The Nation Newspaper

Tag: NSE

  • NSE, firm donate software to 12 varsities

    NSE, firm donate software to 12 varsities

    The Nigerian Society of Engineers (NSE) and MIDAS Software have presented software and licences to 12 universities for training and research.

    The universities include: Abubakar Tafawa Balewa Unversity, Bauchi; University of Maiduguri, University of Ilorin, University of Agriculture, Makurdi, University of Nigeria, Nsukka.

    Others are: Federal University of Technology Owerri, Bayero University Kano, Ahmadu Bello Univesity,  Zaria; Rivers State University of Science and Technology, Port Harcour;, University of Lagos, Obafemi Awolowo University, Ife and University of Benin.

    During the presentation in Abuja, NSE’s President Mr Mustafa Balarabe Shehu said more varsities would benefit in the future.

    He said: “NSE has selected 12 Nigerian uiversities across the six geo-political zones as centres for training, application and research on these Midas software applicable in civil, structural, geotechnical, mechanical and special projects.

    “Midas IT is donating 25 licences of the software to each university, a total worth of over US$1.7milion  (N272million) to the 12 selected universities for training and research programme.

    “This is special and should be part of history both for the NSE and the Nigerian education sector in promoting engineering education and learning as well as enhancing professional competence and development of Nigerian engineers and students of engineering.

    “These universities are advised to provide the enabling environment that will promote the programme among engineering researchers, students and practising engineering in their zones.

    Note that the NSE branches and the headquarters will be working with the universities on this programme to ensure sustainability.

    “I want the management of these universities and the executives of the various NSE branches to assiduously work together in their zones, so as to actualise the noble objectives of this initiative of improving the skills and competencies of Nigerian engineers for the development of engineering and technology in the country, while NSE will continue to monitor the progress and result of these programmes,” he said.

    Regional Manager,MIDAS Software, Ravi Kiran, said they were using use the gifts to expand their business in Nigeria.

    “It is basically a Korean software, which we are introducing into the market. We intend to start with the universities because they need it the most right now,” he said.

  • Bureau gets nod to certify vessels

    The former Chairman, Marine Engineering and Naval Architecture Division of the Nigerian Society of Engineers (NSE), Akin Olaniyan, has said the International Naval Surveys Bureau (INSB) has been authorised by the Maritime Administration of Moldova – Public Institution Harbour Master Giurgiulesti – to certify vessels flying the Moldavian flag.

    This, according to him, is to expand the authorisation of INSB and provide it with the ability to serve ship owners, managers or operators whose fleet is registered or intended to be registered under the Moldavian flag.

  • Good earning forecasts sustain equities’ rally

    Good earning forecasts sustain equities’ rally

    The Nigerian stock market rounded off last week with a strong rally as several equities indicated they would make substantial profit in the fourth quarter.
    The common value-based index at the Nigerian Stock Exchange (NSE), the All Share Index (ASI) rose by 2.01 per cent to close the week at 25,337.18 points. Similarly, market capitalisation of all equities increased by N158.69 billion to close at N8.066 trillion.

    The sustained bullish trading was strengthened by emerging forecasts from several companies, indicating positive bottom-line and considerable returns in the fourth quarter. Evans Medical Plc, which has just been recovering from a scandalous losing streak, indicated it could record net profit of N67.55 million on turnover of N1.62 billion during the fourth quarter ending December 31, 2012.

    Stanbic IBTC Bank projected that profits before and after tax would be N3.06 billion and N2.47 billion during the three-month period just as gross income was estimated to hit N17.2 billion.

    Presco is expected with net profit of N466 million on total sales of N2.5 billion while Berger Paints could earn N88.26 million in net earnings on turnover of turnover of N976.30 million.

    Also, RT Briscoe projected that turnover would be N6.21 billion while pre and post tax profits would be N52.30 million and N35.57 million respectively.

    Five out of the six group indices at the NSE trended upward last week, reflecting the widespread gains during the week. The NSE 30 Index, NSE Consumer Goods Index, NSE Banking Index, NSE Insurance Index and NSE-Lotus II Index rose by 2.32 per cent, 4.84 per cent, 0.94 per cent, 1.86 per cent and 2.52 per cent respectively. However, the NSE Oil and Gas Index declined by 0.30 per cent.

    Nestle Nigeria led the pack of 40 gainers with a gain of N27.50. Nigerian Breweries Plc followed with a gain of N10. Dangote Cement Plc led the losers with a loss of N1.98 per share. It was followed by 7up Bottling Company Plc, which lost N1 per share.

    A turnover of 2.224 billion shares worth N14.252 billion was recorded in 24,108 deals with the financial services sector accounting for 84.55 per cent of aggregate turnover. Financial services stocks recorded a turnover of 1.880 billion shares valued at N10.369 billion in 14,381 deals.

    Banking sub-sector recorded a turnover of 1.153 billion shares worth N9.986 billion in 13,736 deals. Volume in the financial sector was boosted by activities in the shares of Cornerstone Insurance Company Plc, Zenith Bank Plc, and Access Bank Plc, which accounted for 919.542 million shares, representing 48.91 per cent and 41.35 per cent of the volume recorded by the sector and total turnover for the week respectively.

    At the Over-the-Counter (OTC) bond market, activities slowed down with decline in turnover to 187.87 million units worth N187.45 billion in 733 deals compared with 227.005 million units worth N227.196 billion traded in 1,034 deals two weeks ago.

  • NSE to withdraw license of erring market makers

    NSE

    The management of Nigerian Stock Exchange (NSE) yesterday warned that it may withdraw the operating license of any erring market maker.

    The Exchange also said it would deduct 10 per cent of total value of transaction engaged in by a defaulting market maker in the case of a less-impact breach.

    Chief Executive Officer, NSE, Mr. Oscar Onyema read the riot act yesterday while speaking at a workshop organised by the Exchange on the ‘Market Making, Securities Lending and Short Selling.’

    Onyema, who said the Market Making programme will be carried out in phase of limited securities at a time, informed the financial market community that the market will roll out the rest of the securities over a period of six months.
    “We are going to roll out over a six months period. During that period, we are going to learn a lot.

    There have been a lot of efforts that has gone into this. When it comes to the ability in lending securities, we know that AMCON will lend the credit. With regards to retail participants, we want to start with professional (institutional investors) to manage the risk and the process.

    The whole idea at the end of the day is to improve the market quality. The primary market maker will be there to provide liquidity where you don’t have liquidity. By allowing a very symmetrical market there will be a lot of sanctions for defaulters” he added.

    Also, joining the two Securities Lending Agents (SLA) Stanbic IBTC and United Bank for Africa (UBA) are First Bank and City Bank who have also gotten approval by the Securities and Exchange Commission (SEC) to operate as agents to the market makers.

    For the SLA, they are expected to provide additional income and increase business volume in the market.
    Explaining further details on how the programme will go, the Head of Transformation at NSE, Mr. Olumide Lala said the lower/upper trading limit will be increased from five per to 10 per cent for securities that get rolled out into the programme.

    Lala, who noted that no ‘naked selling’ will be entertained in the operation of Market Maker on the Exchange, stressed that Covered selling will be allowed even as there will be no failed trade.

    The market makers include Capital Bancorp, CSL Stockbrokers, ESS/DunnLoren Merrifiled, FBN Capital, Future Capital, Future View Securities, Greenwich Securities, Renaissance Capital, Stanbic IBTC, Vetiva and Capital and WSTC.

    Among companies selected by the 10 Market Makers to act in the pilot scheme includes; PZ Cusson, Presco, International Breweries, Lafarge Wapco, Fidson Healthcare, Redstar, DN Meryer, Diamond Bank, Fidelity Bank, Nigerian Breweries, Guaranty Trust Bank and UAC Nigeria Plc.

    The Market Makers programme, which will debut in the market on September 18 are expected to play a central role in the provision of two-way quotes (comprising of buy and sell prices) for the securities that they are making markets on. Leveraging the Securities Lending process, Market Makers will be able to borrow securities in order to settle ‘buy order imbalances’ from customers.

    A ‘hybrid’ market, allowing both market makers to provide two way quotes and licensed broker/dealers of The Exchange to submit orders as is currently done, will be operated from the commencement date of this key initiative.

  • Profit taking halts equities’ rally

    THE Nigerian Stock Exchange (NSE) opened this week on a negative note as investors turned to take profit from stocks that have benefited from the consistent capital gains in the last 11 days.

    Notwithstanding the downturn, Nestle Nigeria Plc established a new price record at N577.50. This is the highest in the stock’s and Exchange’s history.
    The benchmark index at NSE, the All-Share-Index (ASI) shed 167.23 absolute points, representing 0.67 per cent depreciation, to close at 24,671.47 points. Similarly, market capita-lisation dropped N53 billion to close at N7.854 trillion.

    The downturn was significantly impacted by losses recorded by several and large capitalised stocks including Dangote Cement, Cadbury, First Bank, Dangote Sugar, Stanbic-IBTC, Zenith Bank, Oando and UBA.

    Specifically, a total of 50 equities recorded price change with 23 appreciating while the remaining 27 reduced in value. Cadbury led the losers’ table with a drop of N1.10 to close at N20.90 followed by UTC with a drop of N0.03 to close at N0.57. Also on the table were Wapic, Fort Oil, Morison, UBA, Dangote Sugar, Paint Company, Eterna Oil and ETI.

    On the gainers’ table, Nestle led the list with an appreciation of N27.50 to close at N577.50 followed by Bagco with a gain of N0.09 to close at N1.89. Also on the list were Bagco, Berger paint, Roads, Julius Berger, International Breweries, NCR, Continental Insurance, Cement Company of Northern Nigeria (CCNN) and NACON.

    In all, investors traded 266.657 million shares worth N2.157 billion in 4, 432 deals. The Financial Services sector was the most sought after with 199.379 million shares worth N1.285 billion across 2, 458 deals.

    This was followed by the Consumer Goods with 21.678 million shares worth N591.461 million in 1,001 deals. Others with significant volume were Conglomerates with 15.734 million shares, Industrial Goods with 7.789 million shares, Construction/Real Estate with 7.737 million shares and Services with 6.503 million shares.