The Nation Newspaper

Category: Equities

  • Equities lose N62b as downtrend persists

    Quoted equities continued on the downtrend yesterday as investors sought to rebalance their portfolios ahead of the expected Santa Claus rally and fourth quarter corporate earnings.

    Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average decline of 0.46 per cent, equivalent to net capital loss of N62 billion. The average year-to-date return dropped to 40.59 per cent.

    The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, declined from its opening index of 37,957.96 points to close at 37,783.76 points. Aggregate market value of all quoted equities also dropped from its opening value of N13.508 trillion to close at N13.446 trillion.

    With nearly two losers for every gainer, most sectoral indices closed negative. The NSE Banking Index dropped by 0.7 per cent. The NSE Industrial Goods Index declined by 0.4 per cent while the NSE Consumer Goods Index and NSE Oil & Gas Index dipped by 0.2 per cent each. On the upside,  the NSE Insurance Index appreciated by 0.8 per cent.

    Dangote Cement led the 26-stock losers’ list with a drop of N1.50 to close at N228.50. Dangote Sugar Refinery followed with a loss of N1.08 to close at N20.57. Forte Oil dropped by N1.02 to close at N43.48. Ecobank Transnational Incorporated lost 70 kobo to close at N16.80 while Cadbury Nigeria dropped by 50 kobo to close at N13.40 per share.

    Total turnover stood at 649.63 million shares valued at N5.43 billion in 3,888 deals. Transnational Corporation of Nigeria topped the activities chart with 360.34 million shares valued at N504.63 million. FBN Holdings followed with 63.8 million shares worth N567.02 million while Zenith Bank placed third with 62.51 million shares valued at N1.59 billion.

    On the positive side, Unilever Nigeria led the 15-stock gainers’ list with a gain of N1.79 to close at N41.99. Eterna followed with a gain of 16 kobo to close at N4.15. Access Bank rose by 6.0 kobo to close at N10.40 while Livestock Feeds, Continental Reinsurance, Fidelity Bank and United Bank for Africa appreciated by 4.0 kobo to close at 86 kobo, N1.39, N2.28 and N10.20 respectively.

    “Following the extended bearish sentiment, we anticipate a rebound in consequent sessions on account of bargain hunting,” Afrinvest Securities stated.

     

     

  • Foreign investor snaps 3.2% stake in N124.1b Dangote deal

    •Meristem Stockbrokers closes major deal

    Nigeria’s most capitalised quoted company and Africa’s largest cement company-Dangote Cement Plc, recorded a major investment of more than N124.1 billion yesterday at the Nigerian Stock Exchange (NSE), another major deal that underlined the attraction of the cement company to major investors.

    An off-market, negotiated deal was struck for 549.98 million ordinary shares of 50 kob0o each of Dangote Cement at N225.68 per share. The deal was consummated through Meristem Stockbrokers Ltd, which represented the seller and CSL Stockbrokers Ltd, which represented the buyer.

    The deal represented 3.23 per cent equity stake of the total issued outstanding shares of 17.04 billion ordinary shares of 50 kobo each of the most capitalised quoted company at the NSE.

    While the details of the other parties to the deal were still sketchy, there are indications that the deal was between Dangote Industries Limited (DIL) and an existing foreign investor, which increased its shareholding in the cement company.

    The Nation had exclusively reported that DIL, the majority core investor in Dangote Cement, plans to sell shares valued at more than N200 billion in a partial divestment that will widen the float for Dangote Cement. DIL is owned by Africa’s richest billionaire, Alhaji Aliko Dangote and it owns more than 90 per cent majority equity stake Dangote Cement.

    An off-market, negotiated cross deal is usually not subjected to the dynamics of price discovery for the particular period. Off-market trade implied that the deal was sealed outside the floor of the NSE.

    The negotiated cross deal platform of the Exchange is a special-purpose trading platform that is meant for voluminous transaction. By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.

    Yesterday’s deal appeared to be a continuation of recent voluminous transactions in Dangote Cement. Last week, investors had struck two cross deals for the transfer of about 94.7 million shares of Dangote Cement valued at N23.12 billion. The transactions represented 0.56 per cent of the total issued outstanding shares of the company.

    A cross deal was struck for 22.625 million ordinary shares of 50 kobo each of Dangote Cement at N241.50 valued at N5.464 billion while another cross deal was struck for 72.071 million ordinary shares of 50 kobo each at N245 per share worth N17.657 billion.

    Also, foreign investors had in mid November 2017 snapped up 0.75 per cent equity stake in Dangote Cement in a deal valued at N27 billion. The foreign investors had struck a deal for the exchange of 128.56 million ordinary shares of 50 kobo each at N210 per share. Reliable sources indicated that the foreign investors were from Dubai, United Arab Emirates (UAE).

    The Nation had reported that Dangote Cement had secured regulatory approval for block divestment of 852.03 million ordinary shares of 50 kobo each. The block divestment represents 5.0 per cent of the issued share capital of Dangote Cement. Dangote Cement accounts for more than 30 per cent of the total market capitalisation of quoted equities.

    A source in the know had told The Nation that DIL plans to undertake the block sale in tranches and that the sale of 416 million ordinary shares in the third quarter of this year was the first tranche of the N200 billion divestment. About 2.44 per cent equity stake in Dangote Cement was swapped under pre-arranged transactions earlier this month. A report on the transactions indicated that six deals were struck for the transfer of 416 million ordinary shares of 50 kobo each at a below-the-market price of N210.

    South African government had in June 2013 bought into Dangote Cement. The South Africa’s government, through its wholly owned investment company, Public Investment Corporation of South Africa (PIC), had acquired 1.5 per cent equity stake in the Nigerian cement group to emerge the second largest equity investor.

    A reliable source had said the block divestment might not be unconnected with a regulatory requirement to free more shares of the cement company for ownership and trading by minority investors.

    Meanwhile, the deals on Dangote Cement pushed the turnover at the NSE yesterday to 752.11 million shares valued at N127.93 billion in 3,576 deals. Dangote Cement accounted for 96 per cent of the transaction value as investors invested. The pricing trend was negative as the benchmark index showed average decline of 1.24 per cent to close at 37,957.96 points.

     

  • Stanbic IBTC Holdings distributes 49.5m scrip shares to shareholders

    Stanbic IBTC Holdings Plc at the weekend listed 49.466 million ordinary shares of 50 kobo each. The supplementary shares were due to the scrip dividend scheme offered by the holding company to eligible shareholders who elected to receive new ordinary shares in lieu of cash dividends.

    Under a resolution passed at its extraordinary general meeting in August 2016, shareholders of Stanbic IBTC Holdings may choose to receive dividends declared by the company, up to year 2020, either in cash or as new ordinary shares in the company.

    The latest supplementary issue was for shareholders that elected to receive shares in exchange for the 5.0 kobo final dividend declared for the year ended December 31, 2016 as well as the 60 kobo interim dividend declared for the period ended June 30, 2017.

    With the listing of the 49.465 million ordinary shares, the total issued and fully paid up shares of Stanbic IBTC Holdings Plc increased from 10 billion to 10.049 billion ordinary shares.

    The board of directors of Stanbic IBTC Holdings had decided to distribute N6 billion as interim dividend to shareholders for the first half of this year. The breakdown indicated that shareholders on the register of the company as at the close of business on September 7, 2017 received a dividend per share of 60 kobo.

    Key extracts of the audited six-month report of Stanbic IBTC Holdings for the period ended June 30, 2017 had shown that gross earnings rose by 36 per cent while profit after tax grew by 113 per cent. Group gross earnings rose to N97.2 billion in first half 2017 as against N71.320 billion recorded in the corresponding period of 2016. Profit before tax increased by 86 per cent to N29.169 billion in 2017 compared with N15.68 billion in 2016. After taxes, net profit doubled to N24.11 billion in 2017 as against N11.32 billion in the corresponding period of 2016. Total assets rose by 21 per cent to N1.273 trillion in June 2017 from N1.053 trillion recorded in December 2016.

    Further analysis showed that income before impairment charges grew by 43 per cent, interest income increased by 55 per cent while trading revenue grew by 81 per cent. The balance sheet grew by 21 percent year-to-date as trading assets and financial investments increased by more than 100 per cent and 19 per cent respectively. Cost-to-income ratio continued to improve at 47.0 per cent in June 2017 as against 57.7 per cent in June 2016.

    The group maintained adequate capital to support its business and drive business growth during the first half. Total capital adequacy ratio stood at 22.9 per cent with Tier 1 capital adequacy ratio of 19.2 per cent. These ratios are substantially above the 10 per cent minimum statutory requirement. The group’s liquidity ratio closed at 100.24 per cent, significantly higher than the 30 per cent regulatory minimum.

    Stanbic IBTC had in 2012 adopted a holding company structure in line with the new banking regulatory regime of the Central Bank of Nigeria (CBN). Under the structure, the subsidiaries of Stanbic IBTC Holdings Plc are Stanbic IBTC Bank, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Insurance Brokers Limited, Stanbic IBTC Ventures Limited and Stanbic IBTC Investments Ltd. Stanbic IBTC Nominees Nigeria Limited and Stanbic IBTC Bureau de Change Limited are the only subsidiaries of Stanbic IBTC Bank.

     

  • Lafarge Africa closes application for N132b rights issue

    Lafarge Africa Plc at the weekend closed application list for its N131.65 billion rights issue, rounding off the subscription to its major capital raising aimed at deleveraging its balance sheet and rebuilding a more supportive capital base.

    Lafarge Africa had on November 24, 2017 launched an offer to raise N131.65 billion through a rights issue of about 3.1 billion ordinary shares of 50 kobo each at N42.50 per share. The new shares were pre-allotted to shareholders on the basis of five new ordinary shares for every nine ordinary shares held as at the close of business on November 1, 2017. The acceptance list opened on Friday November 24, 2017 and ran till the close of business on Friday, December 15, 2017.

    LafargeHolcim, which holds the majority equity stake of 72.59 per cent in Lafarge Africa, had earlier indicated it would subscribe fully to its rights. LafargeHolcim had proposed to pick up its rights under a debt-for-equities deal that will see conversion of LafargeHolcim’s dollar-based loan to equities.

    Chairman, Lafarge Africa Plc, Mr. Mobolaji Balogun, said the recapitalisation would help to reduce the group’s exposure to adverse foreign currency translation losses as experienced in 2016 following a 40 per cent depreciation of the Naira against the Dollar.

    In the third quarter ended September 30, 2017, Lafarge Africa’s net finance expense jumped from N7.4 billion in third quarter 2016 to N17.31 billion in 2017.

    Balogun noted that the decision of LafargeHolcim to convert existing loans into equity demonstrates the core investor’s continued belief in the Nigeria story, pointing out that the rights issue is the largest so far in the Nigerian capital market and the largest investment in a listed company by an investor.

    According to him, the rights issue will help to reduce the group’s foreign currency exposure by 50 per cent while the remaining portion of the debt, with the support from LafargeHolcim, has been refinanced and hedged for 12 months.

    Lafarge Africa ended the third quarter with a marginal recovery in profitability as significant increase in net interest expense constrained the bottom-line. Despite about 39 per cent growth in sales, Lafarge Africa ended the third quarter with a pre-tax profit of N1.08 billion.

    Key extracts of the interim report and accounts of Lafarge Africa Plc for the period ended September 30, 2017 showed that sales rose by 38.9 percent to N223.67 billion in 2017 as against N161.04 billion recorded in comparable period of 2016. Gross profit also surged from N18.11 billion in 2016 to N57.31 billion in 2017. The cement manufacturer pooled operating income of N18.40 billion in 2017 compared with operating loss of N32.97 billion in comparable period of 2016.

    However, net finance expense jumped from N7.4 billion to N17.31 billion. Profit before tax thus depressed to N1.08 billion, albeit a considerable recovery when compared with pre-tax loss of N40.37 billion in 2016. After taxes, net profit stood at N937.91 million by September 2017 compared with net loss of N37.4 billion in 2017. Earnings per share was modest at 10 kobo in 2017 compared with net loss per share of N8.27 in corresponding period of 2016.

     

  • Ogun State mulls bonds to finance infrastructure

    Ogun State mulls bonds to finance infrastructure

    Ogun State Government has indicated that it would be approaching the capital market to raise funds to support the infrastructural development of the state.

    Ogun State Governor, Senator Ibikunle Amosun, who led a delegation from the state to the Nigerian Stock Exchange (NSE) yesterday, said the improved financial position of the state and key policies implemented by his government has put the state in a better position to access funds from the capital market.

    He said the planned capital raising would enable the government to extend its infrastructure development to many other areas of the state.

    Amosun, who was given the privilege of beating the closing gong for the market, said the initial reluctance of the state to raise bonds was due to the low internally generated revenue at the inception of his administration adding that the internally generally revenue has increased significantly to between N6 billion and N7 billion.

    “It is now I know the state can fulfill the obligation of raising bond. We need long term funds to develop infrastructure and we know you are the one to help us, I know when we come, you will help us,” Amosun said.

    He said the state government has requested the Federal Government to cede some Federal Government’s roads in Ogun State to the state government to rehabilitate such roads and further enhance the economic activities in the state.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, said the Exchange is looking forward to collaborating with the state on many fronts.

  • World largest brewer concludes merger of Nigerian subsidiaries

    World largest brewer concludes merger of Nigerian subsidiaries

    •Lists shares on NSE

    Anheuser-Busch InBev-world’s largest brewer yesterday completed the merger of its Nigerian businesses with the listing of the consolidation shares on the Nigerian Stock Exchange (NSE).

    Three indirect Nigerian subsidiaries of Anheuser-Busch InBev-International Breweries Plc, Intafact Beverages Limited and Pabod Breweries Limited were merged through a scheme of merger with International Breweries subsisting as the post-merger company.

    A total of 5.302 billion ordinary shares were listed yesterday in the name of International Breweries. The additional shares arose from the scheme of merger involving International Breweries, Intafact Beverages Limited and Pabod Breweries Limited.

    With the supplementary listing of 5.302 billion ordinary shares, the total issued and fully paid up shares of International Breweries increased from 3.294 billion to 8.596 billion ordinary shares.

    Under the arrangements for the business combination, International Breweries issued 5.302 billion ordinary shares of 50 kobo each to shareholders of Intafact and Pabod. Intafact had total issued shares of 1,400 ordinary shares of N100,000 each while Pabod had 4.0 billion ordinary shares of N1 each.

    The share exchange ratio indicated that 29.09 million ordinary shares of International Breweries were exchanged for 10 ordinary shares of Intafact while 3,071 ordinary shares of International Breweries were exchanged for 10,000 ordinary shares of Pabod.

    With the business combination, Anheuser-Busch InBev’s majority equity stake in International Breweries Plc, has increased to 75.1 per cent. The merger was seen as a major strategic move by Anheuser-Busch InBev to upend competition and consolidate its Nigerian base for further expansion into the Sub-Saharan Africa (SSA).

    Under the arrangement, all assets, liabilities and undertakings of Intafact and Pabod including employees, real property and intellectual property rights were transferred to International Breweries upon the completion of the proposed merger.

    Prior to the merger, Anheuser-Busch InBev held 72.17 per cent majority equity stake in International Breweries through its subsidiary-Brauhaase International Management GMBH. After the business combination, Anheuser-Busch InBev’s majority equity stake increased to 75.1 per cent.

    SABMiller Nigeria Holdings BV-a subsidiary of Anheuser-Busch InBev had held 75 per cent and 82.81 per cent majority equity stake in Intafact and Pabod respectively. Ministry of Finance of Anambra State held 10 per cent equity stake in Intafact while Ministry of Finance Incorporated of Rivers State held 14.52 per cent equity stake in Pabod.

    After the merger of the three companies-SABMiller Nigeria Holdings BV and Brauhaase International Management GMBH-two subsidiaries of Anheuser-Busch InBev, now hold 47.4 per cent and 27.7 per cent equity stake respectively in International Breweries, giving the foreign majority core investor controlling equity stake of 75.1 per cent. Ministry of Finance of Anambra State now hold 4.7 per cent equity stake while other minority shareholders now hold the remaining 20.2 per cent equity stake.

    The merger is believed to be a major competitive move by Anheuser-Busch InBev to give its operations a major nationwide push to increase its market share. International Breweries is located in Ilesa, Osun State in the South West region. Intafact Beverages’ brewery is ssituated in Onitsha, Anambra State in the South-East region while Pabod Breweries is located in Oginigba, Port Harcourt, Rivers Sate in the South-South region.

  • Equities relapse with N136b loss

    After a breather of a marginal recovery of N3 billion on Tuesday, Nigerian equities suffered a major relapse yesterday as investors continued with the rush to monetise recent capital gains and rebalance their portfolios.

    With 26 losers  to 19 gainers and a considerable slowdown in the momentum of activities, quoted equities on the Nigerian Stock Exchange (NSE) closed yesterday with an average decline of 1.0 per cent, equivalent to a net capital loss of N136 billion. The decline depressed the average year-to-date return for Nigerian equities to 43.39 per cent.

    The All Share Index (ASI)-the benchmark index at the Exchange dropped from its opening index of 38, 924.63 points to close at 38,534.64 points. Aggregate market value of all quoted equities also declined correspondingly from its opening value of N13.556 trillion to close at N13.420 trillion.

    All sectoral indices at the Exchange also closed negative with the exception of the NSE Oil & Gas Index which recorded a marginal gain of 0.1 per cent. The NSE Banking Index declined by 2.2 per cent. The NSE Industrial Goods Index dropped by 1.7 per cent. The NSE Consumer Goods Index slipped by 0.5 per cent while the NSE Insurance Index dropped by 0.1 per cent.

    Nigerian Breweries-Nigeria’s largest brewer and second most capitalised quoted company led the laggards with a drop of N3.67 to close at N139.65. Presco followed with a drop of N3.41 to close at N65. Guaranty Trust Bank and Lafarge Africa declined by N2 each to close at N39.90 and N45 respectively. Dangote Cement dropped by N1.12 to close at N239.88 while Zenith Bank lost N1 to close at N25 per share.

    Total turnover slowed down to 323.95 million shares valued at N4.40 billion in 5,168 deals. Sterling Bank was the most active stock with 43.62 million shares valued at N43.52 million. Diamond Bank followed with 36.96 million shares valued at N55.49 million shares while FBN Holdings placed third with 33.03 million shares worth N303.22 million.

    On the positive side, Nestle Nigeria further consolidated its lead as Nigeria’s highest-priced stock with a gain of N2.40 to close at all-time high of N1,462.50. 11-formerly known as Mobil Oil Nigeria, followed with a gain of N1.50 to close at N170. Guinness Nigeria rose by N1.15 to close at N95.20. Ecobank Transnational Incorporated added 69 kobo to close at N17.95. Dangote Flour Mills rose by  59 kobo to close at N12.59 while Nascon Allied Industries chalked up 50 kobo to close at N20 per share.

  • Access Bank restates commitment to best practices

    Access Bank restates commitment to best practices

    •Denies claims of wrongdoing

    Access Bank Plc has restated its commitment to ideals of good corporate governance, due process and rule of law in its operations as it continues to implement its medium-term five-year strategy aimed at making it the foremost Nigerian bank by 2022.

    In a regulatory filing submitted at the Nigerian Stock Exchange (NSE), Access Bank indicated that its operations have always been guided by extant rules and laws.

    Against the background of allegations of purported charges against the bank and its officials by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the bank stated that it was not aware of any criminal charges or criminal summon against it or any of its officers.

    In the statement signed by the Company Secretary, Access Bank Plc, Mr. Sunday Ekwochi, the bank decried the attempt to criminalise the bank and its officers for complying with the directive of the Special Presidential Investigation Panel on the Recovery of Public Property.

    The bank noted that the Presidential Panel had on November 9, 14 and 22, 2017 severally directed it to place a post-no-debit (PND) on the account of a customer-Blaid Properties Limited.

    According to the bank, the ICPC had on January 18, 2017 instructed it to place a PND on the account of Blaid Properties Limited, which the anti-graft agency was investigating at that time. The ICPC however instructed the bank to lift the PND on November 6, 2017 and the bank immediately started the process of activating the otherwise dormant account.

    In the process, the Presidential Panel directed the bank to place a PND on the account, a request the bank had to comply with based on the advice of its legal team.

    Access Bank stated that contrary to impression of being created, it has continued to engage the ICPC on its position and legal advice with regard to the directive of the Presidential Panel and the ongoing court case on the PND on the account of Blaid Properties Limited.

    Access Bank recently launched its new five-year strategic plan aimed at making it Nigeria’s foremost bank.

    Presenting the new five-year strategy to the investing public at the NSE in Lagos, Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe, said the bank was setting out a new and ambitious five-year strategy which will put it at the forefront of Africa’s changing financial landscape by creating a universal payments gateway to dominate international trade and inter-African payments.

  • Dangote Cement in N23b shares deal as equities recover

    Investors struck two cross deals for the transfer of about 94.7 million shares of Dangote Cement valued at N23.12 billion yesterday, in another transactions that highlighted the widening ownership structure of Africa’s largest cement producer.

    The transactions yesterday represented 0.56 per cent of the total issued outstanding shares of 17.04 billion ordinary shares of 50 kobo each of the most capitalised quoted company at the Nigerian Stock Exchange (NSE).

    Trading documents obtained by The Nation indicated that a cross deal was struck for 22.625 million ordinary shares of 50 kobo each of Dangote Cement at N241.50 valued at N5.464 billion while another cross deal was struck for 72.071 million ordinary shares of 50 kobo each at N245 per share worth N17.657 billion.

    The two deals were done as an off-market, negotiated cross deal, thus it was not subjected to the dynamics of price discovery for the particular period. Off-market trade implied that the deal was sealed outside the floor of the NSE.

    The negotiated cross deal platform of the Exchange is a special-purpose trading platform that is meant for voluminous transaction. By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.

    With other non-voluminous transactions, total transactions on Dangote Cement stood at 95.479 million shares valued at N23.31 billion. This lifted total turnover at the NSE to 462.67 million shares worth N26.81 billion in 5,090 deals.

    Foreign investors had in mid November 2017 snapped up 0.75 per cent equity stake in Dangote Cement in a deal valued at N27 billion. The foreign investors had struck a deal for the exchange of 128.56 million ordinary shares of 50 kobo each at N210 per share. Reliable sources indicated that the foreign investors were from Dubai, United Arab Emirates (UAE).

    Dangote Industries Limited (DIL), the majority core investor in Dangote Cement Plc, plans to sell shares valued at more than N200 billion in a partial divestment that will widen the float for Dangote Cement. DIL is owned by Africa’s richest billionaire, Alhaji Aliko Dangote and it owns more than 90 per cent majority equity stake Dangote Cement, Nigeria’s most capitalised company.

    The Nation had exclusively reported that Dangote Cement had secured regulatory approval for block divestment of 852.03 million ordinary shares of 50 kobo each. The block divestment represents 5.0 per cent of the issued share capital of Dangote Cement. Dangote Cement accounts for more than 30 per cent of the total market capitalisation of quoted equities.

    A source in the know had told The Nation that DIL plans to undertake the block sale in tranches and that the sale of 416 million ordinary shares in the third quarter of this year was the first tranche of the N200 billion divestment. About 2.44 per cent equity stake in Dangote Cement was swapped under pre-arranged transactions earlier this month. A report on the transactions indicated that six deals were struck for the transfer of 416 million ordinary shares of 50 kobo each at a below-the-market price of N210.

    South African government had in June 2013 bought into Dangote Cement. The South Africa’s government, through its wholly owned investment company, Public Investment Corporation of South Africa (PIC), had acquired 1.5 per cent equity stake in the Nigerian cement group to emerge the second largest equity investor.

    A reliable source had said the block divestment might not be unconnected with a regulatory requirement to free more shares of the cement company for ownership and trading by minority investors.

    Meanwhile, Nigerian equities recorded a marginal recovery yesterday, halting a two-day profit-taking downtrend. Benchmark indices at the Exchange indicated a marginal day-on-day gain of 0.03 per cent, equivalent to net capital gain of N3 billion.

    Aggregate market value of all quoted equities rose from N13.553 trillion to close at N13.556 trillion. The All Share Index (ASI) increased marginally from 38,913.99 points to close at 38,924.63 points. The average year-to-date return improved marginally to 44.84 per cent.

    “We expect positive performance in coming session, with bargain hunting to set in as the market moves from the oversold region,” FSDH Securities stated.

     

  • SEC restates commitment to industrial harmony

    SEC restates commitment to industrial harmony

    Acting Director General of the Securities and Exchange Commission (SEC) Dr. Abdul Zubair has restated his commitment to workers welfare in order to ensure peace and harmony in the organization.

    Zubair said this when he received executive members of the Association of Senior Civil Servants of Nigeria (ASCSN) led by its Secretary General Comrade Isaac Ojemhanke in Abuja yesterday.

    Zubair expressed the readiness of the management to partner with the trade union in a bid to make the working environment peaceful and ensure that the regulator is able to carry out its responsibilities without let or hindrance.

    “We are pleased to partner with you and we are extending our hands of fellowship. We do not want confrontation; we are willing to partner with the union to fashion a way forward. We take the Union in high esteem, we are here to listen and be ready to work with you,” Zubair said.

    Speaking earlier, Ojemhanke said the union believes that the organization has to exist for there to be a trade union, hence all efforts to ensure that there is peace and harmony within organizations.

    “There must be survival of the organization; if the organization does not survive there would be no union. We are here to partner with the management, we will partner with the SEC once the management is ready to play by the rules,” Ojemhanke said.

    He commended the Acting DG for his efforts so far, especially steps taken to boost morale and improve industrial harmony in the Commission adding that the parent body would always support the management in that direction.