Profit Taking Drags Market Performance Down

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

MTN Nigeria Eyes $5.2b Debut Lagos Listing in July

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

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

Bellwethers Drive Market Rebound

The Domestic bourse appreciated today following renewed interest in market bellwethers, hence the All Share Index rose 2.4% to settle at 43,330.54 points while YTD return improved to 13.3%. Buying interest in DANGCEM (+5.0%), NIGERIAN BREWERIES (+4.5%) and NESTLE (+3.0%) buoyed performance. As a result, investors’ wealth increased by N370.0bn as market capitalization jumped to N15.5tn. In the same vein, activity level increased as volume and value traded inched 30.3% and 22.7% higher to 438.6m units and N10.8bn respectively.

Afreximbank to Sell Shares in Nigerian Stock Market

African Export-Import Bank (Afreximbank) plans to sell shares in Nigeria and two other African countries to support lending and broaden its ownership base.

The Cairo-based lender is in talks with Nigerian regulators to issue depositary receipts and raise equity worth $200 million by the third quarter, Afreximbank said in an emailed response to questions, the Voice of Nigeria reports.

It is still considering the other markets and will release details once discussions have been finalized, the company said.

Bears take Hold of Equities Market

The local bourse recorded losses at the close of trade on Tuesday as the All Share Index (ASI) fell 0.7% to 42,299.56 points while YTD return contracted to 10.6%. Performance was majorly dragged by sell offs in DANGCEM (-0.7%), ZENITH (-2.5%) and INTBREW (-4.8%). Accordingly, investors lost N100.5bn in value as market capitalization declined to N15.2tn.

Market Sentiment Improves as Equities Open Week Flat

The NSE ASI commenced the trading week flattish, advancing 2 bps to settle at 42,579.48 points while YTD return closed the day flat at 11.3%. Consequent on this, investors' wealth rose N3.1bn as market capitalization increased to N15.3tn. Today’s market performance was largely driven by price appreciation in INTBREW (+5.0%), GUARANTY (+1.5%) and ZENITH (+0.8%) which offset losses in DANGCEM (-0.4%), UBA (-3.5%) and SEPLAT (-2.0%).

Market Closes Flat amid Mixed Sector Performance

Photo L-R: Mrs. Favour Femi-Oyewole, Chief Information Security, The Nigerian Stock Exchange (NSE); Mr. Oscar Onyema, Chief Executive Officer, NSE; His Excellency, Mr. Robert Petri , Netherlands Ambassador to Nigeria; Mrs. Marijke Petri – His wife; Mr. Michel Deelen, Deputy Ambassador/Head of Lagos Representation Office, The Embassy of the Kingdom of the Netherlands, Lagos Office; and Ms. Sonia Fajusigbe,  Adviser Economic, Trade & investment Affairs, The Embassy of the Kingdom of the Netherlands, Lagos Office during a Closing Gong Ceremony at the Exchange in Lagos.

Equities Market Kick-Starts the Week Negative

Following the negative return recorded last week, the Nigerian equities market closed in the red as the NSE All Share Index fell 1.5% to settle at 41,988.18 points while YTD return moderated to 9.8%. Accordingly, investors lost N233.5bn as market capitalization closed at N15.1tn.  Today’s negative performance was primarily on account of downticks in bellwether stocks – DANGCEM (-3.3%), NESTLE (-4.2%) and ZENITH (-2.2%). In the same vein, activity level softened as volume and value traded 53.4% and 71.1% to 287.1m units and N2.3bn respectively.