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Nigerian Stock Investors Gained N87 Billion Last Week

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Nigerian Stock Investors’ Renewed Interest Bolsters the Nigerian Stock Market Last Week

Stock investors at the Nigerian Stock Exchange gained N87 billion last week on renewed positive sentiment.

In the four days trading week, investors traded 1.103 billion shares valued at N9.876 billion in 16,616 transactions. This was lower than the 1.469 billion shares worth N23.553 billion that were exchanged in 22,991 transactions in the previous week.

In terms of volume traded, the financial sector led activity table with 814.292 million shares valued at N7.186 billion but traded in 8,352 deals. The sector contributed 73.82 percent and 72.76 percent to the total equity turnover volume and value, respectively.

This was followed by the oil and gas sector with 66.78 million shares worth N143.050 million in 1,044 deals. The Consumer Goods sector came third with a turnover of 57.842 million shares valued at N1.022 billion but traded in 2,559 deals.

The top three equities traded during the week were Mutual Benefits Assurance Plc, Guaranty Trust Bank Plc and FBN Holdings Plc. The three top traded equities accounted for 485.307 million shares worth N5.048 billion and contributed 44.00 percent and 51.11 percent to the total equity turnover volume and value, respectively.

The market capitalisation of listed equities rose by 0.67 percent or N87 billion from N13.050 trillion in the previous week to N13.137 trillion last week.

Similarly, the NSE All-Share Index gained 0.67 percent or 166.37 basis points from 25,016.30 bps reported in the previous week to 25,182.67 this week.

On a monthly basis, the exchange has lost 0.34 percent in June. While it has gained 18.23 percent this quarter to moderate this year’s decline to -6.18 percent, down from over 12 percent in the first quarter.

The renewed interest in the stock market was as a result of central bank policies restricting activities of local investors in the fixed income market and forcing banks under the 65 percent loan to deposit ratio policy to increase credit facility to the real sector. Also, the low share values, largely weighed upon by the coronavirus pandemic, lured local investors back into stocks with strong fundamentals but impacted by COVID-19 lockdown and economic disruption.

During the week, the NSE Insurance Index gained the most to extend its year-to-date return to 7.9 percent. The insurance sector gained 4.83 basis points or 3.69 percent from 130.93 bps reported in the previous week to 135.76 bps last week.

On a monthly basis, the sector has gained 3 percent so far and 13.7 percent this second quarter.
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CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Nigerian Stock Exchange

Okey Nwuke, Access Bank Non-Executive Director, Purchases 1.3 Million Shares in the Bank

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Dr Okey Nwuke - Investors King

Dr. Okey Nwuke, a non-executive director in Access Bank, has purchased 1.3 million shares of Access Bank, according to the latest disclosure filing from the bank.

Nwuke bought 1.3 million shares at N7.45 a unit on May 5, 2021 at the Nigerian Stock Exchange (NSE).

Dr. Nwuke has over 28 years’ experience in finance and corporate governance working with top corporates and leading commercial banks in Nigeria. He is a Fellow of both the Institute of Chartered Accountants of Nigeria and Chartered Institute of Taxation of Nigeria, an honorary member of Chartered Institute of Bankers of Nigeria and a member of Business Recovery and Insolvency Practitioners.

He has garnered considerable expertise in credit analysis and bank financial management through professional training as a Chartered Accountant, from relevant training programmes as well as on the job training. He was an Executive Director in Access Bank from 2004 to 2013 and served as the Chairman of the Board of Directors of the Bank’s subsidiaries in Rwanda and Burundi. Dr. Nwuke was a pioneer Non-Executive Director of Stanbic IBTC Pension Managers Limited representing Access Bank.

Dr. Nwuke’s key competencies include finance, strategy development and execution, organizational restructuring and transformation, leadership and change management. He joined the Board of Coscharis Group in August 2014 and is currently responsible for the strategic drive to position it for sustainability. He currently chairs the Shareholders’ Audit Committee of NASCON Plc and sits on the Boards of Access Pension Fund Custodian Limited, First Ally Asset Management Limited, Claritus Limited and Simply Gifts and Interiors Limited.

He holds a B.Sc. Degree in Accountancy from University of Nigeria, Nsukka and an MBA (Distinction) in International Banking and Finance from the Birmingham Business School, United Kingdom. Dr. Nwuke holds a Doctorate Degree in Business Administration (DBA) from Walden University, Minnesota, USA with a research focus on leadership transition challenges in family businesses. He has been exposed to several leadership and professional development programmes at renowned institutions including Harvard Business School, Boston (AMP 175), Wharton Business School, Pennsylvania (both in U.S.A), INSEAD and IMD.

He joined the Board in November 2019 and currently chairs the Board Credit and Finance Committee. He is also the Vice-Chairman of the Board Technical Committee on Retail Expansion.

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Bonds

MTN Nigeria Completes Issuance of N110 Billion Series I Fixed Rate Bonds

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Karl O Toriola - Investorsking.com

MTN Nigeria Communications Plc (MTN Nigeria) has completed the issuance of N110,001,000,000 Series I 7-Year 13.0 percent Fixed Rate Bonds due 2028 (Series I Bond) under the N200,000,000,000 Bond Issuance Programme.

MTN Nigeria had initially indicated the intention to raise N100 billion in Series I of the registered Shelf Programme.

The Series I Bond is the largest corporate bond issuance in the debt capital markets thus far in 2021 and MTN Nigeria’s debut in the domestic bond market, the Company having established a strong presence in Commercial Paper issuances.

The Book Build process in respect of the transaction launched on 9 April 2021 and was completed on 16 April 2021. The transaction was well received with active participation from a wide range of high value and quality investors including pension funds, fund managers, banks, insurance companies, trustees, corporates, and high net worth individuals. The total value of orders received during the Book Build was N132,151,000,000, representing a 1.32 times oversubscription of the intended N100,000,000,000 issuance. The issue was launched at a clearing coupon of 13.0 percent with N110,001,000,000 in qualified bids.

The Series I Bond Issuance further reinforces MTN Nigeria’s strategy of diversifying its funding sources and reflects its market leadership and strong credit quality, as well as the resilience of the domestic debt capital market. The net proceeds will partly be used to refinance existing debt and support the rollout of critical network infrastructure.

Commenting on the bond issuance, Karl Toriola, Chief Executive Officer of MTN Nigeria, said “We are very proud of this landmark transaction, which is the first-ever telco bond issued in Nigeria and the largest corporate bond issuance this year. The domestic debt capital market has given us the opportunity to further diversify our funding sources and extend the maturity of our debt portfolio and profile to match investment in infrastructure. The strong support for this transaction, given the challenging environment, is a reflection of the depth of the market, and investor confidence in MTN Nigeria’s long-term strategy, our management team, and the overall telecoms industry”.

Chapel Hill Denham Advisory Limited acted as the Lead Issuing House while Stanbic IBTC Capital, DLM Advisory, FCMB Capital Markets, FBNQuest Merchant Bank, Rand Merchant Bank, and Vetiva Capital Management acted as Join Issuing Houses.

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Dividends

Seplat Announces Currency Exchange Rates for Proposed Final Dividend for 2020

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Naira Dollar Exchange Rate

Seplat Petroleum Development Company Plc, a leading Nigerian independent oil and gas company listed on both the Nigerian Exchange Limited and London Stock Exchange, today confirms that the following currency exchange rates will be applicable in the determination of the proposed final dividend for 2020 to any shareholder that qualifies for and has elected to receive the dividend payment in Naira or GBP:

Exchange Rate

1 USD = 410.24 Naira
1 USD = 0.7197 GBP

The exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 30th April 2021.

The closing date for Dividend currency election to the Company’s Registrars is 18th May 2021. In the absence of a qualifying Dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency. Shareholders should refer to the Company’s announcement on 1st March 2021 for definition of default currencies and dividend currency election forms can be found on the company website at https://seplatpetroleum.com/investors/dividend.

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