The Nation Newspaper

Category: Equities

  • Access Bank wins Healthcare Excellence Award

    Access Bank has again emerged winner at the Nigerian Healthcare Excellence Award (NHEA) 2019 as the ‘Outstanding Healthcare SME-Friendly Bank of the Year’.

    At the award ceremony held recently at Eko Hotels & Suites, Access Bank was recognized for the fourth time by the NHEA consecutively after winning the most healthcare friendly bank award in 2016 and 2017 and as the Outstanding CSR health project of the year in 2018.

    The NHEA is an initiative of Global Health Project and Resources in Partnership with Anadach group. The annual Nigerian HealthCare Excellence Award is organised to recognise and commend institutions that have made laudable contributions towards the growth and development of the healthcare sector in Nigeria.

    The policy framework for achieving global standards of healthcare across Nigeria while encouraging market leadership and inspirational performance is also a major focus of the award.

    Commenting on the award, Omobolanle Victor- Laniyan, Head, Sustainability at Access Bank said, “Access Bank has an unwavering commitment to significantly improve the healthsector in Nigeria. Therefore, as a Bank, we have studied the health sector and identified inadequate financing as a causal factor for the poor healthcare system in Nigeria.”

    This discovery, she maintained, has led the Bank to create products to solve that problem. “An example is our MHSS product, which provides our customers with the finance and support that they need for their special medical procedures. We have also formed strategic partnerships with institutions like Medical Credit Fund (MCF), Hygeia and other medical organizations which have enabled us to provide financing to a larger base of health practitioners that our customers can benefit from as well.

    Corroborating this statement, Head, Emerging Businesses at Access Bank, Ayodele Oloyede said, “Our Bank is notable for being at the forefront of sustainable partnerships for reforms and development of Nigeria. SMEs are one of the key drivers of economic growth by virtue of their contribution to employment and wealth creation.

    We also know that good healthcare is important to productivity and that is why Access Bank supports Micro, Small and Medium Enterprises as part of its measures to help boost the Nigerian Economy.”

    Access Bank, through its healthcare financing product, Maternal Health Service Support has made it possible for over 107 families to obtain a range of medical procedures including In-Vitro Fertilization (IVF) and other specialized procedures as Myomectomy, Bariatric, Dental and Orthopedic procedures.  This has led to the birth of more than 58 babies, successful infant bone surgeries, fibroid treatments and other maternal-related procedures being recorded.

  • Airtel Africa rallies N136.4b gain on listing day

    Airtel Africa Plc started trading on the Nigerian Stock Exchange (NSE) with a strong enthusiasm, rallying N136.4 billion gain in the immediate hour after its shares were listed on the Exchange. Airtel Africa’s share price rose by the maximum daily allowable percentage change of 10 per cent to close yesterday at N399.30 per share.

    The NSE listed 3.758 billion ordinary shares of Airtel Africa on its main board at N363 per share, the offer price for the telco’s initial public offering (IPO). Airtel Africa had last week listed on the London Stock Exchange (LSE), its primary listing exchange, at 80 pence.

    As against the weak start on the first trading day at LSE, Airtel Africa’s dual listing on the NSE started on a positive note, with the telco leading the Nigerian market to a total gain of N1.38 trillion. Airtel Africa’s debut trading on the LSE was however weak, dropping by as much as 16 per cent during the first trading session.

    Airtel Africa set out with initial listing value of N1.36 trillion and closed the first day at the NSE with a market capitalisation of N1.5 trillion. Airtel Africa, a leading provider of telecommunications and mobile money services, is the holding company of Airtel Networks Limited (Airtel Nigeria) and 13 other subsidiaries in Africa – Airtel Congo S.A., Airtel Gabon S.A., Celtel Niger S.A., Airtel Congo RDC S.A. (DRC). Airtel Tanzania Plc, Airtel Networks Zambia Plc, Airtel Networks Kenya Limited, Airtel Tchad S.A., Airtel Madagascar S.A, Airtel Malawi Limited, Airtel Rwanda Limited, Airtel Uganda Limited and Airtel (Seychelles) Limited. Airtel Networks Limited, second largest telecommunication company in Nigeria, accounts for more than one-thirds of the group’s turnover.

    Under its IPO, Airtel Africa had allotted 39.23 million ordinary shares to qualified institutional investors and high net worth investors in Nigeria while 704.82 million shares were allotted to other global investors in various jurisdictions outside Nigeria.

    Chief Executive Officer, Airtel Africa Plc, Raghunath Mandava, said Airtel Africa was delighted to be listed on the main board of the Exchange.

    “This is an exciting time for Airtel Africa in the 14 countries it operates in and an important milestone in our development as a leading provider of telecommunications and mobile money services in Africa,” Mandava said.

    Speaking on the floor of the Exchange, Managing Director, Airtel Network Limited (Airtel Nigeria), Mr. Segun Ogunsanya, noted that Nigeria has been a great place for business and Airtel Africa remains committed to building a leadership position in Nigeria.

    “Investors have been interested to hear our story, and importantly they have been interested enough to invest in our business and are now ready to share the future with us,” Ogunsanya said.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, noted that Airtel Africa has made history as the first telecom company to simultaneously list on both the LSE and NSE.

    He said the listing on the Exchange reaffirms Airtel Africa’s long-term commitment to expanding opportunities for Nigerians in addition to providing everyday services to them.

    “This listing serves to deepen the telecoms and technology sector for investors and provides an opportunity for a wider group of Nigerians to be part of the African telecoms growth story. This listing is a promising development in Africa with Airtel Africa being the second company to have its ordinary shares listed on both the London Stock Exchange and the Nigerian Stock Exchange,” Onyema said.

    He pointed out that the dual listing gives credence to the successful partnership between the LSE and NSE urging similarly situated companies to explore the different opportunities for raising capital on the NSE’s platform.

    “Airtel Africa’s listing on the NSE will not only showcase the company as an established player in the African telecommunication industry, but will enable the firm to actualize its strategic vision “To enrich the lives of customers”,” Onyema said.

    He assured that the NSE will continue to support the telecom industry and the real sector by promoting efficient capital formation and allocation, enabling industries to raise long-term funds for growth and expansion of their business to reduce unemployment and sustain Nigeria’s economic growth and development.

     

  • CIS inducts SEC’s Uduk associate member

    The Chartered Institute of Stockbrokers (CIS) yesterday inducted the Acting Director-General of the Securities and Exchange Commission (SEC) as an associate member of the institute.

    At a brief ceremony to mark the conferment yesterday at the Nigerian Stock Exchange (NSE), Uduk was honoured with the beating of the closing gong for the stock market.

    President, Chartered Institute of Stockbrokers (CIS), Mr. Dapo Adekoje said the institute takes the issue of professional standards and ethical behaviour of its members seriously warning that erring members are always investigated and disciplined as necessary.

    He explained that the principal activities of the institute include provision of examinations leading to qualifications as securities and investments professionals, organising seminars and continuing professional education courses for members and practitioners to improve standards of professional competence.

    In her remarks, Uduk expressed delight at becoming a member of CIS, a highly revered body of securities & investment experts, whose pivotal role it is to maintain high standards in the stockbroking profession in Nigeria.

    “I am also honoured to be inducted into this great institute and hereby pledge to abide by the ethics of this noble profession to further the development of the capital market. With the support of the Institute and other market stakeholders, I look forward to working with the Institute to move the Nigerian capital market to the next level where it would contribute positively to the growth of the economy,” Uduk said.

    She pointed out that as the only professional body in Nigeria empowered to conduct qualifying examinations and provide professional qualifications for stockbrokers, the CIS ensures the creation and maintenance of high standards in the stockbroking profession in Nigeria.

    She urged stockbrokers to continue to uphold the tenets of the noble profession and strive to contribute to the growth of their organisation and the capital market.

    She pointed out that by promoting and protecting the interests of the profession through prescribing and upholding the highest standard of service and integrity, the institute contributes highly to the attainment of a capital market of our dreams.

    She said the strong collaboration between the CIS and the SEC has led to the achievement of tremendous results over the years, especially in deepening the capital market.

    She noted that one of such collaborative initiatives led to the development of a stand-alone capital market studies curriculum to be introduced at the basic and secondary schools levels of education in Nigeria.

    “The initiative, which is in partnership with other stakeholders, is one of the cardinal objectives of the Capital Market Master Plan, aimed at inculcating a culture of financial literacy and boosting investment education in Nigeria” Uduk said.

    According to her, the strength of character and service innovation of Nigerian professionals is one of the yardsticks with which the Nigerian capital market is benchmarked by the investing community. The way and manner capital market professionals conduct businesses with clients will affect how the  market is perceived.

    “At the Commission, we recognize that the Institute is a critical stakeholder in the capital market, and therefore, should strive to continue to maintain the highest level of professional standard towards ensuring that our market remains manned by the most competitive professionals in the world”.

     

  • Airtel Africa begins trading on NSE

    Airtel Africa Plc will today begin trading on its shares on the Nigerian Stock Exchange (NSE). Airtel Africa will list its entire paid-up share capital on the NSE under a dual listing arrangement that provides additional window after the telco’s primary listing on the London Stock Exchange (LSE).

    The NSE yesterday confirmed that arrangements have been concluded for the admission of the shares of Airtel Africa to its official list today. The NSE has suspended the listing last Friday due to inability of Airtel Africa to meet some listing requirements in time for the listing. Airtel Africa subsequently confirmed at the weekend that it had complied with the outstanding listing requirements.

    Many sources at the Exchange confirmed the listing arrangement. Airtel Africa has already credited allotted shares to the Central Securities Clearing System (CSCS) Plc’s accounts of subscribers to its initial public offering (IPO)., one of the outstanding issues that stalled the listing last weekend.

    Under the IPO, Airtel Africa allotted 39.23 million ordinary shares to qualified institutional investors and high net worth investors in Nigeria while 704.82 million shares were allotted to other global investors in various jurisdictions outside Nigeria. The shares will be listed at N363 per share. Airtel Africa will be listed on the main board of the Exchange with initial market capitalisation of N1.36 trillion.

    Airtel Africa’s shares are expected to be activated on the live trading engine at the NSE in post-midday trading and investors may be able to trade for almost an hour on the shares of Africa’s second largest telco. The management of Airtel Africa will be honoured with a brief ceremony and the beating of the closing gong for the stock market by 2.30pm to commemorate the listing.

    Read also: NSE expels 38 stockbroking firms

    Airtel Africa’s Nigerian subsidiary, Airtel Networks Limited, second largest telecommunication company in Nigeria, accounts for more than one-thirds of the group’s turnover.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, noted that Airtel Africa will be making history as the first telecom company to simultaneously list on both the LSE and NSE.

    He said the listing on the Exchange reaffirms Airtel Africa’s long-term commitment to expanding opportunities for Nigerians in addition to providing everyday services to them.

    “This listing serves to deepen the telecoms and technology sector for investors and provides an opportunity for a wider group of Nigerians to be part of the African telecoms growth story. This listing is a promising development in Africa with Airtel Africa being the second company to have its ordinary shares listed on both the London Stock Exchange and the Nigerian Stock Exchange,” Onyema said.

    He pointed out that the dual listing gives credence to the successful partnership between the LSE and NSE urging similarly situated companies to explore the different opportunities for raising capital on the NSE’s platform.

    “Airtel Africa’s listing on the NSE will not only showcase the company as an established player in the African telecommunication industry, but will enable the firm to actualize its strategic vision “To enrich the lives of customers”,” Onyema said.

    He assured that the NSE will continue to support the telecom industry and the real sector by promoting efficient capital formation and allocation, enabling industries to raise long-term funds for growth and expansion of their business to reduce unemployment and sustain Nigeria’s economic growth and development.

    Airtel Africa will be trailing its closest rival, MTN Nigeria Communications Plc, as the third largest quoted company. MTN Nigeria, the largest telco, was listed in May 2019 with a market capitalisation of N1.83 trillion, making it the second largest quoted company after Dangote Cement Plc.

    The listing of MTN Nigeria had triggered a massive rally that market capitalisation of Nigerian equities to a gain of N2.726 trillion in May 2019, one of the two positive months for the Nigerian stock market so far this year.

    Market analysts also expected a reasonable enthusiasm for Airtel Africa on debut at the NSE but the wider distribution of its shares due to the IPO may moderate the pricing trend compared with MTN Nigeria’s pricing upsurge. MTN Nigeria had sustained a day-on-day maximum allowable gain for many days, setting off a major debate about the propriety of the pricing mechanism. However, the NSE affirmed that the pricing mechanism was in line with established market forces.

    Airtel Africa’s debut trading on the LSE was however weak, dropping by as much as 16 per cent during the first trading session.

     

     

  • NSE to use blockchain, new technologies for capital raising

    The Nigerian Stock Exchange (NSE) is exploring the use of innovative technologies like Blockchain and Distributed Ledger Technology (DLT) as means of raising capital as part of the efforts to align the capital market with emerging financial technologies (fintech).

    Blockchain and DLT allow transfer and sharing of digital data across multiple sites without a central storage or administrator.

    NSE Chief Executive Officer Mr Oscar Onyema said the Exchange is considering creating alternative and innovative platforms for capital raising through the use of new technologies such as Blockchain and DLT.

    He said fintech offers opportunity to deepen the capital market and also achieve sustainable economic growth by empowering a larger portion of the populace to access financial services while simultaneously unlocking efficiencies in product and service delivery for financial institutions as well as increasing transparency and resilience of the Nigerian capital market and larger financial ecosystem.

    Onyema pointed out that while the NSE is focused on delivering on its mandate to be Africa’s Preferred Exchange Hub, the bigger picture for the Exchange is to create a dynamic marketplace that fuels growth and empowers people towards excellence in business and ventures.

    He said the Exchange has also demonstrated its supports for fintechs and start-ups with the introduction of the growth board of the Exchange, which caters for companies with high growth prospects, especially fintechs emerging from venture capital management to a more mature management that would require public investment and corporate consolidation.

    He added that with the support from the Exchange, companies with high growth potential will be able to leverage public finance for growth and expansion.

    Onyema, who spoke at a fintech event hosted by the NSE, said the theme of the event: Growth Funding and Strategic Capital Raise – Extending Financial Inclusiveness through the Capital Market” is of particular interest to the Exchange due to its connection to its core function as a hub for accessing capital.

    According to KPMG’s “2018 Global Analysis of Investment” equity investment into global FinTech companies almost tripled from $18.9 billion to $50.8 billion between 2013 and 2017; and has continued to gain traction.

    “The global picture of capital flow into fintechs especially in emerging markets is proof that FinTechs are important economic catalysts in the 4th Industrial Revolution. Surprisingly, foreign investors seem to be seeing these gains better than local investors as statistics show that they have dominated capital raise for indigenous start-ups in the last couple of years,” Onyema said.

  • CCNN posts N5.7b net profit

    Cement Company of Northern Nigeria (CCNN) Plc grew its net profit by 77 per cent to N5.7 billion in 2018.

    In its first report since the merger with Kalambaina Cement Company, CCNN’ turnover rose by 62 per cent to N31.7 billion. Earnings before interest, taxes, depreciation and amortization ( EBITDA) rose by 86 per cent to N7.9 billion.

    The top-line growth was due largely to increased domestic sales and exports. Overall, CCNN produced 0.76 million metric tonnes of cement and sold over 0.74 million metric tonnes, an increase of about 59 per cent. Sale of cement in Nigeria rose by 49 per cent to N28.9 billion while exports jumped from N0.2 billion in 2017 to N2.9 billion in 2018. Earnings before interest and taxes rose by 86 per cent to N7.9 billion profit before tax increased by 81 per cent to N7.6 billion.

    While the merger was completed in fourth quarter of 2018, the management elected to report the performance of the merged entities as if the merger took place at the start of the year. Consequently, earnings per share shrunk by 83 per cent to 44 kobo as shares outstanding jumped over nine times to 13.1 billion units.

    The board of directors of the company has recommended payment of a dividend per share of 40 kobo, representing some 92 per cent of the net earnings per share.

    The management of the company stated that it plans to extend product distribution to the northeast and central regions of Nigeria, as it does not expect the northwest of the country to absorb the company’s current, larger 2.0 metric tonnes capacity.

    There are however predictions that CCNN will record significant upside to its net income in 2019 and beyond upon approval of pioneer status by the Nigerian Investment Promotion Commission (NIPC) and a moderate chance of CCNN receiving approval on the new line.

    Heidelberg Cement Group had in 2008 divested its majority equity stake in CCNN to Damnaz Cement Company Limited, a Nigerian company. In 2010, BUA International Limited acquired Damnaz Cement Company Limited and became indirectly the majority shareholder in CCNN and its technical partner. CCNN currently operates as a subsidiary of BUA International Limited.

  • Assets custodians showcase Nigerian capital market in London

    Leading assets’ custodians, capital market operators, regulators and global investors will next month in London further explore the potential of the Nigerian capital market.

    The Association of Assets Custodians of Nigeria (AACN) is organizing its eighth investors’ forum in London as part of activities to commemorate its 10th anniversary.

    The theme of the Annual Nigerian Investors Day is ‘Nigeria: the Economics of the Capital market’. The event will take place on Thursday, May 9, at the London Marriot Canary Wharf Hotel & Executive Apartments, London.

    At a briefing in Lagos, AACN President, Mrs. Taiwo Sonola, said the international forum is part of the commitment of the association to the promotion of investments in Nigeria.

    “The potential of the Nigerian economy is vast and it is important that the opportunities are showcased globally,” Sonola said.

    She outlined that the London conference will focus on investor confidence, processes, infrastructure, products, governance, regulations and market developments.

    She pointed out that the one-day forum will avail the global audience up-to-date information on the Nigerian capital market, noting that against the backdrop of the successful conduct of general elections in Nigeria, the forum will seek to reassure international investors of the safety of their investments in the country, while highlighting the huge potential to undecided investors.

    “The aim is to build foreign investor confidence and provide a platform for foreign investors to network with the Nigerian capital market regulators, operators with particular focus on custodians, fund managers, broker dealers, and regulators and also provide a forum for the promotion of custody business in Nigeria. It will also provide opportunities for participants to air their views and challenges,” Sonola said.

    She added that the forum will also bring together investors to engage with each other, share information, review the Nigerian policy and economic environment as well as peruse economic opportunities.

    She said leading voices from the securities services in Nigeria and abroad are expected to provide a full overview of the leading trends and challenges facing the industry.

    She explained that the choice of London was due to its status as the heartbeat of financial activities in Europe noting that as the bulk of assets managed by Nigerian custodians are owned by foreign portfolio investors, it is only logical to interface with them on their home ground.

    The 2019 Annual Nigerian Investors Day in London is the 8th annual conference of its kind. About 100 delegates are expected at the event.  Institutions expected to participate at the event include representatives from the Debt Management Office, Securities and Exchange Commission, Central Securities Clearing System (CSCS) PLC, FMDQ OTC PLC, Nigerian Stock Exchange (NSE), registrars, fund management companies as well as other companies.

    Sonola noted that in its 10 years of existence, the association has contributed in no small measure towards development of the Nigerian financial markets, including initiatives with the Central Bank of Nigeria (CBN) and the Financial Market Dealers Association to facilitate a more efficient and investor-friendly electronic Certificate of Capital Importation (CCI) processes for the various investment products in Nigeria.

    According to her, the association also collaborated with the Securities & Exchange Commission (SEC) to initiate the mandatory appointment of custodians to registered collective investment schemes and joint development of operational guidelines and other prerequisites for securities lending in the Nigerian capital market with the Nigerian Stock Exchange (NSE) among others.

    In celebrating its 10th anniversary, the association, as part of its corporate social responsibility initiatives, will be mentoring a school in Lagos as well as organizing a 10th anniversary seminar and  dinner during which individuals who have contributed to the development of the non-pension custody industry would be honoured.

    Sonola assured that AACN is  committed to championing positive market reforms, driving efficiency and initiating advocacy at all key market touchpoints.

  • Nigerian Breweries to list N15b CPs on FMDQ

    Nigerian Breweries Plc will list its ongoing N15 billion commercial papers issuance on the FMDQ OTC Securities Exchange to provide investors opportunity to trade on their holdings.

    The brewer is offering 90-day and 182-day CPs to investors with a view to raising short-term funds for its operations. The issuance is part of the company’s N100 billion CP programme.

    The 90-day CPs carry effective and discount yields of 11.590 per cent and 11.2680 per cent respectively while the 182-day CPs carry 14.430 per cent and 13.4614 per cent respectively. Both issuances have been rated Aa by Agusto and AA by Global Credit Rating (GCR).

    The Series 1 90-day CPs are expected to mature on Monday July 22, 2019 while the Series 2 182-day CPs will mature on Tuesday, October 22, 2019. The offers opened on Thursday, April 11, 2019 and will close on Thursday, April 18, 2019. The settlement date is Tuesday, April 23, 2019.

    In a statement at the weekend, Company Secretary and Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku said the new CP programme would support the company’s cost management and complement traditional sources of financing to include non-bank financing options.

    He said the CPs also provide opportunity for non-equity investors to invest in the company.

    He noted that following the success of the company’s first N100 billion CP programme between 2015 and 2018, the board of directors of the company had approved a new N100 billion programme last July.

  • SAHCO to list shares on Stock Exchange

    Following the completion of its initial public offering (IPO), Skyway Aviation Handling Company (SAHCO) Plc, will this week list its shares on the Nigerian Stock Exchange (NSE). SAHCO will be the second ground handling company to be listed at the stock market, after Nigerian Aviation Handling Company (Nahco) Plc.

    SAHCO had floated an IPO of 406.074 million ordinary shares of 50 kobo each at N4.65 per share. The IPO was an offer for sale, implying that the net proceeds of the IPO would go to the existing majority core investor in SAHCO, which was divesting partially to allow retail minority ownerships. Ten per cent of the shares offered for sale were earmarked for staff of SAHCO under an Employee Stock Ownership Plan to be set up and administered by a Trustee.

    The IPO, which opened on November 5, 2018 and was scheduled to close on December 19, 2018, was extended for 12 working days to January 09, 2019.

    The IPO was, however, undersubscribed by 35.35 per cent as the company was only able to raise N1.22 billion out of IPO value of N1.89 billion. Official final allotment report for the IPO showed that a total of 1,212 applications were received for 262.52 million ordinary shares of 50 kobo each at N4.65 per share, totaling N1.22 billion.

    SAHCO was privatised by the Federal Government in 2009. Sifax Group acquired the entire share capital of the company. The Share Sale Purchase Agreement (SSPA) however mandates the majority core investor to divest 49 per cent of the shares of the company to the general Nigerian investing public.

    The board of the company had stated that SAHCO planned to ride on the back of the success of its IPO to further push its vision of becoming the leading provider of aviation handling services in the West African region.

  • Equities continue decline

    Nigerian equities continued on their losing streak as investors appeared to overlook new audited reports and accounts, dividend recommendations and prospects of interim dividends by many large-cap commercial banks. For the third consecutive trading session, benchmark indices at the Nigerian Stock Exchange (NSE) closed negative.

    The All Share Index (ASI)- the benchmark index that tracks share prices at the Exchange, declined by 0.07 per cent to close at 29,375.25 points as against its opening index of 29,395.14 points. Aggregate market value of all quoted equities dropped from its opening value of N12.957 trillion to close at N12.948 trillion, representing a drop of N9 billion. The continuing decline depressed the average year-to-date return to -6.54 per cent.

    With 23 decliners to 16 advancers, the negative market situation was due to widespread selloffs, especially within the low-cap stocks. However, large-cap stocks lifted sectoral performances. The NSE Oil & Gas Index dropped by 0.7 per cent while the NSE Banking Index trailed with a drop of 0.6 per cent. Meanwhile, most sectoral indices closed on the upside. The NSE Industrial Goods Index rose by 1.7 per cent while the NSE Insurance Index and NSE Consumer Goods Index appreciated by 0.5 per cent each.

    Mobil Oil Nigeria Plc, now 11 Plc, led the losers with a loss of N17 to close at N158. Dangote Cement followed with a drop of N2.90 to close at N177. Okomu Oil Palm and Total Nigeria declined by N2 to close at N62 and N148 respectively. Julius Berger Nigeria dropped by N1.95 to close at N19.95. Fidson Healthcare declined by 50 kobo to close at N4.55 while UAC of Nigeria lost 45 kobo to close at N6.10 per share.

    On the upside, Unilever Nigeria led the gainers with a gain of N1.30 to close at N32. Lafarge Africa rose by 75 kobo to close at N13.25. Cement Company of Northern Nigeria added 50 kobo to close at N14.50. BOC Gases and C & I Leasing chalked up 41 kobo each to close at N4.54 and N5.50 respectively while Dangote Sugar Refinery and Oando added 30 kobo each to close at N11 and N3.95 respectively.

    “Market performance was bearish and we expect this to be sustained in subsequent sessions as investor sentiment stays soft. However, we do not rule out the possibility of some end of the week bargain hunting as investors take advantage of attractive market prices,” Afrinvest Securities stated.

    Total turnover stood at 237.71 million shares valued at N1.98 billion in 4,113 deals. Morison Industries was the most active stock with a turnover of 44.54 million shares worth N24.05 million. United Bank for Africa followed with 34.12 million shares valued at N209.6 million while Sterling Bank placed third with 32.09 million shares worth N72.11 million.

    Analysts at Cordros Capital reiterated their conservative outlook for equities in the short to medium term citing “the absence of any drivers of market returns”.