Business Tips

NSE Continues its Review of the Situation of Oando Plc

The Nigerian Stock Exchange (NSE) is reviewing the situation regarding the delayed filings of the Audited Financial Statements (AFS) of Oando Plc for the year ended 31 December 2014 and its Q1 and H1 delayed filings. 

The Exchange is greatly concerned about the delayed filings and the significant losses which were posted for the 2014 fiscal year and the first three quarters of 2015. 

Market Index Plunges to Sell Pressure

Photo L-R: Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Aigboje Aig-Imoukhuede, President, NSE; and Mojisola Ruth Adeola, Council Secretary at The NSE Port-Harcourt/Onitsha Zonal Branch Council Annual General Meeting held during the week.

Sell pressure on the Nigerian bourse was sustained during trade today as the broader index closed 0.3% lower to settle at 29,052.87pts; thereby pushing YTD return (-16.2%) further into the negative territory. Market capitalization equally fell N28.9bn to N10.0tn.

Negative Trading Persists at the Nation’s Bourse

The Nigerian equity market benchmark index went further below the 30,000pts psychological mark after dipping 18bps today to close at 29,136.85pts. This decline was driven by the sell-offs recorded in DANGOTE CEMENT (-1.0%), UNILEVER (-5.0%) and FBN Holdings (-1.2%).

In a similar manner, market capitalization fell N105.3bn to settle at N10.0tn. Activity level measured by volume and value traded however showed mixed performances as volume advanced 49.9% to 308.1m units while value declined 12.1% N3.0tn.

Banking Index Leads Sectors

Global Market Review and Outlook –Week Ended October 30, 2015

Global equities market indices within our coverage reverted previous week's uptrend as the US Fed's decision to revisit a likely rate hike in its December meeting triggered another round of sell off across emerging and Euro-Asian markets during the week, while a string of sanctions and poor earnings numbers in Nigeria depressed the performance of key markets across Africa.

‘Nigeria Needs N12trn to Feed Population by 2050’

An agricultural expert, Sotonye Anga, has estimated that N12 trillion would be required to feed Nigerians by 2050, when its population would have hit 340 million people.

Mr Anga, who is the Coordinator of Community of Agricultural Stakeholders of Nigeria (CASON), made the prediction Thursday in an interview with the News Agency of Nigeria in Lagos.

According to him, Nigeria presently spends N17 billion to feed its population of 170 million.

Capital Market Operator Urges FG to Address Infrastructure Challenges with ‘Sukuk’

A capital market operator has urged the Federal Government to float a sovereign “Sukuk” - Islamic Financial Certificate - to tap into the international market to raise funds to address infrastructure challenges.

Hajara Adeola, Managing Director, Lotus Capital Ltd., made the assertion on Wednesday when she spoke at the two-day workshop on the Nigerian Debt Capital Markets in Lagos.

The workshop was organised by FMDQ OTC and the Securities and Exchange Commission (SEC).

We’ll Vigorously Pursue Stolen Funds and Prosecute Perpetrators –Buhari

President Muhammadu Buhari has said his administration will vigorously pursue stolen funds and prosecute perpetrators in order to discourage others from coming into government for personal gains.

Mr Buhari, who is in New Delhi, India, to participate in the 3rd Summit of the India-Africa Forum, said this today while addressing members of the Nigerian community in India.

Lacklustre Earnings Weigh Down Market Performance

The Nigerian Equity Market extended losses into the 4th trading session as it opened the week negative against the backdrop of lacklustre earnings declared by quoted companies which further doused investors' sentiment.

Consequently, the benchmark All Share Index (ASI) of Nigerian equities shed 61bps to close at 29,828.95 points, whilst Market Capitalization declined N62.9bn to close at N10.3tn. Market activity however increased as aggregate volume and value of stocks traded advanced 142.7% and 207.4% to 366.9m units and N5.2bn.