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Latest News Osun Election: Controversy as INEC official says his boss ordered him to destroy authentic poll result Double Tragedy: Ras Kimono’s wife dies three weeks after his burial Kogi LG workers now to receive 54 pct of salary Water projects: Minister pleads with court for more time to render account PDP screens 30 governorship aspirants in North East Anti-Corruption War: Strike weakens CCB, CCT Gunshot at Osun INEC office Flood overruns more Delta riverine communities, victims sleep in canoes PDP is party to beat in 2018, says Makarfi Aisha Buhari to address UN meeting on Tuberculosis Osun: INEC has shown its readiness for 2019 — Group Plateau SSG, commissioner resign to contest 2019 elections

 

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NSE suspends trading on Skye Bank shares

NSE suspends trading on Skye Bank shares The Nigerian Stock Exchange (NSE) on Friday officially notified the investing public that Skye Bank Plc shares would be suspended from trading on Sept. 24. The exchange gave the notice in Lagos in a statement by Mr Olumide Orojimi, Head, Corporate Communications and Mr Godstime Iwenekhai Head, Listings Regulations. NSE said...... more

Hopes dim for investors as NSE sustains lacklustre performance

Hopes dim for investors as NSE sustains lacklustre performance With year-to-date return of the Nigerian equities market dropping to as low as -2.5 per cent after half year, hope of a robust performance in 2018 appears to have been dashed, Bamidele Famoofo writes Expectation Despite persisting sell-offs and continued sessions of sideways trading after a promising take-off in the equities...... more

Dangote eyes London Stock Exchange, may list in 2019

Dangote eyes London Stock Exchange, may list in 2019 Dangote Cement Plc, Africa’s biggest producer of the building material, may carry out its long-planned listing of shares in London after Nigerian elections early next year, as it considers expansion through takeovers. “We are working on it and we’ll look at it in 2019,” Edwin Devakumar, group executive director at Dangote...... more

Stocks sink as trade wars loom

Stocks sink as trade wars loom U.S. President Donald Trump on Monday again called for better trade terms with the European Union and Canada, while saying the United States needs greater trade balance with China. "I want the barriers taken down, I want our farmers to be able to trade," he told a crowd of supporters in...... more

More companies queue up to list on Nigerian Stock Exchange

More companies queue up to list on Nigerian Stock Exchange More companies are lining up to list on the Lagos stock exchange, kick-starting Nigeria’s IPO market after a long drought. Sources familiar with the matter said two companies - Skyway Aviation Handling Company (SAHCOL) and Nigerian Reinsurance Corporation - were preparing for initial public offerings this year, while Singapore-owned Indorama Eleme...... more

MTN Nigerian shareholders say in the dark as IPO approaches

MTN Nigerian shareholders say in the dark as IPO approaches The minority shareholders of MTN Nigeria have complained about being kept in the dark by the MTN Group as the listing of the Nigerian unit fast approaches.Some of the things they told BusinessDay in confidence are that they (MTN Nigerian minority shareholders) need to know how much of the shares MTN...... more

Nigerian bank investors lose N100bn in 2 days

Nigerian bank investors lose N100bn in 2 days Investors with shares in the banking sector on the Nigerian Stock Exchange (NSE) have lost over N100.8 billion in two trading days of the week, a report this morning by Vanguard said. It said that while 11 out of the 16 banks in the NSE began losing prices in the market...... more

Seven-Up delisted from Nigerian Stock Exchange

Seven-Up delisted from Nigerian Stock Exchange The Nigerian bourse has approved the voluntary delisting of Seven-Up Bottling Co after it received a takeover bid from its majority shareholder aimed at restructuring the soft drinks bottler. The stock exchange, which suspended trading in the company’s shares in January, said in a notice that it approved the delisting last...... more

How NEITI saved extractive sector from collapse — Senate Committee

  How NEITI saved extractive sector from collapse — Senate Committee  The Chairman of the Senate Committee on Federal Character and Inter-Governmental Affairs, Senator Tijjani Yahaya Kaura has said that the intervention of the Nigeria Extractive Industries Transparency Initiative (NEITI) in the management of Nigeria’s extractive sector has saved the sector from imminent collapse. He stated this in Abuja when NEITI appeared before...... more

Africa’s largest cell-tower firms eye stock markets

Africa’s largest cell-tower firms eye stock markets Three of Africa’s largest telecommunication tower companies plan to pursue share sales in either London or New York early in 2018, taking advantage of high industry valuations to fund expansion, according to people familiar with the matter. Closely held IHS Towers, targeting an enterprise value of $10bn, planned to list in...... more

Anxiety mounts as NSE commences new pricing rule

Anxiety mounts as NSE commences new pricing rule The new pricing rule being introduced by the Nigerian Stock Exchange (NSE) is causing disquiet among capital market operators and other stakeholders as fears heighten over the likely outcome of the regulatory move. The Nigerian capital market operators have said that the new pricing rule would reduce artificial share prices of...... more

Nigerian stocks down to almost two-week low

Nigerian stocks down to almost two-week low Nigerian stocks fell on Tuesday to a near two-week low, dragged down by losses in banking, cement and fast moving consumer good sectors, as some investors took profits from previous gains in the market, traders said. The main share index declined 2.25 percent to 37,096 points, bringing it down to a...... more

Dangote Cement sells N86.1bn stake to foreign investors

Dangote Cement sells N86.1bn stake to foreign investors Nigeria’s Dangote Industries Limited sold a 2.3 percent stake in Dangote Cement to foreign investors on Tuesday in a stock market deal valued at 86.1 billion naira ($236 million). Africa’s biggest cement maker has been selling small stakes to increase its free float, which is well below the Nigerian stock exchange’s...... more

MTN share price crashes as trading update disappoints

MTN share price crashes as trading update disappoints MTN’s share price fell 7% to R110.08 on Thursday morning after it said it expected to report on August 3 that headline earnings per share (HEPS) for the six months to end-June would be between R2.10 and R2.30. MTN reported a headline loss of R2.71 in the matching period, and investors...... more

UBA offloads 2.09bn shares

UBA offloads 2.09bn shares  The United Bank for Africa (UBA) on Tuesday drove activity on the Nigerian Stock Exchange (NSE) with a turnover of 2.09 billion shares valued at N19.76 billion. Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the activity in UBA to part of the management’s plan to reduce the bank’s...... more

NSE suspends trading in 17 companies

NSE suspends trading in 17 companies  The Nigerian Stock Exchange has suspended trading in seventeen companies for failing to file their various financial statements as at when due. The suspended companies are African Alliance Insurance, Equity Assurance, Fortis Microfinance Bank, Guinea Insurance, Premier Paints, Resort Savings & Loans, Sovereign Trust Insurance and African Paints Nigeria. Others are...... more

Ecobank posts heavy loss, share price crashes to 8 years low

Ecobank posts heavy loss, share price crashes to 8 years low Pan-African bank, Ecobank’s shares lost -5 percent to N7.79, lowest since 2009, as it declared N52.6 billion loss for 2016. The bank posted N21.3 billion profit in 2015. The lender recorded a 22.58 percent increase in its gross earnings to N665 billion last year compared to N542.7 billion it made in...... more

FG Savings Bond: Opening up the capital market for ordinary Nigerians, By Abimbola Johnson

FG Savings Bond: Opening up the capital market for ordinary Nigerians, By Abimbola Johnson If you are an ordinary Nigerian looking for where to invest your little savings, just approach any stock broker in the country and ask whether they are authorised to sell the Federal Government Savings Bond (FGNSB). If you get a Yes answer, tell them you’re interested in investing your little cash-as...... more

UBA outperforms other banking stocks, positioned for sustainable long-term growth

UBA outperforms other banking stocks, positioned for sustainable long-term growth   United Bank for Africa (UBA) Plc is on the top list of companies with well-rounded performance. UBA’s top-of-the-chart performance at the stock market combines with considerable growth in all key fundamental indicators to make the bank the best performing banking stock in recent period. Capital Market Editor Taofik Salako, in...... more

Investment bankers circle MTN as woes hammer its share price

Investment bankers circle MTN as woes hammer its share price   With MTN's share price plunging 55% from its peak on rising regulatory burdens, difficult operating environments in places such as Syria and ever-increasing competition in its domestic market, industry insiders are touting the prospects of corporate activity around the mobile operator that is Africa's biggest. Investment bankers are said to...... more

Mad rush for Snapchat shares as it debuts in the stock market

Mad rush for Snapchat shares as it debuts in the stock market   Shares in Snap, owner of messaging app Snapchat, have begun trading on the US stock market. In its opening minutes, its price hit $24.48 a share, a jump of about 40%. The flotation valued the company at $17 a share, or $24bn in all, although Snap has never made a...... more

MTN moves closer to stock exchange listing

MTN moves closer to stock exchange listing   MTN Group Ltd. has been having a tough time of it in Nigeria, its most lucrative market. Protesters last week vandalised the company’s headquarters in the capital, Abuja, in retaliation for xenophobic attacks on Nigerians in South Africa, singling it out among more than 100 other Johannesburg-based businesses. It suffered...... more

MTN to report first full-year loss

MTN to report first full-year loss MTN’s share price slumped about 7% in early trade on Wednesday after the mobile network operator warned it would report its first full-year loss. The group blamed the multibillion-rand fine imposed by Nigerian legislators for flouting customer registration rules, losses from joint ventures and associates and poor performance from its two...... more

How non-listing of MTN shares in 2017 will affect Nigerian Stock Exchange: Experts

How non-listing of MTN shares in 2017 will affect Nigerian Stock Exchange: Experts Some financial experts have warned that the postponement of the listing of MTN shares on the Nigerian Stock Exchange (NSE) will slow down the listing of other multinationals being wooed by the bourse. They told the News Agency of Nigeria (NAN) in Lagos that the Federal Government must do everything possible...... more

MTN postpones listing on Nigerian Stock Exchange

MTN postpones listing on Nigerian Stock Exchange MTN may put off plans to list its Nigerian operation until 2018 as Africa’s largest wireless carrier works to resolve a regulatory dispute and awaits an economic recovery in the continent’s most populous country. “It’s a work in progress and hopefully within the 12 to 18 month period we will be...... more

NNPC to be listed on the Stock Exchange after restructuring: Report

NNPC to be listed on the Stock Exchange after restructuring: Report The Federal Government plans to list the Nigerian National Petroleum Corporation (NNPC) on the Nigerian Stock Exchange, once it concludes its reforms of the country’s petroleum sector, the latest draft national oil policy has revealed. In the Draft National Oil Policy 2016, released alongside the Draft National Policy on Gas, three...... more

MTN unfolds plan to list on the Nigerian Stock Exchange in 2017

MTN unfolds plan to list on the Nigerian Stock Exchange in 2017 MTN Group, Africa’s biggest mobile phone operator, says its Nigeria unit is on track to list on the Nigerian Stock Exchange in 2017 as part of an agreement with the government. MTN said in June that its local unit would list on the Nigerian bourse after agreeing to pay a reduced...... more

NSE releases 2015 Sustainability Report, adopts GRI G4 Reporting Guidelines

NSE releases 2015 Sustainability Report, adopts GRI G4 Reporting Guidelines The Nigerian Stock Exchange (NSE) has released its 2015 Sustainability Report titled “Ushering in a new era of sustainability in the Nigerian market place”. The report, the second edition, demonstrates how The Exchange showcases the importance of sustainable business practices in delivering value and supporting economic growth. The report, which is...... more

NSE market capitalisation drops to N8 trillion mark

NSE market capitalisation drops to N8 trillion mark Transactions on the Nigerian Stock Exchange (NSE) maintained the negative trend on Tuesday with the market capitalisation dropping to N8 trillion mark amid massive profit taking by investors. The market capitalisation shed N109 billion to close at N8.953 trillion against N9.062 trillion recorded on Monday. Similarly, the All-Share Index lost 315.25...... more

Market closes negative on first trading day of 2016, Naira falls as oil price appreciates

Market closes negative on first trading day of 2016, Naira falls as oil price appreciates Transactions at the Nigerian Stock Exchange (NSE) resumed yesterday for 2016 on a negative trend with the All-Share Index dropping by 0.95 per cent due to profit taking. The News Agency of Nigeria (NAN) reports that the index which opened at 28,642.25 lost 271.93 points or 0.95 per cent to close...... more

 

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