Telecoms giant MTN has appointed Chapel Hill Denham as one of the three brokers for its initial public offering (IPO) on the Nigerian stock market.The Nigerian financial firm will work alongside Renaissance Capital and Rand Merchant Bank, with Citigroup and Standard Bank serving as coordinators.MTN has not decided what portion of the subsidiary to sell, as it targets $400 million, [...]
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Shareholders of Oando Plc have demanded the sack of Kemi Adeosun, minister of finance, for allegedly interfering with the stock market.In a statement which Trusted Shareholders Association of Nigeria (TSAN) issued in conjunction with the Proactive Shareholders Association (PSA), the stakeholders accused the minister of shielding Oando from being probed by the Securities and Exchange Commission (SEC).They insisted Adeosun was [...]
The Johannesburg Stock Exchange (JSE) has suspended trading in shares belonging to Oando Plc. According to a statement issued by JSE’s Sens service on Thursday, Oando's listing was suspended following the review of subsequent correspondence received on October 18 from the Nigerian Stock Exchange and SEC.On Wednesday, the Nigerian Stock Exchange said it followed the directive of the Securities Exchange Commission(NSE) [...]
Nigerian Stock Exchange (NSE) lost its most recent bullish trend on Friday, three days after Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) said there is a seeming bubble at the capital market.On Friday, the Nigerian bourse lost N42.71 billion to close with a market capitalisation of N12,705,446,827,912.26 -- after gaining N577 billion only a day before, and [...]
The Nigerian Stock Exchange (NSE) continued its rally on Wednesday following the decision of the Central Bank of Nigeria (CBN) monetary policy committee (MPC) to hold key interest rate at 14 percent for 12 months running.On Tuesday, Godwin Emefiele, the governor of the bank, announced that the committee decided to "retain the MPR at 14 per cent, CRR at 22.5 [...]
Uche Uwaleke, a professor and financial expert, says the Central Bank of Nigeria’s (CBN) intervention in the forex market is already manifesting positively in many sectors of the economy.He asked the CBN to keep up the policy as the the capital market hit an all-year on Thursday.On Thursday, the market capitalisation of the market hit N11,386,841,556,678.40, and all share index [...]
The Nigerian naira continued on a gaining streak to hit its best point in 2017 as the Nigerian Stock Exchange (NSE)’s two-week bullish trend was halted on Tuesday.The naira appreciated to as much as N362 per dollar at the parallel market -- its best position in 2017, after opening at 490 in January.On the official side of the market, the [...]
The boards of directors of International Breweries Plc, Intafact Beverages Limited and Pabod Breweries Limited have agreed to explore the merger of the three businesses, subject to required regulatory and shareholders’ approvals.Should the proposed merger be approved, the enlarged company is expected to be one of the leading listed companies in Nigeria, and one of the largest brewers in Africa’s [...]
Aliko Dangote, Africa's richest man and president of Dangote group, has recorded a $1.1 billion increase in fortune over the last six days.The increase in Dangote's fortune is due to the rally currently being recorded at the Nigerian Stock Exchange (NSE) over the week.TheCable understands that NSE has gained N1.06 trillion in June alone, and about 30 percent of that [...]
The Nigerian naira appreciated against the dollar on Monday as the Nigerian Stock Exchange (NSE) maintained a bullish run -- which has been on for nearly a month.NSE gained 417 billion on Monday as the market capitalisation crossed the N11 trillion mark for the first time in 2017.The market, which closed at N10,845,347,307,117.93 on Friday, appreciated to N11,262,526,136,498.84 within the [...]
The market capitalisation which measures the total value of stock on the Nigerian Stock Exchange (NSE) hit an all year high of N10.121 trillion on Tuesday.On Friday, the NSE crossed the N10 trillion mark for the first time in 2017, and has maintained such upward trajectory into bullish trade on Tuesday.The market, which closed at N10.047 trillion on Friday, closed [...]
Lukman Otunnuga, research analyst at FXTM, says the Nigerian Stock Exchange (NSE) is becoming a champion among emerging markets across the world.Speaking on the recovery in the Nigerian economy and the stock market, Otunuga said the outlook for the Nigerian economy is quite encouraging."The improving sentiment towards the Nigerian economy boosted further on Tuesday following reports of the nation’s inflation [...]
The Nigerian naira strengthened slightly at the parallel market, despite fall in the country's foreign reserves.On Friday, the naira appreciated by one point against the dollar, moving from 391 to 390 against the greenback.The British pound lost some ground to the naira to trade at N495, while the euro exchanged for N420.This is happening despite a three-day fall in the [...]
Nigerian stocks rose to a more than six-month high on Wednesday, after gaining N780,160,038,889 to hit a market capitalisation of N9.825 trillion.NSE was lifted by gains in the banking, cement and oil sectors as dollar liquidity continued to improve on the currency market.The main index marked its third consecutive day of gains, closing up 2.95 percent at 27,546 points, a [...]
The Nigerian Stock Exchange (NSE) gained N63,153,866,496.20 in the six trading hours of Monday.On Friday, the market lost N6.87 billion within the first 78 minutes of President Muhammadu Buhari's first public outing in weeks.When the market opened on Friday, the stock exchange gained N30.66 billion, rallying at N9,075,965,863,135.82 when the news of the president’s first public appearance in weeks, broke.Within [...]
The Nigerian Stock Exchange was reported as the worst performing bourse for 2016, but so far 2017 , Kenya's Nairobi Securities Exchange is the world's worst performer.Kenyan stock prices are at more than three-year lows, with Geoffrey Odundo, CEO of the exchange, projecting that they may have further to fall with domestic investors favoring bonds and foreign buyers waiting for lower [...]
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