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Stock Investors Lose N118 Billion This Week Amid Broad-based Profit Taking

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Nigerian Stock
  • Nigerian Stocks Exchange Lose N118bn Amid Broad-based Profit Taking

The Nigerian Stocks Exchange (NSE) closed in the red this week as investors continue to take profits following several weeks of bullish runs.

The NSE All-Share Index depreciated by 1 percent or 251.52 basis points to close the week at 25,016.30 basis points, down from 25,267.82 basis points it closed a week ago.

Accordingly, the market capitalisation of listed equities dipped by 0.90 percent from N13.168 trillion last week to N13.050 trillion this week.

Activity level was high as a total turnover of 1.469 billion shares valued at N23.553 billion were exchanged in 22,911 transactions during the week, against the 1.255 billion shares worth N13.501 billion traded in 20,554 deals a week ago.

In terms of volume traded, the financial services sector led with 861.775 million shares valued at N8.545 billion but traded in 11,647 deals. This, according to the NSE report for the week, constitutes 58.66 percent and 36.28 percent of the total equity volume and value traded respectively.

The consumer goods industry followed with 184.644 million shares worth N5.880 billion traded in 3,953 deals while the services sector came third with a turnover of 119.238 million shares valued at N270.084 million exchanged in 1,043 deals.

The most traded stocks during the week were FBN Holdings Plc, Guaranty Trust Bank Place and Zenith Bank plc, the three accounted for 456.576 million shares worth N6.940 billion in 5,921 deals and contributed 31.08 percent and 29.47 percent to the total stock volume and value respectively.

All the indices traded in the week closed lower except NSE AFR Div Yield and NSE Consumer Goods Indices that appreciated by 1.20 percent and 0.26 percent respectively while NSE ASeM closed flat.

The year-to-date decline rose slightly to 6.8 percent this week. While the quarter to date adjusted to 17.44 percent, one the best quarters in the history of the bourse.

So far, the exchange has lost 1 percent this month of June.

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Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Nigerian Exchange Limited

Geregu Power Finally Lists on Nigerian Stock Market, Adds N250 Billion to NGX Liquidity

Billionaire Femi Otedola-owned energy company, Geregu Power has finally been listed on the Nigerian Exchange Limited (NGX) today.

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Femi Otedola

Billionaire Femi Otedola-owned energy company, Geregu Power has finally been listed on the Nigerian Exchange Limited (NGX) today.

The company listed 2.5bn shares at N100 a unit on the Main Board of the Nigerian Exchange (NGX) on Wednesday, October 5, 2022.  Geregu is the first GenCo to be listed on the NGX Main Board, a segment for well-established companies with demonstrable records of accomplishments.

Investors King reported on Monday that the company planned to list on the stock exchange today.

Geregu entered the Exchange with a market capitalisation of N250 billion and with an international securities identification number (ISIN) – NGGEREGU0000.  

Geregu Power, a leading power generation company (GenCo) in Nigeria, was listed under the utilities sector and Electric Power Generation sub-sector of NGX, with the trading symbol, GEREGU.

The listing has now added N250 billion to the liquidity of the Nigerian Exchange Limited and provides more opportunities for wealth creation.

Commenting on the listing, the Chairman, Board of Directors, Mr. Femi Otedola, CON, said “the listing of the company was the actualization of a vision to bring world-class standards in governance sustainability, and business processes to the Company and the Nigerian electricity sector.” He added that “listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders”. Nigerian Exchange Limited continues to evolve in order to remain an attractive destination for issuers, meet the needs of our valued stakeholders and achieve the highest level of competitiveness.

On his part, Chairman, NGX, Mr. Abubakar Mahmood SAN, OON, said, “We are particularly pleased that Geregu Power has joined the prestigious group of companies listed on our Main Board, which will differentiate it as a professionally run power company with high standards, having met NGX’s listing criteria.

“A Main Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery, and providing increased returns to shareholders. It is our expectation that the Geregu Power listing will encourage other power generation and distribution companies to list their shares on the Exchange, thereby opening the sector up to cheaper, long-term capital that will boost infrastructural development and value creation.”

Mr. Temi Popoola, the Chief Executive Officer, NGX, highlighted the significance of the listing to the entire nation.

He said, “Today’s listing is a promising development in the country’s power sector and we are delighted to welcome Geregu Power Plc to the Exchange. Having Geregu listed in our market is proof of NGX’s commitment to building a robust and inclusive market and creating avenues for sustainable investment.

“This listing will enhance liquidity for Geregu, increase its visibility among global investors, elevate its value and boost transparency, as our marketplace is a sterling platform for raising capital and enabling sustainable growth for national development. As a listing platform of choice, we are committed to working with companies at various stages of growth to explore the different opportunities in the capital market to meet their business objectives.”

 

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Bonds

Debt Management Office Offers Two FG Savings Bonds for October

The Debt Management Office (DMO) has declared opened two Federal Government Savings Bond Offers for October 2022.

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Bonds- Investors King

The Debt Management Office (DMO) has declared opened two Federal Government Savings Bond Offers for October 2022.

In a statement released by the DMO on Tuesday, Federal Government is offering a 2-Year FGN Savings Bond due October 12, 2024 at 11.382% per annum interest rate and 3-Year FGN Savings Bond due October 12, 2025 at 12.382% per annum interest rate.

The opening date for subscription was set as today, October 4, 2022 and the closing date was three days after, October 7, 2022.

According to DMO, the settlement would be done on October 12, 2022 while coupon payment dates are January 12, April 12, July 12, and October 12.

Unit of Sale was set at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,000,000.

Meanwhile, the Director-General of DMO, Patience Oniha DMO, during a presentation at an executive course on budgeting and fiscal responsibility organised by the Fiscal Responsibility Commission in Abuja, has said the federal government cut down on borrowings by increasing revenue generation and improve on expenditure.

In her paper titled “Debt Sustainability Challenges and Strategic Revenue Mobilisation Initiative”, Oniha explained that because the federal government had run deficit budgets for many decades, borrowings from external and domestic sources are unavoidable.

She said: “A budget may be surplus, balanced or deficit. Nigeria has run deficit budgets on a consecutive basis for decades.

“The financing of the deficits through borrowing from local and external sources is the principal reason for the growth in debt stock and debt servicing.

“One way to reduce budget deficits is to grow revenues; the other way is to prioritise expenditure and cut waste and leakages.”

 

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Nigerian Exchange Limited

eTranzact Lists 2,565,433,333 Ordinary Shares

eTranzact, multi-application and multi-channel electronic transaction switching and payment processing platform, has listed additional 2,565,433,333 ordinary shares of 50 kobo each of eTranzact International Plc.

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etranzact

eTranzact, multi-application and multi-channel electronic transaction switching and payment processing platform, has listed additional 2,565,433,333 ordinary shares of 50 kobo each of eTranzact International Plc.

The company made the announcement on Friday following the listing on Wednesday, 28 September 2022.

The statement reads, “Trading Licence Holders are hereby notified that additional 2,565,433,333 ordinary shares of 50 kobo each of eTranzact International Plc (eTranzact or the Company) were on Wednesday, 28 September 2022, listed on the Daily Official List of the Nigerian Exchange Limited (NGX).

“The additional shares listed on NGX arose from eTranzact’s conversion of N5,772,225,000 Zero Coupon Unsecured Subordinated Irredeemable Convertible Debenture Stock to Equity at N2.25 per share.

“With this listing of the additional 2,565,433,333 ordinary shares, the total issued and fully paid up shares of eTranzact has now increased from 6,634,566,483 to 9,199,999,816 ordinary shares of 50 kobo each.”

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