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Capital Market

FSDH Capital leads Shelter Afrique’s successful Debut N46 billion Bond Issuance

Business, Capital Market
FSDH Capital Limited, the investment banking and securities trading subsidiary of FSDH Group, has demonstrated its capital raising credentials by leading the successful financial close of the N46 billion (US$110.7 million) Series 1 Fixed Rate Senior Unsecured Bond Issuance in Nigeria's capital market under the N200 billion (US$481.3 million) bond issuance programme for Shelter Afrique. Shelter Afrique, the pan-African development finance institution exclusively dedicated to providing affordable and adequate housing finance across Africa was established by African governments to address the need for a sustainable housing delivery system and related infrastructure projects in Africa. Its shareholders include 44 African countries, the African Development Bank, the African R...
BUA Foods Plc Engages Stakeholders Through NGX Facts Behind the Listing

BUA Foods Plc Engages Stakeholders Through NGX Facts Behind the Listing

Agriculture, Business, Capital Market
Nigerian Exchange Limited (NGX or The Exchange) started the year off with the listing by introduction of BUA Foods Plc on the Main Board of The Exchange. In keeping with its practice of intimating stakeholders with details of notable transactions such as these, NGX hosted the Management of BUA Foods to a virtual Facts Behind the Listing and Closing Gong Ceremony on Tuesday, 18 January 2022.   Speaking at the event, Chief Executive Officer, NGX, Mr. Temi Popoola, commended BUA Foods Plc for taking the bold step to join its subsidiary company, BUA Cement, as a publicity listed company on The Exchange. He further stated, “The listing of BUA Foods Plc on The Exchange reaffirms the confidence that leading Nigerian corporates have in NGX as the partner of choice for raising capital and enabl...
Opportunities for Africa in electric vehicle market

Opportunities for Africa in electric vehicle market

Business, Capital Market, Innovation
From the Cape to Cairo, green tech startups are leading Africa’s charge towards electric mobility, a critical intervention in the fight against climate change driven by a global tide in the use of electric vehicles (EVs). However, the continent’s shift to electric mobility lags behind Europe, the US and China, the global frontrunners in electric mobility.  South Africa sold only 92 battery electric vehicles (BEVs) in 2020, down from 154 in 2019, representing 0.02% of domestic vehicle sales. Hybrid sales declined from 253 units in 2019 to 232 units in 2020.  Nonetheless, several countries are developing comprehensive policy frameworks to catalyse the transition and adoption of electric mobility.  Momentum is anticipated to escalate especially after the European Unio...
Zimbabwe Tycoon Used State Ties to Hide Assets, Report Says

Zimbabwe Tycoon Used State Ties to Hide Assets, Report Says

Capital Market, Economy
Zimbabwean tycoon Kudakwashe Tagwirei used connections with government leaders and central bank officials to gain access to hard currency and shield assets from the U.S. Treasury, according to a report by a private anti-corruption group. Tagwirei, who was sanctioned by the U.S. in 2020 for corruption, “appears to have the ability to contact senior civilian officials in Zimbabwe at short notice, particularly at the Reserve Bank of Zimbabwe,” said the report by The Sentry, the Washington, D.C.-based organization co-founded by the actor and director George Clooney. Such access “raises the possibility of state capture, when the public realm -- particularly regulatory, legal, and public policy decision-making -- has been influenced to benefit private interests,” it sai...
FBNH tasks investors on professional advice

FBNH tasks investors on professional advice

Business, Capital Market, Corporate Stories
FBN Holdings (FBNH) Plc has advised investors in the country’s capital market to seek financial advice from professionals when making investment decisions to maximise returns. The Chief Financial Officer of FBNH, Oyewale Ariyibi, said this at a knowledge-sharing session with journalists at the weekend. Ariyibi said financial advisers would help investors to identify the fundamental stocks to invest in to maximise returns on investment. “As an investor, investing in the financial market is not gamble or betting, you need a financial adviser for investment decision. “You should invest money you don’t need immediate use, invest for medium and long-term, also invest in stocks that have good fundamentals for capital gains,” Ariyibi said. Speaking on the theme: ‘Understanding Fin...
Tanzania: African Development Bank Group signs loan agreements for $140 million to increase power generation

Tanzania: African Development Bank Group signs loan agreements for $140 million to increase power generation

Agriculture, Capital Market, Finance
The funds will be used to construct the plant and an evacuation transmission line, as well as to add 4,250 rural electrification connections The African Development Bank Group (AfDB.org) and the Government of Tanzania have signed loan agreements totalling $140 million to finance the construction of the 50-megawatt Malagarasi hydropower plant in Western Tanzania. The agreements cover a $120 million sovereign loan from the Bank and $20 million from the Africa Growing Together Fund (AGTF), administered by the Bank. Emmanuel M. Tutuba, Permanent Secretary at the Tanzania Ministry of Finance and Planning, and Nnenna Nwabufo, Director General of the Bank Group’s East Africa Regional Development and Business Delivery Office, signed the agreements. The funds will be used to construct the...
African crypto exchange, Quidax raises 7,772 BNB on worst day of crypto

African crypto exchange, Quidax raises 7,772 BNB on worst day of crypto

Capital Market, Economy, Finance
On what could be tagged as the worst day of crypto this year, African-founded exchange, Quidax, raised over 7,772 BNB from the public sale of its token, QDX. The crypto market suffered its first major dip in 2021 on Thursday May 19, 2021 with Bitcoin dropping as low as $30,000 from highs of $64,000. In spite of this, the public sale of QDX sold out in less than 48 hours. Recently, Quidax announced that it had processed over $3 billion in transaction volume since its launch in 2018 with over 400,000 customers across 72 countries. In the announcement, Quidax also shared a shift from its African-focused strategy to becoming the global home of BEP20 tokens. Next Steps for QuidaxOn Friday, the exchange revealed that $QDX will be listed on its platform and DeFi platform, JulSwap...
Financial stocks contribute 64.38% to market turnover

Financial stocks contribute 64.38% to market turnover

Capital Market
….As index rises by 0.72% despite festive breaksThe financial services industry dominated in terms of volume at the end of last week’s transactions on the floor of the Nigerian Exchange Limited (NGX). It led the activity chart with 541.015 million shares valued at N5.493 billion, trading in 7,824 deals, thus contributing 64.38 per cent to the total equity turnover. The ICT Industry followed with 90.382 million shares worth N571.642 million in 500 deals, while the conglomerate industry ranked third with a turnover of 84.792 million shares worth N512.775 million in 551 deals. Trading in the top three equities: Access Bank Plc, Zenith Bank Plc and Etranzact International Plc accounted for 284.924 million shares worth N3.470 billion in 2,533 deals, contributing 33.91 per cent to ...
Bargain hunting ahead of Q1 earning season lifts market indices by 1.27%

Bargain hunting ahead of Q1 earning season lifts market indices by 1.27%

Capital Market
Market indicators soared significantly at the end of last week’s transactions, following bargain hunting in some banking stocks ahead of the first quarter (Q1) earnings. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalisation appreciated by 1.27 per cent to close the week at 39,301.82 and N20.568 trillion respectively. Other indices finished higher except the NSE Sovereign Bond Index which depreciated by 0.94 per cent while the NSE ASeM and NSE Growth indices closed flat. Analysts said investor confidence is gradually rekindled as more companies release their quarterly scorecards to point a direction for the current financial year. The Chief Research Officer of Investdata Consulting Limited, Ambrose Omordion, said: “We see the ongoing Q1 earning...
CBN, ABCON, others draw support for FX rule compliance

CBN, ABCON, others draw support for FX rule compliance

Capital Market
Attaining N1 trillion yearly market turnover by the Bureaux de Change (BDCs) has reinforced their relevance to the economic growth of the country. The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, stated this at the yearly general meeting of the body. Gwadabe, however, said it was too early to rest on their oars as there are more battles to conquer in the effort to position the market as a catalyst of economic development and wealth creation. Speaking at the virtual event attended by industry stakeholders, Gwadabe said the journey to rescuing the market from speculators and achieving foreign exchange (FX) had just begun. He listed major steps taken by ABCON to ensure that all licensed BDCs comply with extant regulations, inclu...

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