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  •  The Nigerian Exchange Ltd NGX extended its bullish trend on Thursday as market capitalisation gained N42 75 billion to close at N28 528 trillion from N28 485 trillion recorded on Wednesday Similarly the All Share Index ASI gained by 0 15 per cent to close at 52 917 76 points compared to the 52 838 45 points recorded on Wednesday Analysts at Vetiva Dealing and Brokage said The market saw some course correction after yesterday s impressive gains as predicted with profit taking observed on some of the strong performers this week In tomorrow s session we anticipate further gains on fundamentally sound names even as other tickers which have enjoyed investors patronage in recent sessions shed some points The market s positive performance was driven by price appreciation in large and medium capitalised stocks which are Glaxosmith Presco International Breweries Okumu Oil and among others The market breadth was positive as 30 stocks appreciated relative to 22 that declined Fidson Pharmaceticals recorded the highest price gain of 9 95 per cent to close at N11 38 per share Eterna followed with a gain of 7 19 per cent to close at N9 94 per share while MC Nichols rose by 9 91 per cent to close at N1 22 per share Glaxosmith rose by 9 81 per cent to close at N8 35 while WAPCO gained 9 86 per cent to close at N31 75 per share On the other hand Academy Press led the losers chart by 9 73 per cent to close at N1 67 per share Chiplc and Linkage Assurance depreciated by 9 68 per cent and 8 70 per cent each to close at 56k and 63k per share respectively Veritas Kapital followed with a decline of 4 55 per cent to close at 21k per share while AIICO lost 3 80 per cent to close at 76k per share The total volume of stocks traded was 426 02 million units valued N5 697 billion and exchanged in 7 639deals Transactions in the shares of Transcorp topped the volume chart with 94 4 million shares valued at N122 73 million Zenith Bank followed with 34 48 million shares worth N590 08 million while WAPCO traded 19 23 million shares valued at N601 95 million Abbey Buildings traded 18 36 million shares valued at N24 39 million while ACCESSCORP transacted 17 02 million shares valued at N163 58 million NAN
    NGX maintains bullish trend, key indices up 0.15%
     The Nigerian Exchange Ltd NGX extended its bullish trend on Thursday as market capitalisation gained N42 75 billion to close at N28 528 trillion from N28 485 trillion recorded on Wednesday Similarly the All Share Index ASI gained by 0 15 per cent to close at 52 917 76 points compared to the 52 838 45 points recorded on Wednesday Analysts at Vetiva Dealing and Brokage said The market saw some course correction after yesterday s impressive gains as predicted with profit taking observed on some of the strong performers this week In tomorrow s session we anticipate further gains on fundamentally sound names even as other tickers which have enjoyed investors patronage in recent sessions shed some points The market s positive performance was driven by price appreciation in large and medium capitalised stocks which are Glaxosmith Presco International Breweries Okumu Oil and among others The market breadth was positive as 30 stocks appreciated relative to 22 that declined Fidson Pharmaceticals recorded the highest price gain of 9 95 per cent to close at N11 38 per share Eterna followed with a gain of 7 19 per cent to close at N9 94 per share while MC Nichols rose by 9 91 per cent to close at N1 22 per share Glaxosmith rose by 9 81 per cent to close at N8 35 while WAPCO gained 9 86 per cent to close at N31 75 per share On the other hand Academy Press led the losers chart by 9 73 per cent to close at N1 67 per share Chiplc and Linkage Assurance depreciated by 9 68 per cent and 8 70 per cent each to close at 56k and 63k per share respectively Veritas Kapital followed with a decline of 4 55 per cent to close at 21k per share while AIICO lost 3 80 per cent to close at 76k per share The total volume of stocks traded was 426 02 million units valued N5 697 billion and exchanged in 7 639deals Transactions in the shares of Transcorp topped the volume chart with 94 4 million shares valued at N122 73 million Zenith Bank followed with 34 48 million shares worth N590 08 million while WAPCO traded 19 23 million shares valued at N601 95 million Abbey Buildings traded 18 36 million shares valued at N24 39 million while ACCESSCORP transacted 17 02 million shares valued at N163 58 million NAN
    NGX maintains bullish trend, key indices up 0.15%
    Economy7 months ago

    NGX maintains bullish trend, key indices up 0.15%

    The Nigerian Exchange Ltd., (NGX) extended its bullish trend on Thursday, as market capitalisation gained N42.75 billion to close at N28.528 trillion from N28.485 trillion recorded on Wednesday.

    Similarly, the All-Share Index (ASI) gained by 0.15 per cent to close at 52,917.76 points, compared to the 52,838.45 points recorded on Wednesday.

    Analysts at Vetiva Dealing and Brokage said, “The market saw some course-correction after yesterday’s impressive gains as predicted, with profit-taking observed on some of the strong performers this week.

    “In tomorrow’s session, we anticipate further gains on fundamentally sound names, even as other tickers which have enjoyed investors’ patronage in recent sessions shed some points.”

    The market’s positive performance was driven by price appreciation in large and medium capitalised stocks which are; Glaxosmith, Presco, International Breweries, Okumu Oil and among others.

    The market breadth was positive as 30 stocks appreciated relative to 22 that declined.

    Fidson Pharmaceticals recorded the highest price gain of 9.95 per cent to close at N11.38 per share.

    Eterna followed with a gain of 7.19 per cent to close at N9.94 per share, while MC Nichols rose by 9.91;per cent to close at N1.22 per share.

    Glaxosmith rose by 9.81 per cent to close at N8.35 while WAPCO gained 9.86 per cent to close at N31.75 per share.

    On the other hand, Academy Press led the losers’ chart by 9.73 per cent to close at N1.67 per share.

    Chiplc and Linkage Assurance depreciated by 9.68 per cent and 8.70 per cent each to close at 56k and 63k per share, respectively.

    Veritas Kapital followed with a decline of 4.55 per cent to close at 21k per share, while AIICO lost 3.80 per cent to close at 76k per share.

    The total volume of stocks traded was 426.02 million units, valued N5.697 billion, and exchanged in 7,639deals.

    Transactions in the shares of Transcorp topped the volume chart with 94.4 million shares valued at N122.73 million.

    Zenith Bank followed with 34.48 million shares worth N590.08 million, while WAPCO traded 19.23 million shares valued at N601.95 million.

    Abbey Buildings traded 18.36 million shares valued at N24.39 million, while ACCESSCORP transacted 17.02 million shares valued at N163.58 million.

    (NAN)

  •  The bears resurfaced at the Nigerian Exchange Ltd NGX on Tuesday as a result of profit taking in MTN Nigeria and 11 other stocks Accordingly the All Share Index declined by 97 07 basis points or 0 19 per cent to close at 51 805 41 from 51 902 48 recorded on Monday Consequently the year to date YTD return fell to 21 28 per cent Similarly the market capitalisation shed N52 36 billion to close at N27 928 trillion compared with N27 981 trillion posted on Monday The market negative performance was driven by profit taking in telecommunication consumer goods and Tier 1 banks which are MTNN Nigerian Breweries Company Zenith Bank and United Bank for Africa UBA However the market breadth closed positive with 34 gainers as against 12 losers NAHCO led the laggards chart by 4 12 per cent to close at N6 51 per share Mutual Benefits Assurance followed with 3 85per cent to close at 25k while Wema Bank was down by 3 73 per cent to close at N3 61 per share MTN Nigeria depreciated by 3 61 per cent to close at N240 while Regal Insurance declined by 3 33 per cent to close at 29k per share Conversely Multiverse Mining and Exploration MayBaker and Okumu Oil topped the gainers chart in percentage terms by 10 per cent each to close at 22k N4 84 and N187 per share respectively Champion up by 9 81 per cent to close at N4 03 while McNicholas appreciated by 9 78 per cent to close at N1 01per share Transactions in the shares of Guaranty Trust Bank Holding Company GTco topped the activity chart with 51 96 million shares valued at N1 23 billion Transcorp followed with 44 33 million shares worth N49 62 million while First Bank of Nigeria Holdings FBNH traded 14 09 million shares valued at N171 28 million Oando traded 13 6 million shares valued at N80 86 million while Regal Insurance traded 11 98 million shares worth N3 31 million In all the total volume traded depreciated by 1 10 per cent to 331 32 million shares worth N5 04 billion traded in 6 689 deals This was against a total of 377 56 million shares valued at N5 55 billion transacted in 7 684 deals on Monday The value of transactions declined by 7 95 per cent NAN
    Trading closes southward on NGX, losses N52bn
     The bears resurfaced at the Nigerian Exchange Ltd NGX on Tuesday as a result of profit taking in MTN Nigeria and 11 other stocks Accordingly the All Share Index declined by 97 07 basis points or 0 19 per cent to close at 51 805 41 from 51 902 48 recorded on Monday Consequently the year to date YTD return fell to 21 28 per cent Similarly the market capitalisation shed N52 36 billion to close at N27 928 trillion compared with N27 981 trillion posted on Monday The market negative performance was driven by profit taking in telecommunication consumer goods and Tier 1 banks which are MTNN Nigerian Breweries Company Zenith Bank and United Bank for Africa UBA However the market breadth closed positive with 34 gainers as against 12 losers NAHCO led the laggards chart by 4 12 per cent to close at N6 51 per share Mutual Benefits Assurance followed with 3 85per cent to close at 25k while Wema Bank was down by 3 73 per cent to close at N3 61 per share MTN Nigeria depreciated by 3 61 per cent to close at N240 while Regal Insurance declined by 3 33 per cent to close at 29k per share Conversely Multiverse Mining and Exploration MayBaker and Okumu Oil topped the gainers chart in percentage terms by 10 per cent each to close at 22k N4 84 and N187 per share respectively Champion up by 9 81 per cent to close at N4 03 while McNicholas appreciated by 9 78 per cent to close at N1 01per share Transactions in the shares of Guaranty Trust Bank Holding Company GTco topped the activity chart with 51 96 million shares valued at N1 23 billion Transcorp followed with 44 33 million shares worth N49 62 million while First Bank of Nigeria Holdings FBNH traded 14 09 million shares valued at N171 28 million Oando traded 13 6 million shares valued at N80 86 million while Regal Insurance traded 11 98 million shares worth N3 31 million In all the total volume traded depreciated by 1 10 per cent to 331 32 million shares worth N5 04 billion traded in 6 689 deals This was against a total of 377 56 million shares valued at N5 55 billion transacted in 7 684 deals on Monday The value of transactions declined by 7 95 per cent NAN
    Trading closes southward on NGX, losses N52bn
    Economy7 months ago

    Trading closes southward on NGX, losses N52bn

    The bears resurfaced at the Nigerian Exchange Ltd.,(NGX) on Tuesday as a result of profit taking in MTN Nigeria and 11 other stocks.

    Accordingly, the All-Share Index declined by 97.07 basis points or 0.19 per cent to close at 51,805.41 from 51,902.48 recorded on Monday.

    Consequently, the year-to-date (YTD) return fell to 21.28 per cent.

    Similarly, the market capitalisation shed N52.36 billion to close at N27.928 trillion compared with N27,981 trillion posted on Monday.

    The market negative performance was driven by profit taking in telecommunication, consumer goods and Tier-1 banks which are MTNN, Nigerian Breweries Company, Zenith Bank and United Bank for Africa(UBA).

    However, the market breadth closed positive with 34 gainers as against 12 losers.

    NAHCO  led the laggards’ chart by 4.12 per cent to close at N6.51 per share.

    Mutual Benefits Assurance followed with 3.85per cent to close at 25k, while Wema Bank was down by 3.73 per cent to close at N3.61 per share.

    MTN Nigeria depreciated by 3.61 per cent to close at N240, while Regal Insurance declined by 3.33 per cent to close at 29k per share.

    Conversely, Multiverse Mining and Exploration, MayBaker and Okumu Oil topped the gainers’ chart in percentage terms by 10 per cent each to close at 22k N4.84 and N187 per share, respectively.

    Champion up by 9.81 per cent to close at N4.03 while McNicholas appreciated by 9.78 per cent to close at N1.01per share.

    Transactions in the shares of Guaranty Trust Bank Holding Company (GTco) topped the activity chart with 51.96 million shares valued at N1.23 billion.

    Transcorp followed with 44.33 million shares worth N49.62 million, while First Bank of Nigeria Holdings (FBNH) traded 14.09 million shares valued at N171.28 million.

    Oando traded 13.6 million shares valued at N80.86 million, while Regal Insurance traded 11.98 million shares worth N3.31 million.

    In all, the total volume traded depreciated by 1.10 per cent to 331.32 million shares worth N5.04 billion traded in 6,689 deals.

    This was against a total of 377.56 million shares valued at N5.55 billion transacted in 7,684 deals on Monday.

    The value of transactions declined by 7.95 per cent.

    (NAN)

  •  The stock market extended its bullish streak on Friday ending the week in the green following investor interest in some consumer goods stocks Specifically the market capitalization gained N53 billion to close at N27 459 billion against N27 406 billion on Thursday Similarly the All Share Index rose 99 08 points to close at 50 935 03 from 50 835 95 on Thursday The positive market performance was fueled by bargain hunting in shares of Champion International Breweries Cadbury PZ and NAHCO In terms of sector performance the insurance index NGX consumer goods index NGX oil and gas index and NGX industrial index increased by 1 34 0 98 1 39 0 79 and 0 13 respectively The market closed in negative with 45 losers in relation to 14 winners Caverton led the list of winners in percentage terms by 10 per cent to close at N1 32 per share Champion followed with 9 87 percent to close at N3 34 while Learn Africa appreciated 9 81 percent to close at N2 35 per share International Breweries rose 9 76 percent to close at N6 75 while Cadbury gained 9 72 percent to close at N13 56 a share On the other hand Living Trust led the losers table in percentage terms with 9 68 percent to close at N1 12 per share CWG followed down 6 25 per cent to close at 90k while Stanbic was down 6 17 per cent to close at N34 20 per share Ikeja Hotel depreciated 5 19 percent each to close at N1 35 Also Veritas Kapital lost 4 55 percent 21k per share The total volume traded rose 0 8 percent to 466 28 million units valued at N5 309 billion traded in 7 442 deals This was against a total of 462 60 million shares worth N8 305 billion achieved in 6 801 deals on Thursday Trading in Living Trust shares topped the activity chart with 88 57 million shares valued at N99 2 million Transcorp followed with 40 51 million shares worth N48 31 million while Fidelity Bank traded 30 4 million shares valued at N111 97 million Covertville traded 29 62 million shares worth N14 82 million while Zenith Bank traded 24 05 million shares valued N588 66 million www NAN
    Stock market closes positive amid bargain hunting
     The stock market extended its bullish streak on Friday ending the week in the green following investor interest in some consumer goods stocks Specifically the market capitalization gained N53 billion to close at N27 459 billion against N27 406 billion on Thursday Similarly the All Share Index rose 99 08 points to close at 50 935 03 from 50 835 95 on Thursday The positive market performance was fueled by bargain hunting in shares of Champion International Breweries Cadbury PZ and NAHCO In terms of sector performance the insurance index NGX consumer goods index NGX oil and gas index and NGX industrial index increased by 1 34 0 98 1 39 0 79 and 0 13 respectively The market closed in negative with 45 losers in relation to 14 winners Caverton led the list of winners in percentage terms by 10 per cent to close at N1 32 per share Champion followed with 9 87 percent to close at N3 34 while Learn Africa appreciated 9 81 percent to close at N2 35 per share International Breweries rose 9 76 percent to close at N6 75 while Cadbury gained 9 72 percent to close at N13 56 a share On the other hand Living Trust led the losers table in percentage terms with 9 68 percent to close at N1 12 per share CWG followed down 6 25 per cent to close at 90k while Stanbic was down 6 17 per cent to close at N34 20 per share Ikeja Hotel depreciated 5 19 percent each to close at N1 35 Also Veritas Kapital lost 4 55 percent 21k per share The total volume traded rose 0 8 percent to 466 28 million units valued at N5 309 billion traded in 7 442 deals This was against a total of 462 60 million shares worth N8 305 billion achieved in 6 801 deals on Thursday Trading in Living Trust shares topped the activity chart with 88 57 million shares valued at N99 2 million Transcorp followed with 40 51 million shares worth N48 31 million while Fidelity Bank traded 30 4 million shares valued at N111 97 million Covertville traded 29 62 million shares worth N14 82 million while Zenith Bank traded 24 05 million shares valued N588 66 million www NAN
    Stock market closes positive amid bargain hunting
    Economy7 months ago

    Stock market closes positive amid bargain hunting

    The stock market extended its bullish streak on Friday, ending the week in the green, following investor interest in some consumer goods stocks.

    Specifically, the market capitalization gained N53 billion to close at N27.459 billion against N27.406 billion on Thursday.

    Similarly, the All-Share Index rose 99.08 points to close at 50,935.03 from 50,835.95 on Thursday.

    The positive market performance was fueled by bargain hunting in shares of Champion, International Breweries, Cadbury, PZ and NAHCO,

    In terms of sector performance, the insurance index, NGX consumer goods index, NGX oil and gas index and NGX industrial index increased by 1.34%, 0.98%, 1.39%, 0.79% and 0.13%, respectively.

    The market closed in negative with 45 losers in relation to 14 winners.

    Caverton led the list of winners in percentage terms by 10 per cent to close at N1.32 per share.

    Champion followed with 9.87 percent to close at N3.34, while Learn Africa appreciated 9.81 percent to close at N2.35 per share.

    International Breweries rose 9.76 percent to close at N6.75, while Cadbury gained 9.72 percent to close at N13.56 a share.

    On the other hand, Living Trust led the losers table in percentage terms with 9.68 percent to close at N1.12 per share.

    CWG followed down 6.25 per cent to close at 90k, while Stanbic was down 6.17 per cent to close at N34.20 per share.

    Ikeja Hotel depreciated 5.19 percent each to close at N1.35.

    Also, Veritas Kapital lost 4.55 percent 21k per share.

    The total volume traded rose 0.8 percent to 466.28 million units valued at N5,309 billion traded in 7,442 deals.

    This was against a total of 462.60 million shares worth N8.305 billion achieved in 6,801 deals on Thursday.

    Trading in Living Trust shares topped the activity chart with 88.57 million shares valued at N99.2 million.

    Transcorp followed with 40.51 million shares worth N48.31 million, while Fidelity Bank traded 30.4 million shares valued at N111.97 million.

    Covertville traded 29.62 million shares worth N14.82 million, while Zenith Bank traded 24.05 million shares valued N588.66 million. (www.

    (NAN)

  •  The Managing Director ARM Securities Ltd Mr Rotimi Olubi has attributed sustained rally on the Nigerian Exchange Ltd NGX to heightened uncertainties in the fixed income space Olubi disclosed this in an interview with the News Agency of Nigeria on Tuesday in Abuja He added that positive earnings performance by some quoted companies continued to the current rally in the stock market He predicted that the uncertainties were expected to persist till the third quarter Q3 when fixed income yield would peak Olubi said the development would encourage more inflow of funds into the stock market stressing that the rally would persist He noted the stock market was currently thriving due to liquidity flow from the fixed income space NAN reports that the NGX All Share Index recorded a growth of 5 69 per cent in the month of April Specifically the All Share Index which opened for trading during the period at 46 965 48 rose by 2 673 46 points or 5 69 per cent to close trading on April 29 at 49 638 94 Also the market capitalisation which opened for the month at N25 311 trillion inched higher by N1 45 trillion to close at N26 760 trillion on April 29 However the NGX All Share index s year to date YTD gain position stood at 16 21 per cent just as the market capitalisation rose by to N4 02 trillion representing 18 01 per cent growth YTD from the opening value On the sectors that would drive the stock market in the coming months Olubi said that consumer goods agriculture and oil and gas sectors were likely to be the major drivers Speaking on the foreign exchange drivers he said that multi listed companies such as Airtel Africa Seplat Energy and Exchange Traded Funds would drive the stock market rally The recent uptrend in performance in the Nigerian stock market is expected to roll into May June and July We expect this to thrive on numerous factors among which we have uptrend in yields encouraging earnings performance setting the tone for a nice full year for some tickers in June There will be a probable surge of investment into emerging markets seeing a likelihood of recession among advanced market economies The uncertainty is expected to persist till early Q3 when fixed income yield should peak he said NAN
    Expert attributes NGX rally to uncertainties in fixed income securities
     The Managing Director ARM Securities Ltd Mr Rotimi Olubi has attributed sustained rally on the Nigerian Exchange Ltd NGX to heightened uncertainties in the fixed income space Olubi disclosed this in an interview with the News Agency of Nigeria on Tuesday in Abuja He added that positive earnings performance by some quoted companies continued to the current rally in the stock market He predicted that the uncertainties were expected to persist till the third quarter Q3 when fixed income yield would peak Olubi said the development would encourage more inflow of funds into the stock market stressing that the rally would persist He noted the stock market was currently thriving due to liquidity flow from the fixed income space NAN reports that the NGX All Share Index recorded a growth of 5 69 per cent in the month of April Specifically the All Share Index which opened for trading during the period at 46 965 48 rose by 2 673 46 points or 5 69 per cent to close trading on April 29 at 49 638 94 Also the market capitalisation which opened for the month at N25 311 trillion inched higher by N1 45 trillion to close at N26 760 trillion on April 29 However the NGX All Share index s year to date YTD gain position stood at 16 21 per cent just as the market capitalisation rose by to N4 02 trillion representing 18 01 per cent growth YTD from the opening value On the sectors that would drive the stock market in the coming months Olubi said that consumer goods agriculture and oil and gas sectors were likely to be the major drivers Speaking on the foreign exchange drivers he said that multi listed companies such as Airtel Africa Seplat Energy and Exchange Traded Funds would drive the stock market rally The recent uptrend in performance in the Nigerian stock market is expected to roll into May June and July We expect this to thrive on numerous factors among which we have uptrend in yields encouraging earnings performance setting the tone for a nice full year for some tickers in June There will be a probable surge of investment into emerging markets seeing a likelihood of recession among advanced market economies The uncertainty is expected to persist till early Q3 when fixed income yield should peak he said NAN
    Expert attributes NGX rally to uncertainties in fixed income securities
    Economy7 months ago

    Expert attributes NGX rally to uncertainties in fixed income securities

    The Managing Director, ARM Securities Ltd., Mr Rotimi Olubi, has attributed sustained rally on the Nigerian Exchange Ltd (NGX) to heightened uncertainties in the fixed income space.

    Olubi disclosed this in an interview with the News Agency of Nigeria on Tuesday in Abuja.

    He added that positive earnings performance by some quoted companies continued to the current rally in the stock market.

    He predicted that the uncertainties were expected to persist till the third quarter (Q3) when fixed income yield would peak.

    Olubi said the development would encourage more inflow of funds into the stock market, stressing that the rally would persist.

    He noted the stock market was currently thriving due to liquidity flow from the fixed income space.

    NAN reports that the NGX All-Share Index recorded a growth of 5.69 per cent in the month of April.

    Specifically, the All-Share Index which opened for trading during the period at 46,965.48 rose by 2,673.46 points or 5.69 per cent to close trading on April 29 at 49,638.94.

    Also, the market capitalisation which opened for the month at N25.311 trillion inched higher by N1.45 trillion to close at N26.760 trillion on April 29.

    However, the NGX All-Share index’s year-to-date (YTD) gain position stood at 16.21 per cent, just as the market capitalisation rose by to N4.02 trillion representing 18.01 per cent growth YTD from the opening value.

    On the sectors that would drive the stock market in the coming months, Olubi said that consumer goods, agriculture and oil and gas sectors were likely to be the major drivers.

    Speaking on the foreign exchange drivers, he said that multi-listed companies such as Airtel Africa, Seplat Energy and Exchange Traded Funds would drive the stock market rally.

    ”The recent uptrend in performance in the Nigerian stock market is expected to roll into May, June, and July.

    ”We expect this to thrive on numerous factors, among which we have uptrend in yields, encouraging earnings performance setting the tone for a nice full year for some tickers in June.

    ”There will be a probable surge of investment into emerging markets seeing a likelihood of recession among advanced market economies.

    ”The uncertainty is expected to persist till early Q3 when fixed income yield should peak,” he said.

    (NAN)

  •  Flour Mills of Nigeria Plc FMN has obtained the required regulatory approvals to acquire 71 69 per cent stake in Honeywell Flour Mills Plc HFMP formerly a portfolio company of Honeywell Group The company made this known in a statement by its Corporate Communications Officer Mrs Modupe Thani on Saturday The company also acquired a 5 06 per cent stake in HFMP held by First Bank of Nigeria Limited According to Thani the transaction which has now been consummated by the parties is aimed as creating a strong national champion for the food industry in Nigeria The acquisition has been approved by all relevant regulators including the Federal Competition and Consumer Protection Commission FCCPC Nigerian Exchange Limited NGX and the Securities and Exchange Commission of Nigeria SEC An announcement was made on Nov 22 2021 regarding their agreement to the transaction which would bring together two businesses with shared goals to create a more resilient national champion in the Nigerian food industry This acquisition enables FMN to extend its reach across Nigeria provide enhanced manufacturing capacity and create synergies to deliver improved products to consumers At a total enterprise value of N80 billion Honeywell Group disposed a 71 69 per cent stake in HFMP to FMN Given FMN s parallel negotiation for both stakes culminating in the agreements being executed the transaction was concluded at N4 20 being the final equity price per share the company revealed It added that Mr Boye Olusanya Group Managing Director FMN expressed delight that approvals had been received and that the company was ready for execution He said the landmark transaction would strengthen Nigeria s food security architecture and overall competitiveness Our combined brands and businesses will mean an expansive scale of food production for both Nigeria and Africa and together Flour Mills of Nigeria and Honeywell Flour Mills will be able to achieve rapid growth while maintaining high quality products serving the evolving needs of our consumers The acquisition will further serve as a catalyst for an even stronger stream of innovation that is focused on local content offerings enabling our customers across the nation to seamlessly benefit from improved access to a wider product range and a robust pan Nigerian distribution network Nigeria and Africa as a whole will benefit from the group s renewed focus on developing agricultural value Chains and backward integration imperative This focus is further heightened by unfolding global events and we are responding among other initiatives with the set up of regional expansion platforms ultimately geared towards improving food security and employment opportunities across Nigeria the statement quoted him as saying Honeywell s Group Managing Director Mr Obafemi Otudeko was also quoted as saying that the deal struck would create a business that would serve Nigerian consumers better As we entrust Flour Mills of Nigeria with building on Honeywell Flour Mills strong legacy we will work closely with them to ensure a seamless integration setting the combined company up for a successful future We thank the NGX FCCPC and the SEC for their support and will continue our close collaboration with them across our various businesses and investments to deliver on the national vision of building a resilient economy through successful enterprise he said NAN
    FMN gets approval to acquire 76% stake in Honeywell
     Flour Mills of Nigeria Plc FMN has obtained the required regulatory approvals to acquire 71 69 per cent stake in Honeywell Flour Mills Plc HFMP formerly a portfolio company of Honeywell Group The company made this known in a statement by its Corporate Communications Officer Mrs Modupe Thani on Saturday The company also acquired a 5 06 per cent stake in HFMP held by First Bank of Nigeria Limited According to Thani the transaction which has now been consummated by the parties is aimed as creating a strong national champion for the food industry in Nigeria The acquisition has been approved by all relevant regulators including the Federal Competition and Consumer Protection Commission FCCPC Nigerian Exchange Limited NGX and the Securities and Exchange Commission of Nigeria SEC An announcement was made on Nov 22 2021 regarding their agreement to the transaction which would bring together two businesses with shared goals to create a more resilient national champion in the Nigerian food industry This acquisition enables FMN to extend its reach across Nigeria provide enhanced manufacturing capacity and create synergies to deliver improved products to consumers At a total enterprise value of N80 billion Honeywell Group disposed a 71 69 per cent stake in HFMP to FMN Given FMN s parallel negotiation for both stakes culminating in the agreements being executed the transaction was concluded at N4 20 being the final equity price per share the company revealed It added that Mr Boye Olusanya Group Managing Director FMN expressed delight that approvals had been received and that the company was ready for execution He said the landmark transaction would strengthen Nigeria s food security architecture and overall competitiveness Our combined brands and businesses will mean an expansive scale of food production for both Nigeria and Africa and together Flour Mills of Nigeria and Honeywell Flour Mills will be able to achieve rapid growth while maintaining high quality products serving the evolving needs of our consumers The acquisition will further serve as a catalyst for an even stronger stream of innovation that is focused on local content offerings enabling our customers across the nation to seamlessly benefit from improved access to a wider product range and a robust pan Nigerian distribution network Nigeria and Africa as a whole will benefit from the group s renewed focus on developing agricultural value Chains and backward integration imperative This focus is further heightened by unfolding global events and we are responding among other initiatives with the set up of regional expansion platforms ultimately geared towards improving food security and employment opportunities across Nigeria the statement quoted him as saying Honeywell s Group Managing Director Mr Obafemi Otudeko was also quoted as saying that the deal struck would create a business that would serve Nigerian consumers better As we entrust Flour Mills of Nigeria with building on Honeywell Flour Mills strong legacy we will work closely with them to ensure a seamless integration setting the combined company up for a successful future We thank the NGX FCCPC and the SEC for their support and will continue our close collaboration with them across our various businesses and investments to deliver on the national vision of building a resilient economy through successful enterprise he said NAN
    FMN gets approval to acquire 76% stake in Honeywell
    Economy7 months ago

    FMN gets approval to acquire 76% stake in Honeywell

    Flour Mills of Nigeria Plc (FMN) has obtained the required regulatory approvals to acquire 71.69 per cent stake in Honeywell Flour Mills Plc (HFMP), formerly a portfolio company of Honeywell Group.

    The company made this known in a statement by its Corporate Communications Officer, Mrs Modupe Thani, on Saturday.

    The company also acquired a 5.06 per cent stake in HFMP held by First Bank of Nigeria Limited.

    According to Thani, the transaction, which has now been consummated by the parties, is aimed as creating a strong national champion for the food industry in Nigeria.

    The acquisition has been approved by all relevant regulators, including the Federal Competition and Consumer Protection Commission (FCCPC), Nigerian Exchange Limited (NGX), and the Securities and Exchange Commission of Nigeria (SEC).

    “An announcement was made on Nov. 22, 2021, regarding their agreement to the transaction which would bring together two businesses with shared goals to create a more resilient national champion in the Nigerian food industry. 

    “This acquisition enables FMN to extend its reach across Nigeria, provide enhanced manufacturing capacity, and create synergies to deliver improved products to consumers. 

    “At a total enterprise value of N80 billion, Honeywell Group disposed a 71.69 per cent stake in HFMP to FMN.

    “Given FMN’s parallel negotiation for both stakes, culminating in the agreements being executed, the transaction was concluded at N4.20 being the final equity price per share,” the company revealed.

    It added that Mr Boye Olusanya, Group Managing Director, FMN, expressed delight that approvals had been received, and that the company was ready for execution.

    He said the landmark transaction would strengthen Nigeria’s food security architecture and overall competitiveness.

    “Our combined brands and businesses will mean an expansive scale of food production for both Nigeria and Africa and  together, Flour Mills of Nigeria and Honeywell Flour Mills will be able to achieve rapid growth while maintaining high-quality products serving the evolving needs of our consumers.

    “The acquisition will further serve as a catalyst for an even stronger stream of innovation that is focused on local content offerings, enabling our customers across the nation to seamlessly benefit from improved access to a wider product range and a robust pan-Nigerian distribution network.

    “Nigeria, and Africa as a whole, will benefit from the group’s renewed focus on developing agricultural value Chains and backward integration imperative. 

    “This focus is further heightened by unfolding global events, and we are responding, among other initiatives, with the set-up of regional expansion platforms, ultimately geared towards improving food security and employment opportunities across Nigeria,” the statement quoted him as saying.

    Honeywell’s Group Managing Director, Mr Obafemi Otudeko, was also quoted as saying that the deal struck would create a business that would serve Nigerian consumers better.

    “As we entrust Flour Mills of Nigeria with building on Honeywell Flour Mills’ strong legacy, we will work closely with them to ensure a seamless integration, setting the combined company up for a successful future.

    “We thank the NGX, FCCPC, and the SEC for their support, and will continue our close collaboration with them across our various businesses and investments to deliver on the national vision of building a resilient economy through successful enterprise,” he said. (

    (NAN)

  •  The market capitalisation of the Nigerian Exchange Ltd NGX on Wednesday increased by N2 billion or 0 01 per cent to N26 185 trillion from N26 183 trillion recorded on Tuesday amid profit taking in consumer goods and industrial sector Also the All Share Index ASI increased by 0 01 per cent to 48 571 75 points from 48 568 57 points on Tuesday Performance across sub indices were relatively negative as the NGX Banking Index Insurance Index and fell by 1 46 per cent 0 85 per cent and 0 72 per cent respectively However the NGX Consumer Goods Index and Industrial Index rose by 0 68 per cent and 0 37 per cent The market breadth closed negative with 18 gainers against 23 losers Academy recorded the highest price in percentage terms with a gain of 9 92 per cent to close at N1 33 per share Wema Bank followed with 9 88 per cent to close at N3 67 per share while Cadbury appreciated by 9 68 per cent to close at N8 50per share UPDC rose by 9 09 per cent to close at 96k per share while PRESCO appreciated by 8 98 per cent to close at N143 85 per share Conversely Ikeja Hotel led the losers chart with a loss of 9 68 per cent to close at N1 40 per share Livestock followed with 9 50 per cent to close at N1 62 per share while CHI Plc depreciated by 9 38 per cent to close at 58k per share Union Bank of Nigeria UBN dropped 6 25 per cent to close at N6 per share while Cornerstone Insurance lost 6 06 per cent to close at 62k per share Also the total volume of stock in 5 033 deals traded decreased to 246 70 million units from 464 73 million recorded on Tuesday Also the value of stocks traded decreased to N2 32 billion from N7 01 billion in the prior trading session Transactions in the shares of Multiverse topped the activity chart with 36 24 million shares valued at N7 28 million Transcorp followed with 26 06 million shares worth N29 94 million while WAPCO traded 24 53 million shares valued at N392 65 million Fidelity Bank sold 12 56 million shares worth N46 67 million while Guaranty Trust Holding Company GTCO accounted for 12 29 million shares worth N294 29 million NAN
    NGX gains N2bn amid profit taking
     The market capitalisation of the Nigerian Exchange Ltd NGX on Wednesday increased by N2 billion or 0 01 per cent to N26 185 trillion from N26 183 trillion recorded on Tuesday amid profit taking in consumer goods and industrial sector Also the All Share Index ASI increased by 0 01 per cent to 48 571 75 points from 48 568 57 points on Tuesday Performance across sub indices were relatively negative as the NGX Banking Index Insurance Index and fell by 1 46 per cent 0 85 per cent and 0 72 per cent respectively However the NGX Consumer Goods Index and Industrial Index rose by 0 68 per cent and 0 37 per cent The market breadth closed negative with 18 gainers against 23 losers Academy recorded the highest price in percentage terms with a gain of 9 92 per cent to close at N1 33 per share Wema Bank followed with 9 88 per cent to close at N3 67 per share while Cadbury appreciated by 9 68 per cent to close at N8 50per share UPDC rose by 9 09 per cent to close at 96k per share while PRESCO appreciated by 8 98 per cent to close at N143 85 per share Conversely Ikeja Hotel led the losers chart with a loss of 9 68 per cent to close at N1 40 per share Livestock followed with 9 50 per cent to close at N1 62 per share while CHI Plc depreciated by 9 38 per cent to close at 58k per share Union Bank of Nigeria UBN dropped 6 25 per cent to close at N6 per share while Cornerstone Insurance lost 6 06 per cent to close at 62k per share Also the total volume of stock in 5 033 deals traded decreased to 246 70 million units from 464 73 million recorded on Tuesday Also the value of stocks traded decreased to N2 32 billion from N7 01 billion in the prior trading session Transactions in the shares of Multiverse topped the activity chart with 36 24 million shares valued at N7 28 million Transcorp followed with 26 06 million shares worth N29 94 million while WAPCO traded 24 53 million shares valued at N392 65 million Fidelity Bank sold 12 56 million shares worth N46 67 million while Guaranty Trust Holding Company GTCO accounted for 12 29 million shares worth N294 29 million NAN
    NGX gains N2bn amid profit taking
    Economy7 months ago

    NGX gains N2bn amid profit taking

    The market capitalisation of the Nigerian Exchange Ltd., (NGX) on Wednesday increased by N2 billion or 0.01 per cent to N26.185 trillion from N26.183 trillion recorded on Tuesday, amid profit taking in consumer goods and industrial sector.

    Also, the All-Share Index (ASI) increased by 0.01 per cent to 48,571.75 points from 48,568.57 points on Tuesday.

    Performance across sub-indices were relatively negative, as the NGX Banking Index, Insurance Index and fell by 1.46 per cent, 0.85 per cent and 0.72 per cent respectively.

    However, the NGX Consumer Goods Index and Industrial Index rose by 0.68 per cent and 0.37 per cent.

    The market breadth closed negative with 18 gainers against 23 losers.

    Academy recorded the highest price in percentage terms, with a gain of 9.92 per cent to close at N1.33 per share.

    Wema Bank followed with 9.88 per cent to close at N3.67 per share while Cadbury appreciated by 9.68 per cent to close at N8.50per share.

    UPDC rose by 9.09 per cent to close at 96k per share, while PRESCO appreciated by 8.98 per cent to close at N143.85 per share.

    Conversely, Ikeja Hotel led the losers’ chart with a loss of 9.68 per cent to close at N1.40 per share.

    Livestock followed with 9.50 per cent to close at N1.62 per share, while CHI Plc depreciated by 9.38 per cent to close at 58k per share.

    Union Bank of Nigeria (UBN) dropped 6.25 per cent to close at N6 per share, while Cornerstone Insurance lost 6.06 per cent to close at 62k per share.

    Also, the total volume of stock in 5,033 deals traded decreased to 246.70 million units from 464.73 million recorded on Tuesday.

    Also, the value of stocks traded decreased to N2.32 billion from N7.01 billion in the prior trading session.

    Transactions in the shares of Multiverse topped the activity chart with 36.24 million shares valued at N7.28 million.

    Transcorp followed with 26.06 million shares worth N29.94 million, while WAPCO traded 24.53 million shares valued at N392.65 million.

    Fidelity Bank sold 12.56 million shares worth N46.67 million, while Guaranty Trust Holding Company (GTCO) accounted for 12.29 million shares worth N294.29 million.

    (NAN)

  •   FMDQ Group Office FMDQ Group has listed the priorities to follow in 2022 to enhance the growth and development of the fixed income markets Ms Kaodi Ugoji Chief Operating Officer of FMDQ Group said that the main priorities were the launch of the Bilateral Repurchase Agreement Repo market with the collateral management facility and the development of a thriving derivatives market She said the imminent introduction of exchange traded derivative products starting with fixed income futures products was also ranked as a priority Ugoji told the Nigerian News Agency in Lagos on Tuesday that the company would ensure the immediate activation of FMDQ Clear s CCP services for official market transactions cash and derivatives He added that the company would extend FMDQ Deposit services to new asset classes and customer segments She said FMDQ Securities Exchange Ltd started Repo with Collateral Management Project to promote liquidity in money markets and deepen Nigerian fixed income markets Ugoji noted that the Repo Project would focus on improving standardizing the Repo market in Nigerian trading reporting It said it would also focus on introducing centralized collateral management and straight through settlements to minimize counterparty risk He said that the Repo project once launched would promote liquidity in secondary fixed income markets provide a low risk option for short term cash investment and promote price discovery in the money market among others Ugoji added that the group will deepen private markets and improve the supply chain to support small and medium sized businesses Speaking further he said the company would introduce Exchange Traded Derivatives ETDs in the course of the year The introduction of the Exchange Traded Derivatives Market ETD FMDQ is being planned with Nigerian Federal Government Bonds and Short Term Interest Rate Futures contracts as the pioneering ETD products he said In an overview of the fixed income market activities in 2021 Ugoji said that the total turnover in the fixed income market for the full year 2021 was 140 74 trillion naira against 146 88 trillion naira achieved in 2020 which represents a year on year decrease of 4 18 Money Market mainly Repurchase Agreements Repos 35 61 percent and Open Market Operations Bills OMO 27 79 percent were the main drivers of fixed income market turnover This jointly represents 63 40 percent of the total fixed income market turnover for fiscal year 2021 he said He explained that after commitments with market participants the decline in fixed income market activity could be attributed to CBN s implementation of the cash reserve ratio Also Read Trading Rebound on NGX by N106bn This he said impacted liquidity and volatility in fixed income market returns The volatility of the fixed income market evidenced by the rebound in FGN bond yields in 2021 average increase of 2 11 percentage points led market participants to maintain a wait and see approach to avoid losses in fixed income securities he said Keep reading Source NAN
    FMDQ Group lists priorities for growth in 2022
      FMDQ Group Office FMDQ Group has listed the priorities to follow in 2022 to enhance the growth and development of the fixed income markets Ms Kaodi Ugoji Chief Operating Officer of FMDQ Group said that the main priorities were the launch of the Bilateral Repurchase Agreement Repo market with the collateral management facility and the development of a thriving derivatives market She said the imminent introduction of exchange traded derivative products starting with fixed income futures products was also ranked as a priority Ugoji told the Nigerian News Agency in Lagos on Tuesday that the company would ensure the immediate activation of FMDQ Clear s CCP services for official market transactions cash and derivatives He added that the company would extend FMDQ Deposit services to new asset classes and customer segments She said FMDQ Securities Exchange Ltd started Repo with Collateral Management Project to promote liquidity in money markets and deepen Nigerian fixed income markets Ugoji noted that the Repo Project would focus on improving standardizing the Repo market in Nigerian trading reporting It said it would also focus on introducing centralized collateral management and straight through settlements to minimize counterparty risk He said that the Repo project once launched would promote liquidity in secondary fixed income markets provide a low risk option for short term cash investment and promote price discovery in the money market among others Ugoji added that the group will deepen private markets and improve the supply chain to support small and medium sized businesses Speaking further he said the company would introduce Exchange Traded Derivatives ETDs in the course of the year The introduction of the Exchange Traded Derivatives Market ETD FMDQ is being planned with Nigerian Federal Government Bonds and Short Term Interest Rate Futures contracts as the pioneering ETD products he said In an overview of the fixed income market activities in 2021 Ugoji said that the total turnover in the fixed income market for the full year 2021 was 140 74 trillion naira against 146 88 trillion naira achieved in 2020 which represents a year on year decrease of 4 18 Money Market mainly Repurchase Agreements Repos 35 61 percent and Open Market Operations Bills OMO 27 79 percent were the main drivers of fixed income market turnover This jointly represents 63 40 percent of the total fixed income market turnover for fiscal year 2021 he said He explained that after commitments with market participants the decline in fixed income market activity could be attributed to CBN s implementation of the cash reserve ratio Also Read Trading Rebound on NGX by N106bn This he said impacted liquidity and volatility in fixed income market returns The volatility of the fixed income market evidenced by the rebound in FGN bond yields in 2021 average increase of 2 11 percentage points led market participants to maintain a wait and see approach to avoid losses in fixed income securities he said Keep reading Source NAN
    FMDQ Group lists priorities for growth in 2022
    Business10 months ago

    FMDQ Group lists priorities for growth in 2022

    FMDQ Group Office

    FMDQ Group has listed the priorities to follow in 2022 to enhance the growth and development of the fixed income markets.

    Ms. Kaodi Ugoji, Chief Operating Officer of FMDQ Group, said that the main priorities were the launch of the Bilateral Repurchase Agreement (Repo) market with the collateral management facility and the development of a thriving derivatives market.

    She said the imminent introduction of exchange-traded derivative products, starting with fixed income futures products, was also ranked as a priority.

    Ugoji told the Nigerian News Agency in Lagos on Tuesday that the company would ensure the immediate activation of FMDQ Clear's CCP services for official market transactions (cash and derivatives).

    He added that the company would extend FMDQ Deposit services to new asset classes and customer segments.

    She said FMDQ Securities Exchange Ltd. started Repo with Collateral Management Project to promote liquidity in money markets and deepen Nigerian fixed income markets.

    Ugoji noted that the "Repo Project" would focus on improving/standardizing the Repo market in Nigerian trading/reporting.

    It said it would also focus on introducing centralized collateral management and straight-through settlements to minimize counterparty risk.

    He said that the Repo project, once launched, would promote liquidity in secondary fixed income markets; provide a low-risk option for short-term cash investment and promote price discovery in the money market, among others.

    Ugoji added that the group will deepen private markets and improve the supply chain to support small and medium-sized businesses.

    Speaking further, he said the company would introduce Exchange Traded Derivatives (ETDs) in the course of the year.

    "The introduction of the Exchange Traded Derivatives Market ("ETD") FMDQ is being planned with Nigerian Federal Government Bonds and Short Term Interest Rate Futures contracts as the pioneering ETD products," he said.

    In an overview of the fixed income market activities in 2021, Ugoji said that the total turnover in the fixed income market for the full year 2021 was 140.74 trillion naira against 146.88 trillion naira achieved in 2020, which represents a year-on-year decrease of 4.18%. .

    “Money Market (mainly Repurchase Agreements) [Repos]) (35.61 percent) and Open Market Operations Bills (“OMO”) (27.79 percent) were the main drivers of fixed income market turnover.

    “This jointly represents 63.40 percent of the total fixed income market turnover for fiscal year 2021,” he said.

    He explained that after commitments with market participants, the decline in fixed income market activity could be attributed to CBN's implementation of the cash reserve ratio.

    Also Read: Trading Rebound on NGX by N106bn

    This, he said, impacted liquidity and volatility in fixed income market returns.

    "The volatility of the fixed income market, evidenced by the rebound in FGN bond yields in 2021 (average increase of 2.11 percentage points), led market participants to maintain a 'wait and see approach' to avoid losses in fixed-income securities," he said.

    Keep reading

    Source: NAN

  •   MTN Nigeria Communications MTNN Plc has announced that its first public offering of 575 million shares was oversubscribed by 139 47 per cent This is contained in a statement signed by MTNN company secretary Uto Ukpanah posted on the Nigerian Exchange NGX website The statement said the offering was 139 47 percent oversubscribed triggering the allocation of an additional 86 25 million shares It revealed that 661 25 million MTNN shares were permitted adding that 126 720 retail investors submitted valid applications and received the full allocation The statement added that 114 938 new Central Securities Compensation System CSCS accounts were created representing new market participants It said that about 76 percent of successful applicants through the digital platform were women and 85 percent were under 40 years old The statement also said that after the successful completion of the offering MTN Group s stake in MTNN was reduced by 3 25 percent from 78 83 percent to 75 58 percent Commenting on the offer MTN Group CEO Ralph Mupita said We are pleased that this offer has given so many Nigerians the opportunity to become owners of MTNN with over 6 6 million Nigerians becoming direct or indirect owners in MTNN shareholders The goal of expanding the shareholder base and creating shared value has been met We are proud that our offering was the first Nigerian public offering to use the Digital Application Platform Prime Offering which enabled broader investor participation in Nigeria We thank the Nigerian authorities for their support of this offer we remain committed to playing our humble role in driving digital and financial inclusion in Nigeria through the medium said Mupita Additionally Karl Toriola CEO of MTNN said We are delighted to welcome so many new shareholders to the MTN family 11 6 times more than before the offering It has been inspiring to see so many Nigerians many of whom are young buy shares for the first time and use a digital platform to do so This is the beginning of a journey to expand our shareholding and there will be more opportunities to participate We are pleased with the level of digital innovation that we championed with this offering with the active collaboration of our main broadcaster and the various regulatory bodies Deepening retail participation in Nigerian capital markets is a process and we are off to a great start demonstrating the role that digital platforms can play in expanding access said Mr Toriola Bolaji Balogun CEO of Chapel Hill Denham the local broadcasting house said Chapel Hill Denham is honored to have worked with MTN to complete Nigeria s first digital and predominantly green offering I wish to thank the Securities and Exchange Commission SEC NGX CSCS all professional firms and other interested parties for delivering a great victory for the Nigerian capital markets by allowing the adoption of the main offering and this transaction marks a new and exciting future Over 90 percent of the offering s underwriters were first time participants in the capital markets and the MTNN Instruments case made that possible said Mr Balogun NGX CEO Temi Popoola said NGX is proud to have worked with MTNN Chapel Hill Denham and other transaction parties to drive the Nigerian capital market forward through the adoption of forward thinking technology CSCS Executive Director Haruna Jalo Waziri said We are excited to be part of the innovation that the offering brings which enabled the successful launch of the primary offering digital application platform This further reinforces the need for digital transformation enabling market access for all categories of investors including institutional and retail investors within and outside the country YAYA
    Our public offer oversubscribed by 139.47%, says MTN Nigeria
      MTN Nigeria Communications MTNN Plc has announced that its first public offering of 575 million shares was oversubscribed by 139 47 per cent This is contained in a statement signed by MTNN company secretary Uto Ukpanah posted on the Nigerian Exchange NGX website The statement said the offering was 139 47 percent oversubscribed triggering the allocation of an additional 86 25 million shares It revealed that 661 25 million MTNN shares were permitted adding that 126 720 retail investors submitted valid applications and received the full allocation The statement added that 114 938 new Central Securities Compensation System CSCS accounts were created representing new market participants It said that about 76 percent of successful applicants through the digital platform were women and 85 percent were under 40 years old The statement also said that after the successful completion of the offering MTN Group s stake in MTNN was reduced by 3 25 percent from 78 83 percent to 75 58 percent Commenting on the offer MTN Group CEO Ralph Mupita said We are pleased that this offer has given so many Nigerians the opportunity to become owners of MTNN with over 6 6 million Nigerians becoming direct or indirect owners in MTNN shareholders The goal of expanding the shareholder base and creating shared value has been met We are proud that our offering was the first Nigerian public offering to use the Digital Application Platform Prime Offering which enabled broader investor participation in Nigeria We thank the Nigerian authorities for their support of this offer we remain committed to playing our humble role in driving digital and financial inclusion in Nigeria through the medium said Mupita Additionally Karl Toriola CEO of MTNN said We are delighted to welcome so many new shareholders to the MTN family 11 6 times more than before the offering It has been inspiring to see so many Nigerians many of whom are young buy shares for the first time and use a digital platform to do so This is the beginning of a journey to expand our shareholding and there will be more opportunities to participate We are pleased with the level of digital innovation that we championed with this offering with the active collaboration of our main broadcaster and the various regulatory bodies Deepening retail participation in Nigerian capital markets is a process and we are off to a great start demonstrating the role that digital platforms can play in expanding access said Mr Toriola Bolaji Balogun CEO of Chapel Hill Denham the local broadcasting house said Chapel Hill Denham is honored to have worked with MTN to complete Nigeria s first digital and predominantly green offering I wish to thank the Securities and Exchange Commission SEC NGX CSCS all professional firms and other interested parties for delivering a great victory for the Nigerian capital markets by allowing the adoption of the main offering and this transaction marks a new and exciting future Over 90 percent of the offering s underwriters were first time participants in the capital markets and the MTNN Instruments case made that possible said Mr Balogun NGX CEO Temi Popoola said NGX is proud to have worked with MTNN Chapel Hill Denham and other transaction parties to drive the Nigerian capital market forward through the adoption of forward thinking technology CSCS Executive Director Haruna Jalo Waziri said We are excited to be part of the innovation that the offering brings which enabled the successful launch of the primary offering digital application platform This further reinforces the need for digital transformation enabling market access for all categories of investors including institutional and retail investors within and outside the country YAYA
    Our public offer oversubscribed by 139.47%, says MTN Nigeria
    Headlines10 months ago

    Our public offer oversubscribed by 139.47%, says MTN Nigeria

    MTN Nigeria Communications, MTNN, Plc has announced that its first public offering of 575 million shares was oversubscribed by 139.47 per cent.

    This is contained in a statement signed by MTNN company secretary Uto Ukpanah, posted on the Nigerian Exchange NGX website.

    The statement said the offering was 139.47 percent oversubscribed, triggering the allocation of an additional 86.25 million shares.

    It revealed that 661.25 million MTNN shares were permitted, adding that 126,720 retail investors submitted valid applications and received the full allocation.

    The statement added that 114,938 new Central Securities Compensation System (CSCS) accounts were created, representing new market participants.

    It said that about 76 percent of successful applicants through the digital platform were women and 85 percent were under 40 years old.

    The statement also said that after the successful completion of the offering, MTN Group's stake in MTNN was reduced by 3.25 percent, from 78.83 percent to 75.58 percent.

    Commenting on the offer, MTN Group CEO Ralph Mupita said: “We are pleased that this offer has given so many Nigerians the opportunity to become owners of MTNN with over 6.6 million Nigerians becoming direct or indirect owners. in MTNN shareholders.

    “The goal of expanding the shareholder base and creating shared value has been met. We are proud that our offering was the first Nigerian public offering to use the Digital Application Platform, Prime Offering, which enabled broader investor participation in Nigeria.

    “We thank the Nigerian authorities for their support of this offer, we remain committed to playing our humble role in driving digital and financial inclusion in Nigeria through the medium,” said Mupita.

    Additionally, Karl Toriola, CEO of MTNN, said: “We are delighted to welcome so many new shareholders to the MTN family, 11.6 times more than before the offering.

    “It has been inspiring to see so many Nigerians, many of whom are young, buy shares for the first time and use a digital platform to do so.

    “This is the beginning of a journey to expand our shareholding and there will be more opportunities to participate.

    “We are pleased with the level of digital innovation that we championed with this offering with the active collaboration of our main broadcaster and the various regulatory bodies.

    “Deepening retail participation in Nigerian capital markets is a process and we are off to a great start, demonstrating the role that digital platforms can play in expanding access,” said Mr. Toriola.

    Bolaji Balogun, CEO of Chapel Hill Denham, the local broadcasting house, said: “Chapel Hill Denham is honored to have worked with MTN to complete Nigeria's first digital and predominantly green offering.

    “I wish to thank the Securities and Exchange Commission (SEC), NGX, CSCS, all professional firms and other interested parties for delivering a great victory for the Nigerian capital markets by allowing the adoption of the main offering and this transaction marks a new and exciting future. .

    “Over 90 percent of the offering's underwriters were first-time participants in the capital markets and the MTNN Instruments case made that possible,” said Mr. Balogun.

    NGX CEO Temi Popoola said, "NGX is proud to have worked with MTNN, Chapel Hill Denham and other transaction parties to drive the Nigerian capital market forward through the adoption of forward-thinking technology."

    CSCS Executive Director Haruna Jalo-Waziri said: “We are excited to be part of the innovation that the offering brings, which enabled the successful launch of the primary offering digital application platform.

    “This further reinforces the need for digital transformation, enabling market access for all categories of investors, including institutional and retail investors within and outside the country.”

    YAYA

  •   The nation s bourse opened the week on Monday with optimism to close its last trading day in January with a N226 billion profit boosted by MTN Nigeria Communications MTNN k shares Specifically the market capitalization which opened the week at N24 898 billion inched a little further to close at N25 124 billion The All Share Index rose 419 62 points or 0 91 percent to close at 46 624 67 from 46 205 05 reached on Friday Consequently year to date yields rose to 9 2 percent The rally was affected by large and mid cap stocks including Presco MTNN Nigerian Exchange Group NGX Group Guaranty Trust Holding Company GTCO and BUA Cement Commenting on this week s performance analysts at United Capital said We expect the market to maintain its bullish momentum as investors continue to take positions in anticipation of upcoming year end releases Overall the market was positive with 33 share gains relative to 23 gains Consolidated Hallmark Insurance NCR Nigeria and RT Briscoe led the list of winners in percentage terms each to close at 66k N3 30 and 22k per share respectively Presco followed with 9 97 percent to close at N96 55 while NGX Group rose 9 93 percent to close at N23 25 a share On the other hand University Press led the losing table by 9 43 percent to close at N2 40 per share Lasaco Assurance followed with 8 85 per cent to close at N1 03 while Linkage Assurance slipped 7 84 per cent to close at 47k per share Mutual Benefits Assurance declined 7 14 per cent to close at 26k while Prestige Assurance slipped 6 52 per cent to close at 43k a share Furthermore the total transaction volume rose 39 03 percent to 435 799 million units valued at N3 44 billion traded in 6 482 transactions This contrasted with 313 45 million shares worth N5 03 billion traded in 5 067 deals on Friday Trading in Fidelity Bank shares topped the activity chart with 38 04 million shares valued at N106 22 million RT Briscoe Nigeria followed with 30 04 million shares worth N6 08 million while Transcorp traded 27 45 million shares valued at N31 44 million FBN Holdings traded 26 79 million shares worth N310 52 million while Linkage Assurance traded 23 03 million shares worth N11 01 million Keep reading Source NAN
    NGX gains N226bn in last January trading
      The nation s bourse opened the week on Monday with optimism to close its last trading day in January with a N226 billion profit boosted by MTN Nigeria Communications MTNN k shares Specifically the market capitalization which opened the week at N24 898 billion inched a little further to close at N25 124 billion The All Share Index rose 419 62 points or 0 91 percent to close at 46 624 67 from 46 205 05 reached on Friday Consequently year to date yields rose to 9 2 percent The rally was affected by large and mid cap stocks including Presco MTNN Nigerian Exchange Group NGX Group Guaranty Trust Holding Company GTCO and BUA Cement Commenting on this week s performance analysts at United Capital said We expect the market to maintain its bullish momentum as investors continue to take positions in anticipation of upcoming year end releases Overall the market was positive with 33 share gains relative to 23 gains Consolidated Hallmark Insurance NCR Nigeria and RT Briscoe led the list of winners in percentage terms each to close at 66k N3 30 and 22k per share respectively Presco followed with 9 97 percent to close at N96 55 while NGX Group rose 9 93 percent to close at N23 25 a share On the other hand University Press led the losing table by 9 43 percent to close at N2 40 per share Lasaco Assurance followed with 8 85 per cent to close at N1 03 while Linkage Assurance slipped 7 84 per cent to close at 47k per share Mutual Benefits Assurance declined 7 14 per cent to close at 26k while Prestige Assurance slipped 6 52 per cent to close at 43k a share Furthermore the total transaction volume rose 39 03 percent to 435 799 million units valued at N3 44 billion traded in 6 482 transactions This contrasted with 313 45 million shares worth N5 03 billion traded in 5 067 deals on Friday Trading in Fidelity Bank shares topped the activity chart with 38 04 million shares valued at N106 22 million RT Briscoe Nigeria followed with 30 04 million shares worth N6 08 million while Transcorp traded 27 45 million shares valued at N31 44 million FBN Holdings traded 26 79 million shares worth N310 52 million while Linkage Assurance traded 23 03 million shares worth N11 01 million Keep reading Source NAN
    NGX gains N226bn in last January trading
    Business10 months ago

    NGX gains N226bn in last January trading

    The nation's bourse opened the week on Monday with optimism to close its last trading day in January with a N226 billion profit boosted by MTN Nigeria Communications (MTNN)k shares.

    Specifically, the market capitalization, which opened the week at N24.898 billion, inched a little further to close at N25.124 billion.

    The All Share Index rose 419.62 points, or 0.91 percent, to close at 46,624.67 from 46,205.05 reached on Friday.

    Consequently, year-to-date yields rose to 9.2 percent.

    The rally was affected by large and mid cap stocks including: Presco, MTNN, Nigerian Exchange Group (NGX Group), Guaranty Trust Holding Company (GTCO) and BUA Cement.

    Commenting on this week's performance, analysts at United Capital said: "We expect the market to maintain its bullish momentum as investors continue to take positions in anticipation of upcoming year-end releases."

    Overall the market was positive with 33 share gains relative to 23 gains.

    Consolidated Hallmark Insurance, NCR Nigeria and RT Briscoe led the list of winners in percentage terms, each to close at 66k, N3.30 and 22k per share, respectively.

    Presco followed with 9.97 percent to close at N96.55, while NGX Group rose 9.93 percent to close at N23.25 a share.

    On the other hand, University Press led the losing table by 9.43 percent to close at N2.40 per share.

    Lasaco Assurance followed with 8.85 per cent to close at N1.03, while Linkage Assurance slipped 7.84 per cent to close at 47k per share.

    Mutual Benefits Assurance declined 7.14 per cent to close at 26k, while Prestige Assurance slipped 6.52 per cent to close at 43k a share.

    Furthermore, the total transaction volume rose 39.03 percent to 435.799 million units valued at N3.44 billion traded in 6,482 transactions.

    This contrasted with 313.45 million shares worth N5.03 billion traded in 5,067 deals on Friday.

    Trading in Fidelity Bank shares topped the activity chart with 38.04 million shares valued at N106.22 million.

    RT Briscoe Nigeria followed with 30.04 million shares worth N6.08 million, while Transcorp traded 27.45 million shares valued at N31.44 million.

    FBN Holdings traded 26.79 million shares worth N310.52 million, while Linkage Assurance traded 23.03 million shares worth N11.01 million.

    Keep reading

    Source: NAN

  •   Business picked up on the Nigerian Exchange NGX Ltd on Friday with key market indices up 0 43 percent on gains in chips Specifically the market capitalization of listed shares rose 0 43 percent to close at N24 898 trillion from N24 792 trillion on Thursday In addition the NGX All Share index also appreciated 195 82 points or 0 43 percent to 46 205 05 points from 46 009 23 points reported on Thursday A breakdown of the price movement chart shows 37 winners versus seven losers Cornerstone Insurance led the table of winners in percentage terms increasing the penny to 55k per share Vitafoam followed with 9 91 percent to close at N24 40 while Ecobank Transnational added 9 62 percent to close at N13 10 per share Academy Press gained 9 30 per cent to 94k while NEM Insurance rose 9 06 per cent to close at N3 49 per share By contrast UPL lost 9 86 per cent to close at N2 65 while Consolidated Hallmark Insurance trailed 7 69 per cent to close at 60k a share Cutix fell 4 per cent to close at N2 40 while Linkage Assurance fell 1 92 per cent to 51k Eterna fell 1 48 percent to close at N6 01 per share In addition the volume of shares traded rose 12 17 percent with 313 45 million shares valued at N5 03 billion traded in 5 067 trades This was against a total of 279 44 million shares worth N2 76 billion in 4 582 deals struck on Thursday FBN Holdings was the most active stock on the day trading 40 65 million shares valued at N468 74 million Transcorp followed with 30 90 million shares valued at N34 12 million while Zenith Bank traded 26 72 million shares worth N688 09 million GTCO traded 20 92 million shares worth N536 54 million while Access Bank sold 19 01 million shares valued at N188 08 million Source NAN
    NGX rebounded with key market indices through blue chips.
      Business picked up on the Nigerian Exchange NGX Ltd on Friday with key market indices up 0 43 percent on gains in chips Specifically the market capitalization of listed shares rose 0 43 percent to close at N24 898 trillion from N24 792 trillion on Thursday In addition the NGX All Share index also appreciated 195 82 points or 0 43 percent to 46 205 05 points from 46 009 23 points reported on Thursday A breakdown of the price movement chart shows 37 winners versus seven losers Cornerstone Insurance led the table of winners in percentage terms increasing the penny to 55k per share Vitafoam followed with 9 91 percent to close at N24 40 while Ecobank Transnational added 9 62 percent to close at N13 10 per share Academy Press gained 9 30 per cent to 94k while NEM Insurance rose 9 06 per cent to close at N3 49 per share By contrast UPL lost 9 86 per cent to close at N2 65 while Consolidated Hallmark Insurance trailed 7 69 per cent to close at 60k a share Cutix fell 4 per cent to close at N2 40 while Linkage Assurance fell 1 92 per cent to 51k Eterna fell 1 48 percent to close at N6 01 per share In addition the volume of shares traded rose 12 17 percent with 313 45 million shares valued at N5 03 billion traded in 5 067 trades This was against a total of 279 44 million shares worth N2 76 billion in 4 582 deals struck on Thursday FBN Holdings was the most active stock on the day trading 40 65 million shares valued at N468 74 million Transcorp followed with 30 90 million shares valued at N34 12 million while Zenith Bank traded 26 72 million shares worth N688 09 million GTCO traded 20 92 million shares worth N536 54 million while Access Bank sold 19 01 million shares valued at N188 08 million Source NAN
    NGX rebounded with key market indices through blue chips.
    Economy10 months ago

    NGX rebounded with key market indices through blue chips.

    Business picked up on the Nigerian Exchange (NGX) Ltd. on Friday with key market indices up 0.43 percent on gains in chips.

    Specifically, the market capitalization of listed shares rose 0.43 percent to close at N24.898 trillion from N24.792 trillion on Thursday.

    In addition, the NGX All-Share index also appreciated 195.82 points or 0.43 percent to 46,205.05 points from 46,009.23 points reported on Thursday.

    A breakdown of the price movement chart shows 37 winners versus seven losers.

    Cornerstone Insurance led the table of winners in percentage terms, increasing the penny to 55k per share.

    Vitafoam followed with 9.91 percent to close at N24.40, while Ecobank Transnational added 9.62 percent to close at N13.10 per share.

    Academy Press gained 9.30 per cent to 94k, while NEM Insurance rose 9.06 per cent to close at N3.49 per share.

    By contrast, UPL lost 9.86 per cent to close at N2.65, while Consolidated Hallmark Insurance trailed 7.69 per cent to close at 60k a share.

    Cutix fell 4 per cent to close at N2.40, while Linkage Assurance fell 1.92 per cent to 51k.

    Eterna fell 1.48 percent to close at N6.01 per share.

    In addition, the volume of shares traded rose 12.17 percent with 313.45 million shares valued at N5.03 billion traded in 5,067 trades.

    This was against a total of 279.44 million shares worth N2.76 billion in 4,582 deals struck on Thursday.

    FBN Holdings was the most active stock on the day, trading 40.65 million shares valued at N468.74 million.

    Transcorp followed with 30.90 million shares valued at N34.12 million, while Zenith Bank traded 26.72 million shares worth N688.09 million.

    GTCO traded 20.92 million shares worth N536.54 million, while Access Bank sold 19.01 million shares valued at N188.08 million.

    Source: NAN

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