Capital Market

International Breweries receives merger approval

Ihesiulo Grace 4 September 2017 0

The proposed merger between International Breweries Plc (IBPlc) and two other brewing companies has been approved by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE). A regulatory filing on Tuesday by the company via the NSE, stated that under the terms and

Capital Market

Guinness: Revenue rise due to favourable expansion, says MD

Ihesiulo Grace 4 September 2017 0

As coys’ distribution of MacDowell’s, others aided growth Guinness Nigeria plc announced its 2017 full year results on Thursday, August 31st with a 23 per cent boost in revenue to N125billion. The results, also showed a gross profit of N48.3bn, which is 16 per cent higher versus the previous year; and an operating profit of […]

Capital Market

SEC hopeful CBN may open liquidity window for market operators

Ihesiulo Grace 4 September 2017 0

The Securities and Exchange Commission (SEC), has raise raised hopes that the Central Bank of Nigeria, CBN, may soon open liquidity window for capital market operators for funds to boost the Nigeria’s capital market. This optimism was expressed recently by the Director General SEC, Mounir Gwarzo in Lagos, as he revealed that discussions were ongoing […]

Capital Market

Rights Issue: Union Bank gets SEC’s nod to raise N50bn

Ihesiulo Grace 1 September 2017 0

Following the announcement that it will float an N50 billion Rights Issue in 2017, Union Bank has received approvals from the Securities and Exchange Commission (SEC), to move forward on raising the Tier 1 capital. The lender, in a statement, said it anticipates that the Rights Issue will be open for subscription this September. During […]

Capital Market

Investors lose N393bn as Equities market closes August depressive

Ihesiulo Grace 1 September 2017 0

A total of N393.6 billion has been recorded as losses by investors on the Nigerian Stock Exchange, in the past four trading sessions, as the four days, last trading session of the month, closed on a bearish note. Nigeria’s capital market is closed for the Muslim Eid-ul-Kabir holiday, on Friday(today) and Monday, meaning all sessions […]

Capital Market

NSE suspends trading on Avon Crown

Ihesiulo Grace 1 September 2017 0

Coy to be delisted In pursuant to scheme of merger between Avon Crowncaps & Containers Plc and majority of equity holders of the company, Wilko Corporation, the Nigerian Stock Exchange (NSE) has suspended trading on the company’s share, a move that may eventually lead to delisting. The NSE, in a statement signed by Acting Head, […]

Capital Market

NSE explains disruption on trading activities

Ihesiulo Grace 1 September 2017 0

Technical hitch fingered The Nigerian stock Exchange has given explanation on what caused disruption of trade on Thursday August 31, which led to the extension of closing hour of trading to 3.00pm. A reliable source from the Exchange told Daily Times Nigeria that the brief disruption was a mere technical hitch, but was resolved soon […]

Capital Market

UBA to pay 20k interim dividend as PAT rises 56%

Ihesiulo Grace 25 August 2017 0

The Board of Directors of United Bank for Africa (UBA) Plc, has declared an interim dividend of 20k per share to its shareholders for the half -year period ended June 30th, 2017. The Directors also presented the Group’s audited financial statement, reporting a 56 per cent increase in profit after tax of N42.3billion. According to […]

Capital Market

Loans, elevated risk cost hamper ETI

Ihesiulo Grace 25 August 2017 0

The Group CEO of Eco Transnational Incorporated (ETI), Ade Ayeyemi, has said that the financial performance for the group within the first half of the year could have been better if not for continued provision building and elevated cost-of-risks. The pan-African banking conglomerate, with banking operations in 36 African countries, and headquartered in Western Africa, […]

Capital Market

Equities market reverse bullish run with N167bn loss

Ihesiulo Grace 25 August 2017 0

The 2-day bullish streak recorded on the Nigerian bourse retreated on Thursday, as investors lost N166.6 billion during yesterday’s trading session as a result of profit taking from preceding positive sessions. The aggregate market value of all quoted equities at the NSE- The Market Capitalization, which tracks investors worth, consequently dropped from its opening value

Capital Market

Emirates deploys extra flights to Lagos for hajj

Ihesiulo Grace 23 August 2017 0

Emirates said it will be operating extra flights to Jeddah to help facilitate travel for thousands of pilgrims this year heading to and from the Kingdom of Saudi Arabia for Hajj. The carrier also disclosed that it would be operating Emirates will be operating 45 additional flights to Jeddah and 12 additional flights to Medina […]

Capital Market

Non- dividend paying companies’ll naturally fade out…Stakeholder

Ihesiulo Grace 22 August 2017 0

Many non-dividend paying companies listed on the Nigerian Stock Exchange (NSE), without growth in equity prices may soon voluntarily delist form the exchange. Cross section of stakeholders revealed this to Daily Times. They asserted that earnings drive investment and once equity price of a none dividend paying company fails to rise over a long period, […]

Capital Market

Nahco Aviance MD/CEO quits Aug’ 31

Ihesiulo Grace 22 August 2017 0

Says unwilling to sue Sahara reporters over N700m fraud allegation The Nigerian Aviation Handling Company Plc has announced the resignation of its Managing Director, chief Executive Officer (CEO), Mr. Nobert Bilderman. but however failed to comment on Daily Times inquiry on state of fraud allegation case on the outgoing MD. A statement, signed by Bello […]

Capital Market

UAC, CWG, others to benefit from FG’s ‘pioneer status’

Ihesiulo Grace 22 August 2017 0

Investors of livestock feeds, UAC Nigeria Plc, Computer warehouse Group and some other companies listed on the Nigerian Stock Exchange, who fall within the eligible list of 27 new industries for pioneer status in Nigeria may begin to reap huge benefits from increased earnings for shareholders through dividends or increased retained earnings. The Federal Government […]

Capital Market

Stocks market closes with N115.9bn loss as President Buhari resumes work

Ihesiulo Grace 21 August 2017 0

Nigeria’s equities market resumed the new trading week with a loss of N115.9bn, despite the official resumption of President Muhammadu Buhari at the Presidential Villa, Abuja, after being away for 103 days on medical vacation in London. The DailyTimes had reported that the market’s reaction to the President’s arrival may be neutral given that there […]

Business Capital Market

Bonds: 7,000 investors subscribed in five months — DMO

Ihesiulo Grace 21 August 2017 0

The Debt Management Office, DMO, has said that no fewer than 7000 investors have subscribed to the Federal Government’s savings bonds since its introduction in March this year. The Director General, Debt Management Office, Ms. Patience Oniha told the News Agency of Nigeria on Monday, in Abuja, that one of the primary reasons for introducing […]

Business Capital Market

Interbank rate may rebounds this week after dropping to 12%

Ihesiulo Grace 21 August 2017 0

There is hope that Nigeria’s interbank overnight lending rate, which had fell sharply on Friday to an average of 12 per cent from around 60 per cent a week ago will rebound within this week, as the Central Bank of Nigeria (CBN) had displayed its determination in ensuring system stability through aggressive liquidity mop up […]

Business Capital Market

President’s return to have neutral effect on stock market- Analyst

Ihesiulo Grace 21 August 2017 0

As NSE ASI sheds 3.5% to 36,920.56 The return of President Muhammadu Buhari, back to Nigeria after being absent from the country for 103 days on health grounds, will hardly have an effect, in the direction of the stock market, says analyst at Afrinvest. ‎Investment Research Analyst at Afrinvest West Africa Limited, Obianuju Nsofor at […]

Capital Market Capital Market

SEC:Listed companies to stop printing annual reports

Ihesiulo Grace 18 August 2017 0

The Nigerian Securities and Exchange Commission (SEC) has revealed part of its near-future plans is the phasing out of printed annual reports for distribution to shareholders, by publicly listed companies. The Director General of SEC, Mr. Mounir Gwarzo who disclosed this during the post CMC meeting held in Lagos on Wednesday explained that the purpose […]

Capital Market Capital Market

Equities halt 3-day loss as investors gain N73.8bn

Ihesiulo Grace 18 August 2017 0

Nigeria’s equities market reversed a three-day negative trend on Thursday, as NSE market capitalisation advanced by N73.8billion to close at N12.517trn, as against a decline of N342.7b recorded previously. The NSE ASI also appreciated by 0.59 per cent to close at 36,316.58 points as against 2.68 per cent depreciation recorded in previous session, improving the […]