Nigerian Exchange (NGX) Limited in collaboration with Greenwich Securities Limited and Africa Prudential Plc hosted a Retail Investor Workshop on Wednesday, 14 July 2021. The webinar themed, Realizing Income from Your Investments, Dividends to Coupons and Everything In-Between, aimed to promote investor education within the Nigerian capital market.
In delivering his opening remarks, the Divisional Head, Trading Business, NGX, Mr. Jude Chiemeka stated, “NGX is hosting this event in continuation of our commitment to providing relevant and strategic information targeted at equipping investors with the knowledge and skills necessary to effectively leverage the investment opportunities in the Capital Market. It is important that investors understand capital market investments and investment mechanisms, as only then will they be empowered to make sound investment decisions. We are, therefore, pleased to collaborate with two institutions that represent important stakeholders in the Nigerian capital market ecosystem – Greenwich Securities Limited and Africa Prudential Plc – representing the brokers and registrar businesses respectively. Looking ahead, The Exchange through its Retail Investor Coverage Department will continue to roll out initiatives designed to encourage retail investor involvement in the capital market.”
Speaking on the topic, Realising Income from Investment, the Acting Managing Director, Greenwich Securities Limited, Ms. Eniola Osula took participants through the various investment instruments available to retail investors on the NGX platform. On her part, the Deputy Registrar/Chief Operating Officer, Africa Prudential Plc, Ms. Catherine Nwosu shed light on the topic, Investment: Innovations in the Registrar Space, highlighting the efforts of Registrars to ease the investment process end-to-end. The event culminated in a presentation from the Head, X-Academy, NGX, Ms. Ugochi Obi on the learning opportunities NGX provides to deepen knowledge about the capital market.
NGX continues to respond to the growing need for increased retail participation in the market through its products and services, advanced strides in the use of technology and more frequent engagements across touchpoint. The market continues to look forward to initiatives such as this that will ultimately deepen the capital market and improve liquidity.
Facebook, Apple, Others Lose Big in Market Value
The global financial market rout has plunged the value of the world’s largest technology companies by over $1 trillion in the last three trading days. This was after the Federal Reserve raised interest rates by 0.25% last week, below the 0.75% projected by experts.
The Federal Reserve had attributed its decision to a series of global uncertainties due to the Russia-Ukraine war and extended COVID-19 restrictions in China, the world’s second-largest economy. These were a few of the uncertainties predicted by a global investment bank, Deutsche Bank to plunge the U.S and the rest of the world into a recession by 2023.
Concerns over projected recession have led to a broad-based selloff in risk assets across the world.
“When risk assets fall and fall fast enough, there’s no question they’re going to hurt growth,” said LaVorgna, who was chief economist for the National Economic Council under former President Donald Trump. “If anything, the relationship is even better when asset prices decline than when they go up.”
Apple Inc, the world’s most capitalised company shed $200 billion in the last three trading days.
While Microsoft lost $189 billion in market value. Tesla, Amazon, Alphabet, Nvidia and Meta (Facebook) lost $199 billion, $173 billion, $123 billion, $85 and $70 billion, respectively.
In only three trading sessions the “Stocks at large have sold off since the Federal Reserve raised its benchmark interest rate on Wednesday, but technology has endured more pain than other sectors of the economy.”
MTN Nigeria to Raise N150 Billion via Commercial Paper
MTN Nigeria Communications Plc on Monday announced plans to raise N150 billion via Commercial Paper (CP) to diversify the company’s financing options.
Commercial paper is an unsecured, short-term debt issued by a company to finance short-term liabilities like payroll, accounts payable, inventories, etc. Maturities of most Commercial Paper range from a few weeks to months.
According to MTN Nigeria, the N150 billion would be raised in two tranches, Series 1 & 2 commercial paper.
Explaining the reasons for the new fundraising, the telecom company said it is part of its strategy to diversify financing options. The proposed funding rasing would be deployed towards working capital and general corporate purposes.
The new fundraising would be in addition to the N200 billion commercial paper issued in 4 series in 2021.
The statement reads “MTN Nigeria Communications Plc (MTN Nigeria or the Company) hereby notifies the Nigerian Exchange Limited and the investing public of its N150 billion Commercial Paper Programme. To this end, the Company proposes the issuance of Series 1 & 2 Commercial Paper (the “Issuance”) of up to N150 billion.
“MTN Nigeria had initiated and successfully concluded 4 series of issuances under its previous N200 billion Commercial paper shelf program.
“Further details on the issuance (as well as subsequent issuances) will be communicated to the market as the transaction(s) occur.”
Abbey Mortgage Bank Lists Additional 3.692 Billion Shares
Abbey Mortgage Bank Plc, one of Nigeria’s leading mortgage banks, announced it has listed an additional 3,692,307,692 ordinary shares on Wednesday, 16 February 2022 on the Daily Official List of the Nigerian Exchange Limited (NGX).
The additional shares listed on NGX arose from the Company’s Rights Issue at 82 kobo per share on the basis of four (4) new ordinary shares for every seven (7) ordinary shares held as at Friday, 8 October 2020.
With this listing of the additional 3,692,307,692 ordinary shares, the total issued and fully paid-up shares of Abbey Mortgage Bank Plc. has now increased from 6,461,538,462 to 10,153,846,154 ordinary shares of 50 kobo each.
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