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.

Equities Market Sustains Gains

The equities market sustained gains on Thursday as the All Share Index (ASI) grew 1.0% to 42,604.40 points while YTD return improved to 11.4%. Consequently, market capitalisation increased by N155.2bn to N15.3tn. Thursday’s performance was mainly driven by price appreciation in FBNH (+8.2%), GUARANTY (+2.0%) and DANGCEM (+0.6%). Similarly, activity level improved as volume and value traded inched 18.1% and 33.0% higher to 615.1m units and N6.3bn respectively.

Bullish Sector Performance

Stock Market Rebounds after 7-day Bearish Run

The local bourse halted a 7-day bearish run on Wednesday as the All Share Index (ASI) rose 1.1% to close at 42,171.80 points while YTD gain improved to 10.3%. Accordingly, investors gained N166.4bn in value as market capitalization increased to N15.1tn. Wednesday’s positive performance can be largely attributed to buying interest in Banking and Consumer counters with ZENITH (+5.0%), UBA (+6.3%) and NESTLE (+1.9%) weighing the most on performance. Also, activity level improved as volume and value traded advanced 10.7% and 28.1% to 520.7m units and N4.7bn respectively.

Bears Extend Hold at the Stock Market

The local bourse remained in the red on Tuesday, extending the bearish run into the seventh consecutive trading session with the All Share Index (ASI) falling 2.4% to settle at 41,708.15 points while YTD return contracted to 9.1%. As a result, market capitalization decreased by N369.5bn to N14.9tn. Sustained sell-offs across board was experienced today, with DANGCEM (-4.9%), NIGERIAN BREWERIES (-3.9%) and NESTLE (-2.9%) being the major drags on performance. Similarly, activity level weakened as volume and value traded fell 9.1% and 29.0% to 470.5m units and N3.7bn respectively.