NCC audits telecom firms’ financial status

The Nigerian Communications Commission has commenced a financial health check on major telecommunications operators in the country. The commission’s Executive Commissioner, Mr. Sunday Dare, stated this on Tuesday during a corporate governance executive workshop organised by the regulator in Lagos. He said that the NCC embarked on the exercise to find out the credit and…

Stock Exchange market capitalisation drops to N12tnThe Nigerian Stock Exchange’s market capitalisation has further declined, falling from the 13 trillion Naira mark attained early this month.  The market capitalisation dropped by 295 billion Naira or 2.25 percent from 13,081 trillion Naira to close at 12,786 trillion Naira.  The All-Share index, though still within the 37 thousand basis points range, also dropped by 2.25 percent or 854.36 basis points to close at 37,096.60 basis points from 37,950.96 basis points.  There was however a 1,172 increase in number of deals from yesterday’s 4,113 deals, raising the total number of today’s deals to 5,285 deals.  And the number of shares exchanged was 391 million shares worth 5.4 billion Naira as against yesterday’s 3.16 million shares worth 4.22 billion Naira.  The fall in today’s market activities also translated to the number of stocks that either gained or fell as only 11 stocks appreciated, 35 depreciated while others closed flat.  Gainers GLAXO SMITHKLINE CONSUMER NIG. PLC topped the gainers’ chart by N1.00 or 5.00 per cent to close at N21.00 per share compared to the opening price of N20.00 per share.  BERGER PAINTS PLC which opened at N6.80 per share, closed today at N7.14 per share, gaining 0.34 kobo or 5.00 percent.  GOLDEN GUINEA BREW. PLC opened at 0.85 kobo per share and closed at 0.89 kobo per share, gaining 0.04 kobo or 4.71 percent.  Losers MORISON INDUSTRIES PLC led the pack by 0.08 kobo or 8.16 percent, to close at 0.90 kobo per share as against its opening price of 0.98 kobo per share.  P Z CUSSONS NIGERIA PLC haven opened transactions at N27.00 per share, closed at N25.65 per share, depreciating by N1.35 or 5.00 percent.  Then STANBIC IBTC HOLDINGS PLC which had an opening price of N41.00 per share, closed transactions at N38.95 per share, losing N2.05 or 5.00 percent.

The Nigerian Stock Exchange’s market capitalisation has further declined, falling from the 13 trillion Naira mark attained early this month. The market capitalisation dropped by 295 billion Naira or 2.25 percent from 13,081 trillion Naira to close at 12,786 trillion Naira. The All-Share index, though still within the 37 thousand basis points range, also dropped…

Nigerian government to auction N135bn bonds on August 23rd – DMOThe Federal Government has offered for subscription by auction, N135 billion bonds in its Aug. 23 auction, according to the Debt Management Office (DMO).  The offering circular obtained from the DMO’s website indicates that it would sell N35 billion of a bond, to mature in July, 2021, at 14.50 per cent.  It would also sell N50 billion at 16.28 per cent to mature in March 2027, while another N50 billion of paper would be sold at 16.24 per cent, to mature in April 2037.  All the bonds on offer are reopening of previous issues, the circular said.  Nigeria issues sovereign bonds monthly to support the local bond market.  It also created a benchmark for corporate issuance to fund its budget deficit.

The Federal Government has offered for subscription by auction, N135 billion bonds in its Aug. 23 auction, according to the Debt Management Office (DMO). The offering circular obtained from the DMO’s website indicates that it would sell N35 billion of a bond, to mature in July, 2021, at 14.50 per cent. It would also sell…