1.3 trillion bonds on the daily official list of the NSE, by the end of this year, AMCONs Managing Director, Mustapha Chike-Obi has said. Chike-Obi who made this known in a chat with THISDAY at the listing of AMCONs N1.7 zero coupon bonds at the NSE last week, said the N1.3 trillion bonds would be issued to recapitalise the rescued banks. NSE Listing: SEC Woos Telecoms, Oil Firms - The SEC has said it was working on various incentives aimed at encouraging multinational companies in the telecommunications firms and oil exploration companies to list their shares on the NSE. Ikazoboh vacates office as NSE interim administrator on Friday - The Interim Administrator of NSE, Mr Emmanuel Ikazoboh, is to formerly vacate office
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on Friday. Apr 28 Uncertainties trail M & A talks over last batch of rescued banks - The prospect of finding suitable merger partners by the remaining batch of CBNs rescued banks faces a stiff test, with news of conflict between the respective boards and management and interference from past chief executives negatively influencing decisions by investors. NSE cautions investors against fraudulent brokers - To prevent prospective investors and shareholders of the NSE from getting tricked by conmen parading themselves as brokers, the Exchange has cautioned the public to be mindful of those with whom they transact businesses. AMCON bonds have decentralised shareholding on NSE Analysts - Analysts have said last weeks listing of N1.675tn zero coupon bonds by the AMCON on the NSE has diffused the spread of major shareholders who control huge volumes of bonds and shares traded in the market. Apr 29 CBN pegs daily cash withdrawal - The CBN has pegged a limit of daily cash withdrawal and lodgment by any individual and corporate customer to N150,000 and N1 million respectively, effective from June 1, 2012 with commercial banks Ikazoboh Canvasses Support for NSE DG - The Interim Administrator of the NSE, Mr. Emmanuel Ikazoboh, whose tenure ends Friday, April 29, has called on stakeholders in the capital market to give the Chief Executive Officer of the NSE, Mr. Oscar Onyema, the maximum support in a bid to move the market to a higher level. Demand for dollar drops after elections - The amount of dollar sold at the Wholesale Dutch Auction System (WDAS) dropped by over 37 per cent on Wednesday, as pressure eased in the aftermath of the elections. 28 23 33 30 At the close of trading session, the NSE All-Share Index gained by 0.21% to close at 25,293.16 as against an upbeat by 0.88% recorded previous session to close at 25,204.88. In the same vein, market capitalization appreciated by N16.70billion (US$113.21million) to close at N8.08trillion (US$54.76billion) as against appreciation by N70.54billion (US$478.1million) recorded on preceding session to close at N8.06trillion (US$54.65billion). Market report for the day was titled: NSE ASI climbs further by 0.21% as Zenith Bank Plc grows PAT by 58.50%. (https://www.proshareng.com/news/singlene ws.php?id=13707)
However, the All-Share Index in the week under review gained marginally by 0.09% to close at 25,041.68 as against a decline by -0.07% recorded last week to close at 25,020.08. In the same vein, the market capitalization in the week appreciated by N6.90 billion (US$46.77million) to close at N8.00 trillion (US$ 54.22billion) as against depreciation of N5.32 billion (US$36.10million) recorded last week to close at N7.99 trillion (US$ 54.17billion). Market report for the week was titled: NSE ASI retraces marginally by 0.09% for the week A.G Leventis Plc leads gainers chart.( https://www.proshareng.com/news/singlene ws.php?id=13714)
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May 3 NSE: Stockbrokers call for compulsory listing of multinationals: 27 27 At the close of trading session, the NSE All-Share Index gained by 0.18% to close at 25,085.59 as against an offbeat by 0.99% recorded previous session to close at 25,041.68. In the same vein, market capitalization appreciated by N14.03billion (US$90.52million) to close at N8.02trillion (US$51.71billion) as against depreciation by N80.34billion (US$518.33million) recorded on preceding session to close at N8.00trillion (US$51.61billion). Market report for the day was titled: NSE All-Share Index inches up by +0.18% as Neimeth tops gainers chart. (https://www.proshareng.com/news/singlene ws.php?id=13726) At the close of trading session, the NSE All-Share Index dropped by 0.05% to close at 25,072.92 as against upbeat by 0.18% recorded previous session to close at 25,085.59. In the same vein, market capitalization depreciated by N3.62billion (US$23.41million) to close at N8.02trillion (US$51.69billion) as against appreciation by N14.03billion (US$90.52million) recorded on preceding session to close at N8.02trillion (US$51.71billion). Market report for the day was titled: Equity market lost marginally by -0.05% with YTD standing at -0.12%. (https://www.proshareng.com/news/singlene ws.php?id=13741)
Stockbrokers have called on the Federal Government to compel telecommunications and multinational companies to list their shares on the Nigerian Stock Exchange. Mixed reactions trail CBNs limit on cash withdrawal: Stakeholders in the financial sector of the economy have expressed divergent views on the directive by the Central Bank of Nigeria and Bankers Committee to limit the cumulative daily cash withdrawals and lodgements in the country from June next year. Stockbroking: Analysts caution regulators on capital requirement: Market analysts have urged capital market regulators to review the idea of increasing the minimum capital requirement for the operations of stockbroking firms in Nigeria. May 4 Africas FDI to Hit $150bn by 2015: Ernst & Young, a global accounting firm has predicted that Africa may attract billions of dollars in new investments over the next few years which is expected to significantly raise Foreign Direct Investment (FDI) in the continent to $150 billion by 2015 from the $84 billion attained last year. Govt moves to reduce 2011 budget deficit to 3.6 per cent of GDP: The Federal Government may have commenced talks with the National Assembly in a move to reduce fiscal deficit of over N700 million of the N4.6 trillion budget this year. Risk management: The travails of Nigerian banks: There is a great correlation between a banker and the non-immigrant visa issuer: Power of prediction. How does the issuer predict that a non immigrant visa applicant (especially the firsttimer) will come back: He will have to be convinced before he foretells the outcome. But in the case of a banker, he will not only depend on seeming predictability but will also adopt good risk management skills. May 5 CAC investigates Okomu Oil - Owing to a petition from Shareholders Association, the Corporate Affairs Commission (CAC) in Abuja has commenced investigation into 36 20 32 27
At the close of trading session, the NSE All-Share Index moved up by 0.59% to close at 25,219.69 as
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the affairs of the agricultural produce processing company, Okomu Oil Palm Plc located at Udo in Ovia Southwest Local Government Area of Edo state. Reforms: Fitch Threatens to Downgrade Nigerias Ratings - Global ratings agency, Fitch Ratings has threatened to downgrade Nigerias rating to B+ from BBif the newly-elected government fails to implement badly needed reforms postelections, to improve the countrys outlook. Foreign investment firm contests acquisition of Afribank by Vine Capital - A private investment partner, Intangis Holdings, with main offices in New York and London is claiming exclusive rights of acquisition on Afribank, saying that the negotiations to that effect have almost been completed for consummation of transactions. May 6 Botched deals: AMCON may recapitalise Oceanic, Bank PHB Sanusi - The Governor of the CBN, Mr. Lamido Sanusi, has said that the AMCON may recapitalise Oceanic Bank International Plc and Bank PHB Plc to prepare them for sale in the near future if they dont get good recapitalisation deals. CBN to sell N134bn T-bills - The CBN has said that it plans to sell N134.27bn ($867m) in 91-182- and 364-day treasury bills next Wednesday at its usual bimonthly auction. CBN to limit interest-rate increases to spur lending - CBN Governor Sanusi Lamido Sanusi has indicated the apex bank may limit interest-rate increases to help spur lending, especially as demand for foreign currency eases, reducing pressure on the naira. New investors coming for eight rescued banks, says CBN - The Governor of the CBN, Sanusi Lamido Sanusi, has said all the eight banks rescued with N620 billion bailout funds will find new investors, with four of them already agreeing in principle to merge. May 9 AMCON intervention yet to stimulate bank lending - Growth in lending by banks is still low in spite of the successful takeover of their non-performing loans 33 21 35 19 The key benchmark indices moved up by 0.18% to open the week on positive note with positive breadth while market indicators closed mixed. The second session recorded increased sell mandates as market pulled back marginally by-0.05%. However, the bulls reclaimed the centre stage as bargain hunters maintained steamed efforts while sentiments remained positive on Thursday and Friday with resilient market breadth as key benchmark indices sustained the uptrend by 0.59% and 0.32% respectively to close above 20, 50 and 200days moving averages at 25, 300.46- a bullish trend. Market report for the week was titled: NSE ASI sustains uptrend, trading above 50 and 200 days moving averages. (https://www.proshareng.com/news/singlene ws.php?id=13779) At the close of trading session, the NSE All-Share Index dropped by -0.15% to close at 25,262.50 as against offbeat by 0.05% recorded previous session to close at 25,072.92. In the same vein, market capitalization appreciated by N46.99billion (US$302.57million) to close at N8.06trillion (US$51.99billion) as against depreciation by N3.62billion (US$23.41million) recorded on preceding session to close at N8.02trillion (US$51.69billion). Market report for the day was titled: NSE ASI recorded +0.59% gain after a day profiteering. (https://www.proshareng.com/news/singlene ws.php?id=13768)
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by the AMCON, a development that is partly attributed to the low economic activities in the first quarter and banks cautious steps at growing loan portfolio. NSE: Stockbrokers express confidence in new management - The Association of Stockbroking Houses of Nigeria has expressed confidence in the new administration of the NSE. Inter-bank rates fall on inflow from AMCON - The Nigerian inter-bank lending rates fell to an average of 8.41 per cent from 10.41 per cent on Friday, after liquidity from repurchased AMCONs bonds raised cash level in the system, a trader told Reuters. against an upbeat by 0.32% recorded previous session to close at 25,300.46. In the same vein, market capitalization depreciated by N12.13billion (US$82.21million) to close at N8.07trillion (US$54.70billion) as against appreciation by N25.80billion (US$174.89million) recorded on preceding session to close at N8.08trillion (US$54.78billion). Market report for the day was titled: NSE ASI pulls back by -0.15% as heavy weight stocks experienced volatility. (https://www.proshareng.com/news/singlene ws.php?id=13784) 32 19 At the close of trading session, the NSE All-Share Index gained by 0.67% to close at 25,432.93 as against a decline by -0.15% recorded previous session to close at 25,262.50. In the same vein, market capitalization appreciated by N54.45billion (US$369.07million) to close at N8.12trillion (US$55.07billion) as against depreciation by N12.13billion (US$82.21million) recorded on preceding session to close at N8.07trillion (US$54.70billion). Market report for the day was titled: Equity Market gains by 0.68% as UACN Plc leads gainers chart. (https://www.proshareng.com/news/singlene ws.php?id=13787)
May 10
RenCap : Nigerian Banks Sitting on Excess Liquidity - Following the cautious loan portfolio growth adopted by banks after the crisis that rocked the industry, analysts at Renaissance Capital (RenCap) have speculated that Nigerian banks are sitting on too much liquidity. Nigerian naira eases after Central Bank forex auction - The Nigerian naira eased against the U.S dollar on the interbank market on Monday after the CBN sold dollars at a higher rate than last week at its foreign exchange auction. FGN bonds record N3.2tr transactions in four months - Between January and April 2011, transactions on FGN bonds through the Over-The-Counter (OTC) market of NSE were 3.54 billion units valued at N3.2 trillion in 25,082 deals.
May 11
Inflation huge challenge for Nigeria, says CBN - Fighting inflation is likely to be a challenge for Nigeria this year, but growth could top 7 percent if power and other reforms go ahead, Sanusi Lamido Sanusi, CBN governor said yesterday. Banks may shrink to 20, says CBN - The number of banks (24) in the country may shrink to 21 or 20 after the reforms, the CBN Governor, Sanusi Lamido Sanusi,
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At the close of trading session, the NSE All-Share Index gained by 0.18% to close at 25,478.17 as against an upbeat by 0.67% recorded previous session to close at 25,432.93. In the same vein, market capitalization appreciated by N14.45billion (US$97.96million) to close at N8.14trillion (US$55.17billion) as against appreciation by N54.45billion (US$369.07million) recorded on preceding session to close at N8.12trillion (US$55.07billion). Market report for the day was titled: NSE ASI climbs further by 0.18%
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said yesterday. SEC to Facilitate Single WAfrican Stock Exchange - The Chairman of the Board of the SEC, Senator Udoma Udo Udoma, has said SEC was working with other regulators in the West African region to facilitate the formation of a single stock exchange in order to take care of the challenges of cross border listings on exchanges in the region. May 12 Sovereign wealth fund to check profligacy, say analysts - The Senate yesterday passed a bill to create a sovereign wealth fund, paving the way for the three-tiers of government to improve the management of windfall crude oil earnings Sale of Banks: Shareholders Lose Bid to Stop CBN - Attempt by a group of shareholders of banks under the auspice of Registered Trustees of Proactive Shareholders Association of Nigeria to stop the proposed sale of some sick and distressed banks by CBN to private investors has suffered a setback as a Federal High Court in Abuja has struck out their suit for incompetence. Senate approves N150bn take-off grant for Sovereign Wealth Fund Apparently jolted by THE PUNCHs exclusive reports that some members of the National Assembly had demanded a N2.5bn bribe for the passage of the Petroleum Industry and Sovereign Wealth Fund bills, the Senate, on Wednesday, hurriedly passed the latter. May 13 How well run Sovereign Wealth Fund, by Aganga - The Minister of Finance, Mr. Segun Aganga, yesterday, described the Sovereign Wealth Fund, SWF, as a win-win situation and explained that it would be managed in a transparent, prudent and accountable manner to create an avenue for an accelerated transformation of the nations economy. Cadbury refuses dividend to shareholders - Shareholders of Cadbury Nigeria Plc were jolted on Thursday when the board and management of the company said there is no dividend payment despite huge earnings, about N29.17 billion recorded by the confectionary company in the 2010 financial year. Electronic trading platform debuts in Nigeria - The Financial Markets Dealers 29 32 28 30 At the close of trading session, the NSE All-Share Index gained by 1.01% to close at 25,736.37 as against an upbeat by 0.18% recorded previous session to close at 25,478.17. In the same vein, market capitalization appreciated by N82.50billion (US$559.13million) to close at N8.22trillion (US$55.73billion) as against appreciation by N14.45billion (US$97.96million) recorded on preceding session to close at N8.14trillion (US$55.17billion). Market report for the day was titled: ASI maintains strong hold above moving averages as YTD strengthens at 2.52%. (https://www.proshareng.com/news/singlene ws.php?id=13813) as Guinness Plc grows its Q311 PAT by 31.97%. (https://www.proshareng.com/news/singlene ws.php?id=13803)
The All-Share Index in the week under review gained by 2.03% to close at 25,813.71 as against an upbeat of 1.03% recorded last week to close at 25,300.46. In the same vein, the market capitalization in the week appreciated by N163.99 billion (US$1.11billion) to close at N8.24 trillion (US$ 55.89billion) as against appreciation of N83.10 billion (US$563.23million) recorded last week to close at N8.08 trillion (US$ 54.78billion). Market report for
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Association (FMDA) in collaboration with ICAP of South Africa, has concluded plans to launch the Inter-Dealer Brokerage Service (IDB), designed to accommodate voice and electronic trading. the week was titled: NSE ASI strengthens position with 2.03% gain for the week as rally continues. (https://proshareng.com/news/singlenews.ph p?id=13822) 24 23 At the close of trading session, the NSE All-Share Index gained by 0.05% to close at 25,826.50 as against an upbeat by 0.30% recorded previous session to close at 25,813.71. In the same vein, market capitalization appreciated by N4.08billion (US$27.68million) to close at N8.25trillion (US$55.92billion) as against appreciation by N24.71billion (US$167.49million) recorded on preceding session to close at N8.24trillion (US$55.89billion). Market report for the day was titled: Nigerian Capital Market records modest gain of 0.05% as weak bargain sets in. (https://proshareng.com/news/13833)
May 16
Onyema, Brokers to Meet Over Progress of NSE-Preparatory to the unveiling of his agenda that will transform the Nigerian Stock Exchange (NSE), the Chief Executive Officer of the Exchange, Mr. Oscar Onyema is set to meet with Chief Executive officers (CEOs) of dealing member firms of the Exchange this week. Onyema Restates Promise to Transform NSE- The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has reiterated the commitment of the new management of the Exchange to transform the nations capital market into the gateway to African frontier markets. Banks Increase Rates on Risk Assets- Banks have increased lending rates in response to the ever-increasing high cost of operations in the country.
May 17 Court stops CBN, others from selling Finbank - A FederaL High Court, Lagos, yesterday restrained the CBN, Finbank Plc, First City Monument Bank (FCMB) and directors of Finbank from selling or howsoever taking any steps and/or further steps to dispose and /or sell in any manner whatsoever Finbank Plc to FCMB. CBN spends $2.2bn defending naira in April - The CBN in April spent $2.2 billion dollar defending the naira as it battles to contain rising inflation and maintain a decent foreign reserve level. Naira appreciates on CBN dollar support - The naira strengthened against the dollar on the interbank market yesterday, after the CBN increased dollar supply from its bi-weekly auction, traders said.
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At the close of trading session, the NSE All-Share Index dropped by -0.02% to close at 25,821.85 as against an upbeat by 0.05% recorded previous session to close at 25,826.50. In the same vein, market capitalization depreciated by N1.48billion (US$10.06million) to close at N8.25trillion (US$55.91billion) as against appreciation by N4.08billion (US$27.68million) recorded on preceding session to close at N8.25trillion (US$55.92billion). Market report for the day was titled: Profiteering ends five days rally as Conoil Plc rewards investors with N2.00 dividend.( https://www.proshareng.com/news/singleNe ws.php?id=13838)
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May 18 Inflation Drops to 11.6%, Says NBS - The year-on-year inflation rate in the country declined to 11.6 per cent in April from 12.8 per cent, it recorded in March, a report from the National Bureau of Statistics (NBS). Divestment Order: NAICOM Moves to Shore-up Stakeholders Confidence NAICOM has explained why it had to set up an eight-man committee to review the divestment of banks from insurance companies, saying it was meant to ensure that the exercises will not lead to loss of confidence in the insurance industry. Dangote Group to build additional 10 cement plants in Africa - Dangote Groups recent $4 billion investment agreement with Sinoma International Engineering Company of China is expected to add another 10 cement plants to boost production capacity in Africa 32 25 At the close of trading session, the NSE All-Share Index dropped by -0.12% to close at 25,788.06 as against a decline by -0.02% recorded previous session to close at 25,821.85. In the same vein, market capitalization depreciated by N10.79billion (US$73.17million) to close at N8.23trillion (US$55.84billion) as against depreciation by N1.48billion (US$10.06million) recorded on preceding session to close at N8.25trillion (US$55.91billion). Market report for the day was titled: NSE ASI dips further by -0.13% as profiteering continues. (https://www.proshareng.com/news/singleNe ws.php?id=13849) At the close of trading session, the NSE All-Share Index dropped by -0.27% to close at 25,717.73 as against a decline by -0.12% recorded previous session to close at 25,788.06. In the same vein, market capitalization depreciated by N22.47billion (US$152.31million) to close at N8.21trillion (US$55.69billion) as against depreciation by N10.79billion (US$73.17million) recorded on preceding session to close at N8.23trillion (US$55.84billion). Market report for the day was titled: Market CAP sheds N34.75 billion in 3days as Aso Savings Plc tops volume. (https://www.proshareng.com/news/singleNe ws.php?id=13859)
May 19
AMCON to buy bad loans at punitive prices - Determined to stall a recurrence of the banking crisis that led to the sack of eight bank CEOs and almost brought the entire industry to its knee, the Asset AMCON, in conjunction with the CBN, has declared that any bank whose non-performing loans (NPLs) exceed five percent of total loans will henceforth have its bad loans bought at punitive prices. Lafarges expansion drive brightens profitability prospect - Lafarge Cement WAPCO Nigeria Plc has said that its recent investment in projects aimed at expanding the business would translate to huge profitability for its shareholders soon. 12 banks gave out N5.24tn loans in 2010 - The total value of loans and advances of the 12 publicly-quoted banks that passed the Central Bank of Nigerias stress test increased by 7.82 per cent, from N4.86tn in 2009 to N5.24tn in 2010.
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May 20
NSE Moves to Deepen Capital Market- In a bid to ensure good corporate governance and attract multinational companies to list their shares, the Nigerian Stock Exchange (NSE) has strengthened its Council by appointing 10 new members. Experts Predict Boom for African Economies- With the current position of things in some African countries, the continent will, in the nearest futureoutpace the growth enjoyed by Asiaand many continents of the world, Chief Executive
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The All-Share Index in the week under review dropped by -0.09% to close at 25,790.64 as against an upbeat of 2.03% recorded last week to close at25,813.71. In the same vein, the market capitalization in the week depreciated by N7.37 billion (US$49.96million) to close at N8.24 trillion (US$ 55.84billion) as
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Officer of Renaissance Capital, Mr. Stephen Jennings has said. against appreciation of N163.99 billion (US$1.11billion) recorded last week to close at N8.24 trillion (US$ 54.89billion). Market report for the week was titled: Profiteering dips Market by -0.09% for the week as MRS Plc rewards investors with N1.25kobo. (https://www.proshareng.com/news/singleNe ws.php?id=13874) 21 29 At the close of trading session, the NSE All-Share Index dropped by -0.11% to close at 25,762.67 as against an upbeat by 0.28% recorded previous session to close at 25,790.64. In the same vein, market capitalization depreciated by N8.93billion (US$60.56million) to close at N8.23trillion (US$55.78billion) as against appreciation by N23.29billion (US$157.89million) recorded on preceding session to close at N8.24trillion (US$55.84billion). Market report for the day was titled: : NSE ASI pulls back by -0.11% as Sterling Bank Plc leads decliners chart.( https://www.proshareng.com/news/singleNe ws.php?id=13885) At the close of trading session, the NSE All-Share Index dropped by -0.09% to close at 25,738.80 as against a decline by -0.1% recorded previous session to close at 25,762.67. In the same vein, market capitalization depreciated by N7.62billion (US$51.69million) to close at N8.22trillion (US$55.73billion) as against depreciation by N8.93billion (US$60.56million) recorded on preceding session to close at N8.23trillion (US$55.78billion). Market report for the day was titled: NSE ASI dips further by -0.09% as Wema Bank Plc leads decliners chart.( https://www.proshareng.com/news/singleNe
NSE Council co-opt Rewane, Ufot, Ogunbanjo, others- THE Council of Nigerian Stock Exchange (NSE) has co-opted ten members into its fold as part of strategies to boost its oversight functions.
May 23
N584bn corporate debt financing tied down in pension assets- There may be as much as N584 billion in pension assets that could be deployed to corporate debt financing lying idle in pension assets. Capacity utilisation in food, beverage, tobacco sector drops- The average capacity utilisation in food, beverage and tobacco sector of the Nigerian economy dropped in year 2010 to 63 percent from 66 percent in 2009. Global Fleet takes over Oceanic Bank Sao Tome- GLOBAL Fleet Group, at the weekend, took over 100 per cent shareholding of Oceanic Bank, Sao Tome. The bank was handed over to Global Fleets Chief Executive Officer, Jimoh Ibrahim, as the new Chairman, at a completion board meeting in Sao Tome, on Friday.
May 24
Investor Dump OTC Bonds for New Issues- The Over-the-Counter (OTC) bond market of the NSE, again suffered a setback last week as investors dump their holding to participate in new issues by the Debt Management Office (DMO). Corporate Trustees hail SEC on market development-The President of the Association of Corporate Trustees (ACT), Mrs. Oluwatoyin Sanni has commended the Securities and SEC on its efforts in the area of market development, monitoring, supervision and rules making. CBN may nullify Vine Capital, Afribank MoU The Memorandum of
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Understanding recently signed by Afribank Plc and Vine Capital Partners Limited as
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regards the recapitalisation of the former may be cancelled, following the disapproval of the deal by the Central Bank of Nigeria. May 25 MPC tightens further, raises MPR to 8% - The Central Bank of Nigeria (CBN) on Tuesday, for the third time this year, raised the Monetary Policy Rate (MPR) by 50 basis points to 8 percent in what it described as its continued efforts at checking excess liquidity in the economy. Foreign investment: US tells Nigeria to tackle bribery - Nigeria needs to address the issue of bribery to sustain the interest of foreign investors in its economy, the United States Consul-General in Nigeria, Mr. Joseph Stafford, has said. Direct Payment of Investors for Shares Under Threat-The new initiative called Straight Through Process (STP), in which the CSCS Limited credits investors accounts directly with the proceeds of sale of the shares is under threat. May 26 Bank stocks decline on back of MPC decisions - Bank stocks fell to a six-week low yesterday in response to tight monetary measures reeled out by the Monetary Policy Committee (MPC) on Tuesday. MPC hike will enhance forex exchange stability-Khan - The 50 basis points increase in the Monetary Policy Rate (MPC) to 8.0 per cent and the increase in the cash reserve requirement of banks would enhance stability of the foreign exchange markets, says Razia Khan In a bid to further tighten money supply in the economy, the Central Bank of Nigeria (CBN on Tuesday announced the second increase in the MPR to 8.0 per cent from 7.5 per cent, citing need to address inflationary expectations associated with excessive liquidity and pressure on foreign exchange market. New interest rate will have little effect on stocks' - The new interest rate announced recently by the nation's Monetary Policy Committee (MPC) will have little effect on the trading performance at the Nigerian Stock Exchange (NSE), analysts at Cordros Capital, a stockbroking firm, have said. May 27 Tourist company's shares hold investors' interest - Trading activities in the shares of Tourist Company of Nigeria boosted market volume yesterday as the quantity of shares transacted during the day rose by 169.64 per cent, as against 21 36 31 26 15 36 At the close of trading session, the NSE All-Share Index dropped by -0.47% to close at 25,618.53 as against a decline by -0.09% recorded previous session to close at 25,738.80. In the same vein, market capitalization depreciated by N38.42billion (US$260.43million) to close at N8.18trillion (US$55.47billion) as against depreciation by N7.62billion (US$51.69million) recorded on preceding session to close at N8.22trillion (US$55.73billion). Market report for the day was titled: Market CAP dips by N54.99bn in 3days as Unity Bank Plc rewards investors with cash & bonus. (https://www.proshareng.com/news/singleNe ws.php?id=13895) At the close of trading session, the NSE All-Share Index gained by 0.38% to close at 25,716.84 as against a decline by -0.47% recorded previous session to close at 25,618.53. In the same vein, market capitalization appreciated by N36.94billion (US$250.51million) to close at N8.22trillion (US$55.72billion) as against depreciation by N38.42billion (US$260.43million) recorded on preceding session to close at N8.18trillion (US$55.47billion). Market report for the day was titled: : NSE ASI snaps a three-day losing streak as AG Leventis Plc leads gainers chart.( https://www.proshareng.com/news/singleNe ws.php?id=13904) ws.php?id=13888)
The All-Share Index in the week under review gained by 0.15% to close at 25,829.75 as against a decline of -0.09% recorded last week to close
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the decline recorded in the last three trading days. Crisis: Rescued banks cumulative share price drops by 71% Investigation - The cumulative share price of the nine Deposit Money Banks rescued by the Central Bank of Nigeria between August and October 2009 has depreciated by 71 per cent from its pre-crisis level, an investigation by our correspondent has revealed. Banks spend N114.5bn on cash management CBN - The Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, has said that the Nigerian banking industry spends N114.5bn annually on cash management. at25,790.64. In the same vein, the market capitalization in the week appreciated by N18.07 billion (US$122.49million) to close at N8.25 trillion (US$ 55.97billion) as against depreciation of N7.37 billion (US$49.96million) recorded last week to close at N8.24 trillion (US$ 54.84billion). Market report for the week was titled: NSE ASI turns green by 0.15% for the week ahead presidential inauguration(https://www.proshareng.com/ne ws/singlenews.php?id=13905) 24 29 At the close of trading session, the NSE All-Share Index gained by 0.14% to close at 25,866.62 as against an upbeat by 0.44% recorded previous session to close at 25,829.75. In the same vein, market capitalization appreciated by N11.78billion (US$79.88million) to close at N8.27trillion (US$56.05billion) as against appreciation by N36.10billion (US$244.68million) recorded on preceding session to close at N8.25trillion (US$55.97billion). Market report for the day was titled: NSE ASI climbs further by 0.14% as MTD stands at 3.11%. (http://www.proshareng.com/news/singlene ws.php?id=13914)
May 31
Banks recapitalisation under threat as more merger talks collapse - The recapitalisation process of Deposit Money Banks that failed the CBNs stress test may be under threat, following the inability of some of the rescued banks to finalise their different merger deals. MPR increase may discourage capital market investors Analysts - The recent increase in the Monetary Policy Rate by the Monetary Policy Committee of the CBN may affect investment on the NSE, analysts have said. The analysts said that the rate increase could make investors abandon the capital market for the money market. Court restrains CBN from sacking Afribanks chairman - A Federal High Court in Lagos has restrained the CBN and its governor, Sanusi Lamido Sanusi from giving effect to a letter purporting to remove Osa Osunde as Chairman of Afribank Nigeria Plc.Justice James Tsoho, in a ruling on an ex-parte application by Osunde last week, also suspended the purported letter dated May 12, 2011 and held that Osunde was at liberty to remain in office as a director and Chairman of Afribank.
Jun 1
Banks face new stress test next year CBN - In a bid to avoid the crisis that almost led to the collapse of some banks in 2009, the CBN has announced that it will carry out a stress test on all the banks mid next year to determine their actual state of health.Kingsley Moghalu, deputy governor, CBN financial system stability,
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At the close of trading session, the NSE All-Share Index gained by 0.03% to close at 25,875.31 as against an upbeat by 0.14% recorded previous session to close at 25,866.62. In the same vein, market capitalization appreciated
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said this yesterday while briefing newsmen in Abuja. Shareholders fault CBN over plan to liquidate under-capitalised banks Criticism yesterday trailed reported plans by the CBN to liquidate any rescued bank that is yet to recapitalise by October 30, this year. Also, Justice Okechukwu Okeke of the Federal High Court, Lagos, yesterday restrained the CBN from selling Intercontinental Bank Plc and its assets to Access Bank Plc. Failed deals: CBN may liquidate rescued banks after September 30 - The CBN has given eight rescued banks four months to fully recapitalise or risk being liquidated. This followed the collapse of merger talks between the managements of some of the rescued banks and potential investors, as well as the delay in their recapitalisation process. CBN grants banks new licenses -Central Bank of Nigeria, yesterday, released three categories of banking licenses to banks operating in the country in line with the modified universal banking scheme. In the new arrangement, nine banks were given International Banking licenses, six National Banking licenses and two regional banks were granted licence to operate. Court restrains CBN from selling off Intercontinental Banks assets - A Federal High Court sitting in Lagos, yesterday, restrained the CBN, from selling or taking any step or further steps to dispose of or sell in any manner whatsoever, Intercontinental Bank Plcs investments and other assets, including but not limited to the banks business, operations and affairs to Access Bank Plc. Jun 2 Banks fall back on alternative windows to raise cheap funds - In a bid to cut costs, banks have tapped into the alternative windows created by the CBN to borrow short-term funds. The move has resulted in the fall of inter-bank lending rates as demand for funds at the market has reduced, when compared to last weeks. No going back on IFRS, Sanusi tells banks - The Governor of the CBN, Mr. 29 30 At the close of trading session, the NSE All-Share Index gained by 0.46% to close at 25,995.54 as against an upbeat by 0.03% recorded previous session to close at 25,875.31. In the same vein, market capitalization appreciated by N38.44billion (US$260.55million) to close at N8.31trillion (US$56.33billion) as against by N2.77billion (US$18.82million) to close at N8.27trillion (US$56.07billion) as against appreciation by N11.78billion (US$79.88million) recorded on preceding session to close at N8.27trillion (US$56.05billion). Market report for the day was titled: Equity Market records 0.03% modest gain as Intercontinental Bank Plc grows PAT by 130.47% (https://www.proshareng.com/news/singleNe ws.php?id=13923)
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Lamido Sanusi, said on Tuesday that the apex bank had finalised procedures for the adoption of the International Financial Reporting Standard, and insisted that there is no going back on the reporting standard. Okereke-Onyiuke: SECs reform not under threat - Stakeholders have said that the nullification of the removal of a former DG of the NSE, Prof. Ndi OkerekeOnyiuke, will not affect market activities. Specifically, they are of the opinion that the ongoing reforms initiated by the Securities and Exchange Commission will not be threatened by the ruling. Bank Liquidation Is Last Option, Says Sanusi - Governor of the CBN, Mallam Sanusi Lamido Sanusi, Wednesday clarified his pronouncement that some of the rescued banks will be liquidated if they fail to recapitalise before September 30, 2011 Jun 3 Rescued banks may seek London Exchange listing to raise funds - Banks bailed out by the CBN in 2009 may seek to list on the London Stock Exchange (LSE) to raise funds before a deadline to recapitalise, said Ibukun Adebayo, the LSEs head of primary markets for the Middle East and Africa. Rescued banks: Sept deadline not feasible, says Rewane - The September 30, 2011 deadline set by the CBN for rescued banks to recapitalise or get liquidated seems unlikely, the Managing Director of Financial Derivates Company Limited, Bismarck Rewane has said. Stick to core banking business, institute tells banks - Chartered Institute of Stockbrokers (CIS) has advised banks to refrain from stock market activities and face core banking business in order to achieve sustainable growth. The advice is in consonance with the directive of CBN or banks to disengage from universal banking operations. In the same vein, the market capitalization in the week appreciated by N42.76 billion (US$289.81million) to close at N8.30 trillion (US$ 56.26billion) as against appreciation of N18.07 billion (US$122.49million) recorded last week to close at N8.25 trillion (US$ 55.97billion). Market report for the week was titled: Market CAP gains N42.76billion for the week as YTD climbs to 3.43%. (https://www.proshareng.com/news/singleNe ws.php?id=13933) 18 28 The All-Share Index in the week under review gained by 0.52% to close at 25,963.50 as against an upbeat by 0.15% recorded last week to close at 25,829.75. appreciation by N2.77billion (US$18.82million) recorded on preceding session to close at N8.27trillion (US$56.07billion). Market report for the day was titled: NSE ASI hits above 3months high as value investors dominates market. (https://www.proshareng.com/news/singleNe ws.php?id=13927)
Jun 6
Rescued banks on a steep fall over CBN liquidation threat- The threat by the Central Bank of Nigeria (CBN) to liquidate rescued banks that fail to recapitalise by
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At the close of trading session, the NSE All-Share Index dipped by -0.51% to close at 25,830.53 as
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September ending has hit hard on investor confidence in the banks. SEC Commences Implementation of Margin Guidelines- The Securities and Exchange Commission (SEC) has kicked off the implementation of margin guidelines for the Nigerian stock market, with a training programme. Rescued Banks: CBN Threat on Recapitalisation Tumbles Equities- Equities of banks tumbled at the stock market last Friday as jittery investors continued to react to statements credited to the Central Bank of Nigeria (CBN) that rescued banks that fail to recapitalise by September 30, 2011 would be liquidated. against a decline by -0.12% recorded previous session to close at 25,963.50. In the same vein, market capitalization depreciated by N42.51billion (US$288.13million) to close at N8.25trillion (US$55.97billion) as against depreciation by -N10.24billion (US$69.44million) recorded on preceding session to close at N8.30trillion (US$56.26billion). Market report for the day was titled: Equity market opens the week on a bearish note as banking sector plummets.( https://www.proshareng.com/news/singleNe ws.php?id=13949) 24 25 At the close of trading session, the NSE All-Share Index dipped by -0.34% to close at 25,741.94 as against a decline by -0.51% recorded previous session to close at 25,830.53. In the same vein, market capitalization depreciated by N28.32billion (US$191.95 million) to close at N8.23trillion (US$55.78billion) as against depreciation by N42.51billion (US$288.13million) recorded on preceding session to close at N8.25trillion (US$55.97billion). Market report for the day was titled: NSE ASI drops below 6days low as Bank PHB Plc leads decliners chart. ( https://www.proshareng.com/news/singleNe ws.php?id=13958) At the close of trading session, the NSE All-Share Index gained by 0.15% to close at 25,781.65 as against a decline by -0.34% recorded previous session to close at 25,741.94. In the same vein, market capitalization appreciated by N12.69billion (US$86.04 million) to close at N8.24trillion (US$55.86billion) as against depreciation by N28.32billion (US$191.95million) recorded on preceding session to close at N8.23trillion (US$55.78billion). Market report for the
Jun 7
Capital Market: FG Hails Performance in 50 Years- President Goodluck Jonathan Monday hailed the performance of the Nigerian capital market in the last 50 years, saying it has contributed immensely to the economic development of the nation. None of the rescued banks need to be liquidated- The pronouncement by the Central Bank of Nigeria that it is considering the liquidation of any of the rescued banks that fails to recapitalize by September 2011 has created an avoidable panic for the customers of the rescued banks. Reforms: Customers groan as bank services deteriorate- Though the reforms initiated by the Central Bank of Nigeria are meant to sanitise the banking industry, customers of Deposit Money Banks have cried out against what they describe as deteriorating bank services.
Jun 8
Rescued banks: September 30 deadline sacrosanct, says CBN - Determined to make good its threat, the CBN, yesterday, said there is no going back on the September 30 deadline given to rescued banks to either recapitalise or face liquidation. Capital market: Stockbrokers call for bail-out - Operators in the Nigerian Stock Exchange have said that the lack of sufficient funds is a major factor inhibiting the growth of the nations capital market. They have, therefore, called for a bail-out by
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the Federal Government as the first step in the quest for sustainable growth. NSE DG Gets Approval to Hire 50 Experts - Strong indications have emerged that the Council of the NSE has given approval to the CEO of the Exchange, Mr. Oscar Onyema, to employ over 50 experts that would help drive its transformation agenda. Jun 9 SEC, telecoms firms intensify discussions on listing modalities - The SEC is to continue ongoing discussion with and telecommunication firms on the benefits 23 25 At the close of trading session, the NSE All-Share Index dropped by -0.09% to close at 25,759.72 as against an upbeat by 0.15% recorded previous session to close at 25,781.65. In the same vein, market capitalization depreciated by N7.01billion (US$47.52 million) to close at N8.23trillion (US$55.82billion) as against appreciation by N12.69billion (US$86.04million) recorded on preceding session to close at N8.24trillion (US$55.86billion). Market report for the day was titled: Equity Market records -0.09% marginal loss on weak bargain position. ( https://www.proshareng.com/news/singlene ws.php?id=13971) day was titled: NSE ASI retraces by 0.15% as moderate buying ends downtrend. (https://www.proshareng.com/news/singleNe ws.php?id=13964)
modalities to adopt when listing their shares on the floor of the NSE .
Fed Govt may privatise Abuja Securities, Commodities Exchange - A highpowered committee set up by the Federal Government to look at how to deepen and optimise the potential of the capital market has recommended privatisation of the Abuja Securities and Commodities Exchange (ASCE). Court vacates injunction against Bank PHBs recapitalisation - The Federal High Court sitting in Lagos on Wednesday dismissed a petition brought by five shareholders of Bank PHB Plc seeking to stop the recapitalisation process of the bank. Jun 10 Rescued banks, investors in last minute rush to tie-up deals - Prospective investors of the embattled banks and their boards are in last minute moves to save their institutions from liquidation, following the CBN insistence that their failure to recapitalise by September 30, 2011, would mean liquidation. Rescued banks still technically insolvent CBN - The eight rescued banks that failed the stress test jointly conducted by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation are still technically insolvent, the Central Bank of Nigeria has said. Delisting: Shareholders reject NBCs N47 per share compensation Shareholders of the Nigerian Bottling Company Plc have kicked against the compensation being planned for them, before the company delists its shares on the 21 33
The All-Share Index in the week under review dropped by -1.03% to close at 25,969.46 as against an upbeat by 0.52% recorded last week to close at25,963.50. In the same vein, the market capitalization in the week depreciated by N85.38 billion (US$578.65million) to close at N8.21 trillion (US$ 55.68billion) as against appreciation of N42.76 billion (US$289.81million) recorded last week to close at N8.30 trillion (US$ 56.26billion). Market report for the week was titled: Equity market records -
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NSE. 1.03% loss as sell tendency dominates the week. (https://www.proshareng.com/news/singleNe ws.php?id=13982) 18 26 At the close of trading session, the NSE All-Share Index dropped by -0.36% to close at 25,604.85 as against a decline by -0.25% recorded previous session to close at 25,696.46. In the same vein, market capitalization depreciated by N29.29billion (US$198.51 million) to close at N8.18trillion (US$55.48billion) as against depreciation by N20.22billion (US$137.08million) recorded on preceding session to close at N8.21trillion (US$55.68billion). Market report for the day was titled: NSE ASI hits 4weeks low as sell tendency continues. (https://www.proshareng.com/news/singleNe ws.php?id=13999)
Jun 13
Rescued banks insolvency: Market cap drops by N20bn - The market capitalisation of listed equities dropped by N20bn to N8.216tn on Friday, from the preceding days figure of N8.236tn, following the Central Bank of Nigerias disclosure that the banks that were rescued in the 2009 N620bn bail-out were still technically insolvent. Recapitalization: Rescued Banks Extend Olive Branch to Shareholders With exactly 109 days to the September 30 deadline for the recapitalisation of the rescued banks, the management of some of the affected banks have taken steps to appeal to some of the aggrieved shareholders to sheath their sword. Wema Bank settles for management buy-out for subsidiaries - Wema Bank Plc may have settled for management buy-out option in disposing of its subsidiaries in line with the directive by the CB). Group managing director, Segun Oloketuyi said the board would not discriminate in its exit strategy so long as it guarantees maximum returns to the shareholders.
Jun 14
SEC wants common guidelines for reforms implementation - The SEC has called for a common guide for the implementation of the reform agenda in the country to enhance development. SECs directorgeneral, Ms Arunma Oteh, in an interview with the NAN yesterday, in Abuja, said that there was the need for stakeholders collaboration in the reform agenda of government. Sanusi warns against banks ratings by agencies - The CBN Governor Sanusi Lamido Sanusi has warned against reliance on the ratings given to banks by agencies, saying they do not reflect the true health status of the banks. According to him, such ratings are financed by the banks which commission them. CBN mulls reduction in bank executives remuneration - The Governor, CBN, Mr. Lamido Sanusi, has dropped a hint that the apex bank may soon review downward the remuneration of bank executives. This, according to him, is because the current excessive remuneration that the executives get exposes their banks
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At the close of trading session, the NSE All-Share Index dropped by -0.28% to close at 25,533.68 as against a decline by -0.36% recorded previous session to close at 25,604.85 In the same vein, market capitalization depreciated by N22.75billion (US$154.21 million) to close at N8.16trillion (US$55.33billion) as against depreciation by N29.29billion (US$198.51million) recorded on preceding session to close at N8.18trillion (US$55.48billion). Market report for the day was titled: NSE ASI sustains southward trend as sentiments remain bearish. (https://www.proshareng.com/news/singleNe ws.php?id=14013)
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to excessive risk taking. Jun 15 Vitafoam acquires Vono - Vitafoam Nigeria Plc has acquired about 21.44 per cent equity stake in its major competitor and oldest foam company, Vono Products Plc. Vitafoam Nigerias investment report sourced by The Nation indicated that the company in 2010 purchased about 64.32 million ordinary shares of Vono Products Plc, representing 21.44 per cent of the 300 million total outstanding shares of Vono Nigeria. Banks recapitalisation gets relief as court cases are quashed - The coast may be getting clearer for the recapitalisation of the embattled rescued banks by the CBN as legal hurdles are being gradually dismantled by the courts in favour of the apex banks wish to see a seamless recapitalisation process, BusinessDay investigations have revealed. U.S., Indian firms, others bid for Spring Bank - From the management of Spring Bank Plc came an affirmation that the financial institutions recapitalisation process is on course. According to a statement from the bank, Spring Bank is currently engaged in advanced discussions with four strong investment contenders, including the second largest bank in India, ICICI; United States based Cloudleap Partners LCC; CARAM Capital and a couple of others. Jun 16 Bank PHB, Union Bank shareholders challenge verdicts on suits Shareholders of Bank PHB Plc and Union Bank of Nigeria (UBN) Plc have challenged court rulings on their suits against the sale of their bank and the alleged reckless spending of the management respectively. 2011 general elections cost Nigeria N470bn, 1.9% of GDP - The economic 20 24 At the close of trading session, the NSE All-Share Index dropped by -0.17% to close at 25,428.35 as against a decline by -0.28% recorded previous session to close at 25,471.59 In the same vein, market capitalization depreciated by N13.82billion (US$90.70 million) to close at 23 31 At the close of trading session, the NSE All-Share Index dropped by -0.24% to close at 25,471.59 as against a decline by -0.28% recorded previous session to close at 25,533.68 In the same vein, market capitalization depreciated by N19.85billion (US$134.55 million) to close at N8.14trillion (US$55.19billion) as against depreciation by N22.75billion (US$154.21million) recorded on preceding session to close at N8.16trillion (US$55.33billion). Market report for the day was titled: Market CAP sheds N99.13billion in five days as sell tendency dominates. (https://www.proshareng.com/news/singleNe ws.php?id=14023)
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cost of the just concluded general elections in the country is put at N470.78 billion, about 1.9 percent of the total GDP. The amount excludes the cost of campaigns and political activities, such as conventions, congresses and advertisement among others. UACs shareholders approve N1.8b for 2010 dividend - Shareholders of UAC Plc, yesterday, approved a proposal by the board of the company to pay N1.10 dividend, amounting to N1.8 billion for the year ended December 31,2010. N8.13trillion (US$55.10billion) as against depreciation by N19.85billion (US$134.55million) recorded on preceding session to close at N8.14trillion (US$55.19billion). Market report for the day was titled: Southward trend continues in Equity Market as Longman Plc leads decliners chart. (https://www.proshareng.com/news/singleNe ws.php?id=14040) 24 25 The All-Share Index in the week under review dropped by -1.51% to close at 25,309.17 as against a decline by -1.03% recorded last week to close at25,969.46. In the same vein, the market capitalization in the week depreciated by N123.83 billion (US$839.25million) to close at N8.09 trillion (US$ 54.84billion) as against depreciation of N85.38 billion (US$578.65million) recorded last week to close at N8.21 trillion (US$ 55.68billion). Market report for the week was titled: Market Value depletes by N123.83 billion despite rain of dividends in the week. (https://www.proshareng.com/news/singlene ws.php?id=14050) 16 37 At the close of trading session, the NSE All-Share Index dropped by -0.75% to close at 25,119.41 as against a decline by -0.47% recorded previous session to close at 25,309.17 In the same vein, market capitalization depreciated by N60.67billion (US$411.19 million) to close at N8.03trillion (US$55.10billion) as against depreciation by N38.10billion (US$258.26million) recorded on preceding session to close at N8.09trillion (US$54.84billion). Market report for the day was titled: NSE ASI dips below 6 weeks low
Jun 17
We are reforming banks for economic stability, says Sanusi- THE Governor of the Central Bank of Nigeria (CBN), Mr. Sanusi Lamido Sanusi, yesterday, defended the measures taken by the apex bank to remedy the weakness in the Nigerian Financial System UACN plans increased investment to boost profitability- UAC Nigeria Plc has announced plans to invest significantly in its operations and businesses in the years ahead to strengthen its revenue base and ensure improved returns for stakeholders. Investors take to cautionary approach ahead economic managers announcement- As Nigerians remain expectant over who will be the economic managers of the nation, the Nigerian capital market is not seen playing outside this lawn.
Jun 20
Shareholders Caution NSE DG Against Demutualisation- Members of the Progressive Shareholders Association of Nigeria (PSAN) have advised the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema to shelve the demutualisation of the Exchange for now and focus on how to restore investor confidence to the stock market. AMCON Set to Restructure Bank Debtors Loan- As the rescued banks continue to grapple with the September 30 recapitalisation deadline, the Assets Management Corporation of Nigeria (AMCON) has reminded bank debtors that it will commence the process of recovering debts owed the banks immediately the recapitalisation
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exercise is concluded. Shareholders group flays NSEs demand on trade alert- FOLLOWING the directive by the Nigerian Stock Exchange (NSE), compelling Adonai Net, a trade alert service provider to pay 75 per cent of its revenue to the Exchange, a shareholders group under the aegis of Progressive Shareholders Association of Nigeria (PSAN) on Friday, condemned the directive, urging NSE to refrain from moves to hijack the trade alert system. Jun 21 Central Bank of Nigeria moves to curb currency speculation- The Central Bank of Nigeria (CBN) yesterday made effort to stabilise the naira at the foreign exchange market, supplying $400 million to meet increased demand for dollars CBN to license first Islamic bank To float Islamic bonds-The nations quest of becoming the hub of Islamic banking in West Africa received a boost on Monday, as the Central Bank of Nigeria (CBN) and other relevant agencies concluded plans to issue the first first licence within the next 18 months. CBN to Float Sukuk Bond by December 2012- Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, Monday disclosed plans by the apex bank to sell its first sukuk within 18 months 20 33 to enter full bearish mode. (https://www.proshareng.com/news/singleNe ws.php?id=14064)
At the close of trading session, the NSE All-Share Index dropped by -0.91% to close at 24,889.74 as against a decline by -0.75% recorded previous session to close at 25,119.41 In the same vein, market capitalization depreciated by N73.44billion (US$497.69 million) to close at N7.95trillion (US$53.93billion) as against depreciation by N60.67billion (US$411.19million) recorded on preceding session to close at N8.03trillion (US$55.10billion). Market report for the day was titled: Equity Market bleeds 229.67 basis points as ASI dips below 25,000 psychological lines. (https://www.proshareng.com/news/singleNe ws.php?id=14069) At the close of trading session, the NSE All-Share Index gained by 0.69% to close at 25,062.69 as against a decline by -0.91% recorded in the previous session to close at 25,889.74 In the same vein, market capitalization appreciated by N55.30billion (US$374.79 million) to close at N8.01trillion (US$54.31billion) as against depreciation by N73.44billion (US$497.69million) recorded on preceding session to close at N7.95trillion (US$53.93billion). Market report for the day was titled: Equity Market regains its breadth as sell pressure wanes. ( https://www.proshareng.com/news/singleNe ws.php?id=14084)
Jun 22
Oteh, in London, canvasses right politics to grow debt capital market - The Nigerian debt market, and indeed, the entire market in Africa, needs the right
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politics to develop and grow, a gathering of international investors and debt capital market operators, including Arunma Oteh, director-general of the SEC, said in London yesterday. AMCON: SEC Verifies Margin Loans of Brokers - The SEC is making moves to verify the state of indebtedness of stockbroking firms to banks through margin loans as part of the efforts to improve the liquidity in the stock market. Bond market thriving despite lull Brokers - Experts have said that the bond market is vibrant despite the persistent lull in the equities market. Some
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stockbrokers, who spoke to our correspondent on Tuesday, said that the Over-TheCounter market was stable, adding that investors were beginning to take advantage of the opportunities in the bond market. Jun 23 CBN reviews criteria for management appointments in financial institutions - The CBN has issued a new set of assessment criteria guiding employment of top management officials by banks, discount houses and other financial institutions. CBN Fixes N10bn Capital for Islamic Banks - Despite the controversy surrounding the move by the CBN to introduce Islamic banking into the Nigerian banking system, the apex bank Wednesday announced a capital base requirement of N10 billion for any Islamic bank applying for licence to operate nationwide. Non-interest banking to expand patronage CBN - The CBN has defended its introduction of non-interest banking, saying it is not for religious reasons, but to increase the number of adult population that uses banking services. 35 18 At the close of trading session, the NSE All-Share Index gained by 0.49% to close at 25,185.27 as against an upbeat by 0.69% recorded in the previous session to close at 25,062.69 In the same vein, market capitalization appreciated by N39.19billion (US$265.62 million) to close at N8.05trillion (US$54.57billion) as against appreciation by N55.30billion (US$374.79million) recorded on preceding session to close at N8.01trillion (US$54.31billion). Market report for the day was titled: Equity Market appreciates by 0.49% as rescued banks dominate gainers chart. (https://www.proshareng.com/news/singleNe ws.php?id=14090) The All-Share Index in the week under review dropped by -0.15% to close at 25,271.61 as against a decline by -1.51% recorded last week to close at25,309.17. In the same vein, the market capitalization in the week depreciated by N12.00 billion (US$81.39million) to close at N8.08 trillion (US$ 54.72billion) as against depreciation of N123.83 billion (US$839.25million) recorded last week to close at N8.09 trillion (US$ 54.84billion). Market report for the week was titled: Equity Market records -0.15% loss for the week as Afribank Plc declares -311.78% loss. (https://www.proshareng.com/news/singleNe ws.php?id=14101)
Jun 24
Union Bank to raise over N280b before deadline - Union Bank of Nigeria would require additional injection of about N280 billion to break even as a fully recapitalised bank. Speaking in Lagos yesterday on the effort to put the 94-year old financial institution on sound footing, the group managing director, Funke Osibodu, said the bank had conducted due diligence on the new core investor and was satisfied that the bank would meet the September 30 deadline set by the Central CBN for rescued banks. CBN Parleys Jonathan to Unlock Agric Financing - As part of efforts to drive its Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) aimed at reviving lending to the Nigerian agricultural sector, the CBN has concluded plans to organise a two day conference. Again, court grants Atuche bail for N50m - For the second time in less than a month, the Lagos High Court in Ikeja on Thursday granted bail to former Managing Director and Chief Executive Officer, Bank PHB Plc, Mr. Francis Atuche.
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Jun 27 NNPCs listing on NSE to await PIBs passage, says SEC - The listing of the NNPC may not be actualised until the passage of the Petroleum Industry Bill (PIB), the DG of the SEC, Ms Arunma Oteh, has said. The PIB has been awaiting the National Assemblys endorsement in the last two years. Court okays sale of FinBank to FCMB - A Federal High Court in Lagos, on Friday, has approved the planned sale of FinBank Nigeria Plc to First City Monument Bank (FCMB). This followed the dismissal of the suit filed by the former MD/CEO of Finbank, Okey Nwosu, challenging the ownership switch agenda. Banks not complying with 1% loan loss provisioning Investigation - There are indications that some Deposit Money Banks in the country may be penalised by the Nigerian Accounting Standards Board and the Central Bank of Nigeria for failing to make general loan loss provisions of at least one per cent in their financial accounts. Jun 28 CBNs agriculture boosting plan to ease access to loan - The Central Bank of Nigeria (CBN) has finished designing a new scheme which, hopefully, will de-risk and consequently expand bank lending to the agricultural sector from the current two percent to at least 10 percent within the next five years. Flour Mills restructures subsidiary to increase shareholders value - As part Flour Mills efforts to improve operational efficiency through optimal utilisation of resources and increase in shareholders value, the company has begun an internal restructuring of one of its subsidiaries, Golden Pasta Company Limited (GPC). NAHCO explains bid for power business - THE Nigerian Aviation Handling Company Plc (NAHCo) has explained that its plans to divest into power sector was part of the companys strategies to boost its revenue base. This explanation was made by the companys Chairman, Major-General Ike Nwanchukwu (rtd), in Abuja, on Thursday, during NAHCOs yearly general meeting. Jun 29 Banks subsidiaries: Local insurers barred from acquisition deals - As Deposit Money Banks in Nigeria move to divest from non-banking financial institutions in compliance with the Central Bank of Nigerias directive, there are indications that the National Insurance Commission has barred local insurers from acquiring bank-owned insurance companies. 27 26 25 27 20 35 At the close of trading session, the NSE All-Share Index dropped by -0.40% to close at 25,170.63 as against an upbeat by 0.34% recorded in the previous session to close at 25,271.61 In the same vein, market capitalization depreciated by N32.28billion (US$218.81 million) to close at N8.04trillion (US$54.54billion) as against appreciation by N27.60billion (US$187.08million) recorded on preceding session to close at N8.08trillion (US$54.76billion). Market report for the day was titled: NSE ASI pulls back by -0.40% as sell tendency resumes. (https://www.proshareng.com/news/singleNe ws.php?id=14113)
At the close of trading session, the NSE All-Share Index dropped by -0.58% to close at 25,023.84 as against a decline by -0.40% recorded in the previous session to close at 25,170.63 In the same vein, market capitalization depreciated by N46.93billion (US$318.07 million) to close at N8.00trillion (US$54.22billion) as against depreciation by N32.28billion (US$218.81million) recorded on preceding session to close at N8.04trillion (US$54.54billion). Market report for the day was titled: ASI dips by -0.58% as equity market continues southward trend. ( https://www.proshareng.com/news/singleNe ws.php?id=14124)
At the close of trading session, the NSE All-Share Index dropped by -0.40% to close at 24,923.64 as against a decline by -0.58% recorded in the previous session to close at 25,023.84 In the same vein, market capitalization depreciated by N32.03billion (US$217.14 million) to close at
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CBN, BoI, NAFDAC, float N200b fund for pharmaceutical sector - Financial lifeline expected to lift the fortunes of local pharmaceutical manufacturing industry in Nigeria is in the offing, as the NAFDAC, CBN and the Bank of Industry (BoI), have developed a plan for a N200 billion Pharmaceutical Intervention Fund (PIF). Planned sale of Intercontinental Bank: Akingbola heads for Appeal Court An appeal has been lodged at the Court of Appeal, Lagos Division, by the former Managing Director of Intercontinental Bank Plc, Dr Erastus Akingbola, against the ruling of a Federal High Court in Lagos which dismissed his suit challenging the planned sale of Intercontinental Bank to Access Bank. Jun 30 AMCON to unfold new debt recovery strategy - The AMCON has said that it will release a new debt recovery strategy to guide its operations. The Managing Director, AMCON, Mr. Mustafa Chike-Obi, said this at the 12th Annual General Meeting of the International Chamber of Commerce Nigeria, on Wednesday, in Lagos. CBN set to ease brokers plight on margin loans - The CBN has said that it is planning to ease the plight of stockbrokers, who were affected by margin loans. The Deputy Governor, Financial System Stability, CBN, Dr. Kingsley Moghalu, disclosed this during a seminar on, Systemic Risk and Financial Stability: An Emerging Economy Reform Agenda, in Lagos on Wednesday. Managing Directors must go through Academy SEC DG - As part of its commitment to enhancing corporate governance, the SEC has said that it would be mandatory for Managing Directors of quoted companies in the country to undergo training at Directors Academy to be established soon. Speaking at a workshop on the overview of 2011 SEC code of corporate governance in Lagos, Director General of the Commission, Ms Aruma Oteh, said, Plans are in place to set up Academy for directors of quoted companies. 20 33 N7.96trillion (US$54.00billion) as against depreciation by N46.93billion (US$318.07million) recorded on preceding session to close at N8.00trillion (US$54.22billion). Market report for the day was titled: NSE ASI settles below 25,000 psychological lines on low enthusiasm. (https://www.proshareng.com/news/singleNe ws.php?id=14130)
At the close of trading session, the NSE All-Share Index gained by 0.23% to close at 24,980.20 as against a decline by -0.40% recorded in the previous session to close at 24,923.64 In the same vein, market capitalization appreciated by N18.08billion (US$122.56 million) to close at N7.98trillion (US$54.13billion) as against depreciation by N32.03billion (US$217.14million) recorded on preceding session to close at N7.96trillion (US$54.00billion). Market report for the day was titled: NSE ASI turns green as NCR Nig Plc rewards investors with N3.00 dividend.( https://www.proshareng.com/news/singleNe ws.php?id=14135)
Jul 1
Recapitalisation: Three core investors eye Oceanic Bank - With less than 60 days to the end of the recapitalisation deadline given by the CBN to the eight Deposit Money Banks that have yet to announce their recapitalisation plans, Oceanic Bank International Plc has said that there are three core investors that are
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currently interested in the bank. We are open to discussion on withdrawal limit CBN - The Deputy Governor, Economic Policy, CBN, Dr. Sarah Alade, has said that the apex bank is open to dialogue to see if there is the need for amendment to its cash withdrawal limit policy.CBN had in May this year said there would be limits of N150,000 and N1m on cash withdrawal and deposit for individuals and corporate bodies respectively. Institutional buying boosts traded volume - The market capitalisation of equities at the NSE rebounded on Thursday following institutional buying witnessed in some non-banks shares; ending three trading days of negative trend. Jul 4 NSE suspends Transcorp, 47 others over non rendition of returns- The Nigerian Stock Exchange (NSE) has moved to strictly enforce its listing rules as it placed 48 companies on suspension on Friday for failing to submit their full year financial results six months after the end of the 2010 financial year Oceanic Bank to announce core investors in three weeks- Oceanic Bank International Plc will in the next three weeks officially announce the potential investors who have shown interest in the bank. Flour Mills to increase share capital to N2bn- Flour Mills of Nigeria Plc is set to increase its authorised share capital from the current N1bn to N2bn. 17 36 At the close of trading session, the NSE All-Share Index dropped by -0.65% to close at 24,536.96 as against a decline by -1.13% recorded in the previous session to close at 24,696.83 In the same vein, market capitalization depreciated by N51.11billion (US346.40 million) to close at N7.84trillion (US$53.17billion) as against depreciation by N90.60billion (US$614.04million) recorded on preceding session to close at N7.89trillion (US$53.51billion).Market report for the day was titled: NSE ASI dips by -0.65% as Honeywell Flour Mills Plc rewards investors with N0.13k dividend(https://www.proshareng.com/news/ singleNews.php?id=14159) At the close of trading session, the NSE All-Share Index dropped by -0.29% to close at 24,465.52 as against a decline by -0.65% recorded in the previous session to close at 24,536.96 In the same vein, market capitalization depreciated by N22.84billion (US154.81 million) to close at N7.82trillion (US$53.01billion) as against depreciation by N51.11billion (US$346.40million) week depreciated by N183.77 billion (US$1.24million) to close at N7.89 trillion (US$ 53.51billion) as against depreciation of N12.00 billion (US$81.39million) recorded last week to close at N8.08 trillion (US$ 54.72billion). Market report for the week was titled: Capital Market dips by 2.27% as Oando Plc leads decliners chart for the week.( https://www.proshareng.com/news/singleNe ws.php?id=14146)
Jul 5
Court jails Skye Bank MD - Federal High Court in Lagos yesterday sentenced the Group Managing Director of Skye Bank Plc, Mr. Kehinde Durosinmi-Etti to prison for disobeying a valid court order. The presiding judge, Justice Charles Archibong who handed down the sentence held that the bank MD should be kept in detention till he purges himself of contempt.
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CBN not establishing Islamic bank Sanusi - The Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, has said that the apex bank is not promoting or establishing an Islamic bank in the country, contrary to speculations in some quarters. Funds chase bonds as stocks hit 3-month low - Nigerian stocks languished at a three-month low on Monday, erasing all year-to-date gains as confidence in the countrys equity market remained sluggish and funds switched focus to bonds. Jul 6 Shareholders seek NSE councils sack - Members of the Independent Shareholders Association of Nigeria (ISAN) have petitioned President Goodluck Jonathan, seeking the immediate dissolution of the council of NSE. Policy shift on troubled banks: FG considers nationalisation - Nigeria may nationalize banks that dont meet a September 30 deadline to increase their equity, rather than forcing them to liquidate, the Central Bank of Nigerias deputy governor Kingsley Moghalu said. Naira slumps against dollar on supply shortage - The naira weakened against the dollar at the interbank market yesterday after the CBN failed to meet all the demands at its bi-weekly Wholesale Dutch Auction System (WDAS), traders said. 10 31 At the close of trading session, the NSE All-Share Index dropped by -0.85% to close at 24,256.97 as against a decline by -0.29% recorded in the previous session to close at 24,465.52 In the same vein, market capitalization depreciated by N66.67billion (US451.91 million) to close at N7.75trillion (US$52.56billion) as against depreciation by N22.84billion (US$154.81million) recorded on preceding session to close at N7.82trillion (US$53.01billion). Market report for the day was titled: Market CAP sheds N324.40billion in 8 days as ETI Plc rewards investors with 0.4cent dividend(https://www.proshareng.com/news/ singleNews.php?id=14183) At the close of trading session, the NSE All-Share Index inches up by +0.38% to close at 24,350.18 as against a decline by -0.85% recorded in the previous session to close at 24,256.97 In the same vein, market capitalization appreciated by N29.80billion (US201.98 million) to close at N7.78trillion (US$52.76billion) as against depreciation by N66.67billion (US$451.91million) recorded on preceding session to close at N7.75trillion (US$52.56billion). Market report for the day was titled: ASI retraces by +0.38% on recorded on preceding session to close at N7.84trillion (US$53.17billion). Market report for the day was titled: All Share Index continues southwards trend as Julius Berger Plc leads losers chart. (https://www.proshareng.com/news/singleNe ws.php?id=14168)
Jul 7
Okonjo-Iweala pledges tighter fiscal policy, supports Islamic banking Ngozi Okonjo-Iweala, World Bank Managing Director, laid out her vision for the Nigerian economy on Wednesday, pledging she would create jobs and ensure the country lives within its means if approved as a cabinet minister. Ex-Finbank MD, others lose bid to stay proceedings - A Lagos High Court in Ikeja on Wednesday struck out separate applications for stay of further proceedings filed by former Managing Director and Chief Executive Officer of Finbank Plc, Mr. Okey Nwosu, and three former executive directors of the bank. Infrastructure financing not business of commercial banks, says Sanusi -
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The Governor of CBN, Malam Sanusi Lamido Sanusi, has affirmed that commercial banks have no business funding infrastructure development in the country. renewed value investing, Flour Mills Plc rewards with N2.00(https://www.proshareng.com/news/sin gleNews.php?id=14190) 17 25 The All-Share Index in the week under review dropped by -1.57% to close at 24,310.03 as against a decline by -2.27% recorded last week to close at24,696.83. In the same vein, the market capitalization in the week depreciated by N123.66 billion (US$838.13million) to close at N7.77 trillion (US$ 52.67billion) as against depreciation of N183.77 billion (US$1.24million) recorded last week to close at N7.89 trillion (US$ 53.51billion). Market report for the week was titled: All-Share Index drops 1.57% for the week with YTD standings at 3.16%(https://www.proshareng.com/news/si ngleNews.php?id=14199) 14 26 At the close of trading session, the NSE All-Share Index dropped by -0.53% to close at 24,181.57 as against a decline by -0.16% recorded in the previous session to close at 24,310.03 In the same vein, market capitalization depreciated by N41.07billion (US$278.37 million) to close at N7.73trillion (US$52.40billion) as against depreciation by N12.83 billion (US$87.00million) recorded on preceding session to close at N7.77trillion (US$52.67billion). Market report for the day was titled: NSE YTD stands at -3.67%, Intercontinental Bank Plc leads gainers chart(https://www.proshareng.com/news/sin gleNews.php?id=14204)
Jul 8
CBN disburses N185bn intervention fund to banks - The CBN has disbursed N185.172 billion intervention fund for the manufacturing sector to the Bank of Industry, BOI, for onward payment to participating banks. Anyaoku seeks diversification of Nigerias economy - A former SecretaryGeneral of the Commonwealth, Chief Emeka Anyaoku, has called for the urgent diversification of the Nigerian economy. IFRS: NASB Counsels CBN on Banks Reporting Format- The Nigerian Accounting Standard Board (NASB) has advised the Central Bank of Nigeria (CBN) to restructure banks financial statement reporting format so as to ensure that it aligns properly with the proposed International Financial Reporting Standard (IFRS).
Jul 11
NSE Employs Chief of Staff from JP Morgan Chase- Barely one month after THISDAY exclusively reported that the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, had received approval from the Exchange Council to employ the services of experts, the employment has begun. Intervene in stock market now, stockbrokers urge govt- OPERATORS in the nations capital market have called on the Federal Government to, as a matter of urgency, intervene in the stock market and ease the liquidity crunch that has gripped the market since after the global recession by providing fresh fund to mop up excess shares and save the market from total collapse. CBN banking reform to engender stability in financial system, says Olugbemi- CHARTERED Institute of Bankers of Nigeria (CIBN) Lagos Branch has affirmed that the various reforms put in place by the Central Bank of Nigeria (CBN) would enhance stability in the nations financial system.
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Jul 12 Afribank, Vine Capital deal collapses- There are strong indications that the much publicised acquisition of Afribank by the private equity capital firm, Vine Capital Partners (VCP) may have collapsed, Business Day investigations have revealed. A second tier bank, Fidelity is said to look good for the acquisition of one of the oldest financial institutions in the country. GTBank, Zenith, 3 others set to roll out NIBSSs instant payment- Six banks are set to roll out Nigeria Inter-Bank Settlement System Plc (NIBSS) s Instant payment service, an account-number-based, online real time inter-bank funds transfer service, that will enable banks and other e-payment solution providers to provide faster and more convenient real-time payment services to their customers. NSE Explains Role of Chief of Staff- The Nigerian Stock Exchange (NSE) said Monday that its newly appointed Chief of Staff, Mr. Bola Adeeko, would provide support for the Chief Executive Officer, Mr. Oscar Onyema, in driving the transformation agenda of the Exchange. Jul 13 SEC goes ahead with NSE demutualization: The SEC in Lagos Tuesday said, given the outcome of demutualization around the globe, it believed demutualization was critical for the growth of the Nigerian capital market. Union Bank Seals Deal with Core Investor: Shares in Union Bank of Nigeria Plc rose by 0.44 per cent to close at N2.30 per at the NSE Tuesday as the bank signed a Transaction Implementation Agreement with its potential core investorAfrican Capital Alliance Consortium in furtherance to the Memorandum of Agreement signed in March this year. SEC boss asks public office holders to fix the economy: Public office holders have been charged to make the transformation of the Nigerian economy their priority Jul 14 Banks lobby CBN to extend recapitalisation deadline - With less than 79 days to the recapitalisation deadline given to the eight Deposit Money Banks rescued by the Central Bank of Nigeria in 2009, the banks have commenced intensive lobby of the apex bank to extend the deadline. Sanusi asks govt to protect local firms, says no free trade anywhere Governor of the CBN, Sanusi Lamido Sanusi, has advised the FG to protect her local 13 30 17 21 15 25 At the close of trading session, the NSE All-Share Index dips by -0.92% to close at 23,959.70 as against a decline by -0.53% recorded in the previous session to close at 24, 181.57. In the same vein, market capitalization depreciated by N70.94billion (US480.79 million) to close at N7.66trillion (US$51.91billion) as against depreciation by N41.07billion (US$278.37million) recorded on preceding session to close at N7.73trillion (US$52.40billion). Market report for the day was titled: NSE ASI hits below nine months support, records -0.92% loss(https://www.proshareng.com/news/singl eNews.php?id=14209)
At the close of trading session, the NSE All-Share Index dips by -0.40% to close at 23,863.07 as against a decline by -0.92% recorded in the previous session to close at 23, 959.70. In the same vein, market capitalization depreciated by N30.89billion (US209.39 million) to close at N7.62trillion (US$51.71billion) as against depreciation by N70.94billion (US$480.79million) recorded on preceding session to close at N7.66trillion (US$51.91billion). Market report for the day was titled: Equity market dips by -0.40% with CAP Plc leading losers chart.( https://www.proshareng.com/news/singleNe ws.php?id=14216) At the close of trading session, the NSE All-Share Index dips by -0.62% to close at 23,715.42 as against a decline by -0.40% recorded in the previous session to close at 23, 863.07. In the same vein, market capitalization depreciated by N47.20billion (US319.94 million) to close at N7.58trillion (US$51.39billion) as against
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and infant industries, saying there was no free trade anywhere in the world. Acquisition of rescued banks revs up as FCMB signs Implementation Agreement with FinBank soon - FCMB was believed last night to be putting finishing touches to its bid to acquire FinBank; a development analysts say has revved up the momentum of M&A deals. depreciation by N30.89billion (US$209.39million) recorded on preceding session to close at N7.62trillion (US$51.71billion). Market report for the day was titled: Equity market sustains the slope by -0.62% on continued selling(https://www.proshareng.com/news/si ngleNews.php?id=14220) 24 Market makers: NSE to consider top stockbroking firms - The Nigerian Stock Exchange has said that it will consider some top performing stockbroking firms for the position of market makers. Union Bank Moves to Adopt IFRS - Union Bank of Nigeria Plc said it has taken steps towards implementing the IFRS in its operations, ahead of the 2012 deadline set by the CBN Group lists policy inconsistency as challenge to market recovery - Policy inconsistency by the regulators of the nations capital market have been identified as the major factor affecting stock market recovery. In the same vein, the market capitalization in the week depreciated by N152.80 billion (US$1.03 billion) to close at N7.62 trillion (US$ 51.64billion) as against depreciation of N123.66 billion (US$838.13million) recorded last week to close at N7.77 trillion (US$ 52.67billion). Market report for the day was titled: YTD slips further to close at 5.06% for the week as sentiments remain unchanged.( https://www.proshareng.com/news/singleNe ws.php?id=14234) 19 29 At the close of trading session, the NSE All-Share Index dips by -0.50% to close at 23,711.90 as against an upbeat by +0.49% recorded in the previous session to close at 23, 832.14. In the same vein, market capitalization depreciated by N38.44billion (US260.55 million) to close at N7.58trillion (US$51.38billion) as against appreciation by N37.31billion (US$252.92million) recorded on preceding session to close at N7.62trillion (US$51.71billion). Market report for the day was titled: NSE ASI dips by -0.50% as Zenith Bank Plc grows PAT by +43.97% in Q2(https://www.proshareng.com/news/single 25 The All-Share Index in the week under review dropped by -1.97% to close at 23,832.14 as against a decline by -1.57% recorded last week to close at24,310.03.
Jul 15
Jul 18
AMCON chief forecloses rescued banks liquidation - The CEO of AMCON, Mustafa Chike-Obi, has foreclosed the liquidation of the eight rescued banks. Recapitalisation deadline: Banks continue to shun inter-bank market Some Deposit Money Banks have continued to shun the inter-bank market as they refused to place funds in the market. Merger: FinBank, FCMB sign implementation agreement - FinBank Plc, one of the rescued banks, has signed a Transaction Implementation Agreement with First City Monument Bank Plc for a business combination of both financial institutions.
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News.php?id=14246) Jul 19 Why we cancelled Afribank, Vine Capital acquisition deal CBN - The need to adhere to corporate governance, lack of track records and managerial competence among other factors, were responsible for the cancellation of the acquisition of Afribank by Vine Capital Partners, (VCP) a private equity capital firm, CBN said yesterday. CBN extends inter-bank guarantee for Union Bank, Intercontinental, FinBank - The CBN, on Monday, announced the extension of inter-bank guarantee for Intercontinental Bank Plc, Union Bank of Nigeria Plc and FinBank Plc, till December 31, 2011. UBA restructures, appoints Oduoza GMD of holding company - The United Bank for Africa Plc has announced plans to reorganise its operations following the approval granted it by the Central Bank of Nigeria to operate as a holding company. Jul 20 SEC partners U.S., filmmakers on investors education - The SEC has renewed the ongoing investors education across the country in collaboration with the USA. Govt to float Diaspora Fund in September, says Aganga - The FG has unfolded plans to float a Diaspora Fund as part of strategies aimed at unlocking available capital for investment in critical sectors of the economy. N2tr pension cash for infrastructure funding, says Sanusi - The CBN has said the N2 trillion ($13 billion) pension funds held by commercial banks should be channelled towards financing infrastructure projects to boost economic activities. 25 14 15 31 At the close of trading session, the NSE All-Share Index dips by -0.67% to close at 23,552.84 as against an upbeat by -0.50% recorded in the previous session to close at 23, 711.90. In the same vein, market capitalization depreciated by N50.85billion (US344.68 million) to close at N7.53trillion (US$51.03billion) as against appreciation by N38.44billion (US$260.55million) recorded on preceding session to close at N7.58trillion (US$51.38billion).Market report for the day was titled: Market CAP sheds N291.81billion in 10days on low bargain position.( https://www.proshareng.com/news/singlene ws.php?id=14255)
At the close of trading session, the NSE All-Share Index inches up by +0.66% to close at 23,707.47 as against an upbeat by -0.67% recorded in the previous session to close at 23, 552.84. In the same vein, market capitalization appreciated by N49.44billion (US335.08 million) to close at N7.58trillion (US$51.37billion) as against depreciation by N50.85billion (US$344.68million) recorded on preceding session to close at N7.53trillion (US$51.03billion). Market report for the day was titled: All Share Index turned green as UBA grows profit by 67.42%.(https://www.proshareng.com/news/ singlenews.php?id=14266) At the close of trading session, the NSE All-Share Index inches up by +0.34% to close at 23,787.31 as against an upbeat by +0.66% recorded in the previous session to close at 23, 707.47. In the same vein, market capitalization appreciated by N25.52billion (US173.01 million) to close at
Jul 21
NAICOM rolls out status report on insurance financial returns- A TOTAL of 42 out of 61 licensed Insurance/Reinsurance companies submitted their annual accounts to the National Insurance Commission (NAICOM) for approval as at June 30, 2011. CBN announces currency sorting incentives for banks- The Central Bank of
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Nigeria (CBN) has announced incentives aimed at encouraging banks to patronise the currency sorting services of licensed cash management service providers. Banks to withdraw services from firms without tax identification- Nigerian banks have given strong indication that they will enforce the Central Bank of Nigerias (CBN) directive which requires that their corporate customers meet up with the provision of Tax Identification Number (TIN) as a precondition for continued banking relationship. Jul 22 GTBank Set to Divest from GT Assurance- Guaranty Trust Bank Plc (GTBank) has said it had concluded arrangements to divest from GT Assurance Plc (GTAssure), its insurance subsidiary. NSE cautions firms against violation of post listing requirement- THE Nigerian Stock Exchange (NSE) has identified zero tolerance to violation of post listing requirement as part of its strategies to encourage rapid growth and development of the market. Global Emerging Markets set to acquire Spring Bank- Global Emerging Markets (GEM) Capital, a $3.5 billion alternative investment group that manages a diverse set of investment vehicles focused on emerging markets across the world, may emerge the preferred bidder for Nigerias Spring Bank, Business Day investigations have revealed. 36 6 N7.60trillion (US$51.54billion) as against appreciation by N49.44billion (US$335.08million) recorded on preceding session to close at N7.58trillion (US$51.37billion). Market report for the day was titled: Equity Market rides on improved Naira Votes to gain +0.34%.(https://www.proshareng.com/news/ singlenews.php?id=14279) The All-Share Index in the week under review inches up by +0.39% to close at 23,925.72 as against a decline by -1.97% recorded last week to close at23,832.14. In the same vein, the market capitalization in the week appreciated by N29.92 billion (US$202.79 million) to close at N7.64 trillion (US$ 51.84billion) as against depreciation of N152.80 billion (US$1.03billion) recorded last week to close at N7.62 trillion (US$ 51.64billion). Market report for the week was titled: NSE ASI records +0.39% gain for the week on three days rally.( https://www.proshareng.com/news/singlene ws.php?id=14288) 35 19 At the close of trading session, the NSE All-Share Index inches up by +0.51% to close at 24,046.65 as against an upbeat by +0.58% recorded in the previous session to close at 23, 925.72. In the same vein, market capitalization appreciated by N38.66billion (US262.04 million) to close at N7.68trillion (US$52.10billion) as against appreciation by N44.25billion (US$299.93million) recorded on preceding session to close at N7.64trillion (US$51.84billion). Market report for the day was titled: NSE ASI consolidates by +0.51% gain as FCMB Plc grows PAT by 91.6% in Q2(https://www.proshareng.com/news/single
Jul 25
Analysts recommend 50bps raise in MPR as MPC meets - As the Monetary Policy Committee (MPC) of the CBN meeting starts today in Abuja, analysts have recommended an increase of the Monetary Policy Rate (MPR) by 50 basis points to 8.50 percent to rein in excess liquidity in the system. NBC gets shareholders approval to delist - Shareholders of Nigerian Bottling Company Plc have given the nod to the management of the company to delist its shares from the Nigerian Stock Exchange. The shareholders, at a court-ordered meeting in Lagos on Friday, also agreed to the N47.71 per share pay-off recommended by the companys Board of Directors. GTBank vs. Access Bank, Otedola, others: Court puts actions on hold Hearing in two out of the three cases involving Access Bank, Guaranty Trust Bank
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(GTBank) and the chairman of Zenon Petroleum and Gas Limited, Mr Femi Otedola, over two separate loans estimated at N40 billion, at a Federal High Court in Lagos may have been stalled, owing to the decision of Justice Okechukwu Okeke to stay all actions on the matters. Jul 26 10 banks hold 77 percent of banking deposits - Nigerias top 10 banks which include three of the rescued banks, control 77 percent of the total deposits of the banking industry (as at the close of 2010) data obtained by Business Day has shown. Recapitalisation: SEC Awaits Rescued Banks Agreement - The SEC said Monday that it was still awaiting the pre-merger notice of two, out of the three rescued banks that have since signed their Transaction Implementation Agreements (TIA). 10 banks hold 77 percent of banking deposits - Nigerias top 10 banks which include three of the rescued banks, control 77 percent of the total deposits of the banking industry (as at the close of 2010) data obtained by Business Day has shown. Jul 27 NSE Moves to Discourage Delisting of Firms- The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has said the Exchange was putting necessary machinery in place to check the frequent delisting of companies. Experts Project 7.5% Growth in NSE Index- Despite the unimpressive performance of the Nigerian equities market in the first half of this year, experts in the financial service sector have projected that the NSE ASI forecast would grow by 7.5 per cent in the second half (H2 2011), closing at 26,628.31. CBN surprises analysts with higher rate raise- The Central Bank of Nigeria (CBN) on Tuesday raised the bench mark interest rate Monetary Policy Rate (MPR) by 75 basis points from 8.0 to 8.75 percent. 17 33 26 24 news.php?id=14306)
At the close of trading session, the NSE All-Share Index inches up marginally by +0.05% to close at 24,057.90 as against an upbeat by +0.51% recorded in the previous session to close at 24, 046.65. In the same vein, market capitalization appreciated by N3.59billion (US24.38million) to close at N7.69trillion (US$52.13billion) as against appreciation by N38.66billion (US$262.04million) recorded on preceding session to close at N7.68trillion (US$52.10billion). Market report for the day was titled: ASI closes weak by +0.05% gain as First Bank Plc records 23.3% PAT growth(https://www.proshareng.com/news/si nglenews.php?id=14314) At the close of trading session, the NSE All-Share Index dips by -0.19% to close at 24,011.99 as against an upbeat by +0.05% recorded in the previous session to close at 24,057.90. In the same vein, market capitalization depreciated by N11.35billion (US76.98million) to close at N7.68trillion (US$52.05billion) as against appreciation by N3.59billion (US$24.38million) recorded on preceding session to close at N7.69trillion (US$52.13billion). Market report for the day was titled: Profit-taking ends five days rally as Sovereign Trust Insurance Plc rewards with 0.03 kobo.( https://www.proshareng.com/news/singlene ws.php?id=14329) At the close of trading session, the NSE All-Share Index dips by -0.44% to close at 23,906.97 as against a decline by -0.19% recorded in the previous session to close at 24,011.99. In the same vein,
Jul 28
FirstBank to issue N75bn Eurobond - First Bank will refinance N75 billion in maturing debt obligations before the close of this year, through a $500 million Eurobond issue, the banks chief finance officer (CFO) told Reuters on Wednesday.
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Reforms: Banks move to sell insurance subsidiaries - As the era of universal banking comes to an end, 10 out of the 14 bank-owned insurance companies may be sold outright, while four others, may operate as group holdings. Increase in MPR will lift foreign reserves Sanusi - The Governor, CBN, Mr. Lamido Sanusi, has said the increase in the benchmark interest rate to 8.75 per cent is aimed at attracting more capital into the country and lifting foreign currency reserves. market capitalization depreciated by N33.59billion (US227.66million) to close at N7.64trillion (US$51.82billion) as against depreciation by N11.35billion (US$76.98million) recorded on preceding session to close at N7.68trillion (US$52.05billion).Market report for the day was titled: Profit-taking continues as PZ Plc rewards with 0.86kobo and 1 for 4 bonus.( https://proshareng.com/news/singlenews.php ?id=14343) 15 32 The All-Share Index in the week under review dips by -0.41% to close at 23,826.99 as against a decline by +0.39% recorded last week to close at23,925.72. In the same vein, the market capitalization in the week depreciated by N28.27 billion (US$191.61 million) to close at N7.62 trillion (US$ 51.65billion) as against appreciation of N29.92 billion (US$202.79million) recorded last week to close at N7.64 trillion (US$ 51.84billion).Market report for the week was titled: NSE ASI dips by -0.41% for the week on speculative trading. (https://proshareng.com/news/14361)
Jul 29
First Bank to acquire three African banks - First Bank of Nigeria Plc plans to acquire banks in three African countries before the end of next year, its Chief Financial Officer, Mr. Bayo Adelabu, has said. Adelabu told Bloomberg in an interview on Thursday in Lagos, We are about to close the deal on one of the target banks; we will buy the majority or total stakes in medium-sized banks in the chosen countries. NSE to partner NCC, FIRS, others on tax incentives - AS part of strategies to woo firms in the telecommunications and petroleum sector, the NSE, yesterday, advised relevant agencies to consider granting an attractive tax incentive. FG woos investors, eyes $450m revenue from new satellites - With the relaunch of the Nigeria Communication Satellite NIGCOMSAT-1R scheduled for December 2011, over $450 million spent annually for the purchase of and importation of bandwidth from Europe and America to facilitate internet access, telephony and broadcasting would be retained and used for economic development.
Aug 1
Recapitalisation: Oceanic Bank Signs TIA with Ecobank- With exactly 61 days to the September 30 recapitalisation deadline for the rescued banks, Oceanic Bank International Plc Sunday said it has signed a Transaction Implementation Agreement (TIA), with Ecobank Transnational Incorporated (ETI). FinBank rolls out expansion, equipment acquisition product- FINBANK Plc has rolled out a new school expansion/refurbishment product, which caters for approved schools desire to meet the growing standards expected of todays
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At the close of trading session, the NSE All-Share Index inches up by +0.38% to close at 23,916.90as against a decline by -0.33% recorded in the previous session to close at 23,826.99. In the same vein, market capitalization appreciated by N28.75billion (US194.91million) to close at N7.65trillion (US$51.84billion) as against depreciation by N25.58billion (US$173.39million)
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learning environment. Dangote Kicks-Off $400m Zambia Cement Plant Construction- Nigerian Conglomerate, Dangote Industries Limited, has extended the frontier of its businesses in Africa with the launch, last weekend, of a new $400million dollar cement manufacturing plant in Zambia. recorded on preceding session to close at N7.62trillion (US$51.65billion).Market report for the day was titled: NSE ASI erases previous loss amid weak breadth(http://www.proshareng.com/news
/14550)
14 36 At the close of trading session, the NSE All-Share Index dips by -0.22% to close at 23,863.27 as against an upbeat by +0.38% recorded in the previous session to close at 23,916.90. In the same vein, market capitalization depreciated by N17.15billion (US116.26million) to close at N7.63trillion (US$51.73billion) as against appreciation by N28.75billion (US$194.91million) recorded on preceding session to close at N7.65trillion (US$51.84billion). Market report for the day was titled: NSE ASI retraces by -0.22% as Unilever Plc grows PAT by +56% (http://www.proshareng.com/news/14586 )
Aug 2
Dangote gets CBNs nod to invest $3.9bn outside Nigeria Nigerias business magnate, Alhaji Aliko Dangote, has expressed its willingness to commence the production of cement in Ivory Coast, as he gets the nod of the CBN to invest $3.9 billion outside Nigeria. GTBank introduces FastTrack service - Guaranty Trust Bank Plc on Monday announced that it had introduced an exclusive in-branch banking service for all its customers called FastTrack. WDAS: Dollar Demand Drops on Increased Supply - Demand for the United State Dollar at the CBN Wholesale Dutch Auction System (WDAS) fell by 14 per cent to a total of $444 million at Mondays auction following the intervention by the liquidity management office.
Aug 3
NSE places Omatek, Dangote Flour others on full suspension - The NSE has placed the shares of 24 firms on full suspension following their alleged non submission of their financial statement for the year ended September and December, 2010. Recapitalisation: More banks to get inter-bank guarantee extension Indications have emerged that more rescued banks may get extension of the interbank guarantee from the Central Bank of Nigeria as the apex bank on Tuesday extended that of Oceanic Bank International Plc to December 31, 2011 Bail-out Fund: Brokers Wait for Okonjo-Iweala - Stockbrokers in the nations capital market are eagerly waiting for the Finance Minister, Dr. Ngozi Okonjo-
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At the close of trading session, the NSE All-Share Index dips by -0.23% to close at 23,808.68 as against a decline by -0.22% recorded in the previous session to close at 23,863.27. In the same vein, market capitalization depreciated by N17.45billion (US118.33million) to close at N7.61trillion (US$51.61billion) as against depreciation by N17.15billion (US$116.26million) recorded on preceding session to close at N7.63trillion (US$51.73billion). Market report for the day was titled: NSE YTD closes lower at -5.16% as sentiments remain bearish(http://www.proshareng.com/news /14617)
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Iweala , to resume with the hope that she will advise the Federal Government to intervene directly through the injection of funds. Aug 4 FGs profligacy continues, withdraws N250bn from excess crude account Concerns over uncontrolled spending by the FG, especially on areas like recurrent expenditure which add nothing to the growth and development of the economy, rose yesterday, after it emerged that so far this year, the government has taken out two hundred and fifty billion naira (N250 billion) from the Excess Crude Account. CBN approves eight more operators for mobile money scheme - The CBN has granted Approval-in-Principle to eight new mobile money operators in addition to the 16 operators already granted similar status in December 2010. Bank Directors Seek Higher Remuneration - Non-executive directors of commercial banks in the country, under the aegis of the Bank Directors Association of Nigeria (BDAN), have called for an upward review of their emoluments, due to the high level of risk in the industry. Aug 5 CBN wants N2trn pension fund unloaded for infrastructure - The CBN wants the N2 trillion pension funds unloaded for the purpose of growing critical sectors of the economy, a move viewed as a fresh response to the huge infrastructure gap in the country. NASB to establish IFRS academy for banks, others - Strong indications have emerged that the Nigerian Accounting Standards Board will before the end of this year establish an academy where capacity in the area of International Financial Reporting Standards will be built for banks and other companies operating in the country. States should raise long-term funds from Exchange Oteh - State governments have been urged to take advantage of the opportunities available in the Nigerian capital market to raise long-term funds. The DG of SEC, Ms. Arunma Oteh, who gave the advice in a statement made available to our correspondent on Thursday, noted that the market could finance capital projects with long gestation period. According to her, it is important for states not to rely on short- terms funds 7 34 21 23 At the close of trading session, the NSE All-Share Index dips by -0.27% to close at 23,745.22 as against a decline by -0.23% recorded in the previous session to close at 23,808.68. In the same vein, market capitalization depreciated by N20.30billion (US137.59million) to close at N7.59trillion (US$51.47billion) as against depreciation by N17.45billion (US$118.33million) recorded on preceding session to close at N7.61trillion (US$51.61billion). Market report for the week was titled: Market report for the day was titled: The downtrend sustains momentum as ASI dips by -0.27% (http://www.proshareng.com/news/14629 ) However, the All-Share Index in the week under review dips by -1.80% to close at 23,397.44 as against a decline by -0.41% recorded last week to close at23,826.99. In the same vein, the market capitalization in the week depreciated by N137.40 billion (US$931.21 million) to close at N7.48 trillion (US$ 50.72billion) as against depreciation of N28.27 billion (US$191.61million) recorded last week to close at N7.62 trillion (US$ 51.65billion). Market report for the week was titled: Market report for the day was titled: Market slides further on pessimistic trading, NSE ASI records -1.80% loss for the week. (http://www.proshareng.com/news/14636 )
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for long- term projects. Aug 8 AMCON appoints CEOs, chairmen, boards for nationalised banks - AMCON yesterday appointed CEOs, chairmen and boards for three nationalised banks Keystone Bank Limited, Mainstreet Bank Limited and Enterprise Bank Limited. SEC suspends trading in shares of acquired banks - The SEC has suspended trading in shares of the three nationalised banks, Spring Bank Plc, Afribank Plc and Bank PHB Plc. The commission, in a statement on Sunday, noted that the decision was necessary to maintain the capital market integrity. It also commended the actions of the Asset Management Corporation of Nigeria, the NDIC and the CBN, adding that those actions would help to resolve the banking crisis in the country. The statement said, SEC wishes to state that the actions of NDIC, CBN and AMCON are significant steps towards the resolution of the banking crisis Nationalised banks: Shareholders threaten to sue CBN, NDIC - Shareholders of the defunct Afribank Plc, Bank PHB Plc and Spring Bank Plc are threatening legal battle over the revocation of the banks licences by the Central Bank of Nigeria. Aug 9 Why we nationalised AfriBank, Bank PHB, Spring Bank, by NDIC - The NDIC said on Monday that the decision to take over AfriBank, Bank PHB and Spring Bank was a pre-emptive step to save them from collapse, since there was no sign that they would sign Transaction Implementation Agreements (TIA) with any core investors before the September 30 deadline. Govt to sell new banks after three years - Lifespan for the new management of the three banks acquired by the FG at the weekend has been fixed by AMCON. Without any future tinkering with the new arrangement, the new boards of directors appointed for the banks on Sunday by the government will take a bow after three years for the new investors to take over their ownership. NSE to de-list Afribank, Bank PHB, Spring Bank shares - The NSE is set to delist the shares of Spring Bank Plc, Afribank Plc and Bank PHB Plc, from its daily official list. The Exchange, in a statement on Monday, said that the de-listing was important as the banks, whose licences were revoked by the CBN on Friday, had ceased to exist, adding that as such, their shares could not remain listed. Aug 10 Nationalised banks: Governance issues scuttled deals with suitors - Lack of 18 30 7 38 8 37 At the close of trading session, the NSE All-Share Index dips by -1.86% to close at 22,963.11 as against a decline by -1.46% recorded in the previous session to close at 23,397.44. In the same vein, market capitalization depreciated by N138.93billion (US941.59million) to close at N7.34trillion (US$49.78billion) as against depreciation by N111.24billion (US$753.94million) recorded on preceding session to close at N7.48trillion (US$50.72billion). Market report for the day was titled: NSE ASI drops further below 10months low, YTD stands at -8.52% (http://www.proshareng.com/news/14654 )
At the close of trading session, the NSE All-Share Index dips by -1.93% to close at 22,519.32 as against a decline by -1.86% recorded in the previous session to close at 22,963.11. In the same vein, market capitalization depreciated by N141.95billion (US946.37million) to close at N7.20trillion (US$48.02billion) as against depreciation by N138.93billion (US$941.59million) recorded on preceding session to close at N7.34trillion (US$49.78billion). Market report for the day was titled: Equity Market losses N447.04bn in six days (http://www.proshareng.com/news/14665 )
At the close of trading session, the NSE All-Share
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integrity and poor corporate governance on the part of potential core investors, were some of the factors that scuttled talks with the three nationalised banks, Umaru Ibrahim, MD, NDIC has said. Keystone, Mainstreet pay N70bn, N50bn CBN debt - Two of the nationalised banks, Keystone Bank Limited and Mainstreet Bank, yesterday paid the sum of N70 billion and N50 billion respectively, owed to the CBN. Govt acquired banks to save depositors money NDIC - The Nigeria Deposit Insurance Corporation on Tuesday said the three banks were to save depositors funds. Index dips by -0.82% to close at 22,335.75 as against a decline by -1.93% recorded in the previous session to close at 22,519.32. In the same vein, market capitalization depreciated by N58.72billion (US391.47million) to close at N7.14trillion (US$47.63billion) as against depreciation by N141.95billion (US$946.37million) recorded on preceding session to close at N7.20trillion (US$48.02billion). Market report for the day was titled: NSE ASI remains weak in red zone, YTD settles lower at 11.02%(http://www.proshareng.com/new
s/14682)
Aug 11 SEC tasks audit committees over corporate governance - The SEC has called on members of audit committees of quoted companies to uphold the standards of corporate governance when dealing with management and shareholders of their respective firms. NSE begs investors not to dump shares - As stock values plummeted consecutively for three days, the NSE on Wednesday appealed to shareholders to the halt further dumping of their stocks. Enterprise Bank gets N111bn from AMCON - Enterprise Bank Limited on Wednesday confirmed receipt of N111bn recapitalisation fund from the Asset Management Corporation of Nigeria.EBL, formerly Spring Bank, in a statement said that with the injection of the sum from AMCON it became fully recapitalised and met the stipulated requirements of the Central Bank of Nigeria. Aug 12 PFAs that fail to recapitalise may lose licence - The gale of change sweeping across the financial services sector may soon consume Pension Fund Administrators that fail to shore up their capital base from N150m to N1bn. Sterling Bank to sign TIA with ETB - Sterling Bank is close to signing a Transaction Implementation Agreement with Equitorial Trust Bank to acquire the intervened financial institution, sources close to the deal have said. Standard Bank may buy Nigerian retail bank - Standard Bank Group Limited 34 10 27 14 At the close of trading session, the NSE All-Share Index inches up by +0.24% to close at 22,390.45 as against a decline by -0.82% recorded in the previous session to close at 22,335.75. In the same vein, market capitalization appreciated by N17.49billion (US116.65million) to close at N7.16trillion (US$47.74billion) as against depreciation by N58.72billion (US$391.47million) recorded on preceding session to close at N7.14trillion (US$47.63billion). Market report for the day was titled: NSE ASI turns green as banks rally(http://www.proshareng.com/news/14
698)
However, the All-Share Index in the week under review dips by -2.66% to close at 22,775.55 as against a decline by -1.80% recorded last week to close at23,397.44. In the same vein, the market capitalization in the week depreciated by N198.92 billion (US$1.34 billion) to close at N7.28 trillion (US$49.37billion) as against depreciation of N137.40 billion
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has said it may consider buying a retail bank in Nigeria to boost growth on the continent. (US$931.21million) recorded last week to close at N7.48 trillion (US$ 50.72billion). Market report for the week was titled: Bearish trend persists for 3weeks as GTBank Plc rewards with 0.25k Interim dividend(http://www.proshareng.com/new
s/14708)
Aug 15 Appraising losses, gains of bank nationalization - The revocation of the operating licences of three Deposit Money Banks by the CBN penultimate week has led to a number of issues. Shareholders want Jonathan to intervene in banks take-over - Shareholders have asked President Goodluck Jonathan to intervene in the recent nationalisation of three banks to avoid discouraging foreign direct investment into the country. 'Non-interest Banking ll Attract Offshore Funds' - Bank Directors, under the aegis of Bank Directors Association of Nigeria (BDAN), have said that the proposed introduction of non-interest banking in the country would enhance the inflow of offshore funds into the country Investor renew interest in Enterprise Bank - Three investors have joined the league of firms seeking to buy the three nationalised banks Mainstreet Bank, Keystone Bank and Enterprise Bank including one that had earlier bidded for the defunct Springbank Plc now known as Enterprise Bank. CEO, AMCON, Mustafa Chike-Obi, however, refused to disclose the identity of these investors to The Nation yesterday. Among those that were shortlisted by Springbank before the takeover by the Nigeria Deposit Insurance Corporation (NDIC) were Cloudleap Partners LCC; GEM Capital CARAM Capital. N250bn Bond: Amaechi Promises Investors - Governor Rotimi Amaechi of Rivers State Monday assured prospective investors in the states N250 billion bond of quick returns on their investment.Amaechi gave the assurance when a team of Standard and Poors-an international public finance rating body led by its Director 26 22 At the close of trading session, the NSE All-Share Index inches up by -0.95% to close at 22,559.07 as against an upbeat by +1.72% recorded in the previous session to close at 22,775.55. In the same vein, market capitalization depreciated by N69.24billion (US461.65million) to close at N7.21trillion (US$48.10billion) as against appreciation by N123.18billion (US$821.23million) recorded on preceding session to close at N7.28trillion (US$48.56billion). Market report for the day was titled: Equity Market resumes downward trend, NSE ASI dips by -0.95% (http://www.proshareng.com/news/14718 )
Aug 16
21
15
At the close of trading session, the NSE All-Share Index inches up by -1.03% to close at 22,792.06 as against a decline by -0.95% recorded in the previous session to close at 22,559.07. In the same vein, market capitalization appreciated by N74.52billion (US496.86million) to close at N7.29trillion (US$48.60billion) as against depreciation by N69.24billion (US$461.65million) recorded on preceding session to close at N7.21trillion (US$48.10billion). Market report for the day was titled: Equity Market erases loss, NSE ASI climbs by +1.03%
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International/Sovereign Public Finance, Mr. Lorenzo Pareja, paid him a courtesy visit in Government House, Port Harcourt. BPE denies selling Eleme Petrochemicals illegally - The Bureau of Public Enterprises, BPE, has denied selling the Federal Governments five per cent shares in Eleme Petrochemical Company Limited, EPCL, Port Harcourt, and Rivers State to the Indorama Group for N4.375 billion illegally. Aug 17 AMCON loses N230bn in nationalised banks - The AMCON lost about N226 billion in the three nationalised banks Bank PHB, Afribank and Spring Bank. This represents about 39.00 percent of the total of N591 billion lost by shareholders of the three banks. Nationalised banks: AGF endorses actions of CBN, others - The office of the Attorney General of the Federation and Ministry of Justice on Tuesday said it was aware of the decisions taken by the Nigeria Deposit Insurance Corporation on the three rescued banks whose licences were revoked last week. Recapitalisation: Nigerian banks to vote Sept 30, says AMCON - AMCON Chief Executive, Mustapha Chike-Obi, told Reuters he expected shareholders to accept the deals. Aug 18 CBN approves rescued bank MDs as consultant to new lenders - There are strong indications that the CBN may have approved former turnaround managers of the nationalised banks as consultants to the AMCONs appointed management team for the new lenders, Enterprise, Mainstreet and Keystone banks, Business Day investigations have revealed. CBN, NDIC begin probe of nationalised banks - THERE are strong indications that the banking sector regulators, the CBN and the NDIC, may have commenced a probe into the activities of the interim managements that were appointed for the eight rescued banks by the CBN aftermath of the stress test in 2009.Nigerian Tribune gathered that for a start, the regulators have begun with the three banks, which were nationalised recently. Honeywell embarks on $65 million expansion project - IN a bid to increase its growth earnings and maximise shareholders returns, Honeywell Nigeria Plc, has 25 11 22 21 At the close of trading session, the NSE All-Share Index inches up marginally by +0.08% to close at 22,811.39 as against an upbeat by +1.03% recorded in the previous session to close at 22,792.06. In the same vein, market capitalization appreciated by N6.18billion (US41.20million) to close at N7.29trillion (US$48.64billion) as against appreciation by N74.52billion (US$496.86million) recorded on preceding session to close at N7.29trillion (US$48.60billion). Market report for the day was titled: Market closes weak by 0.08% gain as Access Bank Plc rewards investor with N0.20kobo dividend (http://www.proshareng.com/news/14735 ) At the close of trading session, the NSE All-Share Index inches up marginally by +0.07% to close at 22,828.33 as against an upbeat by +0.08% recorded in the previous session to close at 22,811.39. In the same vein, market capitalization appreciated by N5.42billion (US36.14million) to close at N7.30trillion (US$48.68billion) as against appreciation by N6.18billion (US$41.20million) recorded on preceding session to close at N7.29trillion (US$48.64billion). Market report for the day was titled: Equity Market sustains modest gain by +0.07%, YTD stands at -9.06% loss(http://www.proshareng.com/news/14 (http://www.proshareng.com/news/14729 )
747)
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revealed plans to create $65 million additional milling capacity. Aug 19 NAHCO shareholders approve asset transfer to subsidiary - Shareholders of Nigerian Aviation Handling Company Plc have given unanimous approval to the management of the company for the transfer of its assets to a subsidiary. Crude Oil Lifting: Nigeria Loses N2trn Annually - Not less than N2 trillion is lost annually by Nigeria due to the exclusive use of foreign owned ships to lift her crude oil to other countries, Chairman of Indigenous Ship owners Association of Nigeria (ISAN), Chief Isaac Jolapamo, has said. IOSCO cautions investors on unauthorised claims of affiliation by firms The International Organisation of Securities Commission (IOSCO), yesterday, drew the attention of investors to the illegal use of its members name by some firms in order to record a breakthrough in business. 14 24 However, the All-Share Index in the week under review dips by -0.23% to close at 22,724.02 as against a decline by -2.66% recorded last week to close at22, 775.55. In the same vein, the market capitalization in the week depreciated by N16.48 billion (US$111.72 million) to close at N7.26 trillion (US$49.26billion) as against depreciation of N198.92 billion (US$1.34billion) recorded last week to close at N7.28 trillion (US$ 49.37billion). Market report for the week was titled: Market CAP sheds N381.08billion in 4weeks as sentiments remained unchanged. (http://www.proshareng.com/news/14756 ) 4 27 At the close of trading session, the NSE All-Share Index dips by -0.78% to close at 22,547.62 as against a decline by -0.46% recorded in the previous session to close at 22,724.02. In the same vein, market capitalization appreciated by N56.42billion (US376.15million) to close at N7.21trillion (US$48.08billion) as against depreciation by N33.36billion (US$222.46million) recorded on preceding session to close at N7.26trillion (US$48.45billion). Market report for the day was titled: YTD dips further to stand at 10.18% as bears tightened grip(http://www.proshareng.com/news/14 765) 13 26 At the close of trading session, the NSE All-Share Index dips by -1.04% to close at 22,313.23 as against a decline by -0.46% recorded in the previous session to close at 22,547.62. In the same vein, market capitalization depreciated by
Aug 22
Single digit inflation: World Bank says dont celebrate yet. Fiscal spending, food inflation still threats-The single digit inflationary trend, recently recorded by Nigeria, is a good economic performance indicator, but not sufficient cause for celebration, a World Bank economists has said. Okonjo-Iweala unfolds economic agenda-The Minister of Finance, Dr Ngozi Okonjo Iweala, has unfolded her economic agenda designed to meet the aspiration of President Goodluck Jonathan for the transformation of the Nigerian economy in the next four years. Winners, losers from the debris of banking consolidation-Two years ago when a new wave of banking consolidation in the form of reforms swept across the sector, there was a shakeup that left nearly all the banks dislocated. Eight of the banks managing directors were shown the way out as the Central Bank of Nigeria (CBN) appointed its own chief executives.
Aug 23
SEC to clear rescued banks TIAs before September 30- THE Securities and Exchange Commission (SEC), yesterday, said it will clear the Transaction Implementation Agreements (TIAs) submitted by the five rescued banks before September 30 deadline.
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Other rescued banks will meet recapitalisation deadline CBN-With about 40 days to the September 30 deadline given to the rescued Deposit Money Banks to recapitalise or face liquidation, the Central Bank of Nigeria, on Monday expressed optimism that the DMBs would clear the hurdle. Reforms, single licence to further transform banking sector-The ongoing reforms in the Nigerian banking sector and the repeal of the universal banking licence are expected to bring about further transformation in the industry over the next couple of years, according to analysts in a report titled: Banking Sector Consolidation The Road to Economic Stability. Aug 24 Okonjo-Iweala to unveil economic blueprint today-Barring any last minute change, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, will today (Wednesday) unveil her economic blueprint for the country. Global Bank capital regime at risk as regulators tinker rules Can Nigerian banks meet Base111 standard in capital-The plan by international financial community to stave off future global financial crisis by ensuring adequate capitalization of banks is in serious jeopardy as regulators are tinkering with arrangement they had earlier agreed upon. CBN grants UBA mobile payment licence-The Central Bank of Nigeria has granted the United Bank for Africa Plc the final licence to operate a mobile payment service. 19 19 N74.97billion (US499.84million) to close at N7.13trillion (US$47.58billion) as against depreciation by N56.42billion (US$376.15million) recorded on preceding session to close at N7.21trillion (US$48.08billion). Market report for the day was titled: Sell pressure defies improved breadth as NSE ASI dips by -1.03% (http://www.proshareng.com/news/14774 )
At the close of trading session, the NSE All-Share Index dips marginally by -0.02% to close at 22,308.22 as against a decline by -1.04% recorded in the previous session to close at 22,313.23. In the same vein, market capitalization depreciated by N1.60billion (US10.68million) to close at N7.13trillion (US$47.57billion) as against depreciation by N74.97billion (US$499.84million) recorded on preceding session to close at N7.13trillion (US$47.58billion). Market report for the day was titled: Bearish trend persists as NSE ASI slides further by -0.02% (http://www.proshareng.com/news/14781 )
Aug 25
Financial constraints scared NDIC off nationalised banks-Lack of financial resources on the part of the Nigeria Deposit Insurance Corporation (NDIC) prevented it from operating the bridge banks option for the three nationalised banks, Business Day investigations have revealed. Had the bridge bank option been deployed, it would have saved the country the billions of naira which the Assets Management Corporation of Nigeria (AMCON) injected into the three banks shortly after they were nationalised. Interbank market: Naira firms against dollar-The plan by the Central Bank of Nigeria (CBN) to sell dollars directly to Bureau De Change (BDC) has started to yield dividend, as the naira strengthened against the United States dollar on the
20
15
At the close of trading session, the NSE All-Share Index dipped by -1.11% to close at 22,061.21 as against a decline by -0.02% recorded in the previous session to close at 22,308.22. In the same vein, market capitalization depreciated by N79.01billion (US526.75million) to close at N7.05trillion (US$47.04billion) as against depreciation by N1.60billion (US$10.68million) recorded on preceding session to close at N7.13trillion (US$47.57billion). Market report for the day was titled: Markets slide continues as bearish sentiments
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interbank market on Wednesday. Okonjo-Iwealas economic blueprint points to lean govt. Reduce recurrent expenditure by 1% a year. Keep economy within 3% fiscal deficit-Nigeria needs to diversify away from a reliance on oil, reduce public spending, boost job creation and finish failing infrastructure projects, the countrys top new economic overseer said on Wednesday. Aug 26 CBN issues new guidelines for management positions - The CBN has issued new requirements for individuals to be employed at top management positions in any bank or other financial institutions under its supervision. Nationalised banks: AMCON assures workers of job security - The Managing Director, Asset Management Corporation of Nigeria, Mr. Chike Obi, has said that Nigeria will sell the three nationalised banks to investors on the condition that there will be no job cut. Merger: Court Orders Intercontinental to Hold EGM - A new vista is set to open in the Nigerian banking space following the directive by a Federal High Court sitting in Lagos that Intercontinental Bank Plc should hold its Extra Ordinary General Meeting (EGM) on September 26, 2011. 12 24 firm(http://www.proshareng.com/news/14
792)
However, the All-Share Index in the week under review dips by -3.29% to close at 21,976.87 as against a decline by -0.23% recorded last week to close at22,724.02. In the same vein, the market capitalization in the week depreciated by N238.99 billion (US$1.61 billion) to close at N7.02 trillion (US$47.64billion) as against depreciation of N16.48 billion (US$111.72million) recorded last week to close at N7.26 trillion (US$ 49.26billion). Market report for the week was titled: NSE ASI dips by -3.29% as bearish sentiments dominate the week. (http://www.proshareng.com/news/14800 )
Aug 29
Intercontinental Bank to increase share capital - Intercontinental Bank Plc is set to increase its authorised share capital to N10bn subject to approval of shareholders at its forthcoming Annual General Meeting in September. NSE places NBC shares on full suspension - The NSE has placed the shares of NBC on full suspension. This, according to the NSEs report for the week ended August 26, 2011, follows the receipt of the companys application to delist its shares from the Exchange. NSE begins research on tax incentives for telecoms, petroleum firms, others - The NSE is to conduct a detailed research on how to attract firms in the telecommunications and petroleum sector to the market through tax incentives.
10
26
At the close of trading session, the NSE All-Share Index dipped by -2.18% to close at 21,497.61 as against a decline by -0.38% recorded in the previous session to close at 21,976.87. In the same vein, market capitalization depreciated by N153.30billion (US1.02billion) to close at N6.87trillion (US$44.84billion) as against depreciation by N26.97billion (US$179.85million) recorded on preceding session to close at N7.02trillion (US$46.86billion). Market report for the day was titled: Equity Market slumps on low turnover, NSE YTD settles lower at -14.36% (http://www.proshareng.com/news/14807 )
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Sep 1 15 firms still on full suspension NSE - The shares of Afroil Plc, Union Dicon Salt Plc and 13 other companies are still on full suspension by the NSE. Afribank seeks court order against CBNs revocation of operating licence The last may not have been heard of banks whose licences were revoked by the CBN, which led to successor nationalised banks. N200b insurers funds trapped in stock market - About N200billion representing 40 per cent of insurers funds are trapped in the capital market, which is yet to recover since 2008, The Nation has learnt. Pressure from currency traders on parallel market closes gap - The frenzy by traders in the foreign exchange market to capitalize on the widening gap between the official and parallel market has resulted in the depreciation of the Naira. Sep 2 New CSCS boss resumes, pledges to drive change - The erstwhile CEO, Valucard Nigeria, Mr. Kyari Bukar, has resumed as the new MD/CEO of the Central Securities Clearing System. Recapitalisation: Court gives Union Bank go ahead - A Federal High Court sitting in Lagos on Thursday gave Union Bank of Nigeria Plc the go ahead to hold a meeting of shareholders to approve the Scheme of Arrangement between the bank and its potential core-investor, the African Capital Alliance Consortium. Access says Intercontinental shareholders to get 10% - Access Bank Plc said yesterday that shareholders in rescued rival Intercontinental Bank will own 10 percent of the merged entity after the two banks merge at the end of this month. 25 18 8 36 At the close of trading session, the NSE All-Share Index dipped by -0.92% to close at 21,299.55 as against a decline by -2.18% recorded in the previous session to close at 21,497.61. In the same vein, market capitalization depreciated by N63.35billion (US422.36million) to close at N6.81trillion (US$45.42billion) as against depreciation by N153.30billion (US$1.02billion) recorded on preceding session to close at N6.87trillion (US$45.84billion). Market report for the day was titled: Market CAP sheds N489 billion in 8days as breadth collapses further (http://www.proshareng.com/news/14819)
The All-Share Index in the week under review dips by -1.72% to close at 21,598.98 as against a decline by -3.29% recorded last week to close at 21, 976.87. In the same vein, the market capitalization in the week depreciated by N120.87 billion (US$805.85 million) to close at N6.90 trillion (US$46.05billion) as against depreciation of N238.99 billion (US$1.61million) recorded last week to close at N7.02 trillion (US$ 47.64billion). Market report for the week was titled: Bearish sentiments persist as NSE ASI dips by -1.72% for the week. (http://www.proshareng.com/news/14834)
Sep 5
Union
Banks
shareholders
to
approve
core
investor
agreement
13
27
Shareholders of Union Bank Nigeria Plc will on the last day of September approve an agreement between the bank and its core investor, African Capital Alliance Consortium. Oceanic Bank to transfer 40% shareholdings to ETI - Oceanic Bank International Plc said on Friday that it would transfer 40.17 per cent of its holdings
At the close of trading session, the NSE All-Share Index dipped by -0.28% to close at 21,538.04 as against an upbeat by +1.41% recorded in the previous session to close at 21,598.98. In the same vein, market capitalization depreciated by N48.85billion (US325.69million) to close at N6.86trillion (US$45.73billion) as against appreciation by N95.77billion (US$638.52million) recorded on preceding session to close at
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to Ecobank Transnational Incorporation. The bank, in a statement, however, said the transfer was subject to the approval of its shareholders. Economic team: Brokers flay SECs exclusion - The exclusion of the Securities and Exchange Commission and stockbroking houses from the Economic N6.90trillion (US$46.05billion). Market report for the day was titled: Low turnover opens the week bearish as NSE ASI dips by -0.28% (http://www.proshareng.com/news/14848)
Management Team set up by the Presidency has been condemned by brokers and members of the investing community. Sep 6 CBN to hold 5 10% of forex in Chinese Yuan - The FG has concluded plans to diversify between $1.65 billion and $3.3 billion (5.0 to 10.0 percent) of its foreign exchange (forex) reserves into the Chinese Yuan. Oceanic Bank set to delist shares from NSE - Oceanic Bank International Plc has announced plans to delist its shares from the NSE. This, according to the bank, is because of its ongoing merger and acquisition plans with Ecobank Transnational Incorporated Plc. Recapitalisation: Shareholders accuse CBN of flouting court orders Shareholder associations on Monday said the CBN had flouted court orders on issues affecting rescued Deposit Money Banks. 8 32 At the close of trading session, the NSE All-Share Index dipped by -1.11% to close at 21,298.07 as against an upbeat by -0.28% recorded in the previous session to close at 21,538.04. In the same vein, market capitalization depreciated by N79.19billion (US527.95million) to close at N6.78trillion (US$45.20billion) as against depreciation by N48.85billion (US$325.69million) recorded on preceding session to close at N6.86trillion (US$45.73billion). Market report for the day was titled: Bloodletting continues as Market CAP sheds N1.48 trillion in 3months. (http://www.proshareng.com/news/14862) At the close of trading session, the NSE All-Share Index inches up by +0.46% to close at 21,396.43 as against a decline by -1.11% recorded in the previous session to close at 21,298.07. In the same vein, market capitalization appreciated by N37.72billion (US251.49million) to close at N6.81trillion (US$45.45billion) as against depreciation by N79.19billion (US$527.95million) recorded on preceding session to close at N6.78trillion (US$45.20billion).Market report for the day was titled: Big CAP stocks lift NSE index by 0.46% with improved breadth. (http://www.proshareng.com/news/14867)
Sep 7
Sanusi sees China Yuan becoming reserve currency - Chinas yuan will inevitably become a global reserve currency, Sanusi Lamido Sanusi, governor of the CBN has said. He added that Nigerias need to diversify reserves, grew more urgent after one credit agency stripped the United States of its top-notch debt rating. ETB Shareholders ratify TIA with Sterling Bank - The (ETB) has sealed a Transaction Implementation Agreement (TIA) with Sterling Bank Plc, as its strategic recapitalization plan, under the current banking reforms agenda. Pessimism trails NSEs $1tr market capitalisation target - A good measure of pessimism has been trailing the projection of the NSE, to grow market capitalisation by $1 trillion (N152 trillion) in 2016, based on conflicting signals within the economy.
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Sep 8 Recapitilisation: Court grants FinBank approval to hold EGM - A Federal High Court, sitting in Lagos, has granted FinBank Plc an approval to convene a meeting of its shareholders in order to take a decision on its recapitalisation plan. Shareholders approve Flour Mills diversification plans - The shareholders of Flour Mills of Nigeria Plc have approved plans by the company to diversify into other businesses. Specifically, the shareholders at the companys 51st AGM on Wednesday approved its proposal to engage in power generation. Pension fund investments in stocks hit N60bn - Pension Fund Administrators, under the regulation of the National Pension Commission, increased their investments in the stock market from N36.79bn in 2009 to N60.09bn in 2010.The DG, PenCom, Mr. Muhammad Ahmad, who confirmed this in an interview with our correspondent on Wednesday, said the capital market remained an important investment area for the growing pension funds. NSE approves three new issues to deepen market - In order to further deepen activities in the capital market, the Council of the NSE, through its Quotation Committee, has approved three new issues. Sep 9 Nigeria spends N1.73trn to stablise financial system CBN - As the embers of the Nigerian financial crisis simmer down, a whopping sum of N1.725 trillion has been spent on bringing the situation that claimed the jobs of managing directors and caused the nationalisation of three banks, under control, Kingsley Moghalu, deputy governor, Financial System Stability, Central Bank of Nigeria, has said. Asset Company to adopt phased disposal of assets - AMCON has said it would adopt a phased disposal of assets in order not to distort the equilibrium in the financial system. DMO to sell N70bn bonds next week - Nigeria plans to sell N70 billion ($448.28 million) in 3-year, 5-year and 10-year sovereign bonds on September 14, at its ninth monthly debt auction this year, the Debt Management Office said yesterday. Sep 12 Months ahead most crucial for rescued banks AMCON- The Asset Management Corporation of Nigeria has said the next couple of months will be decisive in terms of stability for the five rescued Deposit Money Banks still in the process of recapitalisation. 8 25 12 19 The All-Share Index in the week under review dips by -2.29% to close at21,104.10 as against a decline by -1.72% recorded last week to close at21,598.98. In the same vein, the market capitalization in the week depreciated by N183.48 billion (US$1.24 billion) to close at N6.72 trillion (US$45.58billion) as against depreciation of N120.87 billion (US$805.85million) recorded last week to close at N6.90 trillion (US$ 46.05billion). Market report for the week was titled: Equity market YTD stands at -15.93%, still bleeding below 20 months low (http://www.proshareng.com/news/14884) At the close of trading session, the NSE All-Share Index dips by -0.34% to close at 21,032.53 as against a decline by -1.16% recorded in the previous session to close at 21,104.10. In the same vein, 16 18 At the close of trading session, the NSE All-Share Index dips by -0.21% to close at 21,352.02 as against an upbeat by +0.46% recorded in the previous session to close at 21,298.07. In the same vein, market capitalization depreciated byN14.15billion (US94.35million) to close at N6.80trillion (US$45.36billion) as against appreciation by N37.72billion (US$251.49million) recorded on preceding session to close at N6.81trillion (US$45.45billion). Market report for the day was titled: Pessimistic trading returns ASI to red zone, market records N14.15billion loss. (http://www.proshareng.com/news/14880)
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Compliance: NSE Mulls Training of Stockbrokers- The Nigerian Stock Exchange (NSE) may train the chief executive officers (CEOs) of stockbroking firms on how to effectively comply with rules guiding the operations of the stock market, as part of efforts to restore investor confidence. Union Bank Shareholders to Own 21% of New Entity- The ongoing recapitalization of Union Bank of Nigeria Plc has been structured in such a way that shareholders of the rescued bank will retain a total of 21 per cent stake in the new entity that will emerge after the process. Sep 13 ETI set to take over Oceanic Bank- Ecobank Transnational Incorporated, a panAfrican lender and the parent company of Ecobank Nigeria Plc, is set to buy 100 per cent share capital of Oceanic Bank International Plc. Union Bank opts for core investor- Union Bank Nigeria Plc has opted for the core investor option in its recapitalisation plans, in a deal that will ensure that the core investor controls 60 percent equity, while existing shareholders get 21 percent and AMCON keeps 19 percent stake in the bank Bank shareholders pledge support for acquisition deals- Ahead of the courtordered general meetings for the five rescued banks by the Central Bank of Nigeria, CBN, shareholders have expressed willingness to approve their acquisition deals with other banks to meet up the September 30 deadline by the apex bank for their recapitalisation. Sep 14 NSEs New Market Structure Emerges- Speaking at the second Nigerian Capital Market workshop organised in Lagos Tuesday, the chief executive of the Nigerian Stock Exchange (NSE) Mr. Oscar Onyema said the new market structure was ready and only awaiting the approval of the apex regulator. New Structure: NSE Awaits SECs Approval-The Chief Executive Officer(CEO) of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, said Tuesday that the Exchange was waiting for the Securities and Exchange Commission (SEC) to approve its new market structure. CBN, banks set up committee on sustainable lending- Central Bank of Nigeria, CBN and some banks in the country have constituted a committee for the design of sustainable lending principles for the banking industry, aimed at environmental 14 22 14 22 market capitalization depreciated by N18.76billion (US125.11million) to close at N6.70trillion (US$44.71billion) as against depreciation by N79.00billion (US$526.70million) recorded on preceding session to close at N6.72trillion (US$44.83billion). Market report for the day was titled: Battered breadth opens the week as sentiments remain unchanged. (http://www.proshareng.com/news/14896) At the close of trading session, the NSE All-Share Index dips by -0.07% to close at 21,018.52 as against a decline by -0.34% recorded in the previous session to close at 21,032.53. In the same vein, market capitalization depreciated by N4.46billion (US29.78million) to close at N6.70trillion (US$44.68billion) as against depreciation by N18.76billion (US$125.11million) recorded on preceding session to close at N6.70trillion (US$44.71billion). Market report for the day was titled: Equity market records modest loss by -0.07% as sell pressure wanes.( http://www.proshareng.com/news/14922)
At the close of trading session, the NSE All-Share Index inches up by +0.86% to close at 21,199.16 as against a decline by -0.34% recorded in the previous session to close at 21,018.52. In the same vein, market capitalization appreciated byN57.93billion (US386.20million) to close at N6.76trillion (US$45.06billion) as against depreciation by N4.46billion (US$29.78million) recorded on preceding session to close at N6.70trillion (US$44.68billion). Market report for the day was titled: Equity market turns green as Dangote Cement Plc heads
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protection, social well-being and economic prosperity. Sep 15 Sanusi challenges financial institutions on FSS 2020 - The CBN governor, Mallam Sanusi Lamido Sanusi, said yesterday in Abuja that financial institutions in the country must effectively play their roles to ensure full implementation of the Financial System Strategy 2020. Naira weakest in a week against dollar - The Nigerian naira weakened to its lowest in one week against the US dollar on the interbank market yesterday on strong demand for the greenback and depreciation of the local currency at the official window. Inflation falls slightly ahead rate decision - Inflation remained steady, below the CBN's notional single-digit target in August, data showed, and a week before the monetary policy committee's interest rate decision. Elumelu Emerges Transcorp Board Chairman- The Chairman of Heir Holdings and former Group Managing Director of United Bank for Africa (UBA) Plc, has emerged as chairman, board of directors of Transnational Corporation of Nigeria(Transcorp),Abuja. NSEs transformation programme will drive market growth Onyema- The Chief Executive Officer of the Nigerian Stock Exchange, NSE, Mr. Oscar Onyema said the Nigerian Capital market is undergoing a transformation process that will strategically position it to play a major role in the African continent, especially in attracting investment from investors, locally and globally. Nigeria advocates regional capital market-Says $290bn regional Gross Domestic Product is a market to reckon with.-Nigeria has thrown its weight behind the integration of the West African regional credit data payment systems, capital markets and investment indicators base, as a basis for harmonised single economic space as well as further steps towards the common currency aspiration of the Community. 21 20 up(http://www.proshareng.com/news/14938) At the close of trading session, the NSE All-Share Index dips by -0.19% to close at 21,158.25 as against an upbeat by +0.86% recorded in the previous session to close at 21,199.16. In the same vein, market capitalization depreciated byN13.04billion (US86.95million) to close at N6.74trillion (US$44.98billion) as against appreciation by N57.93billion (US$386.20million) recorded on preceding session to close at N6.76trillion (US$45.06billion). Market report for the day was titled: Market losses ground to pessimistic trading, NSE ASI retraces by 0.19%.(http://www.proshareng.com/news/14 949)
Sep 16
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The All-Share Index in the week under review inches up by +0.01% to close at 21,106.67 as against a decline by -2.29% recorded last week to close at21,104.10. In the same vein, the market capitalization in the week appreciated by N5.20 billion (US$35.26 million) to close at N6.73 trillion (US$45.61billion) as against depreciation by N183.48 billion (US$1.24billion) recorded last week to close at N6.72 trillion (US$ 45.58billion). Market report for the week was titled: Market defies sentiments with a margin, closes the week by 0.01%. (http://www.proshareng.com/news/14959)
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Sep 19 Retain MPR at 8.75%, Analysts Urge CBN - As the CBN's Monetary Policy Committee (MPC) meeting commences Monday in Abuja, financial market analysts have advised members of the committee to leave the country's benchmark interest rate unchanged at its current position of 8.75 per cent. Interbank rates fall, liquidity tight - As the MPC meets today and tomorrow in Abuja, analysts anticipate a hike in benchmark interest rate by 25 basis points to nine per cent. Interbank lending rates however, eased to an average of 10.75 per cent last week from 11.41 per cent last week, encouraging banks to use the CBN's discount window to borrow cheaper funds. Flour Mills to raise N28.2bn by rights issue - Flour Mills of Nigeria plc is set to make a bold step into the capital market to raise N28.2billion through rights issue. Sep 20 MPC raises benchmark rate to 9.25% - The MPC on Monday raised the Monetary Policy Rate by 50 basis points, from 8.75 percent to 9.25 for the fifth time this year, with concerns over threats of anticipated liquidity surge on sustaining the single digit inflation rate attained between July and August. AMCON to step into rescued banks if TIAs fail - The AMCON, the country's bad bank' has set aside N500 billion purchase funds to salvage any of the five rescued banks which fails to sign final agreements on mergers and acquisitions with investors by the end of this month. Excess liquidity, threat to economy says CBN - The CBN has described the preponderance of excess liquidity in the economy as a threat to the nation's economy just as it raised interest rate by 50 per cent. Sep 21 SEC determined to ensure success of e-dividend policy-The Securities and Exchange Commission (SEC) is determined to ensure that the e-dividend policy is a resounding success, with focus on consolidating on the achievements so far recorded on the policy implementation. Union Banks shareholders to get 3 for 16 shares-Existing shareholders of Union Bank of Nigeria (UBN) Plc stand to gain more than any of the rescued banks, according to the exchange ratios and other details of the schemes of arrangement of the four quoted rescued banks. Insurance professionals set to dump market agreement-Insurance 18 19 23 21 15 20 At the close of trading session, the NSE All-Share Index dips by -1.40% to close at 20,811.08 as against a decline by -0.24% recorded in the previous session to close at 21,106.67. In the same vein, market capitalization depreciated by N94.28billion (US628.39million) to close at N6.63trillion (US$44.24billion) as against depreciation by N16.45billion (US$109.67million) recorded on preceding session to close at N6.73trillion (US$44.87billion). Market report for the day was titled: Market hits below 21months support as bears revved up(http://www.proshareng.com/news/14968)
At the close of trading session, the NSE All-Share Index inches up by +0.31% to close at 20,875.32 as against a decline by -1.40% recorded in the previous session to close at 20,811.08. In the same vein, market capitalization appreciated byN20.48billion (US136.56million) to close at N6.65trillion (US$44.37billion) as against depreciation by N94.28billion (US$628.39million) recorded on preceding session to close at N6.63trillion (US$44.24billion). Market report for the day was titled: Market breadth improves on low speculative buying.( http://www.proshareng.com/news/14977)
At the close of trading session, the NSE All-Share Index dipped marginally by -0.03%to close at 20,875.21 as against a decline by -1.40% recorded in the previous session to close at 20,868.32. In the same vein, market capitalization depreciated by N2.26billion (US15.12million) to close at N6.65trillion (US$44.36billion) as against appreciation by N20.48billion (US$136.56million) recorded on preceding session to close at N6.65trillion (US$44.37billion). Market report for the day was titled: NSE ASI slides by -0.03% as bearish sentiments prevail.
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professionals have decided to dump the market agreement entered into by underwriters in 2009 and consider other means of doing business. Sep 22 NSE mulls 13 trading floors, offices for national reach- Links $1trn capitalisation target to market making, ETFs, others-As part of its business development initiatives and strategy on national reach, the Nigerian Stock Exchange (NSE) is targeting to open 13 trading floors and offices across the nation. Nigeria to gain from FMOs $1.2bn investment- Commits $200m in financial, energy sectors-Nigeria will be part of a select group of African countries that will be benefiting from a $1.2 billion initiative to boost entrepreneurship development, one of the biggest private sector development support initiative in the continent. CBN governor, Aganga, others parley on economic development-Key stakeholders in the Nigerian economy and the financial sector, led by the Governor of the Central Bank of Nigeria, CBN, Mallam Sanusi Lamido and the Minister of Trade and Investment, Mr. Olusegun Aganga are set to parley and explore ways to attract foreign investors, agricultural development, employment generation and increase in the countrys internally generated revenue. Sep 23 NSE mulls options market by 2013-To reduce market segmentation to 12The Nigerian Stock Exchange (NSE) said in its fiver-year target of $1trillion market capitalisation, it will introduce into the Nigerian capital market five products which will help to deepen the market and attract more investors. Banks to be fully capitalised by Sept end CBN- No more concessions on imports, by Finance Minister-Central Bank of Nigeria Governor, Mr. Lamido Sanusi, yesterday, in Washington DC, said by the end of this month, all banks would have been fully capitalised and that non-performing loans of all banks would be reduced to five per cent due to the intervention of Asset Management Company of Nigeria AMCON. Well work with SEC to build world-class market-The technical committee inaugurated by the Securities and Exchange Commission to speed up the demutualisation process of the Nigerian Stock Exchange has said it will work with the SEC to build a world-class stock market. 13 34 9 30 (http://www.proshareng.com/news/15002)
At the close of trading session, the NSE All-Share Index dipped by -0.78% to close at 20,705.15 as against a decline by -1.40% recorded in the previous session to close at 20,875.21. In the same vein, market capitalization depreciated by N51.99billion (US346.64million) to close at N6.60trillion (US$44.01billion) as against depreciation by N2.26billion (US$15.12million) recorded on preceding session to close at N6.65trillion (US$44.36billion).Market report for the day was titled: Nigerian Stocks slide by 0.78% as bears continue to roar. (http://www.proshareng.com/news/15010)
The All-Share Index in the week under review dipped by -4.28% to close at 20,202.50 as against an upbeat by +0.01% recorded last week to close at 21,106.67. In the same vein, the market capitalization in the week depreciated by N288.32 billion (US$1.95 billion) to close at N6.44 trillion (US$43.66billion) as against appreciation by N5.20 billion (US$35.26million) recorded last week to close at N6.73 trillion (US$ 45.61billion).Market report for the week was titled: Equity Market ends the week red as ASI YTD stands at -19.52%. (http://www.proshareng.com/news/15015)
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Sep 26 Shareholders face crucial decision on rescued banks-Ahead September 30 deadline- Shareholders of five rescued banks enter a crucial week in the two-year saga over the continued existence of their banks and must decide on endorsing arrangements made by their boards and management for recapitalisation by potential suitors already picked. Demutualisation committee pledges to live up to expectation-The new technical committee inaugurated to advise the Securities and Exchange Commission (SEC) on the demutualisation of the Nigerian Stock Exchange (NSE), has pledged its commitment to support the Commission in its quest to build a world class market by reviewing all the terms of reference and present appropriate recommendations needed for the demutualisation process. Foreign investors, others besiege DMO for Sovereign Bond-Foreign investors, banks and fund managers have besieged the Debt Management Office (DMO), seeking engagement with the body. Sep 27 Shareholders approve Inter-Access Bank merger - Shareholders of Access Bank and Intercontinental Bank yesterday unanimously granted the necessary approvals for the proposed business combination of both banks. The emerging entity will be known as Access Bank. Naira Slumps, Defeats CBN Forex Policy - The CBN's defence of the NairaNigeria's local currency, at the regulated Wholesale Dutch Auction System (WDAS) was punctured Monday as the local currency fell below the benchmark region. NSE demutualization: SEC harps on protection of national interest-The Securities and Exchange Commission, SEC, said that it is committed towards the protection of the national interest in the proposed demutualization of the Nigerian Stock Exchange, NSE. 17 31 8 32 At the close of trading session, the NSE All-Share Index dipped by -0.13% to close at 20,175.54 as against a decline by -2.43% recorded in the previous session to close at 20,202.50. In the same vein, market capitalization depreciated by N8.59billion (US57.30million) to close at N6.43trillion (US$42.89billion) as against depreciation by N160.28billion (US$1.06billion) recorded on preceding session to close at N6.44trillion (US$42.94billion). Market report for the day was titled: Downtrend continues, Access & Intercontinental bank merger talk receives vote of confidence.( http://www.proshareng.com/news/15026)
At the close of trading session, the NSE All-Share Index dipped by -0.79% to close at 20,015.63 as against a decline by -1.13% recorded in the previous session to close at 20,175.54. In the same vein, market capitalization depreciated by N50.99billion (US339.97million) to close at N6.38trillion (US$42.55billion) as against depreciation by N8.59billion (US$57.30million) recorded on preceding session to close at N6.43trillion (US$42.89billion). Market report for the day was titled: NSE ASI nears 29months low as Shareholders okay Oceanic bank's merger deal.( http://www.proshareng.com/news/15036) At the close of trading session, the NSE All-Share Index inches up by +0.07% to close at 20,029.66 as against a decline by -0.79% recorded in the previous session to close at 20,015.63. In the same vein, market capitalization appreciated byN4.47billion (US29.83million) to close at
Sep 28
Oceanic Bank shareholders okay merger with Ecobank - Shareholders of Oceanic Bank International Plc on Tuesday voted in favour of the reorganisation of the bank's capital to pave the way for its planned merger with Ecobank Transnational Incorporated at the Extraordinary General Meeting of the bank in Lagos.
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Capital market operators endorse Union Bank recapitalization plan - Union Bank of Nigeria Plc recapitalization plans have continued to receive support from various stakeholders, as capital market operators, weekend, said the choice of credible core investors has made the Bank a good offering. Lafarge's N50bn bond to save N12bn for shareholders - Lafarge Cement WAPCO Plc has said that its planned N 50bn bond issuance will save the company and the shareholders about N12bn. Sep 29 Rate hike: Investors plot higher yield from bonds- The hike in the MPR is expected to depress prices of long tenured bonds and boost yields, dealers have predicted. For this reason, a number of asset managers may have to reshuffle their portfolio in favour of fixed income instruments, investment analysts have said. More states to approach bond market-More states are said to be bracing up for the bond market to raise funds. With 8 issuances within a 2year window, sub National financing is about 5.5 percent of total outstanding bonds. CBN identifies odds against Islamic banking-DESPITE the modest progress made in the institutionalisation of non-interest banking in the country, the Central Bank of Nigeria (CBN) has disclosed that the absence of Islamic insurance to protect investments of such banks against unforeseen hazards could impair the growth of the Islamic banking industry. Sep 30 FCMBFinBank target growth after shareholders' nod- Shareholders of FCMB plc and Fin Bank, yesterday at different extra - ordinary general meetings in Lagos and Abuja, approved the merger of the two banks, targeting growth in retail and mobile banking. Naira hits N159.75 to dollar- The naira fell to its weakest ever in the interbank market on Thursday as concerns that the central bank is losing some of its resolve to support the local currency drained trader confidence. CBN to extend Islamic banking to other financial sectors- The Central Bank of Nigeria, CBN, said that plans are underway to extend the non-interest banking or Islamic banking principles to non-banking financial services. Some non-bank financial institutions, such as insurance companies, fund managers stockbroking firms have already introduced to the market products designed after the Islamic 27 10 25 16 N6.38trillion (US$42.58billion) as against depreciation by N50.99billion (US$339.97million) recorded on preceding session to close at N6.38trillion (US$42.55billion). Market report for the day was titled: ASI pulls back by margin as Sterling bank Plc concludes merger deal with ETB. (http://www.proshareng.com/news/15048) At the close of trading session, the NSE All-Share Index inches up by +0.58% to close at 20,145.24 as against a decline by +0.07% recorded in the previous session to close at 20,029.66. In the same vein, market capitalization appreciated byN36.85billion (US245.70million) to close at N6.42trillion (US$42.82billion) as against appreciation by N4.47billion (US$29.83million) recorded on preceding session to close at N6.38trillion (US$42.58billion). Market report for the day was titled: ASI gains more points as market regains breadth, Shareholders of FCMB Plc assent to M&A deal. (http://www.proshareng.com/news/15063)
The All-Share Index in the week under review inches up by +0.84% to close at 20,373.50 as against a decline by -4.28% recorded last week to close at20,202.50. In the same vein, the market capitalization in the week appreciated by N54.36 billion (US$368.47 million) to close at N6.49 trillion (US$44.03billion) as against depreciation by N288.32 million (US$1.95 billion) recorded last week to close at N6.44 trillion (US$ 45.61billion). Market report for the week was titled: Banking stocks lift Equity Market as ASI closes northward by +0.84% for the week. (http://www.proshareng.com/news/15077)
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banking model.
Oct 4
Recapitalisation: Shareholders seek strict adherence to merger schemes As the recapitalisation of rescued Deposit Money Banks by their respective strategic investors came to a close last Friday, shareholders of the acquired and recapitalised banks have called on the new boards to ensure strict adherence to the various merger schemes. Falling oil prices threaten 2012 budget Reps - The House of Representatives on Monday raised concerns over dipping crude oil prices, saying that the 2012 budget could face serious funding challenges. Capital formation: NSE prepares platform for products sector- The Nigerian Stock Exchange (NSE) has put in place measures in the equities market that will help galvanise funds for the development of the real sector of the economy. Nigeria, being a frontier country and a consuming nation, has witnessed the service sector of the economy thriving than the products sector, thereby resulting in a huge employment deficit in the country.
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At the close of trading session, the NSE All-Share Index inches up by +1.02% to close at 20,581.30 as against an upbeat by +1.13% recorded in the previous session to close at 20,373.00. In the same vein, market capitalization appreciated byN66.42billion (US442.83million) to close at N6.56trillion (US$43.75billion) as against appreciation by N72.62billion (US$484.19million) recorded on preceding session to close at N6.49trillion (US$43.31billion). Market report for the day was titled: Nigerian stocks start new quarter on bullish note. (http://www.proshareng.com/news/15086)
Oct 5
IOSCO publishes derivatives markets supervisory principles-THE Technical Committee of the International Organisation of Securities Commissions (IOSCO) has published its principles for the Regulation and Supervision of Commodity Derivatives Markets. Naira Heads for Record Low; Nigeria Budget Expects Weak CurrencyNigerias naira depreciated against the dollar and headed for the weakest closing level on record after the government outlined plans to adopt a weaker exchange rate in calculating its budget for next year.
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At the close of trading session, the NSE All-Share Index inches up by +0.56% to close at 20,695.77 as against an upbeat by +1.02% recorded in the previous session to close at 20,581.30. In the same vein, market capitalization appreciated byN36.50billion (US243.39million) to close at N6.59trillion (US$43.99billion) as against appreciation by N66.42billion (US$442.83million) recorded on preceding session to close at N6.56trillion (US$43.75billion). Market report for the day was titled: NSE ASI extends four days rally on weaker note (http://www.proshareng.com/news/15092) At the close of trading session, the NSE All-Share Index dips up by -0.91% to close at 20,507.18 as against an upbeat by +0.56% recorded in the previous session to close at 20,695.77. In the same vein, market capitalization depreciated
Oct 6
FG to scrap excess crude account for SWF - The Federal Government plans to end the operation of the Excess Crude Account, President Goodluck Jonathan has informed the National Assembly.
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CBN in fresh probe of seven banks - The CBN has started the second round of examination into the foreign exchange deals of seven commercial banks. CBN weighing options for Naira valuation - The CBN is considering various options for the management of the Naira exchange rate, Governor Sanusi Lamido Sanusi has said. byN60.13billion (US400.93million) to close at N6.53trillion (US$43.59billion) as against appreciation by N36.50billion (US$243.39million) recorded on preceding session to close at N6.59trillion (US$43.99billion). Market report for the day was titled: Nigerian stocks return to red zone as profit-taking sets in. (http://www.proshareng.com/news/15098) 9 Naira falls to all-time low - The Naira struck a new record low of 164.85 to the dollar in the interbank market on Thursday, pressured for a second day by the central bank comments earlier this week that it would not support the currency at all costs. Dangote seals $750m cement production pacts with Congo, Ethiopia DANGOTE Group of Companies may have sustained its rising profile as a panAfrican organisation through fresh $750 million pacts with two countries in the region for cement production. 29 However, the All-Share Index in the week under review dipped by -0.73% to close at 20,225.02 as against an upbeat by +0.84% recorded last week to close at 20,373.50. In the same vein, the market capitalization in the week depreciated by N47.18 billion (US$319.78 million) to close at N6.44 trillion (US$43.71billion) as against appreciation by N54.36 billion (US$368.47 million) recorded last week to close at N6.49 trillion (US$ 44.03billion). Market report for the week was titled: Short-termists return market to negative zone as ASI dips by 0.73% for the week. (http://www.proshareng.com/news/15107)
Oct 7
CBN to stop oil firms from buying dollars - The CBN will no longer allow oil companies to buy dollars at its auctions to fund product importation.
Oct 10
NSE Approves 2 Banking Mergers Issues - The NSE last week approved the merger schemes involving of ETI and Oceanic Bank International Plc on one side and the Sterling Bank Plc's acquisition of Equitorial Trust Bank Limited on the other hand. CBN: Banks Capital Adequacy Ratio Now 17% - Following the successful recapitalisation of the rescued banks, the average Capital Adequacy Ratio (CAR) of all the banks operating in Nigeria has risen significantly to 17.12 per cent, the CBN has said. Interbank Market Records N1.13tr Outflow - The Nigerian interbank market recorded a total outflow of N1.13 trillion in the month of August, a report by the FMDA has said.
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At the close of trading session, the NSE All-Share Index dips by -0.59% to close at 20,106.08 as against a decline by -1.38% recorded in the previous session to close at 20,225.02. In the same vein, market capitalization depreciated by N37.92billion(US247.90million) to close at N6.41trillion (US$41.90billion) as against depreciation by N89.98billion (US$599.86million) recorded on preceding session to close at N6.44trillion (US$42.99billion).Market report for the day was titled: Bleeding continues as NSE ASI dips by 0.59%(http://www.proshareng.com/news/15
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123) Oct 11 Banks Non Performing Loans Fall to N692bn-The total value of Non Performing Loans (NPLs) in the Nigerian banking industry stood at N692 billion as at the end August this year, compared with the N1.11 trillion it was in December 2010, the Central Bank of Nigeria (CBN) said Monday. Foreign Reserves Drops To Lowest Level In 3 Months-Nigerias foreign reserves slipped to its lowest level in three months, closing last week at $31.318 billion. Naira Slides Further On Fear Of Devaluation- The naira continued its slide yesterday as the Central Bank of Nigeria (CBN) sold $400 million at 156.91 naira to the dollar at its bi-weekly foreign exchange auction. 12 26 At the close of trading session, the NSE All-Share Index dips by -0.47% to close at 20,012.07 as against a decline by -0.59% recorded in the previous session to close at 20,106.08. In the same vein, market capitalization depreciated by N55.40billion(US369.39million) to close at N6.35trillion (US$42.37billion) as against depreciation by N37.92billion (US$247.90million) recorded on preceding session to close at N6.41trillion (US$41.90billion).Market report for the day was titled: Nigerian stocks shed more weight by -0.47% as sentiments remain unchanged.( http://www.proshareng.com/news/15139) At the close of trading session, the NSE All-Share Index dips by -0.43% to close at 19,925.97 as against a decline by -0.47% recorded in the previous session to close at 20,012.07. In the same vein, market capitalization depreciated by N27.34billion(US176.43million) to close at N6.32trillion (US$40.83billion) as against depreciation by N55.40billion (US$369.39million) recorded on preceding session to close at N6.35trillion (US$42.37billion).Market report for the day was titled: Market CAP sheds N270.80billion in 5days, as ASI settles below 30months support.( http://www.proshareng.com/news/15148) At the close of trading session, the NSE All-Share Index dips by -0.57% to close at 19,812.33 as against a decline by -0.43% recorded in the previous session to close at 19,925.97. In the same vein, market capitalization depreciated by N49.21billion(US317.52million) to close at N6.27trillion (US$40.51billion) as against depreciation by N27.34billion (US$176.43million) recorded on preceding session to close at
Oct 12
Appraise board members annually, CBN orders banks - The CBN, on Tuesday, mandated directors of Deposit Money Banks to, henceforth, adopt a holistic annual performance appraisal of board members of their respective banks, as part of its ongoing transformation of the banking sector. NSE delists Oceanic Bank shares - The entire shares of Oceanic Bank International Plc were on Tuesday, delisted from the Daily Official List of the NSE. Naira appreciates by 3.4% after CBN intervention - The naira strengthened on Tuesday, gaining 3.4 per cent at the inter-bank market a day after an aggressive interest rate hike by the CBN designed to shore up the value of the currency.
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Oct 13
Naira firms as CBN feeds dollar demand - The Nigeria naira firmed sharply against the greenback on Wednesday after the CBN pumped dollars into the market and cleared all forex demand at its bi-weekly auction, signalling its determination to support the local currency. ETI to conclude Oceanic Bank acquisition on Friday - Ecobank Transnational Incorporated has fixed October 14 for the acquisition of Oceanic Bank International Plc. A senior official of ETI disclosed this to the News Agency of Nigeria on
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Wednesday in Lagos. Banks sell securities to meet 8% CRR requirement - Indications emerged on Wednesday that some Deposit Money Banks had started calling back their funds in order to meet the CBN new cash reserve ratio of eight per cent. Oct 14 Workers to Enjoy Tax Relief under New Law - Workers will soon begin to enjoy a series of tax relief as President Goodluck Jonathan prepares to give his assent to the Personal Income Tax (Amendment) Bill 2010. Naira falls on speculation CBN can't meet dollar demand - Naira fell for the first day in three against the dollar on speculation the CBN can't meet demand for the greenback from importers after returning the naira to its target band at an auction yesterday. IFC invests $926million in Nigeria's banking sector, others - IFC, a member of the World Bank Group, has said it aims to seize on new opportunities for investment in the agribusiness, financial, and infrastructure sectors to support development in Nigeria. Oct 17 Credit squeeze hurting business expansion plans - There is now little room left for doubt that when it comes to any business expansion or hiring plans and strong household spending capacity, 2011 is set to be a flop. Access Bank completes Intercontinental Bank's acquisition - Access Bank Plc and Intercontinental Bank Plc have announced the completion of the recapitalisation of Intercontinental Bank and the acquisition of 75 per cent majority interest in the bank by Access Bank. Inter-bank rates drop on AMCON bond flows - The inter-bank lending rates eased on Friday to an average of 13.50 per cent from 17.16 per cent the previous day after some banks sold a portion of their bond holdings to the CBN to get cash for operations. 20 14 18 21 N6.32trillion (US$40.83billion).Market report for the day was titled: Nigerian Stocks sustain six days bleeding; ASI YTD stands at -21.08%. (http://www.proshareng.com/news/15160)
The All-Share Index in the week under review dipped by -1.76% to close at19,869.85 as against an upbeat by -0.73% recorded last week to close at 20,225.02. In the same vein, the market capitalization in the week depreciated by N151.66 billion (US$1.02 billion) to close at N6.29 trillion (US$42.68billion) as against appreciation by N47.18 billion (US$319.78 million) recorded last week to close at N6.44 trillion (US$ 43.71billion). Market report for the week was titled: Investors remain pessimistic as NSE ASI dips by -1.76% for the week. ( http://www.proshareng.com/news/15172) At the close of trading session, the NSE All-Share Index inches up by +1.01% to close at 20,071.36 as against an upbeat by +0.29% recorded in the previous session to close at 19,869.85. In the same vein, market capitalization appreciated byN63.86billion (US412.05million) to close at N6.36trillion (US$41.04billion) as against appreciation by N18.23billion (US$117.62million) recorded on preceding session to close at N6.29trillion (US$40.63billion). Market report for the day was titled: Nigerian Stocks close stronger as moderate buying gains support.(http://www.proshareng.com/news/1 5187) At the close of trading session, the NSE All-Share Index dips by -0.30% to close at 20,011.72 as against an upbeat by +0.29% recorded in the
Oct 18 SEC projects robust capital market by 2016 - The SEC on Monday sounded out, about revamping the capital market, assuring investors that Nigeria would
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enjoy a robust market capitalisation worth about N1 trillion, in the next five years. AMCON injects fresh bail-out funds into five banks - Respite has finally come the way of the five rescued banks that successfully finalised merger agreements with their core investors last month, as the AMCON on Friday injected fresh funds into them. CBN auction: Naira sells for N149.95 to dollar - The naira firmed at the official trading window on Monday as demand for dollar eased following several tightening measures by the CBN last week. NSE awaits SEC approval on share buy-back - As part of efforts to facilitate the buy-back of company shares, the NSE proposed rules have been filed with the SEC for approval, BusinessDay has learnt. Oscar Onyema, chief executive officer of the Exchange, noted at the first dinner with CEOs of quoted companies, that despite recent challenges, the capital market remains an indispensable vehicle to ensure Nigerias continued development.Onyema said: At the NSE, we have set a broad objective to create an African institution that competes effectively in the global marketplace, in a manner that showcases the best of African enterprises to the global community. Sovereign wealth fund takes off in December - Finance minister, Ngozi Okonjo-Iweala, laid out a time-frame for the launch of the countrys SWF on Tuesday, paving the way for Africas biggest oil exporter to improve the management of often-squandered crude oil earnings, reports Reuters. Banking stability shaken by falling asset prices - The stability of the Nigerian banking system is now effectively shaken by the continuous drop in asset prices, BusinessDay investigations have shown. Recent policies have spiked bond prices while reducing yields, putting banks balance sheets in trouble, with the result that selling off such assets now, could result in heavy losses. Oct 20 FGN Bond 2030 Series 3 emerges most active - The 10 percent FGN July 2030 (7th FGN Bond 2030 Series 3) last week emerged as the most active bond (measured by turnover volume) with a traded volume of 78.9million units valued 17 21 At the close of trading session, the NSE All-Share Index dips by -0.31% to close at 20,135.05 as against an upbeat by +0.93% recorded in the previous session to close at 20,197.15. In the same previous session to close at 20,071.36. In the same vein, market capitalization depreciated byN18.90billion (US121.96million) to close at N6.34trillion (US$40.92billion) as against appreciation by N63.86billion (US$412.05million) recorded on preceding session to close at N6.36trillion (US$41.04billion). Market report for the day was titled: Equity Market pulls back by 0.30% as Dangote Cement Plc slumps.(http://www.proshareng.com/news/1 5203)
Oct 19
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At the close of trading session, the NSE All-Share Index inches up by +0.93% to close at 20,197.15 as against a decline by -0.30% recorded in the previous session to close at 20,011.72. In the same vein, market capitalization appreciated byN58.77billion (US379.19million) to close at N6.40trillion (US$41.30billion) as against depreciation by N18.90billion (US$121.96million) recorded on preceding session to close at N6.34trillion (US$40.92billion). Market report for the day was titled: Nigerian Stocks trim losses as Access Bank Plc posts 33.96% PAT growth. (http://www.proshareng.com/news/15212)
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at N62,994.77million in 726 deals. Central Bank to curb currency speculation - As part of efforts to reduce pressure on the naira, the CBN will today commence the sale of foreign exchange forwards. Sanusi: Economy Still Highly Vulnerable - Nigeria's finances remain highly vulnerable to oil price fluctuations, the Governor of the CBN Sanusi Lamido Sanusi said Wednesday. Oct 21 AMCON spends N2.1tn to recapitalise eight rescued banks ...buys N275bn Zenon, Seawolf, Geometric loans - The AMCON has spent a total of N2.1tn to recapitalise the eight Deposit Money Banks that failed the special audit carried out by the CBN and NDIC in 2009. Fitch Affirms Access Bank's Ratings - Fitch Ratings has affirmed Access Bank Plc's Long-term Issuer Default Rating (IDR) and assigned a positive outlook to the bank following its acquisition of Intercontinental Bank Plc. Fitch considers that the absorption of Intercontinental may support Access's developing franchise and enhance its systemic importance. Flour Mills Rights Issue Gets Final Approval - The plan by Flour Mills of Nigeria Plc to raise N28.245 billion via a rights issue received the backing of investors Thursday as shareholders of the company expressed their support and willingness to actively participate in the offer. Oct 24 Flour Mills to raise N28bn for expansion - Flour Mills of Nigeria plc has finally put everything in place to raise N28 billion through a rights issue, to expand its operations and open new investment lines, its managing director, Emmanuel Akwari Upkabi, has disclosed. Interbank rates rise on low cash - The interbank lending rates climbed last Friday to an average of 14.50 per cent from 13.50 per cent penultimate week as system liquidity thins out with outflows to bonds and foreign exchange purchases by lenders. CBN cuts banks dollar reserve to stabilise Naira - The CBN will sell US dollars both directly into the market and at auctions, the bank said, at the weekend. The CBN has also lifted the amount of dollars banks can hold in reserve, in a continued 17 26 18 18 vein, market capitalization depreciated byN19.68billion (US126.99million) to close at N6.38trillion (US$41.17billion) as against appreciation by N58.77billion (US$379.19million) recorded on preceding session to close at N6.40trillion (US$41.30billion).Market report for the day was titled: Nigerian Stocks oscillate, week to date performance stands at +1.33%. (http://www.proshareng.com/news/15235)
The All-Share Index in the week under review inches up by +1.95% to close at 20,257.47 as against a decline by -1.76% recorded last week to close at19,869.85. In the same vein, the market capitalization in the week appreciated by N114.45 billion (US$775.67 million) to close at N6.41 trillion (US$43.45billion) as against depreciation by N151.66 billion (US$1.02 billion) recorded last week to close at N6.29 trillion (US$ 42.68billion).Market report for the week was titled: Stocks end the week positive on influx of impressive earnings report. (http://www.proshareng.com/news/15247)
At the close of trading session, the NSE All-Share Index dips marginally by -0.01% to close at 20,255.22 as against an upbeat by +0.61% recorded in the previous session to close at 20,257.47. In the same vein, market capitalization depreciated by N714.07million (US4.72million) to close at N6.41trillion (US$42.75billion) as against appreciation by N30.39billion (US$196.09million) recorded on preceding session to close at N6.41trillion (US$41.36billion).Market report for the day was titled: Stocks pare gains on weak bargain, NSE ASI slides by -0.01%. (http://www.proshareng.com/news/15261)
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effort to stabilise the naira currency. Oct 25 Sanusi sees Naira reaching N155 to dollar - CBN governor, Sanusi Lamido Sanusi, says he hopes to see the nations currency at the mid-point of N155 to the dollar, at the end of the financial system reforms exercise, as he reiterated the need for federal fiscal discipline. SWF: Governors take battle to Supreme Court - The controversy over the Sovereign Wealth Fund took a new dimension on Monday with the Nigerian Governors Forum dragging the FG to the Supreme Court. NSE introduces New Gold Exchange Traded Fund for investors - AS part of its efforts to offer investors new windows to diversify their portfolio, the NSE, yesterday introduced New Gold Exchange Traded Funds to enable investors to invest directly in gold. Oct 26 Market operators expect improved results from Access Bank- SOME stakeholders have expressed optimism that the acquisition of Intercontinental Bank by Access Bank would reposition Access Bank and lead to improved earnings. South African firm to float gold-backed ETF in Nigeria-A SOUTH African firm, ABSA Capital, in partnership with Vetiva Capital Management Limited, is set to float a gold-backed Exchange Traded Fund, ETF, on the Nigerian Stock Exchange, NSE. Shareholders sue CBN over nationalised banks- The Incorporated Trustees of Proactive Shareholders Association of Nigeria, Tuesday, asked a Federal High Court sitting in Abuja to void the recent nationalisation of some banks by the Central Bank of Nigeria, CBN. 24 12 20 18 At the close of trading session, the NSE All-Share Index inches up by +0.11% to close at 20,278.16 as against a decline by -0.01% recorded in the previous session to close at 20,255.22. In the same vein, market capitalization appreciated byN21.47billion (US143.23million) to close at N6.43trillion (US$42.90billion) as against depreciation by N714.07million (US$4.75million) recorded on preceding session to close at N6.41trillion (US$42.75billion).Market report for the day was titled: Equity market records 0.11% gain on improved bargain. (http://www.proshareng.com/news/15273) At the close of trading session, the NSE All-Share Index inches up by +0.49% to close at 20,376.73 as against an upbeat by +0.11% recorded in the previous session to close at 20,278.16. In the same vein, market capitalization appreciated by N17.01billion (US113.40million) to close at N6.45trillion (US$43.00billion) as against appreciation by N21.47billion (US$143.23million) recorded on preceding session to close at N6.43trillion (US$42.90billion).Market report for the day was titled: Market breadth strengthens, ASI firms up by +0.49% gain. (http://www.proshareng.com/news/15285) At the close of trading session, the NSE All-Share Index inches up by +1.13% to close at 20,607.37 as against an upbeat by +0.49% recorded in the previous session to close at 20,376.73. In the same vein, market capitalization appreciated by N73.00billion(US486.71million) to close at N6.52trillion (US$43.48billion) as against appreciation by N17.01billion (US$113.40million)
Oct 27
Improved earnings for Nigerian banks imminent - Fitch Ratings says in a newly published special report, that the agency expects the financial performance of most of the Fitch-rated Nigerian banks to improve in 2011, as a result of lower impairment charges and funding costs. Naira drops, now N159.90 to dollar The naira further weakened against the United States dollar on Wednesday despite measures adopted by the Central Bank
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of Nigeria to strengthen the local currency. Sanusi seeks Senates nod for AMCONs N500b proposal - CBN Governor Mallam Sanusi Lamido Sanusi has appealed to the Senate to support a proposed Bill, which sought the injection of additional N500 billion to the AMCON. Oct 28 New investors buy 68% of GTAssure for N12.3bn - Assur Africa Holdings (AAH), a consortium of international investors, yesterday took over 67.68 percent (majority) shareholding of Guaranty Trust Assurance plc (GTAssur) from GTBank in a transaction valued at about US$76 million. AMCON: VIP debtors lobby govt officials to restructure loans - Indications have emerged that some highly placed individuals, who have enormous debts with the Asset Management Corporation of Nigeria, have been lobbying top government officials to influence the corporation to restructure their loans. Fitch Ratings Advocates Higher Capital for Nigerian Banks - Reputable global ratings agency - Fitch Ratings has said that higher levels of capital were appropriate for Nigerian banks in light of the difficult local operating environment. 24 12 recorded on preceding session to close at N6.45trillion (US$43.00billion).Market report for the day was titled: Market consolidates position; NSE ASI records +1.74% gain in three days. ( http://www.proshareng.com/news/15299) The All-Share Index in the week under review inches up by +3.19% to close at20,903.16 as against an upbeat by +1.95% recorded last week to close at 20,257.47.
In the same vein, the market capitalization in the week appreciated by N204.41 billion (US$1.38 billion) to close at N6.61 trillion (US$44.84billion) as against appreciation by N114.45 billion (US$775.67 million) recorded last week to close at N6.41 trillion (US$ 43.45billion). Market report for the week was titled: NSE ASI sustains uptrend, Market CAP improves by N318.86billion in 10days. (http://www.proshareng.com/news/15317) 17 22 At the close of trading session, the NSE All-Share Index inches up by +0.15% to close at 20,934.96 as against an upbeat by +1.44% recorded in the previous session to close at 20,903.16. In the same vein, market capitalization appreciated by N10.06billion(US67.10million) to close at N6.62trillion (US$44.17billion) as against appreciation by N93.62billion (US$592.59million) recorded on preceding session to close at N6.61trillion (US$44.11billion).Market report for the day was titled: Nigerian Stocks extend four days rally on weak note, NSE ASI records +0.15%. (http://www.proshareng.com/news/15337)
Oct 31
AMCON to sell liquidated banks assets - The AMCON will soon begin the disposal of risk assets of liquidated banks. Risk assets are bank assets subject to change in value due to changes in market conditions. NSE market segmentation commences tomorrow - The NSE, at the weekend, announced plans to commence its market segmentation tomorrow. Under the arrangement, the NSE systems and market reports will reflect key changes to the markets, boards and industry sectors. States return to bond over MPR hike - As the cost of funds shoots up, following the recent hike in the MPR by the CBN state governments may have directed their financial consultants to move away from bank loans already in progress.
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Nov 1 Nigeria Central Bank to review naira, likely 155-156/dollar target- Nigeria's Central Bank Governor Lamido Sanusi said on Monday the bank would review its target band for the naira in the next few days, and depending on where the exchange rate settles may move its midpoint to 155/156 to the dollar, compared to its current 150. Nigeria's UBA plans fresh capital raising-Nigeria's UBA plans to raise capital through a private placement and a rights issue to help support large-ticket lending in infrastructure and agriculture sectors in sub-Saharan Africa's second biggest economy, the bank said on Monday. Nigeria sells 110 bln naira in bills, yields up- Nigeria sold 110.11 billion naira ($703.80 million) in short-dated treasury bill at an auction on Thursday with yields on the papers rising for the second consecutive auction, the central bank said on Monday Nov 2 Banks cash in AMCON bonds at CBN to boost liquidity - Banks that received the AMCON bonds, in exchange for their non- performing loans, are beginning to discount the zero- coupon bonds for cash, at the CBN. NSE grants waivers to encourage new listings - The Nigerian Stock Exchange will be granting waivers to companies from the oil and gas and mining sectors that plan to list their shares. Nigerian capital market safe for investments - Arunma Oteh, DirectorGeneral, Securities and Exchange Commission (SEC) is encouraging local and foreign investors to commit their funds to Nigeria s rebounding capital market and reassuring them of the safety of their investments. Nov 3 Banks grumble over AMCONs acquisition of N275bn performing loans - The acquisition of over N275 billion of performing loans from some banks, by the AMCON is causing disquiet in the industry, as operators regard the action as an undue favour that is being exploited by the affected banks, to enhance their financial position, as the liquidity squeeze bites harder, Business Day investigations have revealed. 22 17 15 30 16 22 At the close of trading session, the NSE All-Share Index dips by -0.47% to close at 20,837.58 as against an upbeat by +0.15% recorded in the previous session to close at 20,934.96. In the same vein, market capitalization depreciated by N14.60billion (US97.36million) to close at N6.61trillion (US$44.08billion) as against appreciation by N10.06billion (US$67.10million) recorded on preceding session to close at N6.62trillion (US$44.17billion). Market report for the day was titled: Nigerian Stocks open new month bearish; Market CAP sheds N14.60billion. (http://www.proshareng.com/news/15364)
At the close of trading session, the NSE All-Share Index dips by -1.61% to close at 20,502.13 as against an upbeat by -0.47% recorded in the previous session to close at 20,837.58. In the same vein, market capitalization depreciated by N105.61billion (US704.08million) to close at N6.50trillion (US$43.37billion) as against depreciation by N14.60billion (US$97.36million) recorded on preceding session to close at N6.61trillion (US$44.08billion). Market report for the day was titled: Short term traders dictate pace as ASI dips by 1.61%.(http://www.proshareng.com/news/15 378) At the close of trading session, the NSE All-Share Index inches up by +0.09% to close at 20,521.31 as against a decline by -1.61% recorded in the previous session to close at 20,502.13. In the same vein, market capitalization appreciated by N6.08billion (US40.58million) to close at N6.51trillion (US$43.41billion) as against depreciation by N105.61billion (US$704.08million) recorded on preceding session to close at
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FG, states end row, share N611.453b - AT last, the federal and state governments have ended their feud over deductions of funds from the Federation Account for fuel subsidy. NSE announces new penalties for errant operators - The Nigerian Stock Exchange has announced new set of rules and penalties aimed at curbing some of the unwholesome activities of operators in the capital market. Nov 4 Market regulators urged to provide incentives for Telecoms, oil companies to list at NSE - Capital market regulators have been urged to consider incentives that will attract telecommunication companies and oil & gas companies to list their shares on the Nigerian Stock Exchange (NSE). FG to issue diaspora bond in 2012 DMO - The Federal Government will issue a diaspora bond next year to raise funds for infrastructure and development projects, the Director-General, Debt Management Office, Mr. Abraham Nwankwo, has said. Surge in Fidelity Banks customer deposits push up net loans by 12% Fidelity Bank has released its unaudited third quarter 2011 results, showing the banks gross earnings go up by 15 percent to N47.0billion, from N41.0 billion posted in the corresponding quarter of 2010. Nov 9 SEC Strengthens Regulation of Mutual Fund Schemes - The SEC has improved the regulation of collective investment schemes (CIS) in the nation's capital market, thereby reducing the risk of investors losing their money. China-Nigeria trade volume may hit $10b this year - Trade volume between Nigeria and China will hit $10 billion by the end of 2011, the Chinese government has said. China's Deputy Minister for Commerce, Chen Jian, disclosed this during a meeting with the Nigerian Minister of Trade and Investment, Olusegun Aganga, yesterday, in Beijing. 50 Years of Regulating Nigerian Capital Market - Goddy Egene writes on 50 years of regulation of the Nigerian capital market by the SEC. 12 22 19 19 However, the All-Share Index in the week under review dips by -1.77% to close at20, 532.41 as against an upbeat by +3.19% recorded last week to close at 20,903.16. In the same vein, the market capitalization in the week depreciated by N100.54 billion (US$670.28 million) to close at N6.51 trillion (US$44.16billion) as against appreciation by N204.41 billion (US$1.38 billion) recorded last week to close at N6.61 trillion (US$ 44.84billion). Market report for the week was titled: NSE ASI pulls back, Market CAP depletes by N110.60 billion for the week. (http://www.proshareng.com/news/15426) N6.50trillion (US$43.37billion). Market report for the day was titled: Equity Market regains breadth with modest gain.( http://www.proshareng.com/news/15404)
At the close of trading session, the NSE All-Share Index moved down by -0.20% to close at 20,491.51 as against an upbeat by +0.05% recorded in the previous session to close at 20,532.41. In the same vein, market capitalization depreciated by N12.98billion (US86.52million) to close at N6.50trillion (US$43.34billion) as against appreciation by N3.52billion (US$23.47million) recorded on preceding session to close at N6.51trillion (US$43.41billion). Market report for the day was titled: Market breadth closes with bears as NSE ASI dips 0.20%(http://www.proshareng.com/news/15
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442) Nov 10 NSE lists roadmap to market recovery - As part of its short-term projects before the end of this year, the NSE has listed the roadmap to stock market recovery, after shedding N1.4 trillion in the third quarter of 2011. AMCON intervention pushes up Nigerian banks' rating S&P - As a result of some positive news coming from the nation's beleaguered banking industry, especially the recent actions of the AMCON, an international ratings agency, Standard & Poor's Ratings Services, said on Wednesday that it was revising its Banking Industry Country Risk Assessment on Nigeria to group eight from nine. High cost constrains corporate bond issuers - The hike in rates following the Central Bank upward adjustment in monetary policy rate, cash reserve ratio, and reduction in net open position may further deter companies from issuing bonds. Nov 11 Fed Govt to sell N65b 10-yr bonds - Nigeria plans to sell 65 billion naira (411 million) in 10-year sovereign bonds with different maturity dates on Nov. 16, at its eleventh monthly debt auction this year, the DMO said on Thursday. Investors must produce in Nigeria or leave Sanusi - Nigeria's priority is to make investors in Nigeria by producing on Nigeria soil by taking advantage of the available resources rather than exporting already made goods to the country, the Governor of CBN, Sanusi Lamido Sanusi has said. Nigeria targets $900b GDP by 2020, says minister - Nigeria intends to achieve a GDP of $900 billion by 2020, the minister/deputy chairman, National Planning Commission (NPC), Shamsudden Usman said yesterday. 12 22 12 23 At the close of trading session, the NSE All-Share Index moved down by -0.20% to close at 20,450.44 as against a decline by -0.20% recorded in the previous session to close at 20,491.51. In the same vein, market capitalization depreciated by N13.03billion (US$86.86million) to close at N6.49trillion (US$43.25billion) as against depreciation by N12.98billion (US$86.52million) recorded on preceding session to close at N6.50trillion (US$43.34billion). Market report for the day was titled: Stocks shed more weight, Market CAP dips by N13.03 billion. (http://www.proshareng.com/news/15450) However, the All-Share Index in the week under review dips by -0.57% to close at20,416.10 as against a decline by -1.77% recorded last week to close at 20,532.41. In the same vein, the market capitalization in the week depreciated by N36.91 billion (US$246.01million) to close at N6.47 trillion (US$43.18billion) as against depreciation by N100.54billion (US$670.28million) recorded last week to close at N6.51 trillion (US$ 44.16billion). Market report for the week was titled: Nigerian Stocks sustain three weekly fall on low bargain appetite. (http://www.proshareng.com/news/15474) At the close of trading session, the NSE All-Share Index moved up modestly by 0.05% to close at 20,426.19 as against a decline by -0.17% recorded in the previous session to close at 20,416.10. Conversely, market capitalization depreciated by N51.29billion (US$341.85million) to close at N6.42trillion (US$42.83billion) as against depreciation by N10.89billion (US$72.63million)
Nov 14
Caution trails CBN's proposed N156/$ exchange rate - While Nigerians await the devaluation of the naira, analysts say the proposed shift from N150 to N156, to the dollar, by Sanusi Lamido Sanusi, CBN's governor, may not be enough to cushion externally driven price pressures that the naira has been experiencing in the past two months. CBN sells N132bn in bills, yields down - The CBN sold N132.05bn ($832.46m) in short-dated treasury bills at an auction on Thursday, with yields dropping
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marginally against the trend in the last two consecutive auctions. Total non-performing bank loans now N688bn NDIC - The total nonperforming loans in the banking industry has dropped to N688bn as at September 31, 2011, as against N2.51tn recorded before the special audit carried out by the CBN and the NDIC. Nov 15 Onyema: Capital Market, Still Best for Long-term Investments - The CEO of the NSE, Mr. Oscar Onyema, Monday declared that despite the challenges the stock market was currently going through, the capital market remained one of the best means of investing for the medium to long-term. Naira weakens on forex demand surges - The naira eased marginally against the US dollar on the interbank market yesterday after demand for the greenback outweighed supply at a CBN bi-weekly foreign exchange auction. Nigeria's debt is N6.1tr, says DMO - Nigeria's total public debt (domestic and external) stands at N6.1 trillion, the DG of the Debt Management Office (DMO) Dr. Abraham Nwankwo, has said Nov 16 Court bars operations of nationalised banks - A Federal High Court in Lagos has restrained the operations of Mainstreet, Keystone and Enterprise banks pending the determination of a suit filed by some aggrieved shareholders of the nationalised banks. RenCap: GDP Rebase to Raise FGs Capital Expenditure Plan - Plans by the National Bureau of Statistics (NBS) to rebase Nigerias Gross Domestic Product (GDP) computation would provide opportunity for the Federal Government to step up the countrys capital expenditure plans, analysts at Renaissance Capital (RenCap) have said. Okonjo-Iweala:Nigeria needs N10.63tr for infrastructure - About $67 billion (N10.6trillion) would be required to fix Nigerias infrastructural deficit in the next four years, it was leant yesterday. Nov 17 CBN insists nationalised banks are operational - The CBN yesterday said it is not yet aware of any court order restraining the three nationalised banks from 19 25 19 17 14 17 recorded on preceding session to close at N6.47trillion (US$43.18billion). Market report for the day was titled: Large & Small Cap Stocks tip the scale, halt downtrend by 0.05% .(http://www.proshareng.com/news/15482)
At the close of trading session, the NSE All-Share Index retraced by -0.11% to close at 20,404.23 as against a marginal gain by 0.05% recorded in the previous session to close at 20,426.10. Similarly, market capitalization depreciated by N6.91billion (US$46.06million) to close at N6.42trillion (US$42.79billion) as against depreciation by N51.29billion (US$341.85million) recorded on preceding session to close at N6.42trillion (US$42.83billion). Market report for the day was titled: Stocks pare gains as weak buying persists. (http://www.proshareng.com/news/15493) At the close of trading session, the NSE All-Share Index dipped by -0.15% to close at 20,372.92 as against a decline by -0.11% recorded in the previous session to close at 20,404.23. Similarly, market capitalization depreciated by N9.85billion (US$65.68million) to close at N6.41trillion (US$42.74billion) as against depreciation by N6.91billion (US$46.06million) recorded on preceding session to close at N6.42trillion (US$42.79billion). Market report for the day was titled: Market CAP depletes by N104.97billion in six days. (http://www.proshareng.com/news/15512)
At the close of trading session, the NSE All-Share Index dipped by -0.07% to close at 20,359.23 as against a decline by -0.15% recorded in the previous session to close at 20,372.92. Similarly, market
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further operations. capitalization depreciated by N4.30billion (US$28.70million) to close at N6.40trillion (US$42.69billion) as against depreciation by N9.85billion (US$65.68million) recorded on preceding session to close at N6.41trillion (US$42.74billion). Market report for the day was titled: Bears maintain dominance, ASI slides further by 0.07%.(http://www.proshareng.com/news/15 525)
NSE lists steps towards repositioning as gateway to African markets - Oscar Onyema, CEO, NSE, has further identified the steps needed to repositioning the Nigerian capital market as the gateway to African markets.
Sanusi: Compel Multinationals to List on NSE - Governor of the CBN, Mallam Sanusi Lamido Sanusi Wednesday called for a legislation that would compel multi-
national companies operating in the country to list on the floor of the NSE.
Nov 18
Why SEC has not approved Union Bank's rights issue - Indications have emerged that the SEC is delaying approval for the Union Bank of Nigeria Plc's N9.52bn rights issue because the bank has yet to provide information on how the previous management spent proceeds of its 2005 public offer to the commission. Nigeria sells $400m in 10-year bonds - The FG has sold N65bn ($409.45m) in 10-year sovereign bonds at yields 150 basis points lower than its previous auction in October, the DMO has said. Nationalised Banks: Judge Reverses Self - Justice Charles Archibong of the Federal High Court in Lagos Thursday reversed his earlier order temporarily halting the operations of the three banks that were recently nationalised by the CBN.
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However, the All-Share Index in the week under review dips by -0.51% to close at20,311.51 as against a decline by -0.57% recorded last week to close at 20,416.10. In the same vein, the market capitalization in the week depreciated by N87.38 billion (US$582.56million) to close at N6.39 trillion (US$42.59billion) as against depreciation by N36.91billion (US$246.01million) recorded last week to close at N6.47 trillion (US$ 43.18billion). Market report for the week was titled: Southward trend persists; market CAP sheds N224.84billion in 14days. ( http://www.proshareng.com/news/15537) At the close of trading session, the NSE All-Share Index dipped by -0.12% to close at 20,286.44 as against a decline by -0.23% recorded in the previous session to close at 20,311.51. Similarly, market capitalization depreciated by N7.88billion (US$52.57million) to close at N6.38trillion (US$42.54billion) as against depreciation by N15.01billion (US$100.09million) recorded on preceding session to close at
Nov 21
Pressure mounts on Shell, Telecos, to list on NSE - Pressure is mounting on the FG and its agencies to compel telecom firms like giant MTN, GLO, Airtel, Etisalat and oil producing firms like Shell and Exxon Mobil, to list their shares on the Nigerian Stock Exchange, following the clamour to broaden access to their ownership, Business Day has learnt. CBN to move more reserves to Chinese renminbi - The CBN has said it will
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move more of the countrys foreign exchange reserves in euro to the Chinese renminbi. NSE admits N8b Dana Group's bond issue - The NSE has admitted into its daily official list N8 billion Bond Issue of Dana Group of Companies Plc. NSE Seeks Cooperation for Stock Market Growth - The CEO of NSE, Mr. Oscar Onyema, has called for the cooperation of stakeholders in the stock market including the Institute of Capital Market Registrars (ICMR) in the task of building a virile stock market for the Nigerian economy. Nov 22 CBN widens exchange rate band, maintains MPR at 12 per cent - The CBN has widened the official exchange rate band from N150 to N155 against the dollar to N150 to N160. It also retained the Monetary Policy Rate (MPR) at 12 per cent. Telcos can grow market by N6.1trn on listing - Asset valuation and investment experts yesterday told BusinessDay that if policy makers moved today to compel giant telecommunication companies MTN, Airtel, Glo and Etisalat to list on the NSE, the Nigerian capital market could grow immediately by N6.13 trillion. Court upholds CBN governors powers to fire banks CEOs - The Court of Appeal in Lagos has upheld a judgment by a Federal High Court in the state, which held that the Governor of the CBN, Lamido Sanusi, possesses the powers to hire and fire directors of troubled banks. Nov 23 Bill coming to compel Telecoms to list shares - Committees of both the Senate and House of Representatives, are working on two parallel tracks which will result in the presentation of a bill to compel large commercial entities like MTN, Globacom, Airtel, Etisalat and the oil firms, to list their shares on the NSE Business Day learnt yesterday. NSE pegs market makers' capital at N500m - The NSE has fixed the minimum capital requirement for market makers at N500m, in its drive to boost investors confidence in the capital market. Naira steady after CBN devalues currency - The Nigerian naira on Tuesday firmed against the United States dollar at the inter-bank market after the CBN finally endorsed the devaluation of the naira against the dollar. 12 26 14 27 At the close of trading session, the NSE All-Share Index inches up by +0.06% to close at 20,298.85 as against a decline by -0.12% recorded in the previous session to close at 20,286.44. Similarly, market capitalization appreciated by N3.90billion (US$26.03million) to close at N6.38trillion (US$42.57billion) as against depreciation by N7.88billion (US$52.57million) recorded on preceding session to close at N6.38trillion (US$42.54billion). Market report for the day was titled: Dangote Cement Plc halts downtrend, NSE index pulls back by +0.06%. (http://www.proshareng.com/news/15558) N6.39trillion (US$42.59billion). Market report for the day was titled: Low buying persists, NSE index slips by 0.12%(http://www.proshareng.com/news/15 549)
At the close of trading session, the NSE All-Share Index dips by -1.12% to close at 20,070.63 as against a decline by -0.12% recorded in the previous session to close at 20,298.85. Similarly, market capitalization depreciated by N71.91billion (US$479.24million) to close at N6.31trillion (US$42.09billion) as against appreciation by N3.90billion (US$26.03million) recorded on preceding session to close at N6.38trillion (US$42.57billion). Market report for the day was titled: Bears affirm dominance; NSE index pares gain by -1.12%. (http://www.proshareng.com/news/15571)
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Nov 24 First ETF for listing on NSE - ABSA Capital, a South African company is warming up to float a gold-backed Exchange Traded Fund, ETF, on the NSE. The company is working in partnership with Vetiva Management Capital to actualize this. Ecobank, Oceanic Bank set to merge businesses - Ecobank Nigeria Plc and Oceanic Bank International Limited, both subsidiaries of Ecobank Transnational Incorporated, have said that the two banks are set to merge their businesses. IFC raises $3bn in 5-year global bond for private sector development lending - International Finance Corporation (IFC), a member of the World Bank Group, launched and raised $3 billion in five-year global bond issue, as part of its regular programme of fundraising for private sector development lending. 7 31 At the close of trading session, the NSE All-Share Index dips by -0.55% to close at 19,961.18 as against a decline by -1.12% recorded in the previous session to close at 20,070.63. Similarly, market capitalization depreciated by N34.35billion (US$228.95million) to close at N6.28trillion (US$41.86billion) as against depreciation by N71.91billion (US$479.24million) recorded on preceding session to close at N6.31trillion (US$42.09billion). Market report for the day was titled: NSE ASI breaks 2years support; YTD loss stands at -20.48%. (http://www.proshareng.com/news/15579) The All-Share Index in the week under review dips by -0.93% to close at20,122.14 as against a decline by -0.51% recorded last week to close at 20,311.51. In the same vein, the market capitalization in the week depreciated by N59.59 billion (US$397.28million) to close at N6.33 trillion (US$42.20billion) as against depreciation by N87.38billion (US$582.56million) recorded last week to close at N6.39 trillion (US$ 42.59billion). Market report for the week was titled: Low appetite depletes market Net Value by N51.70billion in the week. (http://www.proshareng.com/news/15589) 19 16 At the close of trading session, the NSE All-Share Index dips by -0.09% to close at 20,103.22 as against an upbeat by +0.81% recorded in the previous session to close at 20,122.14. Similarly, market capitalization depreciated by N5.95billion (US$39.68million) to close at N6.32trillion (US$42.16billion) as against appreciation by N50.65billion (US$337.58million) recorded on preceding session to close at
Nov 25
Unease as push for MTN listing grows - There is growing disquiet among Nigerian shareholders in MTN Nigeria, who now say the company led them to believe that it would list its shares on the Nigerian Stock Exchange (NSE) following the highly successful private placement in 2007. Nigerian-German Chemicals gets shareholders nod to raise N4b fresh capital - Proposal by the board of Nigerian-German Chemical (NGC) Plc, to raise N4 billion fresh capital, was yesterday in Lagos endorsed by shareholders. CBN sells N111bn treasury bills - The Federal Government on Thursday sold N110.85bn ($693.90m) in short-dated treasury bills at an auction, with yields falling sharply compared to the trend at the previous auction.
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Nov 28
Shareholders seek due process on Ecobank's delisting - SOME shareholders of Ecobank Nigeria on Friday urged the bank's board and management to follow due process in delisting the bank from the NSE. CBN: 82 of 104 Finance Houses Unhealthy - The CBN has declared 82 finance houses out of a total of 104 licensed in the country unhealthy and deficient of the required capital. Interbank rates ease on cash inflow - Interbank lending rates eased last week
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to an average of 14.83 per cent from previous week's 15.50 per cent after a portion of public sector wages hit the system and helped boost liquidity. N6.33trillion (US$42.20billion). Market report for the day was titled: Stocks dips by -0.09% as buying appetite remains weak.( http://www.proshareng.com/news/15606) 12 27 The number of gainers at the close of trading session closed lower at 12 as against 19 recorded in the previous session while decliners closed higher at twenty-seven (27) as against sixteen (16) losers recorded in the previous trading day suggesting a negative market breadth. Market report for the day was titled: Unprofitable transaction continues; ASI slides by -0.51%. (http://www.proshareng.com/news/15617)
Nov 29
Reps to legislate on telcos', Shell NSE listing - The House of Representatives has taken a decision to get multinational companies operating in Nigeria to list on the NSE a step that may turn the Nigerian bourse from a mere platform of raising capital to a window of economic development. AMCON recovers N471bn of bad loans - The AMCON has recovered and restructured 15 per cent or N417bn of the N3.14tn total non-performing loans acquired from 21 Deposit Money Banks in the country. Deductions: FG, states resolve quarrel, share N615bn - The FG and 36 states of the federation on Monday resolved their differences over mounting fuel subsidy deductions as they approved the sharing of N615.75bn among the three tiers of government.
Nov 30
Power sector privatization delayed to Q2 2012 - Nigeria's power sector privatisation will be completed by the second quarter of next year, the presidential task force said on Tuesday, later than previously promised as another key reform for Africa's most populous nation is delayed. Nigeria holds the world's seventh largest gas reserves and is Africa's largest crude oil exporter but only produces enough electricity to power a medium-sized European city. NSE Moves for Full Dematerialisation of Shares - The NSE has said it would intensify efforts in the dematerialisation of share certificates in the stock market as a way of improving liquidity in the market. NSE raises Investor Protection Fund to N600m - The NSE on Tuesday said it had raised the stock market's Investor Protection Fund to N600m.The NSE noted that the increase in IPF was to protect investors in the event of investment loss, adding that the fund, which was currently in the custody of a Deposit Money Bank, showed the transparency and integrity of the management of the Exchange.
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At the close of trading session, the NSE All-Share Index inches up marginally by +0.01%to close at 20,003.36 as against a decline by -0.51% recorded in the previous session to close at 20,000.76 Similarly, market capitalization appreciated by N820.84million(US$5.47million) to close at N6.29trillion (US$41.95billion) as against depreciation by N32.24billion (US$214.88million) recorded on preceding session to close at N6.29trillion (US$41.94billion).Market report for the day was titled: Banking stocks halt downtrend; ASI retraces with modest gain. ( http://www.proshareng.com/news/15639)
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Dec 1 Oando to list on Toronto Stock Exchange - Oando Plc, an indigenous firm quoted on the Integrated Oil and Gas services sub-sector of the Nigerian Stock Exchange, on Wednesday in Lagos, announced plans to list its shares on the Toronto Stock Exchange in January. Central banks move to stabilize financial system - The central banks of the wealthiest countries, trying to prevent a debt crisis in Europe from exploding into a global panic, swept in Wednesday to shore up the world financial system by making it easier for banks to borrow American dollars. Stock markets around the world roared their approval. FG sets ambitious oil targets, sceptics abound - The Federal Government plans to produce 3 million barrels per day (bpd) of crude oil by 2015 and build three new refineries adding 445,000 bpd of capacity, the oil minister said on Wednesday, ambitious plans which have been promised before Dec 2 Ecobank gets $285m loan to support Oceanics acquisition - Ecobank Transnational Incorporated on Thursday said it had obtained a $285m loan from South Africas Nedbank to support ETIs acquisition of Oceanic Bank International Plc to consolidate its footprint on the continent. FCMB, Stanbic IBTC syndicate FHNs $280m oil block acquisition -First City Monument Bank and Stanbic IBTC Bank are providing a $280 million (N44.8 billion) syndicated loan for the acquisition of 45 percent interest in OML 26 (an oil block) from Shell Petroleum Development Company of Nigeria Limited( SPDC) Total E and P Nigeria and the Nigeria Agip Oil Company, by First Hydrocarbon Nigeria (FHN). Nigeria, others to receive $351bn in remittances World Bank - Remittance flows to developing countries including Nigeria are expected to total $351bn this year, the World Bank has said. Dec 5 Listing of oil companies to boost stock market by N45.58trn - The market capitalisation of the Nigerian Stock Exchange could be boosted by N45.58 trillion ( $303.37 billion) should petroleum companies operating in the country be listed on the local bourse, as canvassed by notable Nigerians. Listing: N Assembly, Others to Work on Bill for Multinationals - Strong 18 23 19 19 21 21 At the close of trading session, the NSE All-Share Index dipped by -0.18% to close at 19,967.84 as against a decline by -0.51% recorded in the previous session to close at 20,003.36 Similarly, market capitalization depreciated by N11.17billion (US$74.49million) to close at N6.28trillion (US$41.87billion) as against appreciation by N820.84million (US$5.47million) recorded on preceding session to close at N6.29trillion (US$41.95billion). Market report for the day was titled: Year-end opens bearish; ASI slides below 20,000 psychological line.(http://www.proshareng.com/news/1564 9)
The All-Share Index in the week under review dips by -0.79% to close at19,963.37 as against a decline by -0.93% recorded last week to close at 20,122.14. In the same vein, the market capitalization in the week depreciated by N49.96 billion (US$333.10million) to close at N6.28 trillion (US$41.86billion) as against depreciation by 59.59billion (US$379.28million) recorded last week to close at N6.33 trillion (US$ 42.20billion). Market report for the week was titled: Dull transactions reign in the week, ASI dips by -0.79%. (http://www.proshareng.com/news/15660) At the close of trading session, the NSE All-Share Index inches up by +0.26% to close at 20,015.66 as against a decline by -0.02% recorded in the previous session to close at 19,963.37 Similarly, market capitalization appreciated by N17.29billion (US$115.27million) to close at N6.29trillion (US$41.98billion) as against
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indications emerged at the weekend that the House of Representatives Committee on Capital Markets and Institution was planning to partner the SEC and the NSE, in its efforts to woo multinational telecommunications(telcos), oil and gas companies, operating in the country to list on the Exchange. CBN Mandates FITC to Train Bank Directors on Corporate Governance - The Financial Institutions Training Centre has been mandated by the Central Bank of Nigeria to train the boards of the three nationalised banks on corporate governance. Dec 6 South West now controls 74% bank lending -The concentration of bank lending in the South-West of Nigeria has dropped marginally in the last one year. Analysis of bank lending in Nigeria by geography, in the latest edition of the Nigeria Bank Financial Transparency Report, shows that 73.94 per cent of bank lending goes to companies domiciled in the South-West of Nigeria. Ecobank to seek Oceanic merger - Ecobank Nigeria Plc said yesterday it would seek shareholders approval on December 22 to merge its operations with rival Oceanic Bank, after Ecobanks parent firm Ecobank Transnational Incorporation (ETI) acquired 100 per cent of Oceanic in September. 14 19 At the close of trading session, the NSE All-Share Index dips by -0.32% to close at 19,951.13 as against an upbeat by +0.26% recorded in the previous session to close at 20,015.66 Similarly, market capitalization depreciated by N20.31billion (US$135.36million) to close at N6.27trillion (US$41.84billion) as against appreciation by N17.29billion (US$115.27million) recorded on preceding session to close at N6.29trillion (US$41.98billion). Market report for the day was titled: Equity Market resumes downtrend; All-Share Index dips by 0.32%.(http://www.proshareng.com/news/15 691) depreciation by N1.40billion (US$9.38million) recorded on preceding session to close at N6.28trillion (US$41.86billion). Market report for the day was titled: NSE ASI inches up by +0.26%; Sovereign Trust Insurance Plc lists additional shares. (http://www.proshareng.com/news/15680)
Naira appreciates as Chevron, Agip sell $91m - Thenaira strengthened against the United States dollar at the inter-bank market on Monday after Chevron Nigeria Limited and Nigeria Agip Oil Company sold about $91m. Dec 7 62.31% of banks' deposits maturing in a month - An average of 62.31 per cent of all deposits in Nigerian banks have a maturity term of one month. This shows that most bank customers prefer to keep short term deposits with their banks, preferring to give themselves the option to renew if need be. Access, Intercontinental banks to conclude merger in March - Following the completion of the recapitalisation and the acquisition of 75 per cent majority interest in Intercontinental Bank Limited by Access Bank Plc, the two banks have 13 24
At the close of trading session, the NSE All-Share Index dips by -0.61% to close at 19,829.29 as against an upbeat by -0.32% recorded in the previous session to close at 19,951.13 Similarly, market capitalization depreciated by N38.34billion (US$255.56million) to close at N6.24trillion (US$41.59billion) as against depreciation by N20.31billion (US$135.36million) recorded on preceding session to close at
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said that they will conclude their merger in March. FCMB, FinBank merger moves close to completion - FCMB Plc's business combination transaction with FinBank Plc, on Monday, recorded a significant milestone towards its completion, as holders of the issued and fully paid preference shares of FinBank voted in favour of variation/redemption of their preference shares by a significant majority in a court-ordered meeting held in Lagos. Dec 8 Sanusi: Court Orders Hurting Economic Reforms - Central Bank of Nigeria (CBN) Governor, Malam Sanusi Lamido Sanusi, has said most of the court injunctions issued by judges on financial disputes do not serve any useful purpose but only delay the current banking reforms which are expected to give way for the economic development in the country. New account number scheme cuts banks operating cost - BANKS are beginning to witness some reduction in operating cost following the close to full implementation of the Nigerian Uniform Bank Account Number Standard (NUBAN) scheme. AMCONs N3.14tn bonds have refinancing risks DMO - he Debt Management Office has said that the N3.14tn bonds offered by the Asset Management Corporation of Nigerias bonds, which will mature in 2011 through 2013, have inherent refinancing risks. Dec 9 Nigerian pharmaceutical market to yield $2.61bn in 2016 - Pharmaceutical distribution analyst Frost & Sullivan has projected that Nigeria will earn $2.61billion from her pharmaceutical industry in 2016 from a paltry $778.0 million in 2009. Jonathan presents 2012 budget Tuesday - President Goodluck Jonathan will present the 2012 Appropriation Bill to the Joint Session of the National Assembly next week Tuesday. Naira drops to weakest level in nine weeks - The naira eased against the United States dollar to its weakest level in nine weeks as robust demand for the greenback from some end-users stocking up for Christmas sales and those excluded from the official window overstretched supply. 20 13 9 29 N6.27trillion (US$41.84billion).Market report for the day was titled: MKT Cap sheds N38.34bn as sell pressure mounts. (http://www.proshareng.com/news/ 15703)
At the close of trading session, the NSE All-Share Index dips by -0.49% to close at 19,732.34 as against a decline by -0.61% recorded in the previous session to close at 19,829.29 Similarly, market capitalization depreciated by N5.74billion (US$238.28million) to close at N6.23trillion (US$41.55billion) as against depreciation by N20.31billion (US$135.36million) recorded on preceding session to close at N6.24trillion (US$41.59billion). Market report for the day was titled: NSE All-Share Index slides by 0.49% as bearish sentiment persists. (http://www.proshareng.com/news/15711)
The All-Share Index in the week under review dips by -0.89% to close at19,785.03 as against a decline by -0.79% recorded last week to close at 19,963.37. In the same vein, the market capitalization in the week depreciated by N27.30 billion (US$182.00million) to close at N6.25 trillion (US$41.68billion) as against depreciation by 49.96 billion (US$333.10million) recorded last week to close at N6.28 trillion (US$ 41.86billion). Market report for the week was titled: Equity Market sheds -0.89% in the week as bears dominates market activities. (http://www.proshareng.com/news/15717)
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Dec 12 AMCON Commences Valuation of Debtors Properties- The Asset Management Corporation of Nigeria (AMCON) has said it had engaged 70 professional valuers to determine the appropriate values of assets and properties of borrowers that it had acquired from banks through loan purchase agreements. Cashless economy: NIPOST partners eTranzact over implementation-WITH some few weeks to the commencement of the Central Bank of Nigerias cashless economy initiative, the Nigeria Postal Service (NIPOST) has announced its partnership with eTranzact International Plc to ensure successful implementation of the policy across the country. Ekitis N20bn Bond Oversubscribed- Governor of Ekiti State, Dr. Kayode Fayemi, has restated his administrations commitment to the transformation of the state, to make life meaningful for the people by providing necessary amenities. Dec 13 Banks set for cash-lite transactions with new account number scheme NIGERIAS 24 banks have expressed their readiness to commence the cashless transactions regime, called operations cash-lite, following the full implementation of the Nigerian Uniform Bank Account Number Standard (NUBAN) scheme. NNPC owes $3bn on fuel subsidy - The Joint Senate Committee on Petroleum (Downstream); Appropriation and Finance, investigating the management of fuel subsidy, has disclosed that over $3 billion (N471 billion) is currently owed by the NNPC as outstanding payment on fuel subsidy. Chevron Earmarks $28.5bn for Nigeria, Others in 2012 - United States oil giant Chevron Corporation has earmarked $28.5 billion for exploration and production activities, including major natural gas-related projects in Nigeria; Australia; the deepwater Gulf of Mexico; Angola and China. Dec 14 Globacom opens up network to mobile money operators- With Nigeria gradually moving from cash to mobile-based transactions and as stakeholders in the emerging ecosystem jostle to expand the scope of the market, second national operator, Globacom, has opened up its network to mobile money operators by providing them unrestricted access to its 23 million telecommunications subscribers. NDIC, CBN urge banks to strengthen capacity - The NDIC and the CBN on 15 28 20 20 16 20 At the close of trading session, the NSE All-Share Index inches up marginally by +0.03%to close at 19,791.00 as against an upbeat by +0.27% recorded in the previous session to close at 19,785.03 Similarly, market capitalization appreciated by N1.88billion (US$12.57million) to close at N6.25trillion (US$41.69billion) as against appreciation by N19.80billion (US$131.99million) recorded on preceding session to close at N6.25trillion (US$41.68billion). Market report for the day was titled: Equity Market maintains uptrend with a marginal gain. (http://www.proshareng.com/news/15729 )
At the close of trading session, the NSE All-Share Index inches up by +0.41% to close at 19,871.97 as against an upbeat by +0.03% recorded in the previous session to close at 19,791.00 Similarly, market capitalization appreciated by N25.59billion (US$170.58million) to close at N6.28trillion (US$41.86billion) as against appreciation by N1.88billion (US$12.57million) recorded on preceding session to close at N6.25trillion (US$41.69billion).Market report for the day was titled: Market sentiments remain positive; ASI grows by +0.41%. (http://www.proshareng.com/news/15756)
At the close of trading session, the NSE All-Share Index dipped by -0.11% to close at 19,849.31 as against an upbeat by +0.41% recorded in the previous session to close at 19,871.97 Similarly, market capitalization depreciated by N7.16billion (US$47.74million) to close at N6.27trillion (US$41.82billion) as against appreciation by N25.59billion (US$170.58million)
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Tuesday re-echoed the need for the chief executives of banks and other financial institutions to strengthen capacities and skills in the conduct of banking operations. Union Bank Rights Issue opens today - Union Bank of Nigeria Plc has announced that its 1.407bn Rights Issue will begin today (Wednesday).This is following the approval obtained from the Securities and Exchange Commission. Dec 15 Consolidated Breweries rights issue gets final approval - THE board of Consolidated Breweries Plc, has secured the approval of all stakeholders to float a total of 99,140,625 ordinary shares of 50 kobo each. At the end of a completion board meeting held on Tuesday in Lagos, the company explained that the Rights Issue had already been approved by the Companys shareholders at a recent yearly general meeting. Banks Jostle to Secure Mobile Money Licence - Following the final approval given by the CBN to 11 operators, which include banks, to commence commercial rollout of mobile money transaction in the country, more banks are doing everything possible to ensure they are licensed to operate mobile money business in the country. Subsidy removal may take off in April - Controversy and speculations have trailed the governments omission of allocation to fuel subsidy in next years budget. Some Nigerians interpreted the omission as a subtle way of saying fuel subsidy is over. CBN frustrating our case Afribank shareholders - Shareholders of Afribank Plc, yesterday, accused the Central Bank of Nigeria, CBN, and its governor, Lamido Sanusi, of filing processes to deliberately frustrate quick deter-mination of their suit querying the nationali-sation of the bank. Workers to get better tax relief as Jonathan signs PITA - Hopes of workers 15 19 recorded on preceding session to close at N6.28trillion (US$41.86billion).Market report for the day was titled: NSE All-Share Index pulls back by -0.11%; halt three days rally. (http://www.proshareng.com/news/15775 )
At the close of trading session, the NSE All-Share Index dipped by -0.11% to close at 19,828.40 as against an upbeat by +0.41% recorded in the previous session to close at 19,849.31 Similarly, market capitalization depreciated by N6.60billion (US$44.05million) to close at N6.26trillion (US$41.77billion) as against depreciation by N7.16billion (US$41.82million) recorded on preceding session to close at N6.27trillion (US$41.82billion).Market report for the day was titled: NSE ASI slumps further; YTD stands at -21.01 %.(http://www.proshareng.com/news/15785 )
Dec 16
21
23
The All-Share Index in the week under review inches up by +1.22% to close at20,025.94 as against a decline by -0.89% recorded last week to close at 19,785.03. In the same vein, the market capitalization in the week appreciated by N76.16 billion
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getting more tax relief were rekindled on Thursday as President Goodluck Jonathan finally gave his assent to the new Personal Income Tax Act. Jonathan signs Personal Income Tax into law - The Personal Income Tax Act (PITA) has been signed into law by President Goodluck Jonathan. It is the first major amendment to the income tax law since 1979. The bill sent to the National Assembly in 2004, was sent to the President for assent after passing through both chambers of the sixth National Assembly. Dec 19 Access Bank leads other banks in financial transparency - Access Bank and Stanbic IBTC have emerged as the banks with the best risk management and corporate governance disclosures in their published 2010 annual reports. We'll take over any ailing bank AMCON - The AMCON has said that it will not hesitate to take over any distressed bank in the country. According to the corporation, it is ready to take over any bank that has similar problems to what the three nationalised banks had. Capital Market Revival: SEC Inaugurates 7 Sub-committees - The SEC has inaugurated seven sub-committees of the Capital Market Committee (CMC) that would map out strategies for the revival of the capital market for better performance in the years ahead. Dec 20 Major reforms in pipeline as Nigeria steps up bid to attract investors Nigeria's efforts to unlock its economic potential through major reforms will be mapped out in a report published by the global publishing, research and consultancy firm Oxford Business Group (OBG). Akwa Ibom to Raise about N150bn from Capital Market - Akwa Ibom State Governor Godswill Akpabio has said the state would raise over N150 billion from the capital market through bond with a viewing to financing the industrial development of the state in the coming year. Nigeria, Canada trade hits $3bn - The Canadian High Commissioner to Nigeria, Chris Cooter, has called for a stronger trade relations between his country and Nigeria. 25 17 19 23 (US$507.74million) to close at N6.33 trillion (US$42.19billion) as against depreciation by 27.30 billion (US$182.00million) recorded last week to close at N6.25 trillion (US$ 41.68billion). Market report for the week was titled: Nigerian stocks end the week positive; ASI inches up by +1.22%.(http://www.proshareng.com/news/ 15796)
At the close of trading session, the NSE All-Share Index inches up by +0.10% to close at 20,045.31 as against an upbeat by +1.00% recorded in the previous session to close at 20,025.94. Similarly, market capitalization appreciated by N6.12billion (US$40.81million) to close at N6.33trillion (US$42.23billion) as against appreciation by N62.45billion (US$416.20million) recorded on preceding session to close at N6.33trillion (US$42.19billion). Market report for the day was titled: Equity Market closes uptick as NSE lists first gold-backed ETF.(http://www.proshareng.com/news/1581 4) At the close of trading session, the NSE All-Share Index inches up by +0.39% to close at 20,122.80 as against an upbeat by +0.10% recorded in the previous session to close at 20,045.31. Similarly, market capitalization appreciated by N24.49billion(US$163.27million) to close at N6.36trillion (US$42.39billion) as against appreciation by N6.12billion (US$40.81million) recorded on preceding session to close at N6.33trillion (US$42.23billion).Market report for the day was titled: MKT Cap gains N93.07bn in three trading days as rally continues. (http://www.proshareng.com/news/15825)
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Dec 21 NSE set to explore N800tn global ETF market - The NSE has announced plans to explore the growing Exchange Traded Fund market put at about N800tn.According to the Exchange, there is enormous potential and opportunity inherent in the ETF market, adding that it is important it positions itself to exploit it.The CEO, NSE, Mr. Oscar Onyema, who disclosed this on Monday, noted that the Exchange foresaw growth in the global ETF market with emerging markets at the forefront Securities Lending to Commence Q1 of 2012 - Barring any major change in plan, securities lending would commence in the nation's stock market in the first quarter of 2012, THISDAY investigations have revealed. Union Bank: Investors Move to take up their Rights - Some shareholders of Unions Bank of Nigeria Plc have expressed willingness to pick up rights as a way of increasing their stake in the bank. Union Bank is offering about 1.41 billion ordinary shares of 50 kobo each at N6.81 per share in the ratio of five new ordinary shares for every nine ordinary shares held as at the September 30, 2011. Dec 22 Naira falls as CBN closes forex window - The naira fell against the United States dollar on Wednesday, to its weakest since October 10, as the CBN closed its official foreign exchange window for the year, putting pressure on the inter-bank market dollar supplies. SEC to develop road map to increase issuances - The SEC has said that it is putting plans in place to increase the Nigerian capital market's depth. Accordingly, the apex market regulator has developed a road map to ensure that new issuances are brought into the market. Bond market as States' financing window - As sources of cheap funding are fast disappearing, no thanks to the crisis in the equities market and CBN restrictive monetary policies, it has become expedient for private and public sectors to look for alternative funding sources. Dec 23 Shareholders approve Ecobank, Oceanic Bank's merger - Shareholders of Ecobank Nigeria Plc, yesterday, approved the bank's board's proposal to conclude merger agreements with Oceanic Bank Plc, after Ecobank's parent firm Ecobank Transnational Incorporated (ETI) acquired 100 per cent stake in the troubled 22 22 30 22 34 11 At the close of trading session, the NSE All-Share Index inches up by +1.48% to close at 20,420.23 as against an upbeat by +0.10% recorded in the previous session to close at 20,122.80. Similarly, market capitalization appreciated by N94.03billion (US$626.66million) to close at N6.45trillion (US$43.02billion) as against appreciation by N24.49billion (US$163.27million) recorded on preceding session to close at N6.36trillion (US$42.39billion). Market report for the day was titled: Financial Services stocks dominate gainers chart, ASI firms up by +1.48%. (http://www.proshareng.com/news/15837)
At the close of trading session, the NSE All-Share Index inches up by +0.90% to close at 20,604.48 as against an upbeat by +1.48% recorded in the previous session to close at 20,420.23. Similarly, market capitalization appreciated by N58.25billion (US$388.20million) to close at N6.51trillion (US$43.41billion) as against appreciation by N94.03billion (US$626.66million) recorded on preceding session to close at N6.45trillion (US$43.02billion). Market report for the day was titled: Equity Market sustains the rally as yuletide draws near. (http://www.proshareng.com/news/15846)
However, the All-Share Index in the week under review inches up by +3.68% to close at20,763.26 as against an upbeat by +1.22% recorded last week to close at 20,025.94. In the same vein, the market capitalization in the
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financial institution in September. DMO: Extending prudent debt management to states - For Nigeria to avoid a sovereign debt crisis like it is being experienced by some European countries, all the three tiers of government must embrace and institutionalise prudent management of their debt profile.This is the driving force behind the engagement of the Debt Management Office (DMO) and the 36 states government. Jonathan directs Okonjo-Iweala, Sanusi to recapitalise Bank of Industry President Goodluck Jonathan on Thursday directed the Minister of Finance, Dr. Ngozi Okonjo-Iweala, and the Governor, CBN, Mr. Lamido Sanusi, to recapitalise the Bank of Industry. Jonathan, who gave the directive during the inauguration of the BoI office in Abuja, said the move would enable the bank return the nation's economy to the path of industrialisation. Dec 28 Banks to save N192b through cash-lite banking in 2012 -Nigerian banks are expected to cut down on operating expenses significantly from next year, through a cost trimming process emanating from the deployment of cash-lite and e-payment transaction systems. Union Bank Reconstructs Shares - Union Bank of Nigeria Plc, one of the banks rescued by the CBN in 2009, has reconstructed its share capital so as to accommodate new shares and facilitate its recapitalisation exercise. China's Investment in Nigeria Hits $6.1bn - The exponential growth rate of Chinese economic links with Africa has reached a new height as report by Oxford Business Group (OBG) has revealed that China accounts for roughly 25 per cent of Nigeria's inbound Foreign Direct Investment (FDI), equivalent to roughly $6.1billion (N988.2 billion). Dec 29 Banks to play robust role in 2012 economy - There are positive indications that banks are set to play a robust role in the economy, typified by more credit to the critical sectors and new product offerings in the New Year, analysts have said. Nigerian to gain from $3.5 trn global growth in ETF - Nigerian investors may benefit from the expected growth in Global Exchange Traded Fund assets under management $1.5trillion to as much as $5trillion by the end of 2015, according to 20 19 18 31 At the close of trading session, the NSE All-Share Index dips by -0.70% to close at 20,617.23 as against an upbeat by +0.77% recorded in the previous session to close at 20,763.26. Similarly, market capitalization depreciated by N46.01billion (US$306.74million) to close at N6.49trillion (US$43.30billion) as against appreciation by N28.75billion (US$191.64million) recorded on preceding session to close at N6.54trillion (US$43.60billion).Market report for the day was titled: Nigerian Stocks retraces by -0.70% as investors wind down the year. (http://www.proshareng.com/news/15865) At the close of trading session, the NSE All-Share Index inches up by +0.76% to close at 20,773.98 as against a decline by -0.70% recorded in the previous session to close at 20,617.23. In the same vein, market capitalization appreciated by N49.39billion (US$329.17million) to close at N65.4trillion (US$43.62billion) as against depreciation by N46.01billion (US$306.74million) week appreciated by N211.66 billion (US$1.41billion) to close at N6.54 trillion (US$43.60billion) as against appreciation by 76.16 billion (US$507.74million) recorded last week to close at N6.33 trillion (US$ 42.19billion). Market report for the week was titled: Equity Market closes green in the week as ASI firms up by +3.68%. (http://www.proshareng.com/news/15853)
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Oscar Onyeama, CEO of the NSE. More banks push for mobile money licenses - As the Nigerian economy gears up to move into cashless mode by January 1, 2012, more banks are strengthening their electronic channels and engaging in intense lobbying to obtain mobile money licences before the end of the year. Dec 30 NAHCO Needs N5bn Bond to Fund Transformation - The MD of the Nigerian Aviation Handling Company Plc, Mr. Kayode Ojo, has explained that the company went to raise N5 billion bond to finance its transformation programmes. SEC to firm up dematerialisation process in 2012 Oteh - The SEC has stated its readiness to firm up dematerialisation plans in the stock market transactions. DG of the SEC, Ms. Arunma Oteh, disclosed this after the Capital Market Committee (CMC) retreat held recently in Akwa Ibom, saying, We are committed to addressing all of those things that will ensure efficiency. One of those things is to ensure that our dematerialisation plan is really firmed up. Customers' apprehension heralds mobile money launch - With barely two days to the commencement of the CBN's Cashless Nigeria' pilot project which is expected to bring several millions of unbanked Nigerians into the formal banking system, BusinessDay investigations indicate that most Nigerians still dont know how the mobile banking system works. 30 13 recorded on preceding session to close at N6.49trillion (US$43.30billion).Market report for the day was titled: Equity Market resumes uptrend as Dangote Cement Plc records +5.00% gain. (http://www.proshareng.com/news/15873)
The All-Share Index in the week under review dips by -0.16% to close at20,730.63 as against an upbeat by +3.68% recorded last week to close at 20,763.26. In the same vein, the market capitalization in the week depreciated by N10.28 billion (US$68.55million) to close at N6.53 trillion (US$43.53billion) as against appreciation by 211.66 billion (US$1.41billion) recorded last week to close at N6.54 trillion (US$ 43.60billion). Market report for the week was titled: : NSE ASI sheds -0.16% in the week, YTD performance stands at -17.42% (http://www.proshareng.com/news/15877)
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