Nigerian Stock Exchange

The disgruntled shareholder, filed that the directive of the SEC suspending Oando's Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.

The Nigerian Stock Exchange (NSE) on Friday moved 307.79 million shares valued at N2.91 billion exchanged in 4,393 deals.

Foreign investors’ low patronage of the Nigerian stock market has been attributed to scarcity of foreign exchange (FX) as well as concerns about the coronavirus pandemic.

Fidelity Bank Plc has successfully issued 10 years N41.21 billion in fixed rate unsecured subordinated bond at a 8.5 percent coupon rate due in 2031.

Recent safety protocols enforced by many countries across the world, particularly those instituted by both the Nigerian and its United Arab Emirates counterpart by way of flight restrictions, are affecting both nations’ carriers economically.

The market indices of the Nigerian Stock Exchange (NSE) closed in red on Friday, dropping by 1.40 per cent due to Dangote Cement price drop.

Nigerian Stock Exchange (NSE) has highlighted the capital raising opportunities in the stock market for Small and Medium Scale Enterprise, SMEs, in the country.

Activity chart of the Nigerian Stock Exchange (NSE) for the last trading session of the month, Friday January 29, showed Zenith Bank atop Most-Traded stocks with a total value of N1.2 trillion and transaction volume of 44,956,083 shares.

Stakeholders in the nation’s aviation industry have advised domestic airlines to merge into one mega carrier to beat the 10-year ceiling for closure and function smoothly.

The Group Managing Director/Chief Executive Officer, Flour Mills of Nigeria (FMN) Plc, Mr. Omoboyede Olusanya, has said the company will continue to explore opportunities in the capital market to enable it diversify its funding sources whilst playing a critical role in the development of our market.

Aliko Dangote of Nigeria has maintained his position as Africa’s richest person for 10 consecutive years, according to the 2021 Forbes’ Africa Billionaires List released on Friday.

Transactions on the Nigerian Stock Exchange (NSE) rebounded on Wednesday by N50 billion, halting two consecutive days bearish trend due to sustained bargain-hunting in insurance stocks.

According to him, the NSE engaged with the federal government to secure an ”essential service status” for the market as part of its Covid-19 response as well as engaged with the Federal Ministry of Finance, Budget and National Planning to achieve specific capital market incentives in the 2019 and 2020 Finance Acts.

The Federal Government dominated capital raising at the fixed income segment of the Nigerian Stock Exchange (NSE) in 2020, raising over N2.36 trillion.

An economist, Ms Razia Khan, also Managing Director/Chief Economist, Africa and Middle East, Global Research, Standard Chartered Bank, on Tuesday said Nigeria would see a restoration of positive growth.

Africa’s leading chemical and agro-allied company, Notore Chemical Industries Plc, has announced the commencement of the Turn Around Maintenance (“TAM”) of its plant.

Equities on the Nigerian Stock Exchange generally posted their fifth consecutive daily gains on Thursday as leading stocks including Seplat, Dangote Cement and MTNN propelled the N325 billion upward drift.

Stanbic IBTC Bureau De Change Limited (SIBDC), a subsidiary of Stanbic IBTC Holdings Plc, has announced the closure of its Bureau de Change operations.

Positive sentiments persisted on the Nigerian Stock Exchange on Wednesday with the All-Share Index extending growth by 0.11 per cent.

Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles.

The rule provides that “if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: send to the issuer a ‘second filing deficiency notification’ within two business days after the end of the cure period; suspend trading in the issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension”.

Part of the law provides that, “Any unclaimed dividend of a public limited liability company quoted on the Nigerian Stock Exchange and any unutilised amounts in a dormant bank account maintained in or by a deposit money bank, which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in a bank account, shall be transferred immediately to the trust fund.”