Menu

stock exchange

Trading in Nigeria stock exchange dips

London Stock Exchange announces £750m share buyback drive

, , ,

London Stock Exchange Group Plc on Friday,  announced a share repurchase programme with a total value of up to 750 million euros (912 million dollars) to reduce the company’s share capital.

The move was intended for voting ordinary shares of 6.79-6.86 pence each, the company said in a statement.

The drive was expected to be completed over a period of up to one year in multiple tranches, with the launch of the first tranche on Friday.

For the first tranche, expected to be completed by Dec. 5, LSE had instructed Goldman Sachs to purchase the shares with a value of up to 250 million euros.

The company intended to enter into similar arrangements with Morgan Stanley and Citigroup with respect to the upcoming tranches of the buy-back.

The repurchase was being funded mainly by the proceeds of the divestment of the BETA business.

Nigerian-Stock-Exchange-NSE

NGX rebrands market indices

0

The Nigerian Exchange (NGX) Ltd has informed market players of the rebranding of all its existing indices by changing the prefix from NSE to NGX, effective June 28.

This is contained in a statement signed by Mr Olumide Orojimi, NGX Group, Head, Corporate Communications.

Orojimi said the transition would leverage on the new brand identity of the Exchange.

“There are currently 19 indices – either wholly-owned or co-branded – on NGX, servicing the investment management community along the lines of product development, benchmarking.

The changes to the indices nomenclature were NSE All-Share Index to NGX All-Share Index; NSE-Main Board Index to NGX-Main Board Index; NSE 30 Index to NGX 30 Index and NSE CG Index to NGX CG Index, among others.

He noted that the recent demutualisation led to the transformation of the Nigerian Stock Exchange to a non-operating holding company, the Nigerian Exchange Group Plc (NGX Group).

Orojimi said the NGX Group comprised of three wholly-owned operating subsidiaries.

“Consequently, the rebranding of the indices is in line with the NGX’s drive to standardise and ensure consistent expression of the brand across touchpoints.

“From today, all indices from the Nigerian Exchange Limited will be rebranded with a pre-fix, NGX, to promote brand awareness and recognition.

“Market players should note that this exercise will not affect the computation methodology of the indices,” he said.

He said the NGX would continue to provide a platform for investors and issuers to meet their various investment objectives.

“This rebranding effort is a testament to NGX’s commitment to providing an efficient market that reflects available information,” Orojimi added.

Orojimi added that the rebranding effort was a testament to the NGX’s commitment to providing an efficient market that reflects available information,” he added .

Nigeria-Stock-Exchange

Shanghai, Belgrade stock exchanges sign MoU on cooperation in multiple fields

0

Xinhua

Shanghai Stock Exchange (SSE) and Belgrade Stock Exchange have signed a Memorandum of Understanding (MoU) to conduct pragmatic cooperation on information exchange, researches, personnel exchange and product development.

The signing of the MoU was done via video on Tuesday in Beijing.

The move has not only marked a new beginning of the exchanges between the two sides, but also set a good example for the capital markets of the two countries to help each other and cooperate during the COVID-19 pandemic.

Belgrade Stock Exchange, a stock exchange based in Belgrade, the capital of Serbia, is one of the oldest in Europe and the only one of its kind in Serbia.

At present, the products listed and traded on the bourse include stocks and bonds, the stock market is composed of three boards, including the general board, advanced board and small and medium-sized enterprises (SME) board.

There is also a multilateral trading platform for stocks and bonds, the SSE has signed 64 MoUs with 53 overseas institutions.

Under the framework, SSE and its counterparts have conducted various forms of cooperation including personnel exchange, information sharing, co-organisation of international forums and promotion activities.

According to SSE, it would continue to steadily promote the opening of the capital market, improve the basic capital market system, and enrich securities investment products.

It will also carry out international strategy, facilitate cross-border investment by domestic and foreign investors, and promote the win-win development of bilateral economic and financial cooperation.

NIMASA

Stock Exchange tasks stakeholders on ethics

, , 0

By Chris Ndibe

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, on Saturday tasked newly qualified stockbrokers to uphold the highest ethical standards in their professional practice.

Onyema, gave the advise in a statement made available to the News Agency of Nigeria (NAN) in Lagos after the virtual induction ceremony of 50 Authorised Dealing Clerks.

According to Onyema, the inductees had shown a high level of resilience and adaptability to the new learning conditions in spite of the challenges occasioned by the COVID-19 pandemic.

Onyema further admonished the Stockbrokers to prioritise the interest of the market as the robes worn represented commitment to upholding the Chartered Institutes of Stockbrokers (CIS) ethical standards and the Exchange’s Rulebook for Dealing Members.

“It means a pledge to be a bastion of integrity and impeccable character. It represents a decision to put the interest of the market first.

“Despite the challenging times, we are able to certify a corps of qualified stockbrokers who are the future leaders of the Nigerian capital market.

“We have at this event, successful Dealing Clerks who have passed through the Exchange’s Automated Trading System (ATS) training faculty, made up of seasoned Capital Market regulators and operators (SEC, NSE, CSCS, Registrars, ASHON and CIS).

“The ATS training is a pre-requisite for participating in an oral examination; a rigorous exercise to ensure only suitable candidates secure the required regulatory approval to practice as Authorised Dealing Clerks of the NSE.

“The need to embrace the culture of continuous learning in a fast-paced environment such as the capital market cannot be over-emphasised if we must remain relevant.

“As the market deepens with the launch of new products, I encourage everyone to seek for better understanding of various aspects of the capital market as well as new developments.”, said Onyema.

Mr Onyenwechukwu Ezeagu, the Chairman, Association of Securities Dealing Houses of Nigeria (ASHON) reiterated the importance of skills and integrity for the newly inducted stockbrokers.

Ezeagu, while speaking on “The consciousness of Perception, Integrity, Adaptation and Discipline in The Stockbroker/Securities Dealer”, affirmed that the financial market had many areas, including the equities, commodities and derivatives market among others.

“Stockbrokers and securities dealers are veritable tools in the functioning of the financial intermediation and network taking place in the exchanges through savings mobilisation, capital formation and ensuring good returns for investors.

According to Ezeagu, in order to function efficiently and effectively, a Stockbroker must be conscious of his operating environment and live within it.

“This refers to the reception, organisation, identification and interpretation of information gathered through the five senses (sight, smell, taste, touch, and feeling) so as to assimilate and fully understand the system or environment.

“It is therefore important for a securities dealer and stockbroker to understand perception as to who/what a stockbroker should be, what the market expects (market perception) of him and be able to relate his perception of himself to the perception of the environment about him and arrive at a point of reality.

He added that it was required of stockbrokers and securities dealers to be honest, trustworthy, hardworking, responsible, helpful, patient and gracious with strong moral values.

“Stockbroker sell integrity via an investment window, a promise for future returns from investment and/or a bankable IOU.

“All these are intangible assets which can only be marketable by the level of integrity which the stockbroker is able to bring to bear on them,” he explained.

stock-market

Stock market blossom with MTN’s gains

0

By Chris Ndibe

Transactions are the Nigerian Stock market maintained upward trend on Thursday with the market indicators appreciating further by 0.38 per cent, amid MTN Nigeria gains.

Specifically, the All- Share Index rose by 95.49 points or 0.38 per cent to close at 25,236.97 compared with 25,141.48 posted on Wednesday.

In the same vein, the market capitalisation rose by N50 billion or 0.38 per cent to close at N13.165 trillion against N13.115 trillion achieved on Wednesday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Unilever Nigeria, MTNN, Stanbic IBTC Holdings and Flour Mills.

Capital market watchers attributed the renewed positive trend of the market to rising crude oil price at the international market and hope for interim dividend.

AXA Mansard Insurance led the gainers in percentage terms, gaining 9.66 per cent to close at N1.59 per share.

Consolidated Hallmark Insurance came second with 8.82 per cent to close at 37k, while Unilever appreciated by 8.33 per cent to close at N13 per share.

Prestige Assurance went up by 8.16 per cent to close at 53k, while Nigerian Breweries appreciated by 5.88 per cent to close at N36 per share.

On the other hand, Ikeja Hotel led the losers’ chart in percentage terms, declining by 9.90 per cent to close at 91k per share.

Academy Press followed with a decline of 8.97 per cent to close at 30k, while Champion Breweries also lost 8.97 per cent to close at 71k per share.

Unity Bank shed 8.47 per cent to close at 54k, while Neimeth International depreciated by five per cent to close at N1.90 per share.

Transcorp topped the activity chart with 105.499 million shares valued at N429.954 million.

Zenith Bank followed with 25.66 million shares worth N429.95 million, while Chams traded 22.94 million shares valued at N4.83 million.

Guaranty Trust Bank traded 12.53 million shares worth N311.02 million, while FBN Holdings transacted 7.84 million shares worth N39.59 million.

In all, the total volume of shares traded increased by 25.97 per cent to 258.08 million shares worth N1.68 billion achieved in 3,640 deals.

This was in contrast with a total of 204.88 million shares valued at N3.83 billion recorded in 3,636 deals on Wednesday.

Stock-Market1-620x330-1

Stock market makes marginal growth

0

By Chris Ndibe 

The nation’s bourse commenced trading for August after Sallah break with a growth of 0.30 per cent on renewed bargain hunting. 

Specifically, the All Share Index (ASI) rose by 72.39 points or 0.30 per cent representing to close at 24,766.12 against 24,693.73 achieved on Wednesday. 

Also, the market capitalisation inched higher by N37 billion to close at N12.919 trillion compared with N12.881 trillion on Wednesday. 

The uptrend was impacted by gains recorded in large and medium capitalised stocks, among which were: Flour Mills, BUA Cement, GlaxoSmithkline, Guaranty Trust Bank and Neimeth International Pharmaceuticals. 

Analysts at United Capital Plc anticipated that outcome of first half year earnings would continue to spur market reactions this week. 

Also, analysts at Afrinvest Ltd believed the performance of the market this week would be majorly dictated by the trend in earnings releases. 

Market breadth closed positive, with 19 gainers in contrast with 16 losers. 

Neimeth International Pharmaceuticals dominated the gainers’ chart in percentage terms, gaining 10 per cent, to close at N1.65 per share. 

Flour Mills followed with 9.97 per cent to close at N18.75, while University Press rose by 9.90 per cent to close at N1.11 per share. 

GlaxoSmithkline improved by 8.16 per cent to close at N5.30, while Honeywell appreciated by five per cent to close at N1.05 per share. 

On the other hand, UACN led the losers’ chart in percentage terms, losing 10 per cent to close at N6.30 per share. 

AIICO Insurance came second with a loss of 9.57 per cent to close at 85k, while Sunu Assurances dipped 9.09 per cent to close at 20k per share. 

Mutual Benefits Assurance lost 8.70 per cent to close at 21k, while Custodian Investment shed 7.27 per cent to close at N5.10 per share. 

Also, the total volume of shares traded rose by 83.56 per cent as investors bought and sold 186.48 million shares worth N1.31 billion achieved in 4,718 deals. 

This was in contrast with a turnover of 101.59 million shares valued at N973.64 million transacted in 3,685 deals on Wednesday. 

Transcorp was the toast of investors, accounting for 23.39 million shares worth N14.35 million. 

Custodian Investment trailed with 19.14 million shares valued at N97.72 million, while Guaranty Trust Bank traded 18.17 million shares worth N411.61 million. 

FBN Holdings sold 13.54 million shares valued at N69.70 million, while United Bank for Africa sold 9.72 million shares worth N60.52 million.  

nse-stock

Stock market makes improvement

, , 0

By Chris Ndibe

Trading on the Nigerian Stock Exchange (NSE) closed upbeat on April 22, 2020 following gains in blue chips stocks with the All-Share Index advancing by 0.66 per cent, thereby reversing two days downward trend.

Specifically, the All-Share Index increased by 150.38 points, representing a gain of 0.66 per cent to close at 22,780.30 compared with 22,629.92 recorded on Tuesday.

Similarly, the market capitalisation which opened at N11.793 trillion rose by N79 billion to close at N11.872 trillion.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Lafarge Africa, Zenith Bank, BUA Cement, Guaranty Trust Bank and PZ Cussons.

Analysts at Afrinvest Limited expected trading to remain mixed for the rest of the week.

Market breadth closed positive with 19 gainers in contrast with four laggards.

NEM Insurance recorded the highest price gain of 10 per cent, to close at N2.20 per share.

Lafarge Africa followed with a gain 9.66 per cent to close at N11.35, while Livestock rose by 7.69 per cent to close at 70k per share.

Transcorp rose by 7.35 per cent to close at 73k, while PZ Cussons appreciated by 6.25 per cent to close at N4.25 per share.

On the contrary, Skyway Aviation Handling Company led the losers’ chart in percentage terms, dropping by 8.16 per cent, to close at N1.80.

Union Diagnostic & Clinical Services followed with a decline of 6.45 per cent to close at 29k per share.

Guinness Nigeria lost 6.40 per cent to close at N19, while Caverton shed 4.26 per cent to close at N2.25, per share.

In spite of the growth in market indices, the total volume of shares traded dipped 25.61 per cent with an exchange of 186.23 million shares worth N1.85 billion traded in 3,446 deals.

This was against a turnover of 186.23 million shares valued at N1.85 billion transacted in 3,446 deals on Tuesday.

Transactions in the shares of Zenith Bank topped the activity chart with 30.96 million shares worth N420.53 million.

FBN Holdings accounted for 30.72 million shares valued at N130.49 million, while Guaranty Trust Bank traded 25.77 million shares worth N486.79 million.

United Bank for Africa sold 19.99 million shares valued at N115.54 million, while Lafarge Africa transacted 17.11 million shares worth N192.51 million.