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The Securities and Exchange Commission (SEC), on Wednesday confirmed that it indeed received and approved an application to register shares of telecoms giant- MTN Nigeria last week. A statement by the commission quoted Acting Director General of the SEC, Ms. Mary Uduk as saying that “MTN sought to come to the market by way of an introduction and they wrote to the SEC last week requesting for approval to register its existing shares. That approval has now been granted”. MTN had on Tuesday announced the registration of 20.4bn ordinary shares by the SEC. The move by MTN, according to the SEC, “is a further indication of the determination… to work with companies that are interested in the capital market. “We believe that this will also encourage other service providers to come to the market,” the commission added. https://investdata.com.ng/2019/05/mtn-to-list-shares-by-introduction-says-sec/

Market Update for May 8 Equity prices on the Nigerian Stock Exchange (NSE) closed down again at midweek as selloffs continued, because market operators have since activated their cautious mode amidst the prevailing uncertainties, in the absence of any news in the offing capable of inspiring hope that the administration has plans to reinvigorate the economy and rather allow the ship to twist and turn. Until then, there is the rising confidence crisis and low market liquidity arising from the fact that smart investors have earlier exited, triggering a flight to safety, seeking solace in the money and fixed income market that continues to experience a boom. On the political front, the Presidential Election Tribunal began sitting also on Wednesday, and has fixed next week for hearing on the suit by the main opposition Peoples Democratic Party (PDP) and its candidate, challenging the outcome of the February 23 Presidential election which returned President Muhammadu Buhari for a secon...

Indications at the weekend are that all may not be well at the Nigerian Export-Import Bank (NEXIM), following allegations of high-level fraud in the disbursement of loans by the former management team. Sources within NEXIM and Price Waterhouse Coopers (PwC), the audit firm, pointed to several violations of laid down procedures, as reflected in the bank’s unprecedented Non-Performing Loan (NPL) ratio at 91% of its total loan book. “That level of fraud within the system is perhaps why the CBN is yet to activate the N500bn Export Stimulation Fund set up to promote non-oil exports in Nigeria,” one of the sources lamented. The ESF was last year revamped, using the Anchor Borrowers’ Programme model, just as the CBN introduced a N50 billion direct intervention funding for NEXIM, which Godwin Emefiele, the apex bank told journalists was to further the country’s economic diversification efforts. It was also to develop sources of foreign exchange, especially in the agriculture value chain...

Photo clips from the Invest 2019 Investors and Traders Summit held on 8th December, 2018 a Ostra hall Ikeja, Lagos Nigeria.

A report by the Institute of International Finance, which tracks what money managers buy and sell, estimates that a total of $17.1bn was pulled out of Emerging Market stocks such as Nigeria in October The move, which makes the month the fourth worst since data gathering on the subject began in 2005, according to Reuters, since what it described as the ‘taper tantrum’ panic of 2013 when the U.S. Federal Reserve first hinted at reducing its post crisis stimulus programme, financial flows data has showed. Asian emerging equity markets seems to have received the worst hit, after foreign investors pulled $12.3bn from the region, against a backdrop of China trade and growth jitters. China, which had been a source of strength for EM flows this year, saw its highest monthly equity outflows since a mini-devaluation in 2015. “The EM equity carnage began early in October, triggering a Flows Alert on October 8. China, along with other key EMs in the global supply chain, were hit with ...

Company: GUINNESS NIG. PLC Rating: Hold Current Market Price at Earnings Release: N80.50 Intrinsic Value: N57.96 Latest Cash Div: N1.84 By: Jeariogbe Tunde Segun (Equity Analyst) Key Financial Tickers • This report considered the financial performance indices of Guinness Nigeria Plc for the full-year ended June 30, 2018, compared with figures for corresponding period of 2017. • Note the increase in shares outstanding within the two periods compared in this report. • Recall that Guinness Nigeria undertook a rights issue of 684,494,631 ordinary shares of 50k each at N58 per share on the basis of five new units for every 11 held as at the close of business on March 15, 2017. • At the end of the offer, the issue was oversubscribed by 116%. Based on this, at listing of the rights issue, the company’s share outstanding rose from 1,505,888,188 shares to 2,190,382,819 units. The new shares arising were subsequently listed on the Nigerian Stock Exchange (NSE) in October 20...

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Sterling Bank Plc, on Tuesday presented its unaudited financials for the nine-month ended September 30, 2018, indicating double-digit rise in earnings and other measurement parameters. Gross earnings rose for example by 21.09% from N94.65bn in the corresponding period of 2017 to N114.61bn; helped mainly by the N93.6bn interest income, which rose N78.63bn, representing a 19.03% notch; just as interest expense climbed 28.94% from N41.69bn to N53.76bn. Net interest income rose 7.84% from N36.94bn to N39.83bn; even as loan impairment charges fell by 52.63% to N3.62bn from N7.63bn; just as fee and commission income rose 19.4%from N9.04bn in 2017 to N10.79bn. Other income stood at N4.5bn, as against the previous N4.56bn; general and administration expenses increased 60.97% from N11.09bn to N17.85bn; personnel expenses increased by 13.19% from N8.66bn to N9.8bn. Depreciation and amortization recorded 15.47% increase from N3.63bn to N4.19bn; other operating expense stood at N11.51bn ...

Market Update For October 24, 2018 Volatile trading on the Nigerian Stock Exchange continued at the midweek, amidst profit booking, as the benchmark All-Share Index closed negative after four consecutive sessions of bull-run. This was as traders cashed out their profit from the recent rally, driven by Q3 numbers released so far. Investors are taking advantage of the corporate earnings to reposition and reshuffle their portfolios as they study and interpret the numbers ahead of full-year expectations and changing market dynamics in the midst of increasing political risks and uncertainties ahead of the 2019 general elections which is less than four months away. The All Share index opened Wednesday on a little upside in the morning before pulling back sharply by mid-morning and into the afternoon, touching intraday lows of 32,403.60 basis points, from a high of 33,201.34bps. It therefore broke down the 33,000 mark and the shortest Moving Average of seven and 21, after touching ...

Management of the Nigerian Stock Exchange (NSE), on Monday announced suspension of trading in the shares of six companies with immediate effect. They include: DN Tyre & Rubber Plc; FTN Cocoa Processors Plc; International Energy Insurance Plc; and Thomas Wyatt Nigeria Plc. Others are: Union Dicon Salt Plc; and Unic Diversified Holdings Plc. The suspension, according to a notice by the exchange follows the failure of the company boards to comply with the post-listing Rule 3.1- Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”). It provides that “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; (b) Suspend trading in the Issuer’s securities; and (c) Notify the Securities and Exchange Commission (SEC) and the Market ...

The World Bank, on Wednesday announced a cut in the growth forecast of Nigeria’s 2018 Gross Domestic Product (GDP) by 0.2% to 1.9%. Judging by this slower-than-expected growth in Nigeria, as well as Angola and South Africa, the three biggest economies on the continent, the World Bank in its Africa Pulse report, also revised the economic growth forecast for sub-Saharan Africa this year to 2.7%, from its earlier 3.1% predicted in the June Global Economic Prospects publication, up from 2.3% in 2017. The situation is not helped by the external environment fast becoming less favorable, amid mounting global trade risks and weakening demand for the area’s products. According to Albert Zeufack, the bank’s chief economist for Africa, urged governments on the continent to stop wasting money and rather boost productivity to support its economic recovery. The bank drew attention to the high public debt in some countries in the region, combined with weakening currencies and rising interest...

We are living in exciting and innovative times with futuristic technology literally at our fingertips. But for the longest time, small to medium sized businesses were not serviced by the latest tech trends enterprises have been able to benefit from. That is, until now. In this article, we’ll explore these technology trends and how they will impact business in 2018 and beyond. So, what kind of things can this ‘smart’ tech do? Just 4 months ago, an AI machine managed to complete a University level math exam 12 times faster than it normally takes the average human.  How? Through the art of machine learning; where computers learn and adapt through experience without explicitly being programmed. Furthermore, Facebook made headlines earlier this year when their chatbots created their own language. Some Fake News stories say that the engineer’s pulled the plug in a panic after they were getting too smart. However, the truth is that for Facebook’s purposes the chatbots needed to sti...

To "take a bath " on an investment means to suffer a very large loss. It is a slang for an investor whose shares value have declined substantially over a period of time. One may decide to take a bath on ones entire portfolio or one of the eggs 🥚 in ones basket to stop the loss/losses. Stock-specific news such as company's earnings missing the target of the analysts, unexpected profit warnings etc may result in an investor taking a significant loss. A prolonged bear market may also cause an investor to take a bath on his/her portfolio. Have you ever taken a bath in this market? Investdata Academy

Contrary to the barrage of media reports, Nigeria’s capital market apex regulator- the Securities & Exchange Commission (SEC), on Sunday denied receipt of any application regarding an Initial Public Offering (IPO) from either telecommunication giant MTN Nigeria Limited, any of its advisers or representatives. The mass media has been awash with news of plans by the MTN Group to list its Nigerian unit worth $5.23bn later in the year in the debut IPO on the Nigeria Stock Exchange. The company is said to be preparing to file application to the SEC to launch the offer after getting approvals from existing investors. The fresh funds, at least $400m, being raised, according to the pre-IPO presentation seen by Reuters, will help reduce the company’s debt, just as proceeds would go into redemption of preference shares issued to existing investors who bought the shares 11-years ago and also cut its dollar exposure. MTN Nigeria has around 402 million shares in issue, the same amou...

The board of FBN Holdings Plc, on Friday said First Bank of Nigeria Limited, its largest subsidiary, plans to exercise its option to call the $300m 8.25% subordinated notes raised from the international debt markets before the due date of August 2020. In the notice dated July 6, 2018, signed by Seye Kosoko, its company secretary, the FBN Holdings said FirstBank, seeks to call and pre-pay holders of the note at the next callable date of August 7, 2018. The bank, he said, took the decision as a liquidity management exercise, just as it demonstrates the strength of FirstBank’s foreign currency liquidity and robust capital base, while further enhancing the efficiency of the balance sheet. The notes are held by FBN Finance Company B.V and will exercise its option to call the $300m notes. The bank had in August 2003 issued a $300 m Eurobond following an investor roadshow in the UK and US as it sought to tap the global capital markets for a seven-year callable subordinated instr...

The board of FBN Holdings Plc, on Friday said First Bank of Nigeria Limited, its largest subsidiary, plans to exercise its option to call the $300m 8.25% subordinated notes raised from the international debt markets before the due date of August 2020. In the notice dated July 6, 2018, signed by Seye Kosoko, its company secretary, the FBN Holdings said FirstBank, seeks to call and pre-pay holders of the note at the next callable date of August 7, 2018. The bank, he said, took the decision as a liquidity management exercise, just as it demonstrates the strength of FirstBank’s foreign currency liquidity and robust capital base, while further enhancing the efficiency of the balance sheet. The notes are held by FBN Finance Company B.V and will exercise its option to call the $300m notes. The bank had in August 2003 issued a $300 m Eurobond following an investor roadshow in the UK and US as it sought to tap the global capital markets for a seven-year callable subordinated instr...

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Market Update for July 3, 2018 It was another horrible and volatile session on the Nigerian Stock Exchange Tuesday as the market gapped down on cautious trading with the March full-year results released so far failed to impact the market as a result of mixed performance recorded, especially given the modest revenue growth by consumer goods makers. The consumer goods are often well patronized by Nigerians, depending on their disposable income, thereby providing a good gauge of the health status of the nation’s manufacturing sector. It thereby confirms the prevailing narrative suggestive of a slowdown in the Federal Government’s economic recovery efforts as signaled by the Q1 GDP data, a situation that may likely worsen in the Q2 when the data is published by the National Bureau of Statistics (NBS). This situation has further been reflected in the marginal increase in the recently released June PMI data. Consequently, the possibility of most corporate earnings beating expecta...

The board of United Bank for Africa Plc, on Monday sought the approval of the Nigerian Stock Exchange (NSE) to allow it presented its audited financials for the half year ended June 30, 2018 on, or before August 29, 2018. As part of the NSE’s post-listing requirements, companies are required to submit their quarterly results one month after the end of the period and audited full-year 90 days after (on March 31) of the following year. The notice by Bili Odum, UBA Plc’s Group Company Secretary, also notified the exchange of its closed period, in line with Rule 17.18(b) of the NSE’s Rule Book. The closed period is a time when its officials (board members, top management and some group of stakeholders are forbidden from trading in its shares, thereby preventing them from taking advantage of price-sensitive information at their disposal. The notice set a closed period of Tuesday, “July 3 up until the release of UBA’s 2018 audited half year financial statements.” It is envisag...