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Tag: Nigerian Stock Exchange

  • Stock Exchange lauds PEARL Awards

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr  Oscar Onyema has commended the PEARL Awards Nigeria for upholding the standard of the project for 22 years to become a reference point in the capital market.

    Onyema expressed this view when the Board of Governors of PEARL Awards Nigeria paid a courtesy visit to the management of the Exchange in Lagos. The Board of Governors of the Awards was led by Dr Farouk Umar.

    The Board was at the Exchange to brief the Self Regulatory Organisation of arrangements towards the hosting of this year’s PEARL Awards as well as plans by the Awards to go continental in due course.

    “We are proud of the composition of your team and the consistency with which the Awards has been organised in over two decades; and we are particularly happy that it plays the role of an independent arbiter for this sensitive part of the Nigerian financial institution,” Onyema said.

    According to him, the Exchange’s endorsement of the Award is the least level of recognition it can give and the Exchange looks forward to becoming a strategic partner of the PEARL Awards in the nearest future.

    “We are hoping we would be able to sign a Memorandum of Understanding with the Board of the Awards soonest as a way of seeking deeper strategic working relationship that would ensure a stronger Exchange, and also for us to contribute to the vision of PEARL Awards as a respected reward for excellent performance on the Nigerian Stock Exchange,” Onyema said.

    Umar said that the Board appreciated the support of the Exchange expressing readiness to work with the Exchange to strengthen the capital market through the Awards and other innovative initiatives including expanding the frontiers of the Awards to the African continent.

  • Stanbic IBTC wins NSE’s race against cancer

    The Nigerian Stock Exchange (NSE) has organised its annual 5.0km race as the Exchange continues its commitment to raising funds and creating awareness on the fight against cancer.

    The annual race, known as NSE Corporate Challenge was held at the weekend in Lagos. In the keenly contested race, Austin Ani of Stanbic IBTC emerged the overall winner with a completion time of 18.45 minutes, after coming second in the 2017 edition. Paul Alabi of Aluko & Oyebode and Danladi Verheijen of Vetiva came second and third, finishing the race in 19.57 minutes and 20.04 minutes respectively. Paul, who is also not new at the NSE Corporate Challenge, was the overall winner in the 2016 edition.

    Ngozi Dozie-Madubuike of Vetiva, with a completion time of 22.48 minutes, emerged the Fastest Female while Sadhisha Dave of PZ Cussons, also female, emerged the winner of the Senior Citizen category for runners aged 50 and above, with a race time of 29.10 minutes.

    The over 500 runners at the race were joined by outstanding race ambassadors such as Ikechukwu Onunaku, Immaculate Dache, Monica Ogah, Wole Arole the Prophet, Asiri Comedy to mention a few.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema noted that the cancer epidemic in Nigeria is high and set to rise if urgent actions are not taken to raise awareness about early detection of the disease, and to develop practical strategies to address the increasing cancer burden.

    “The NSE Corporate Challenge was birthed to minimise cancer and maximise life by stimulating additional awareness about cancer, advocating for the importance of early testing and detection and more importantly raising funds towards the purchase of Mobile Cancer Centres to provide free screening and treatment in Nigeria,” Onyema, who was represented by Executive Director, Regulations, Nigerian Stock Exchange (NSE), Ms Tinuade Awe, said.

    Started in 2014, the NSE Corporate Challenge is a one-day competitive and fun-filled five-kilometre walk, jog and run event aimed at promoting health and wellbeing in the Exchange’s operating environment. It is a professionally organised and volunteer-driven initiative involving companies listed on the Exchange, broker dealer firms, non-listed companies and individuals who identify with the initiative.

    Some of the corporate sponsors of this 5th edition include, Dangote Cement, Stanbic IBTC, Beta Glass Plc, FCMB, FBN Holdings, Unilever and IHS Towers, while in-kind contributions and media support were received from Aquadana Water, Emergency Rescue, Bodyline Fitness and Gym Ltd, Airtel Nigeria, Duracell, Lotus Fitness and Spa, PZ Cussons and LASAA.

  • NSE lifts suspension on RT Briscoe

    The Nigerian Stock Exchange (NSE) has lifted suspension on trading in the shares of RT Briscoe Plc, after the automobile and allied company submitted its full-year audited reports for the 2017 business year and interim reports for the first and second quarters of 2018.

    The NSE had on July 5, 2018 suspended trading on shares of eight companies for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

    “RT Briscoe Plc, which was among the companies suspended, has submitted its audited financial statement for the year ended 31 December 2017. The company has also submitted its unaudited financial statements for the periods ended 31 March and 30 June 2018,” the NSE stated.

    According to the Exchange, in view of the submission of the company’s accounts, the suspension placed in the trading of the company’s shares was lifted effective Friday, September 14, 2018.

     

  • NSE to sanction seven banks, 21 firms for poor governance

    The Nigerian Stock Exchange (NSE) may sanction 28 companies for failing to meet post-listing requirements, timely release of operational reports and financial statements.

    A list of defaulting companies prepared by the NSE obtained at the weekend by The Nation included three commercial banks, a microfinance bank, three mortgage bankers, five insurance companies, one investment management firm and 15 other firms in various non-financial sectors.

    The companies failed to submit their interim report and accounts for the period ended June 30, 2018. Such default is marked out by the Exchange as a corporate governance failure, which attracts monetary fines, “naming and shaming” tag, suspension of shares from trading and delisting in incurable cases of default.

    A source at the weekend confirmed that the Exchange “would apply relevant rules” in dealing with the defaulters.

    The defaulting firms include Unity Bank Plc, Skye Bank Plc, Fidelity Bank Plc, Fortis Microfinance Bank Plc, Staco Insurance Plc, African Alliance Insurance Plc, Goldlink Insurance Plc, UNIC Insurance Plc, International Energy Insurance, Aso Savings & Loans Plc, Resort Savings & Loans, Union Homes Savings & Loans Plc, and Deap Capital Management & Trust Plc.

    Others include R.T Briscoe Plc, Smart Products Nigeria Plc, Afromedia Plc, Roads Nigeria Plc, Nigerian German Chemical Plc, Thomas Wyatt Nigeria Plc, Golden Guinea Breweries Plc, Anino International Plc, Juli Plc, Ekocorp Plc, Union Dicon Salt Plc, FTN Cocoa Processors Plc, Evans Medical Plc, Omatek Ventures Plc and Dn Tyre & Rubber Plc.

    Twenty of the firms missed the regulatory deadline of July 30, while Fidelity Bank, which audits its half-year results, missed the August 29 deadline.

    Under the rules, a late submission attracts a fine of N100,000 daily for the first 90 calendar days of non-compliance, another N200,000 per day for the next 90 calendar days and a fine of N400,000 per day thereafter until the date of submission.

    With these, late submission under the first instance of 90 days could attract N9 million, the additional 90 days will attract N18 million while such delay beyond the first 180 days to the next 180 days could attract as much as N72 million, bringing fines payable by a defaulting company within a year to N99 million.

    The list of sanctions shows fines ranging from a low of N0.1 million to as high as N51.4 million. Companies had been fined more than N400 million and N500 million in 2016 and 2017 respectively for failure to submit accounts within scheduled periods.

    There are 15 companies currently under suspension for failure to meet scheduled submission of financial statements. Forty one monetary fines have so far been placed on companies in 2018, more than 38 monetary fines slammed on companies in 2017.

    The monetary fines become almost automatic after the expiration of the deadline. According to the rules, notwithstanding that a company takes the required steps during the cure periods or later complies with the provisions of the rules, any company that defaults in filing its accounts within the stipulated periods shall be liable to pay the applicable penalties, except the affected company had received waiver or extension of time by the Exchange.

    Under the rules, quoted companies are required to file their unaudited quarterly accounts with the NSE not later than 30 calendar days after the relevant quarter. Where the company chooses to audit its quarterly accounts, it is required to file such accounts not later than 60 calendar days after the relevant quarter. For annual audited accounts, companies are required to file their audited annual report and accounts with the Exchange not later than 90 calendar days after the relevant year end.

    In addition to the monetary fines, a defaulting company will be tagged with the “Below Listing Standard” (BLS) or any other sign or expression to indicate that the company has failed to submit its accounts within the stipulated period and this tag shall remain for as long as the company fails to file its accounts.

    Where a company fails to file its accounts after the expiration of the first 90 days, the NSE will send such a company a “second filing deficiency notification” within two business days after the end of the first 90 days. In addition, the Exchange will suspend trading in the company’s shares and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.

    Where a company fails to also file its accounts after the second additional period of 90 days, bringing the default days to 180, days, the Exchange may take further appropriate actions including cautioning shareholders that the company’s listing is under threat of delisting and eventual delisting.

    The rules also empower the Exchange to delist a company within the first 90 days where the NSE determines that granting extended period is not necessary, especially where there are proven issues of financial fraud, gross corporate governance abuses and other illegalities.

    In a more rigorous naming and shaming practice, a defaulting company is expected to within three business days of receipt of the second filing deficiency notification and suspension of trading in its securities, to inform the Exchange in writing of the status of the accounts, and issue a press release, of not less than half a page, in at least two national daily newspapers, with the company’s web address indicated in the newspaper publication, and posted on the company’s website disclosing the status of the relevant accounts, reason for the delay in submission, and the anticipated filing date. An electronic copy of the publication shall be filed with the Exchange on the same day as the publication. The suspension of trading in the company’s shares shall only be lifted upon submission of the relevant accounts in line with the requirements of the NSE.

  • NSE trading maintains bearish trend, index down 0.68%

    Equity transactions on the Nigerian Stock Exchange (NSE) ended on a negative note on Friday with the market indices dropping further by 0.68 per cent.

    The market capitalization shed N87 billion or 0.68 per cent to close at N12.722 trillion against N12.809 trillion posted on Thursday.

    Also, the All-Share Index, which opened at 35,086.67, lost 238.22 points or 0.68 per cent to close at 34,848.45 amid price losses.

    An analysis of price movement indicated that Total Oil led the price losers’ table with a loss N2.3 to close at N189.7 per share.

    Nigerian Breweries trailed with a loss of N2.1 to close at N97.9, while GTBank dipped by N2 to close at N36.

    Glaxosmith declined by 9k to close at N13.1 per share, while Zenith Bank also lost 65k to close at N21 per share.

    Conversely, Okomu Oil led the price gainers’ table, gaining N35.75 to close at N76.95 per share.

    Read Also: NSE indices grow further by 0.63%, amid Dangote Cement gain

    FlourMill came second with a gain of N1.3 to close at N24.3, while Stabic IBTC appreciated by 75k to close at N48.

    Air services and Eternal Oil appreciated by 5K each to close at N5.5 and N6.7 per share, respectively.

    The volume of shares traded, however, increased by 35.24 per cent as 384.893 million shares worth N9.79 billion were traded in 4,070 deals.

    This was against the 284.596 million shares worth N3.44 billion exchanged in 3,303 deals on Thursday.

    Diamond Bank was the most active, exchanging 102.82 million shares valued at N124 million.

    Zenith Bank followed with 47.77 million shares worth N997.18 million, while GTBank traded 36.40 million shares valued at N1.34 billion.

    Dangote Cement traded 25.29 million shares worth N5.3 billion, while Stanbic IBTC traded 19.86 million shares valued at 953.08 million.

    NAN

     

  • NSE: All-Share Index rebounds by 0.45%

    The All-Share Index of the Nigerian Stock Exchange (NSE) on Friday rebounded by 0.45 per cent, halting three days of decline.

    The index rose by 166.33 points or 0.45 per cent to close at 37,392.77 compared with 37,226.44 posted on Thursday.

    Similarly, the market capitalisation which opened at N13.485 trillion rose to N60 billion, 0.44 per cent, to close at N13.545 trillion.

    Nestle led the gainers’ table, gaining N27 to close at N1, 527 per share.

    Seplat Petroleum Development followed with a gain of N15 to close at N650, while Lafarge Africa gained N3 to close at N37.50 per share.

    CAP added N2 to close at N37, while Dangote Sugar Refinery gained 50k to close at N17.50 per share.

    On the other hand, Flour Mills recorded the highest loss to lead the losers’ chart, dropping by N15 to close at N29 per share.

    Forte Oil trailed with a loss of N1.30 to close at N29.90, while Cadbury lost N1.15 to close at N11.15 per share.

    Custodian and Allied Insurance declined by 68k to close at N6.12, while Eterna Oil shed 40k to close at N6.40 per share.

    Read Also: NSE demands govt framework on housing delivery

    An analysis of the activity chart indicated that Access Bank was the most active stock during the day, trading 84.88 million shares worth N864.66 million.

    Dangote Sugar Refinery followed with an account of 15.21 million shares valued at N272.59 million, while Sovereign Trust Insurance traded 14.66 million shares worth N3.27 million.

    FBN Holdings sold 12.09 million shares cost N125.49 million, while United Bank for Africa sold 6.55 million shares worth N65.59 million.

    In all, investors bought and sold 212.88 million shares valued at N3.24 billion achieved in 3,143 deals.

    This was lower compared with 350.47 million shares worth N4.60 billion transacted in 3,228 deals on Thursday.

    NAN

  • Nestle, Unilever, Nigerian Breweries dominate bears on NSE

    Activities on the Nigerian Stock Exchange (NSE) for the third consecutive day on Wednesday closed on a negative trend, with Nestle leading the laggards’ table.

    Nestle, one of the highly capitalised equity, topped the losers’ chart with a loss of N10 per share to close at N1,500 per share.

    Unilever trailed with a loss of N3.75 to close at N51.25, while Nigerian Breweries lost N2.90 to close at N111 per share.

    Forte Oil was down by N2.90 to close at N26.10, while Conoil dropped by N2.50 to close at N27.50 per share.

    Consequently, the All-Share Index which opened at 37,499.07 shed 106.05 points or 0.28 per cent to close at 37,605.12.

    Also, the market capitalisation lost N38 billion or 0.28 per cent to close at N13.584 trillion compared to N13.622 trillion recorded on Tuesday.

    On the other hand, Eterna Oil led the gainers’ table for the day, increasing by 50k to close at N7 per share.

    Guaranty Trust Bank followed with a gain of 40k to close at N40, while Zenith International Bank added 30k to close at N24.30 per share.

    Read Also: NSE indicators rebound by 0.17%

    FCMB Group advanced by 20k to close at N2.28, while Dangote Cement Industries also grew by 20k to close at N223 per share.

    However, the volume of shares traded rose by 96.49 per cent, while the value increased by 18.11 per cent.

    Specifically, investors bought and sold 505.74 million shares valued at N3.13 billion exchanged in 3,354 deals, as against 257.39 million shares worth N2.65 billion in 3,932 deals on Tuesday,

    Multiverse was the most active stock for the day, trading 200.04 million shares worth N40.01 million.

    NAHCO followed with an account of 125.09 million shares valued at N747.33 million, while Guaranty Trust Bank traded 28.42 million shares worth N1.13 billion.

    Access Bank sold 18.91 million shares worth N195.44 million, while FCMB Group exchanged 13.91 million shares valued at N30.83 million.

    NAN

  • Nigeria capital market recovers, records 0.33% growth

    Trading on the Nigerian Stock Exchange (NSE) on Thursday closed on a positive note after dropping for six consecutive days, with the All-Share improving by 0.33 per cent.

    The index rose by 138.36 points or 0.33 per cent to close at 41,633.79, against 41,495.43 achieved on Wednesday.

    Also, the market capitalisation which opened at N14.844 trillion inched N196 billion to close at N15.040 trillion.

    Mobil Oil recorded the highest price gain to lead the gainers’ table, growing by N7.70 to close at N184 per share.

    GlaxosmithKline followed with a gain of N2.25 to close at N24.30, while Nigerian Breweries appreciated by N1.90 to close at N127.90 per share.

    PZ Industries inched 60k to close at N23, while Cadbury advanced by 60k to close at N13.25 per share.

    On the other hand, Access Bank topped the losers’ chart, shedding 65k to close at N11.10 per share.

    Dangote Sugar trailed with a loss of 30k to close at N20.50, while Africa Prudential Registrar depreciated by 20k to close at N4.12 per share.

    Honeywell Flour was down by 12k to close at N2.38, while C&I Leasing dropped by 10k to close at N1.90 per share.

    Similarly, the volume of shares traded rose by 10.92 per cent as investors bought and sold 542.35 million shares valued at N7.35 billion transacted in 5,039 deals.

    This was against the 488.97 million shares worth N5.64 billion traded in 5,524 deals on Wednesday.

    Access Bank of the banking sub-sector was the investors’ delight in volume terms, exchanging 126.01 million shares worth N1.39 billion.

    Zenith International Bank followed with an account of 67.27 million shares valued at N1.92 billion, while Guaranty Trust Bank traded 51.84 million shares worth N2.34 billion.

    FBN Holdings sold 32.82 million shares valued at N394.25 million, while United Bank for Africa traded 29.50 million shares worth N342.28 million.

    NAN

     

  • NSE trading reopens on depressed note

    NSE trading reopens on depressed note

    Weekly transactions on the Nigerian Stock Exchange ( NSE ) opened on Monday on depressed note with the market indices sliding by 0.90 per cent.

    According to our reporter, the market capitalisation shed N136 billion or 0.90 per cent to close at N15.337 trillion amidst profit taking.

    It closed at N15.476 trillion on Friday.

    Also, the All-Share Index, which opened at 43,127.92, lost 390.03 points or 0.90 per cent to close at 42,737.89.

    An analysis of the price movement table indicated that Dangote Cement led the gainers’ table gaining N5.30 to close at N272 per share.

    Betaglass followed with a gain of N3.25 to close at N68.70, while PZ Industries gained N1.40 to close at N25.40 per share.

    International Breweries appreciated by N1 to close at N60, while GlaxosmithKline also added N1 to close at N21.20 per share.

    Conversely, Nigerian Breweries recorded the highest loss, dropping by N3.90 to close at N133 per share.

    Read Also: NSE tightens control on block divestment, large trades

    Guaranty Trust Bank trailed with N2.40 to close at N45.60, while Lafarge Wapco was down by N2 to close at N50 per share.

    Zenith International Bank shed N1.50 to close at N29.40, while Flour Mills depreciated by N1.10 to close at N31.50 per share.

    Similarly, the volume of shares traded closed lower as investors exchanged 517.44 million shares worth N5.19 billion in 5,852 deals.

    This was in contrast to the 552.39 million shares valued at N4.49 billion shares traded in 5,489 deals on Friday.

    Skye Bank was the investors’ delight accounting for 73.15 million shares worth N79.16 million.

    It was followed by FBN Holdings with 71.34 million shares worth N815.73 million, while Jaiz Bank traded 40.57 million shares valued at N42.39 million.

    Transcorp sold 40.48 million shares worth N84.07 million, while FCMB Group traded 26.22 million shares valued at N71.33 million.

    NAN

     

  • Dangote, Aig-Imoukhuede seek African Union-Private sector collaboration on health

    Africa’s richest man and Chairman of Dangote Foundation, Alhaji Aliko Dangote and the immediate past President of the Nigerian Stock Exchange, who is also the Chairman of Coronation Capital and co-chair of Global Business Coalition on Health, GBCHealth, Aigboje Aig-Imoukhuede have advised that public-private sector collaboration will improve the health sector across Africa.

    At the Africa Business and Investment Forum, a high-level public-private sector dialogue, which was a side event at the recently concluded Assembly of Heads of States and Government of the African Union meeting in Addis Ababa, the two business leaders were seen to be taking bold steps to champion improvements in the health sector across Africa and at the global level.

    Aig-Imoukhuede, who praised the government for taking the private sector seriously said “this is the first time the Africa Union will be engaging the private sector in its work as a partner to further the objectives of the union”.  Calling for collaboration between government and private sector, Aig-Imoukhuede stated that there is a need to leverage the power and resources of the business community for positive impact on global health challenges, and perhaps use the platform to give birth to an ‘African Davos’, which will take place after the AU summit every year and foster collaboration between private sector enablers and public sector drivers. He stated further that “Great things happen when enablers and drivers collaborate”,

    Alhaji Dangote had identified the missing gap in African development as “the need for Africa as a continent to come together”. He added that “the only way to move Africa forward is to think big, dream big and do big things together”. To this end, Dangote Foundation and GBCHealth are catalysing an African Business coalition for health, ABCHealth which will support African business efforts to fight poverty and improve health in Africa, providing a neutral platform to incubate partnerships, drive investments in health and spotlight African business leaders and their work on health.

    “There is strong appetite from African corporates, business leaders, donors and development partners for investing in innovative and scalable health system while the state of the health sector across the continent is characterised by suboptimal outcomes (infectious diseases, malnutrition), poor quality health system, fragmented health market, limited innovation and absence of protection against financial risks for citizens” that is the paradox of the African health sector, said Aig-Imoukhuede.

    In closing his speech, Aig-Imoukhuede urged the private sector to “see health issues not just as doing good, but as a real competitive market, and thus should be at the centre of our economic agenda”, adding that there is a strong rationale for the private sector to play a role in shaping health markets in Africa because good health is good business, therefore investing in health is both a business and social imperative”.

    Dangote and Aig-Imoukhuede are both recognised for their generosity in advancing global and national healthcare, and most importantly for their readiness to apply their intellect and formidable network to address these issues at a regional level. At the country level, both of them are founding conveners of the Private Sector Health Alliance of Nigeria (PSHAN), which has been mobilising the private sector, across a coordinated platform, to advance health outcomes and unlock the market potential within the health sector in Nigeria.

    This forum has led to a planned collaboration between ABCHealth, African Union (AU) and United Nations Economic Commission for Africa (UNECA to convene an African private sector summit to broker private sector commitments to health across Africa on the margins of the African Union summit next year. This will serve to set up an African-led business coalition that mobilises a core group of private sector champions to offer their capabilities, resources and expertise, through a coordinated platform, to advance health outcomes and shape health markets.