Capital Market Archives - Page 7 of 9 - Inside Business Africa

May272020 by Joshua OlotuNo Comments

Fixed income market to witness increased activities, says NSE

Capital Market

The Nigerian Stock Exchange (NSE) has expressed optimism that the fixed income market would experience increased activities on account of the COVID-19 pandemic. The Chief Executive Officer, Oscar Onyema, dropped the hint yesterday at a virtual event to mark the 10th anniversary of Brand Africa 100. The News Agency of Nigeria (NAN) quoted him saying the Federal Government would embark on a lot of borrowings to finance the budget due to the adverse effect of the novel coronavirus on the global economy. According to Onyema, government would shift away from Eurobonds to domestic borrowings with significant emphasis on fixed income. “We expect government and corporate companies to raise capital using different platforms, and capital market is one of it,” he said. ...

May252020 by Joshua OlotuNo Comments

FIC Markets’ Turnover Tumbles by 35% in April

Capital Market

The Fixed Income and Currency (FIC) markets felt the impact of the ravaging COVID-19 pandemic in the month of April as investors reduced their business transactions on the FMDQ platform to the tune of about 35 percent as turnover dropped by N8.96trillion. Turnover in the review month stood at N16.7trillion compared to N25.66trillion recorded in the same period of March. The FMDQ has attributed the general decrease in market activities to the COVID-19 pandemic and the associated exit by foreign portfolio investors, as well as the lockdown directive to curb the spread of the virus. Meanwhile, the market recorded a year-on-year (YoY) increase of 2.02 per cent (N0.33trillion) from the turnover recorded in April 2019 (N16.37trillion) as Foreign Exchange (FX) and OMO bills remained t...

May212020 by Joshua OlotuNo Comments

Gains in bellwethers lift market index further by N136 billion

Capital Market

Transactions on the equities sector of the Nigerian Stock Exchange (NSE), continued upbeat yesterday, as more high value stocks constituted the gainers’ chart, resulting to a further rise in market capitalisation by N136billion. Specifically, at the close of transactions, Tuesday, the All Share Index (ASI) rose by 261.12 points or 1.09 per cent to 24,202.87 points. Accordingly, investors gained N136billion in value as market capitalisation rose to N12.613trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Okomu Oil, Dangote Cement, Presco, Unilever Nigeria, and Guaranty Trust Bank. Analysts at Afrinvest Limited, said: “We expect to see gains in the next trading session as investors continue to seek bargain hunting opportu...

May122020 by Joshua OlotuNo Comments

Stock market ends rally with N49 billion plunge

Capital Market

Following price losses suffered by most blue-chip stocks, the Nigerian equities market reopened on a downturn yesterday, as market capitalisation lost N49billion in value. Specifically, at the close of transactions, Monday, the All-Share Index (ASI) shed 94.57 absolute points, or 0.39 per cent to close at 23,950.83 points. Similarly, the overall market capitalisation dipped by N49billion to close at N12.482trillion. The downturn was impacted by losses recorded in medium and large value stocks, amongst which were; Chemical and Allied Products (CAP), Guaranty Trust Bank, Union Bank of Nigeria (UBN), Zenith Bank, and Honeywell Flour Mill. Analysts at United Capital Plc predicted that the matrix behind the reopening of the world economy and the performance of crude ...

May122020 by Joshua OlotuNo Comments

Exchange commits N100m to support fight against COVID-19

Capital Market

The Nigerian Stock Exchange (NSE), said it has committed about N100million to support the fight against the Coronavirus (COVID-19) pandemic in Nigeria. According to the exchange, N60million will be donated to the Capital Market Support Committee for COVID-19 (CMSCC), while the balance of N40million will be devoted to the ‘Masks For All Nigerians Campaign. The CMSCC is a Securities and Exchange Commission, SEC-led committee, comprised of the capital market community, and set up to galvanise the capital market ecosystem to play an active role in curbing the spread of COVID-19 in Nigeria. The Exchange said: “In addition to its efforts as part of CMSCC, the ‘Masks For All Nigerians’ Campaign will see the NSE donate over 100,000 reusable face masks to states most affect...

May122020 by Joshua OlotuNo Comments

Cheap assets, lockdown easing, others push NSE’s indicators by 4.45%

Capital Market

Analysts sceptical on sustainability, blame rising pandemic, weak economy Cheap stocks prices, gradual easing of the lockdown, and inflow of facilities from the International Monetary Fund (IMF), propelled activities on the equities sector of the Nigerian Stock Exchange (NSE), as the market sustained nine successive sessions of bullish rally into the first week. Consequently, the NSE All-share index (ASI), and market capitalisation both appreciated by 4.45 per cent to close the week at 24,045.40 and N12.531trillion, respectively. All other indices finished higher with the exception of NSE ASeM, which shed 0.18 per cent. A breakdown of transactions during the week showed that the equities market commenced trading for the month of May in an upbeat on Monday, with the ASI gaining 0....

May92020 by Joshua OlotuNo Comments

Bargain-hunting strengthens as indices appreciates further by N110b

Capital Market

The bulls strengthen their hold on the equities sector of the Nigerian Stock Exchange (NSE) for nine successive trading days even as more high value stocks joined the league of gainers, causing the All-share index to appreciate further by N110 billion. The All Share Index (ASI) rose by 210.88 points or 0.87 per cent to 24,354.25 points. Accordingly, investors gained N110billion in value as market capitalisation rose to N12.692trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Nestle Nigeria, Dangote Cement, Nigerian Breweries, Conoil, and Ardova Plc. The Chief Operating Officer, InvestData Consulting Limited, Ambrose Omordion, said the high dividend yield continues to attract buying interests as more audited corporate e...

May92020 by Joshua OlotuNo Comments

Stock market reopens upbeat as index rises by 0.30%

Capital Market

Following price gains recorded by most bluechip stocks, the equities market commenced trading for the month of May, in an upbeat, as the All Share Index (ASI) appreciated by 0.30 per cent. Yesterday, the ASI increased by 68.85 absolute points, representing a growth of 0.30 per cent to close at 23,089.86 points. Similarly, the market capitalisation gained N36billion to close at N12.033trillion. The upturn was impacted by gains recorded in medium and large value stocks, amongst which were; MTN Nigeria, Ardova Plc, Dangote Sugar Refinery, UAC of Nigeria (UACN), and Union Bank of Nigeria (UBN). Analysts at United Capital Plc, said: “This week, the implementation of OPEC+ supply cut deal, and the influx of more quarterly earnings will drive sentiments amid increasing number of count...

Apr252020 by Joshua OlotuNo Comments

Stock market indices slump by N162b amid losses in bellwethers

Capital Market

Transactions on the equities sector of the Nigerian Stock Exchange (NSE), closed on a downward note yesterday, occasioned by losses in some high-value stocks, causing market capitalisation to plunge by N162 billion. Specifically, at the close of trading Thursday, market capitalisation depreciated by N162billion from N11.872trillion recorded on Wednesday, to N11.710trillion. The All-share index plunged by 309.51 points from 22,780.30 to 22,470.79. The downturn was impacted by losses recorded in highly capitalised stocks, amongst which were; Nestle Nigeria, Dangote Cement, BUA Cement, UAC of Nigeria (UACN) and Ecobank Transnational Incorporated (ETI). Analysts at Afrinvest Limited said: “In line with current events shaping economic and business activities, we also foresee the first q...

Apr202020 by Joshua OlotuNo Comments

Investors’ wealth soars by 7.19% despite rising COVID-19 cases

Capital Market

Despite one day public holiday declared by the Federal government last week Monday to mark the Easter celebration, in addition to consensus that the nation’s economy is heading for a recession arising from the crises caused by the Coronavirus (COVID-19) pandemic and the NSE All-share index and market capitalisation appreciated by 7.19% to close the week at 22,921.59 and N11.946 trillion respectively. All other indices finished higher with the exception of NSE ASeM which closed flat. The improved performance was attributed to news of clinical trial for a potential cure to the coronavirus, in addition to plans by US and European countries to gradually re-open their respective economies. But analysts argued that mixed performance is likely to occur because the positive sentiment and...