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Tag: Stock Exchange

  • Stock Exchange lists first waste management company

    The Nigerian Stock Exchange (NSE) yesterday listed The Initiates Plc (TIP), a waste management company that blazed the trails as the first within that business line to be listed on the stock market.

    The TIP was listed by way of introduction on the Alternative Securities Market (ASeM) of the NSE, a less stringent board for the listing of emerging small and medium enterprises. A total of 889.98 million ordinary shares of 50 kobo each were listed at 85 kobo per share on the ASeM.

    Speaking at the listing ceremony, managing director, The Initiates Plc, Mr. Reuben Ossai said listing by introduction of the company was part of the management’s strategic plan to promote inclusive growth, transparency and price discovery.

    He outlined that in order to avoid over exposure to the effects of falling crude prices, the company has diversified its operations to provide incineration services, which has led to a remarkable improvement in revenue base for the company.

    He pointed out that the company has a bright prospects as Nigeria is expected to witness technological growth, increased urbanisation, private sector controlled economy and environmental awareness that will lead to increased waste yield and complexity and more public demand for environmental protection and waste management services.

    “These changes stress the need for the revision and implementation of environmental laws and policies that will improve the commercial value of waste management services. Hence, companies involved in the waste management industry shall have a huge market to serve, making it a very profitable venture over the long term. The Initiates Plc seeks to develop these processes and remain a key player in the waste management industry,” Ossai said.

    In his remarks, chief executive officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, said the listing of TIP places the company on a pedestal for growth and sustainability.

    He reiterated that the Exchange is committed to helping indigenous companies grow into globally competitive brands while facilitating the creation of durable wealth and engendering the sustainability of emerging businesses in Nigeria, through the ASeM board.

    Onyema said TIP had successfully passed stringent listing requirements, adding that the company deserves commendation for submitting to international best practices in governance.

    TIP was incorporated in Nigeria in March 1995 and commenced operation with five employees in 1997. The company operated as a consultancy service provider in her first decade laying foundation through development of operational systems. It currently has a total of 52 employees.

    In June 2015, the company converted to public limited liability status citing the need for continuous improvement in its operating standards and institutionalisation of transparency in its system.

    The financial statement of the company for the first half ended June 30, 2015 showed a turnover of N226.7 million, gross profit of N102.5 million and profit after tax of N39.4 million. Earnings per share stood at 6.0 kobo. Total assets stood at N830.93 million while shareholders’ funds stood at N653.67 million. The company paid a dividend of N14 million for the 2015 business year.

  • Stock Exchange mulls direct corporate information flow to stock market

    The Nigerian Stock Exchange (NSE) has started arrangements to launch the auto-flow mechanism in its trading engine, that would allow companies to send their corporate earnings’ reports and  information directly to the trading engine on a real time basis.

    The auto-flow function, an existing function of the issuers’ portal, was partially disabled in order to allow a first level, non-substantive review of filings by the NSE before they are circulated to the market and the general public.

    Since inception in 2013, the Exchange has seldom permitted information to auto-flow to the market. During the immediate post launch period, the Exchange had observed that a number of companies needed assistance with making the filings in the appropriate formats and that there were also incidents of erroneous or incomplete filings which necessitated the Exchange to suspend the auto-flow function of the issuers’ portal.

    A confidential circular obtained by The Nation however indicated that the Exchange has decided to enable the auto-flow mechanism.  The auto-flow mechanism is one of the functionalities of the X-Issuer platform of the Exchange. It allows information filed by companies and other issuers through the issuers’ portal to flow directly to the market on a real time basis without any human intervention.

    “The Exchange has come to the conclusion that the time is ripe for all information submitted via the issuers’ portal to auto-flow directly to the market without any intervention of the Exchange.  Operationalizing the complete auto-flow function on the issuers’ portal will, therefore, eliminate the current practice of reviewing financials before the financials flow to the market and the Exchange’s website. This will ensure a real time flow of information directly from the issuer to the market,” the circular stated.

    The complete auto-flow is expected to start in January 2018. In order to ensure a seamless transition from the current system to a complete auto-flow system in January 2018, The Exchange will adopt a four-phase approach that includes regulatory and statutory disclosures training, assessment of issuers’ compliance with disclosure requirements, pilot test of auto flow and full launch of complete auto flow.

    Under the phase one, which will be between November and December 2016, the Exchange will organise trainings for company secretaries, compliance officers, chief finance officers and other issuers’ representatives charged with the responsibility of making disclosures to the Exchange.

    In the second phase, the Exchange will conduct a comprehensive review of issuers’ filings using interim returns for the last quarter of 2016 and the December 2016 audited accounts of listed companies with December year ends. Deficiencies identified at this phase will be highlighted and communicated to companies for correction in subsequent filings.

    Under the third phase, the Exchange will conduct a pilot test of the auto-flow mechanism using September 2017 interim returns and September audited accounts of companies with September year ends. Any report with regulatory and statutory deficiencies will be withdrawn and corrected immediately. There will be no sanction imposed for any report with deficiencies at this stage.

    In the final phase, the Exchange will with effect from January 2018, the Exchange will commence full operationalisation of the auto-flow mechanism in X-Issuer using December 2017 audited accounts.

    The circular indicated that with the full launch of auto-flow in January 2018, the Exchange will apply regulatory sanctions on companies whose filings flow to the market with any form of deficiency.

    The Exchange had on March 27, 2013 launched the issuers’ portal, otherwise known as X- Issuer. The issuers’ portal is aimed at enhancing greater transparency and efficiency in information dissemination.  X-Issuer employs information technology to expedite the discharge of issuers’ financial reporting and continuous disclosure obligations to the investing public. One of the key benefits is enhanced market integrity as a result of significant reduction in information leakages, thereby creating a level playing field for all market participants.

  • Vetiva to list first bond ETF on Stock Exchange

    tiva Fund Managers Limited will next week list its Vetiva S & P Nigeria Sovereign Bond Exchange Traded Fund (VS&P ETF) on the Nigeria Stock Exchange (NSE), blazing the trails as the first bond ETF to be listed on the Exchange.

    The VS & P ETF upon listing would give investors access to Nigerian Federal Government bonds in retail lots; thus providing an opportunity for every Nigerian to invest in Federal Government bonds. At current pricing, investors will be able to purchase a unit for as low as N150 and have access to attractive bond yields.

    Speaking on the product, managing director, Vetiva Fund Managers Limited, Mr. Damilola Ajayi said the listing of the Vetiva S&P Exchange Traded Fund is in line with the Federal Government’s plan to enhance financial inclusion.

    “For the first time in Nigeria, investors now have access to Federal Government bonds through a product that will be listed on the Nigerian Stock Exchange,” Ajayi said.

    According to him, the VS & P ETF when listed will trade like any other stock, and the Fund plans to effect distributions to its unit holders twice a year. Subsequent to listing, investors will also be able to trade the Fund on the NSE through any stockbroker.

    Vetiva listed the first equity ETF-Vetiva Griffin 30 ETF, which tracks the performance of the NSE 30 Index,  in March 2014. Vetiva also listed the first set of sectoral ETF-Vetiva Banking ETF, Vetiva Consumer Goods ETF and Vetiva Industrial Goods ETF, in October 2015.

    Vetiva Fund Managers Limited is a wholly owned subsidiary of Vetiva Capital Management Limited and is registered with the Securities & Exchange Commission (SEC) to carry out business as fund and portfolio manager.

    ETF is a security that tracks the performance of a specified security or other assets including stocks, basket of assets, indices, commodity prices, foreign currency rates, and derivatives among others. There are many types of ETF. Index-based ETF, like index fund, tracks specified market index.

  • Stock Exchange advises new stockbrokers on ethics

    •Equities open with N29b loss

    The Nigerian Stock Exchange (NSE) yesterday inducted 39 newly qualified stockbrokers with an advice to them to uphold the highest level of ethics and sense of responsibility. The newly inducted stockbrokers included Olayinka Ojo of GTI Securities and Mr. Sola Oni, a former spokesman of the NSE and chief executive officer, Sofunix Investment and Communications Limited.

    Chief executive officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, underscored the importance of qualitative and ethical human resources in the development of the capital market, noting that the long-term sustainable growth of the market depends on well-trained and ethical operators.

    According to him, the capital market will only be as good as the people working in it and the rigorous screening process of the Exchange’s dealing member qualification was essentially aimed at ensuring only the best hands operate in the market.

    “At the NSE, we are driving a growth strategy based on three strategic objectives which are to increase listings across five asset classes; increase order-flow across these asset classes; and operate a fair and orderly market based on just and equitable principles. Our target really is to work with a strong ecosystem in a seamless manner to introduce to achieve these objectives,” Onyema said.

    He noted that as an organization, the Exchange recognises the need to ensure that its member firms have the right human capital to execute on their goals sustainably.

    “With the right hands on board, the capital market is sure to achieve its 10-year master plan,” Onyema said.

    According to him, the robes of stockbrokers represent a commitment to uphold the Chartered Institute of Stockbrokers (CIS) ethical standards and the NSE code of conduct for dealing members, a pledge to be tall on integrity and spotless in character and a decision to put the interest of the market first.

    He said the Exchange would continue to do its part in ensuring that it provides a competitive platform for stockbrokers to participate in the financial market, noting that the Exchange has executed several initiatives to strengthen the operations of dealing members and to make them comparable with their foreign counterpart.

    “Furthermore, the Exchange has implemented a strong regulatory environment to protect investors against infractions while enhancing investor confidence in the market,” Onyema said.

    Meanwhile, Nigerian equities opened this week on the negative side with nearly two losers to a gainer. Aggregate market value of all quoted companies on the NSE dropped from N9.429 trillion to close at N9.400 trillion. The benchmark index, the All Share Index (ASI), also declined by 0.30 per cent from 27,450.91 points to close at 27,368.41 points. Average year-to-date return stood at -4.45 per cent.

    There were 17 losers to 10 gainers. Nigerian Breweries, the second most capitalised stock on the NSE, led the losers with a loss of N1.78 to close at N138.27. Guaranty Trust Bank, the most capitalised banking stock and fourth most capitalised stock, followed with a loss of 34 kobo to close at N25.95. Nigeria Aviation Handling Company (Nahco) dropped by 17 kobo to close at N3.23.

    Total turnover stood at 83.83 million shares valued at N711.12 million in 2,279 deals. FBN Holdings was the most active stock with a turnover of 11.66 million shares valued at N34.95 million.

    On the upside, Seven-Up Bottling Company led the gainers with a gain of N3.98 to close at N116.98. Champion Breweries followed with a gain of 9.0 kobo to close at N2.70 while Dangote Flour Mills, NPF Microfinance Bank and Honeywell Flour Mills added 4.0 kobo each to close at N3.90, 99 kobo and N1.40 respectively.

  • Stock Exchange warns 62 firms

    Stock Exchange warns 62 firms

    • ‘Subsisting deficiencies in companies’ books’

    Authorities at the Nigerian Stock Exchange (NSE) have placed 62 companies under caveat with various tags, drawing investors’ attention to underlying inadequacies in their operations.

    A list of the companies marked out for corporate governance issues by the NSE indicated that the 62 firms have subsisting deficiencies, representing about 35 per cent of the 178 companies listed on the three tiers of the Exchange.

    Several high-profile companies in the banking, oil and gas, consumer goods, insurance, construction and services sectors, among others,were among the stocks placed under the corporate governance watchlist of the Exchange.

    Eleven companies with free float deficiencies, thus susceptible easily to price manipulations, were flagged as below listing standard. These included Union Bank of Nigeria (UBN), Capital Hotel, Great Nigerian Insurance, Chellarams, Nigerian Ropes, AG Leventis Nigeria, Interlinked  Technology, Infinity Trust Mortgage, Transcorp Hotels, Caverton Offshore Support Group and African Paints.

    Also, a group of seven stocks with persistent records of poor corporate governance compliance were categorised as delinquent, in relation to their records of missing regulatory filing deadline. These companies included Omatek Ventures, Roads Nigeria, Multi-Trex Integrated Foods, Aso Savings & Loans, Ekocorp, Ikeja Hotel and Union Homes and Savings Plc.

    Besides, 10 companies are  undergoing delisting, including Costain (WA), Deap Capital Management, Evans Medical, International Energy Insurance, Lennards (Nigeria), PS Mandrides & Company, Premier Breweries, Navitus Energy, MTI, Mtech and Nigerian Ropes. Companies under this group have already been served with all regulatory processes for delisting and their delisting have been approved by the national council of the Exchange.

    Not fewer than 12 companies are also under the watch list and had been given timelines for restructuring of their operations. These included Afrik Pharmaceuticals, Union Dicon Salt, Anino International, African Paints, Goldlink Insurance, UTC Nigeria, Thomas Wyatt Nigeria, Nigerian German Chemicals, Golden Guinea Breweries, FTN Cocoa Processors, Beco Petroleum and Unic Insurance.

    The report also flagged eight banking, mortgage and insurance companies, which results are undergoing the scrutiny of the financial services regulators. These included four banks-Zenith Bank International, United Bank for Africa, Stanbic IBTC Holdings and Guaranty Trust Bank Plc; three insurance companies-Mutual Benefits Assurance, Linkage Assurance and Guinea Insurance and a mortgage firm, Resort savings and Loans.

    Other tagged companies included African Alliance Insurance Company, Austin Laz & Company, Beco Petroleum Product, Conoil, Daar Communications, E-Tranzact International, Fortis Microfinance Bank, MRS Oil Nigeria and Skye Bank.

    The report highlighted the Compliance Status Indicator (CSI) of the quoted companies on the NSE, an initiative aimed at forewarning investors about the status of a particular company in order to ensure investors act with full information and understanding of the inherent risks.

    Nigerian Stock Exchange (NSE) General Counsel and Head of Regulation, Ms. Tinuade Awe, had explained that the enhanced tagging was part of efforts to further improve market transparency and integrity by providing timely information for investment decisions as well as enhance the protection of investors in the capital market.

    “This initiative of the Exchange which is in line with global best practices, is designed to maintain market integrity and protect the investors,” Awe said.

  • Airtel considers listing on Stock Exchange

    Airtel considers listing on Stock Exchange

    Airtel Networks Limited, Nigeria’s second largest telecommunication company, may consider listing its shares on the Nigerian Stock Exchange (NSE) as it considers various options to further upscale its business.

    Its Managing Director, Mr. Segun Ogunsanya, yesterday said the company was looking at every option, including listing of its shares on the NSE and would take appropriate decision at the right time.

    Ogunsanya, who was one of the speakers at the 2nd edition of the CEO Roundtable, organised by the NSE and Bloomberg at the Stock Exchange House, Lagos, had a brief discussion with NSE Chief Executive Officer, Mr. Oscar Onyema, on the prospects of listing during the pre-event session.

    “We are not against listing on the NSE,” Ogunsanya said, urging the government to leverage on the information and communication technology (ICT) potential of the country to drive inclusive economic growth.

    According to him, the government should consider digitisation of Nigeria as a viable option for growth by creating affordable access to broadband to Nigerians.

    MTN Nigeria, Nigeria’s largest telecommunication company, has already appointed the advisory team and set out a roadmap towards listing on the NSE in 2017.

    The listing of MTN and Airtel is expected to enliven the telecommunication sector of the NSE. Previously listed telecommunication companies had failed to connect the much-talked about potential of the industry with investors’ returns. Starcomms was delisted after long-running losses.

    The board of MTN Nigeria had announced the appointment of  Stanbic IBTC Capital Limited and its affiliates, Standard Bank of South Africa Limited and Standard Advisory Limited London  and Citigroup Global Markets Limited as the joint transaction advisors and joint global coordinators for the proposed listing of MTN Nigeria on the NSE.

    Stanbic IBTC would serve as the lead issuing house in a team that would also include Nigerian receiving agents, banks and other advisers, which would be appointed in due course.

    “MTN Nigeria is pleased to announce that its board of directors has resolved to proceed with preparations for a listing of MTN Nigeria on The NSE as soon as commercially and legally possible and has established a management task team with the responsibility to guide the company towards a listing. At present, MTN Nigeria is targeting that the listing takes place during 2017, subject to suitable market conditions,” the company stated.

    It should be recalled that as part of the conditions to settle its $3.4 billion fine by the Nigerian Communications Commission (NCC), MTN Nigeria had announced its intention to list its shares on the NSE as soon as commercially and legally possible.

  • Stock Exchange, stockbroking chiefs to meet over

    Stock Exchange, stockbroking chiefs to meet over

    The management of the Nigerian Stock Exchange (NSE) and chief executives of stockbroking firms are expected to discuss the way to jump-start the demutualisation after the National Council of the NSE backed down from proposed resolutions on demutualisation at the annual general meeting of the Exchange.

    Demutualisation is the conversion of the Exchange from its current status of members-owned limited by guarantee entity to a private public limited liability company based on shareholdings.

    Stockbrokers are the largest group of the current member-owners of the Exchange and are expected to influence crucial decisions in the demutualisation process.

    At the annual general meeting on Thursday, the council of the NSE stepped down proposed resolutions on demutualisation after feelers indicated that stockbrokers were largely against the resolutions.

    Sources in the know said the Exchange has made overtures to stockbroking chiefs and sought for common platform to discuss and resolve their concerns. One of the major issues for resolution is the determination of the number of ordinary members of the Exchange. The membership of the Exchange consists of dealing members, mostly stockbroking firms, and ordinary members, that included influential private sector personalities.

    The NSE had included two special resolutions on demutualisation in the agenda for the annual general meeting; firstly to authorise the council and management of the Exchange to commence the demutualisation process and secondly, to empower the council and management to take all necessary steps to realise the demutualisation agenda.

    President, Nigerian Stock Exchange (NSE), Mr. Aigboje Aig-Imoukhuede, said the resolutions on demutualisation were stepped down because of the need for further consultation.

    Stockbrokers, who form the majority of member-owners of the NSE, said the decision to further engage in consultation was in the best interest of the market noting that while they wholeheartedly support the demutualisation, there are issues that require further engagement with key stakeholders.

    President, Chartered Institute of Stockbrokers (CIS), Mr. Oluwaseyi Abe, said stockbrokers were fully in support of the demutualisation but there is the need to fine-tune some aspects of the process.

    “We need to have more engagement on the demutualisation to ensure that by the time we are taking off, we are taking off properly,” president, Association of Stockbroking Houses of Nigeria (ASHON), Mr. Emeka Madubuike said.

    Madubuike, who noted that stockbrokers want to accelerate the process of demutualisation, said an extra ordinary general meeting could be convened at the shortest possible time to jump-start the demutualisation process.

    The demutualisation process will involve allocation of ordinary shares to existing member-owners of the NSE, possible sale of shares to a strategic core investor, listing of the NSE on its own floor and secondary disposal of shares to the general investing public.

    After valuation of the Exchange, determination of members who are qualified for shareholdings and the appropriate number of shares receivable by each member, the primary allotment of shares would be done to current members of the Exchange, thus converting the Exchange from its current members-owned status to shareholders-owned status.

    Both the Securities and Exchange Commission (SEC) and the NSE had designated demutualisation of the NSE as one of the top agenda for the capital market this year.  At the meeting were immediate past president of the council, Alhaji Aliko Dangote, President Dangote Group; Dr. Oba Otudeko, Chairman, Honeywell Flourmills Plc; Dr. Raymond Obieri, Mallam Balama Mahu, Mr. Goddy Ibru, and Alhaji Aliko Mohammed, and the incumbent president, Mr. Aigboje Aig-Imoukhuede.

    The NSE had last October appointed a consortium of Rand Merchant Bank (RMB) and Chapel Hill Denham (CHD) as financial advisers on the proposed demutualisation of the Exchange. RMB is the corporate and investment banking arm of FirstRand, one of Africa’s largest listed financial services groups while Chapel Hill Denham is a leading Nigerian investment bank.

    Securities and Exchange Commission’s (SEC) rules on demutualisation allow the Exchange to give equity interest to a strategic investor subject to establishment of the facts that the strategic investor has technical expertise through previous experience in managing other Exchanges and the aggregate number of shares to be offered to the strategic investors shall not be more than 30 per cent of issued and fully paid up capital of the securities exchange.

    However, if the Exchange is in dire need of funds, it could issue a higher number of shares subject to approval of the Commission.

    The rules indicate that stockbrokers, who constitute the largest members of the NSE, may have to sell down their shareholdings within a period of five year in the demutualised Exchange.

    The rules indicated that the aggregate equity interests of members of any specific stakeholder group such as stockbrokers and broker-dealer in the demutualised securities exchange should not exceed 20 per cent.

    The rules also retained the provision that no individual or entity must directly or in directly own more than five per cent of the issued shares or voting rights in a demutualised securities exchange.

    The rules, made pursuant to section 313 of the Investments and Securities Act (ISA) 2007, describe “related entities and persons” as a person or entity that is related to the entity or person that owns the equity or the voting rights.

    The rules stipulate that the securities exchange should initiate a process for determining the accurate list of members of the Exchange prior to the commencement of demutualisation.

  • Stock Exchange to delist 17 firms for poor governance

    Stock Exchange to delist 17 firms for poor governance

    The National Council of the Nigerian Stock Exchange (NSE) has approved delisting of 17 companies from the market.

    A report obtained by The Nation indicated that 18 companies have been slated for delisting, including 17 companies that have been earmarked for compulsory delisting and a company that had opted for voluntary delisting over its inability to comply with listing requirements.

    Finding’s at the weekend indicated that the delisting will shave of more than N33 billion from the market capitalisation, implying direct loss of similar value to investors who may not be able to unlock such value in the absence of a regular stock exchange.

    Already, the Quotation Committee of the National Council, which presides over listing and delisting of companies, has approved final delisting of seven of the companies while it has also approved final delisting process for 10 other companies.

    The final delisting approval implies that the Exchange has concluded and complied with the regulatory requirements in the delisting process, including issuance of necessary notices, forbearances, fair hearing and probation without any rectification from the affected company.

    The final delisting process outlines the step-by-step delisting process and implies ongoing engagement of the affected company on the timeline for compliance with listing requirements in default.

    Under compulsory delisting, the authorities at the NSE will at a specified date, after completion of the delisting process and approvals, delist the shares of the affected company without any further recourse to the position of the board or shareholders of the affected company. Voluntary delisting is the deliberate withdrawal of the shares of a company from the Exchange by the board of directors, acting on the mandate of the statutory majority of the shareholders.

    Companies which final delisting has been approved by the council included Aluminium Manufacturing Company of Nigeria Plc, Adswitch Plc, Jos International Breweries Plc, G Cappa Plc, IPWA Plc, West Africa Glass Industries Plc and Investment and Allied Insurance Plc.

    Companies which final delisting process has been approved included Rokana Industries Plc, Navitus Energy Plc, formerly Union Ventures & Petroleum Plc; International Energy Insurance, Costain (West Africa) Plc, Lennards (Nigeria) Plc, Deap Capital Management & Trust Plc, Evans Medical Plc, P.S Mandrides & Company Plc, Nigerian Ropes Plc and Premier Breweries Plc.

    A source in the know said the companies were being delisting for recurring and possibly irredeemable inability to comply with the listing requirements of the Exchange, especially in the areas of timely and accurate rendition of operational and financial accounts and other corporate governance issues.

     

  • Nigeria Stock Exchange to partner NPFL

    Nigeria Stock Exchange to partner NPFL

    Arrangements are underway for Nigeria Stock Exchange (NSE) and the League Management Company (LMC) to partner which may see the NSE becoming an official supporter of Nigeria Professional Football League.

    Chairman of the LMC,  Shehu Dikko, who was at the NSE in Lagos on Wednesday, disclosed that the details of the deal would be unveiled to the public once all arrangements are concluded.

    “The LMC is in talks with the NSE to partner towards the growth of the NPFL,” Dikko said.

    “The Stock Exchange is very supportive of the vision of growing the Nigeria league and hopefully we will conclude on details and let the public know,” he added.

    The LMC boss further disclosed that discussion have reached an advanced stage for a top beverage company to come in as official supporter of the league.

    “It is also true that we are at advance stage in talks with a top beverage brand to come in as official supporter. It is all for the good of the game and in the interest of nation building.The public will also be duly informed when this relationship is consummated.”

  • Stock Exchange touts Nigerian Breweries for premium board

    Stock Exchange touts Nigerian Breweries for premium board

    The Nigerian Stock Exchange (NSE) has hinted that Nigerian Breweries might be added to the Exchange’s premium board as investors continued the bargain-hunting for the shares of the breweries stock.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, during a working visit to the Nigerian Breweries in Lagos, said Nigerian Breweries was qualified to join the Exchange’s Premium Board, the listing segment for the elite companies that meet the Exchange’s most stringent corporate governance and listing standards.

    There are three companies currently listed under the premium board including Dangote Cement, FBN Holdings and Zenith Bank International.

    Onyema commended Nigerian Breweries for her commitment to corporate governance standards.

    The NSE CEO who led officials of the Exchange on the visit noted that part of his agenda is to consolidate his relationship with quoted companies on the Exchange.

    He said his team will strive to ensure the Exchange continues to be a more robust platform that will attract the confidence of local and foreign investors.

    In his remarks, managing director, Nigerian Breweries, Mr. Nicolaas Vervelde noted that corporate governance remains the only tool to increase the credibility of the Exchange and urged the NSE to continue with improvements in that regard.

    He pointed out that Nigerian Breweries has grown from its humble beginnings as a company that started 70 years ago with one brewery to 11 breweries spread across the country.

    He added that the company has over 4,000 workers in its direct employment while the company is also one of the highest dividend paying entities with 120,000 shareholders.

    Nigerian Breweries’ share price rose by 96 kobo to close at N97 per share. Okomu Oil Palm recorded the highest gain of N1.50 to close at N31.50 while Dangote Cement followed Nigerian Breweries with a gain of 88 kobo to close at N164.

    The equities market was on the uptrend as aggregate market value of all quoted companies rose by 45 billion to close at N8.904 trillion as against its opening value of N8.859 trillion. The All Share Index (ASI) improved from 25,755.01 points to close at 25,885.31 points.

    Total turnover stood at 214.95 million shares valued at N1.35 billion in 3,327 deals.