Connect with us

Nigerian Exchange Limited

Otedola Owns Energy Company, Geregu to List on Nigerian Stock Market

Otedola’s energy company, Geregu Power will be listed on Nigerian Exchange Limited (NGX) at a share price of N100 per share

Published

on

Femi Otedola

Otedola’s energy company, Geregu Power will be listed on Nigerian Exchange Limited (NGX) at a share price of N100 per share. 

Investors King learnt that Geregu power which is one of the leading electricity power plants in Nigeria will be listing an ordinary share of 2.5 billion.

The listing is scheduled to take place on Wednesday 5th of October 2022 in a short ceremony at the Nigeria Exchange Commission (NGX). The event will be attended by top executives of Geregu Power Plc.

After a successful listing, Geregu Power will be the first electricity company- generation, transmission, or distribution -that will be listed on the Exchange in Nigeria’s history.

In 2021, Geregu Power reported an increase in revenue to the tune of N70.9 billion which represents 32.3 percent year-over-year. 

Profit after tax stood at N20.5 billion, representing an increase of 45.2 percent when compared to N14.1 billion made in 2020.

It will be recalled that Geregu Power had earlier completed the issuance of a N40.01 billion bond in July 2022.

The bond which commenced on July 1, 2022, following relevant approval from the Securities and Exchange Commission (SEC) ended on July 14, 2022, with a bond yield of 14.50 per cent.

Geregu Power later disclosed that the bond which was the largest corporate bond issuance by a power generation company in Nigeria’s capital market was oversubscribed.

Geregu Power Plc is a power company primarily engaged in the generation and sale of electric power in Nigeria. The company will be valued at about N270 billion immediately after the listing. 

Meanwhile, the company which currently has a capacity of 435 MW is bidding for another 434 MW power plant which will be named Geregu 2 at a cost of N140.7 billion.

Geregu 2 is located in Ajaokuta, Kogi state and has a configuration of three turbines.  Geregu Power Plc intends to increase its capacity to 735 MW in the medium term. 

Continue Reading
Comments

Nigerian Exchange Limited

Nigerian Exchange Returns to Red Zone, Equity Investors Lose N67bn

Published

on

stock - Investors King

The Nigerian Exchange plunged back into the red zone on Thursday as equity investors incurred N67 billion in losses.

The downward trend was primarily attributed to widespread sell-offs observed across key sectors, including banking, insurance, and consumer goods.

The All-Share Index closed the trading session with a decline of 0.12 percent to settle at 101,239.10 index points while the market capitalization closed lower at N55.40 trillion.

Despite a brief respite earlier in the week, the market failed to sustain its positive momentum.

Year-to-date returns moderated to 35.39 percent, reflecting the volatile nature of recent trading sessions.

Trading activities remained subdued with a 16.43 percent decrease in traded volume to 252.9 million units.

Similarly, total traded value declined by 24.54 percent to N4.94 billion, accompanied by a 15.83 percent dip in total deals to 7,248.

Market breadth leaned towards negativity, with 22 gainers overshadowed by 28 losers.

The decliners included notable companies like Daar Communications, Wema Bank, and PZ Cussons, which collectively contributed to the bearish sentiment prevalent in the banking, insurance, and consumer goods sectors.

Continue Reading

Nigerian Exchange Limited

Nigeria’s Equities Market Rebounds, Gains N165 Billion Amid Investor Optimism

Published

on

Nigerian Exchange Limited - Investors King

Nigeria’s equities market rebounded on Wednesday as gained N165 billion in value amid renewed optimism and strategic re-entry into undervalued stocks.

The recent downturn which plagued the market earlier in the week saw investors holding back amidst uncertainties surrounding fixed-income securities’ interest rates.

However, Wednesday’s rebound reflected a shift in sentiment as investors identified opportunities for lucrative returns in value stocks.

Key players such as BUA Cement and FBN Holdings spearheaded the market’s upward trajectory with notable gains observed across various sectors.

BUA Cement surged by 4.93% from N142.95 to N150 per share while FBN Holdings gained by 9.96% from N26.10 to N28.70 per share.

Despite these gains, Okomu Oil Palm experienced a decline with its share price dropping from N270 to N243, representing a 10% decrease.

The market’s positive performance defied earlier projections of a prolonged bearish trend. Analysts had anticipated a continuation of the subdued market activity due to prevailing uncertainties in the fixed-income segment.

Wednesday’s trading session saw increased activity, with investors exchanging 302,739,517 shares valued at N6.552 billion across 8,611 deals.

Active trading was observed in stocks such as FBN Holdings, Japaul Gold, Transcorp, Veritas, and GTCO.

The surge in the equities market reflects investors’ resilience and their confidence in the long-term prospects of Nigeria’s economy.

It also underscores the dynamic nature of the market, where strategic investments and timely interventions can yield substantial gains even in challenging times.

Continue Reading

Nigerian Exchange Limited

Honeywell Flour Mills, BUA Cement Lead Losers as Nigerian Market Dips N730bn

Published

on

stock - Investors King

The Nigerian equity market continued its downward spiral as Honeywell Flour Mills and BUA Cement emerged as the top losers.

The All-Share Index (ASI) declined by 1.30 percent to settle at 101,060.67 points while the market capitalization plummeted to N55.298 trillion, representing a decline of N730 billion in just two consecutive trading days.

The bearish trend which commenced on Monday persisted as investors grappled with mounting concerns over economic uncertainties and global market dynamics.

Honeywell Flour Mills led losers with a 10 percent decline to close at N3.60 per share. Followed closely by BUA Cement’s 9.98 percent of its share value to settle at N142.95.

PZ Cussons also experienced a notable dip, posting a 9.75 percent loss to close at N27.30 per share.

The persisting sell-offs predominantly affected medium to penny stocks, with only eight equities managing to record gains amidst 43 losses.

Market analysts attributed the performance to a combination of factors, including ongoing global economic uncertainties, currency devaluation concerns, and profit-taking activities by investors.

The decline in trading activity was evident as the total volume and value of trades witnessed significant declines, reflecting a cautious approach by investors amid the prevailing market turbulence.

Despite the challenges, industry experts urge investors to remain vigilant and adopt prudent investment strategies to navigate the unpredictable market terrain, emphasizing the importance of diversification and long-term investment perspectives in mitigating risks and preserving capital in volatile market conditions.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending