Market Update

WHAT TO EXPECT FROM THE MARKETS THIS WEEK (25TH TO 31ST AUGUST, 2019)

26-Aug-2019

The 'Next Level' Cabinet: Once Bitten, Never Shy

President Muhammadu Buhari finally inaugurated his cabinet and assigned portfolios to the 43 appointed ministers this week, six months post-elections and almost three months into his second term. Considering that it took President Buhari almost six months to form a cabinet in his first coming, this could be considered an improvement. However, historical evidence suggests that we do not consider this to be a positive signal as the administration's arsenal resists speedy response to pressing issues. In our assessment, competence also seems like an afterthought in choosing the cabinet, considering that majority of the ministers were former politicians without impressive track record of execution, nor the skill required to deliver much needed reforms. In our reaction to President Buhari's victory at the polls, we expressed concerns that urgent reforms may be delayed till 2023. With the new cabinet, our initial view is unchanged as we see few reasons for optimism.

Mergers and New Portfolios

We observe that 14 returning ministers retained their past portfolios while the structure of some ministries have changed. But like investors, we see value in continuity and stability only when there is confidence in existing approaches and policies. We are somewhat excited about the merger of the ministries of finance and budget & national planning, which should improve coherence in policies. We are slightly optimistic that budget forecast may now better align with revenue realities, but we would not hold our breath. Similarly, the unbundling of power from works and housing means that there should be less distractions. However, the decision to select a new minister for power rather than continue with Babatunde Fashola who now leads the works and housing ministry could lead to setback in one of Nigeria's most troubled yet vital sectors. The new ministries created include the ministry of police affairs as well as the ministry of humanitarian affairs and disaster management.

Another Doubtful Dawn in Key Ministries

In the oil and gas industry where progress has been negligible for decades, President Buhari retained the position of minister of petroleum resources. In our opinion, the President lacks the agility and the skillset to transform the sector based on his performance in the same position for the past two years, hence momentum in the sector is expected to remain weak. We expect slow progress towards passing and implementing the reforms need to attract investment into the industry. In the ministry of finance, budget and national planning, the re-appointment of Zainab Ahmed provides clarity on the direction of fiscal policies. Accordingly, we expect a sustained drive to boost tax collection to narrow the FG's widening fiscal deficit. But as we do not expect strong improvements in the short-term, we expect continued funding of deficits in the cheaper Eurobond market. The easy monetary policy in advanced markets makes this strategy even more compelling in the near term, but we note that currency risk lurks. In our view, this ministry remains one to watch as the FG's fiscal challenges would partially dictate the pace of improvement in the economy. The concern is whether the FG would take necessary actions such as reining in spending and removing subsidies to free up more resources. In this regard, adopting the strategies employed during the first term of President Buhari would yield little progress.

In the works & housing and transport ministries, ministers Babatunde Fashola and Rotimi Amaechi, in that order, retained their jobs. As such, we are optimistic of the continuity of current priority projects and faster completion times. The key risk for these ministries is that capital releases may fall short of budget allocation as capital spending becomes increasingly discretionary in the face of weak revenue mobilisation and increasing recurrent expenditure.

The ministry for industry, trade and investment is another important ministry under our watch. Foreign Direct Investment (FDI) into the country has dipped consistently from the peak of US$8.9bn in 2011 to US$2.0bn in 2018. Relative to the size of the economy, FDI has deteriorated from the peak of 3.2% in 2009 to 0.5% in 2018. There is a need to sustain business environment reforms, loosen regulations and promote liberalization of sectors to encourage the investment needed to boost growth significantly. We only saw progress in business environment reforms in the past four years, but regulation became tighter and the FG consolidated its hold on important sectors such as power and oil & gas.

Global Equities Market: Bullish Performance in Global Markets Ahead of Powell's Speech

The United States (US) granted another 90-day reprieve to Huawei this week, allowing trade in specific items with US firms. Considering that the restrictions are likely to resume after the grace period expires, this does not represent softening trade tensions. The US continues to see Huawei - a major telecommunications infrastructure provider - as a threat to national and global security. In the financial market, investors would be searching for further clues on the direction of monetary policy during the US Federal Reserve Chairman, Jerome Powell as speech at Jackson Hole Economic Policy Symposium.

In the developed markets, there was a strong performance as all indices under our coverage advanced W-o-W. The S&P 500 and NASDAQ in the US gained 0.6% and 0.5% respectively in the absence of fresh shocks regarding trade policy. Similarly in Europe, France's CAC, Germany's XETRA DAX and UK's FTSE All Share indices inched up 1.6%, 1.5% and 0.8% respectively as investors reacted positively to the increasing prospect of monetary and fiscal stimulus which would support the economy. Hong Kong's Hang Seng and Japan's Nikkei 225 also ended the week in the green, appreciating 1.7% and 1.4% W-o-W respectively following lesser disruptions to economic activities due to protests about the extradition bill in the former country.

Performance in the BRICS markets was slightly bullish as 3 of the 5 indices we tracked ended in the green W-o-W. India's BSE Sens and Russia's RTS indices were down 1.7% and 0.7% respectively W-o-W against the backdrop of souring investor sentiment following lesser than expected support to the economy. However, China's Shanghai Composite index moved northward by 2.6%. Similarly, Brazil's Ibovespa and South Africa's FTSE/JSE indices ended bullish, up 0.2% and 1bp W-o-W respectively.

All but 2 indices under our coverage in the African market ended in the bearish region W-o-W. Nigeria's ASI advanced 3.2% due to buying interest in bellwether stocks while Egypt's EGX 30 rose 0.3% W-o-W following a rate cut in the country. Conversely, Ghana's GSE Composite and Kenya's NSE 20 indices extended losses, shedding 3.1% and 2.5% W-o-W respectively. Mauritius' SEMDEX and Morocco's Casablanca MASI indices also dipped 0.3% and 0.4% respectively W-o-W.

Indices under our coverage in Asia and the Middle East recorded a bearish performance as 2 of 5 indices gained W-o-W. Qatar's DSM 220 reversed last week's gains, dipping 3.0% while Thailand's SET and Turkey's BIST 10 indices shed 0.9% and 0.4% W-o-W respectively. Conversely, Saudi Arabia's Tadawul ASI led the gainers, advancing by 1.2% while the UAE's ADX General index inched up by 0.3% W-o-W.

Domestic Equities Market: A Bear Market Rally in the Domestic Bourse... NSE ASI Rose 3.2% W-o-W

The local bourse halted its extended bearish run this week as bargain hunting in bellwether stocks moved the market northward. Gains on 4 of 5 trading sessions buoyed the benchmark index by 3.2% W-o-W to 27,800.17points while YTD loss moderated to -11.6%. Similarly, investors gained N83.0bn as market capitalisation increased to N13.5tn. However, activity level was mixed as average volume rose 24.6% to 339.6m units while value traded fell by 31.6% to N3.1bn. ZENITH (149.7m units), TRANSCORP (142.5m units) and GUARANTY (134.3m units) were the top traded stocks by volume whereas GUARANTY (N3.6bn), MTNN (N2.9bn) and ZENITH (N2.6bn) led by value.

Gains in market movers, MTNN and ZENITH, moved the ASI up by 71bps on Monday. However, the bullish momentum halted on Tuesday as the benchmark Index pared 0.2%. The trading sessions on Wednesday and Thursday ended in the green, up 1.1% and 1.0% respectively following bargain hunting in MTNN and NESTLE. The bullish sentiment continued till the close of the week as ASI rose 0.6% on Friday due to buying interest in GUARANTY and ZENITH.

There was an uptrend in the sectors under our coverage as 5 of 6 indices ended in the green territory W-o-W. The Banking index gained the most with 9.2% owing to price appreciation in ETI (+33.3%) and ZENITH (+12.0%). Trailing closely, the Consumer and Industrial Goods indices advanced 4.0% and 2.0% respectively following buying interest in HONYFLOUR (+14.6%), NESTLE (+7.6%), BERGER (+9.5%) and CCNN (+2.8%). Similarly, the Oil & Gas and AFR-ICT indices gained 1.6% and 1.3% respectively as investors took position in OANDO (+20.9%) and MTNN (+2.2%). Meanwhile, the Insurance index lost 1.4 %, stemming from a price drop in LASACO (-12.1%) and CONTINSURE (-10.3%).

Investor sentiment as measured by market breadth (advance/decline ratio) improved at 1.6x as 38 stocks gained against 24 that declined. The top gainers were ETI (+33.3%), OANDO (+20.9%) and FIDELITY (+20.0%) while OKOMUOIL (-18.1%), NCR (-14.7%) and LASACO (-12.1%) led the decliners. We believe that the bullish run would be short lived due to sustained weak investor sentiment in the market.

Foreign Exchange Market: Naira Relatively Stable across Board

This week, the CBN stated its intention to protect the country's foreign reserves after a UK court ruled in favour of Process and Industrial Developments Limited (P&ID), a natural gas firm, granting them the right to seize $9.0bn in assets from Nigeria's government, over an aborted gas project in Calabar, Cross River State. Should the ruling take effect, the resulting consequence is a huge financial liability to the tune of 20.0% of the foreign reserves of Nigeria.

This is further worrying when the OMO assets (US$16.9bn) held by foreign investors is considered relative to reserves level. In the absence of its weekly foreign exchange intervention, the foreign reserves level fell to US$44.1bn (08/21/2019), down 0.7% from US$44.5bn. Also, pressure builds up on the Naira from declining oil prices as oil price settled at US$59.92/bbl. (08/22/2019). This further dampens the prospect of accretion in foreign reserves through oil exports.

The CBN's spot rate traded flat all week to close at N306.95/US$1.00, depreciating 5 kobo W-o-W from N306.90/US$1.00. Similarly, at the parallel market, rate opened at N360.00/US$1.00 and traded flat all week. At the Investors' & Exporters' (I&E) FX Window, the NAFEX rate opened the week at N363.62/US$1.00 and closed at N363.14/US$1.00 on Friday, appreciating 28kobo W-o-W from N363.42/US$1.00. Activity level in the I&E Window fell 6.7% to US$1.8bn from US$1.9bn recorded in the previous week.

At the FMDQ Securities Exchange (FMDQSE) FX Futures Contract Market, the total value of open contracts of the Naira settled at US$10.9bn, up US$969.5m (3.1%) from US$10.6bn in the prior week. The AUG 2020 instrument (contract price: N365.32) received the most buying interest in the week with additional subscription of US$36.2m which took total value to US$125.9m. On the other hand, the MAY 2020 instrument (contract price: N364.87) was the least subscribed with a total value of US$5.0m, an additional subscription of US$1.1bn. Additionally, the AUG 2019 instrument matured on Wednesday and the SEP 2020 instrument (contract price: N365.47) was issued.

In the absence of yet another weekly intervention this week, we expect the CBN to continue to support the naira especially as pressure from oil price declines pose a threat. In the coming week, we anticipate the resumption of CBN weekly intervention and as such, maintaining exchange rate stability in the country.

Money Market: Bearish Momentum Persists in the Treasury Bills Market

As system liquidity opened the week negative at -N81.7bn, OBB and OVN stood at 28.3% and 30.3%, higher than previous week's close of 18.0% and 19.6% respectively. However, on Thursday, the rates trended lower at 23.6% and 24.9% respectively as OMO maturities worth N45.7bn hit the system. By the close of the week OBB and OVN settled at 17.7% and18.8% in that order as system liquidity closed negative at -N363.4bn.

In the secondary treasury bills market, the bearish sentiment persisted as average rate rose by 111bps to close at 13.3% W-o-W. The bearish performance can be adduced to both higher indicative rates in recent OMO auctions and sell-offs by offshore investors given the riskiness of the country in the face of weakening global growth. The 364-day instrument recorded the most sell-off as rates surged 157bps to close at 12.5% while rates on the 91-day and 182-day instruments increased by 115bps and 61bps to 12.9% and 14.4% respectively. Although the CBN held off OMO auctions this week, we expect the apex bank to keep rates in check through regular auctions given the huge OMO maturities of N393.3bn expected this week

Bonds Market: Bearish Sentiment Continues in the Domestic Market

This week, the Debt Management Office (DMO) held its bond auction for August where it reopened the 5-year, 10-year and 30-year instruments. However, the auction recorded under subscription across tenors. A total amount of N145.0bn was offered for APRIL 2023 (N40.0bn), APRIL 2029 (N50.0bn) and APRIL 2049 (N55.0bn) at stop rates of 14.3%, 14.4% and 14.6% respectively, higher than previous auction rates of 13.4%, 13.6% and 14.1% in that order. The higher rate at the auction reflects investor’s perception of the country's riskiness especially in the face of an impending global economic recession. Across tenors, bid-to-cover ratio stood at 0.3x, 0.8x and 0.9x indicating under subscription, which was especially evident in the short-term instrument with subscription of N10.4bn against offer of N40.0bn.

In the secondary market, sustained sell pressures continued to drag performance as average yield increased 15bps to settle at 14.4% W-o-W. The market recorded bearish performance on Monday (+20bps) and Thursday (+7bps), bullish performance on Wednesday (-2bps) and Friday (-10bps) and closed flat on Tuesday. Across the term structure, the short-term instruments took the most hit as yields rose 117bps while yields on the medium-term instruments also increased 11bps and the long-term instruments closed flat.

In the SSA Eurobonds segment, the bullish momentum remained strong and all instruments that we track posted gains W-o-W save for the Zambian 2027 which recorded an increase of 2bps in yields. As observed in past weeks, the Zambian 2022 and 2024 instruments led the pack with yields shedding 197bps and 188bps respectively. The Ghanaian and Nigerian 2049 instruments trailed again with 89bps and 84bps drop in yields.

For the corporate Eurobonds instrument, the story is similar as all instruments gained W-o-W. The SEPLAT 2023 instrument enjoyed the most buying interest as yields declined by 71bps while the FIDELITY 2020 and ECOBANK 2024 followed, shedding 65bps and 60bps respectively. Given weakening global growth, investors are expected to remain attracted to emerging market instruments.

Sunday, August 25, 2019

Africa NIMPORT will on this day hold its 12th International Maritime Ports and Terminals Conference and Expo at the Oriental Hotel 3, Lekki- Epe Expressway Victoria Island Lagos.

Monday, August 26, 2019

Arbico Plc will on this day hold its Annual General Meeting at Plot D, Block 7, Industrial Crescent, Ilupeju, Lagos, while SLC Resources Limited will on this day commence its seminar on Developing and Implementing Corporate Strategy at 144 Association Road Dolphin Estate, Ikoyi, Lagos.

Tuesday, August 27, 2019

CIBN in collaboration with NIBSS will on this day commence its training on Payment and Settlement System Master class at Bankers House, PC, 19, Adeola Hopewell Street, Victoria Island, Lagos. Meristem Securities Limited will on this day hold its training on LBO Modelling, while the 2nd Edition of Agribusiness Summit holds at Sheraton Abuja Hotel, Abuja. National Bureau of Statistics will on this day release the data of the Federation Account Allocation Committee (FAAC) July 2019 disbursement, FXTM holds its seminar on Forex Trading and investment at FXTM Lagos Representative Office, 3rd Floor, 5 Allen Avenue, Ikeja, Lagos.

Wednesday, August 28, 2019

The Nigerian Stock Exchange will on this day hold its Fintech Foundation Course at the NSE Training Centre, Nigeria Stock Exchange House. Investment Destination Nigeria will on this day hold its CEO’s Business Summit at NAF Conference Centre and Suites, Kado, Abuja, while CENGSSUD will on this day commence its Master class on Sustainability in Enterprise Risk Management (ERM) training on the 22nd Floor, Obudu Hall, The Nigerian Stock Exchange, 4 Customs Street, Marina, Lagos. The National Bureau of Statistics will on this day release the data of Household Consumption and Expenditure Q2, 2019.

Thursday, August 29, 2019

The Export Group of the Lagos Chamber of Commerce and Industry will on this day host the 2019 Export Group's Symposium themed Synergy between Regulations and Trade in Nigeria at LCCI Conference Exhibition Centre, Alausa, Ikeja, Lagos. The Nigeria-South Africa Chamber of Commerce will on this day hold its August Breakfast Meeting at Orchid Hall, Eko Hotel & Suites, Adetokunbo Ademola Street, Victoria Island, Lagos, while Smart Products Nigeria Plc will on the same day hold its Annual General Meeting at Company's Board Room, 373, Agege Motor Road, Challenge, Mushin, Lagos.

Fintech NGR will on this day hold its Social Meet with the theme Bank Regulators, Fintech and Self-Regulation: Are They Mutually Exclusive at Sterling Bank, Head Office Annex, 239/241 Ikorodu Road, Ilupeju, Lagos.

LaPRSC will on this day hold its 6th Lagos Public Relations Stakeholders' Conference themed Conversation to Promote Environmental Sustainability in Nigeria, holding at the iconic Agip Recital Hall, Muson Centre, Lagos.

Friday, August 30, 2019

The Most Influential 100 Honourees will on this day ring the Closing Bell at the Nigerian Stock Exchange, while the 2019 First Bank Agric Expo holds on the same day with the theme "Agricultural Value Chain - Spotlighting Opportunities and Managing Risks".

ABC Transport Plc will on this day hold its Annual General Meeting at Mayfair Suites and Conference Centre, Plot 40, Egbu Road, Owerri, Imo State. Aluminium Extrusion Industries Plc will on this day hold its Annual General Meeting at Presidential Hotel, 1, Birabi Street, New GRA, Port Harcourt, Rivers State, while Daar Communications Plc will on the same day hold its Annual General Meeting at Nicon Luxury Hotel, Area 11, Garki, Abuja, Federal Capital Territory (FCT). NASME will on this day commence its 3rd Edition of Business Round Table Themed Impact of Technology on Micro, Small and Medium Business Enterprises at Adeyemi Bero Hall, Alausa, Lagos. National Bureau of Statistics will on this day release the data of the social statistics report 2018.

Saturday, August 31, 2019

Nigerian-American Chamber of Commerce will on this day hold its trainin


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (14TH TO 19TH JULY, 2019)

15-Jul-2019

MARKET COMMENTARY

System liquidity improved today to ?349 billion, as the Interbank Call rate moderated 79bps to 2.20%. Following the sizable yield decline in yesterday’s session, trading was largely sell-side driven in the T-bills space today as yields advanced 13bps (-82bps w/w) on average. The 140DTM paper advanced 78bps to settle at 10.35% while the 216DTM paper advanced 92bps to settle at 12.52%. In the bond space, market activity was mixed as average yield on benchmark bonds advanced a meager 2bps (-11bps w/w) in today’s session. The 16.24% FGN APRIL 2037 bond advanced 27bps to settle at 14.34%, the largest yield advance amongst the benchmark bonds.

MARKET OUTLOOK

The fixed income market traded positively throughout the week, largely driven by healthy system liquidity and the SDF directive implemented by the CBN. However, trading turned negative today as some investors held on to some of their offers, while others sold. We expect demand in the T-bills space to remain relatively mixed at the start of the week. Meanwhile, in the bond market we expect investors to take a cautious approach to the space at the beginning of the week, as they await guidance on future rate movements from the CBN.

SUNDAY, JULY 14, 2019

The National Bureau of Statistics will on this day release the CPI and Inflation Report for June 2019.

MONDAY, JULY 15, 2019

Abbey Mortgage Bank Plc will on this day hold its Annual General Meeting at Agip Hall, Muson Centre, Onikan, Lagos, while the National Bureau of Statistics will on the same day release the reports for Automotive GAS Oil (Diesel) Price WATCH June 2019, Federation Account Allocation Committee (FAAC) May 2019, Liquefied Petroleum Gas (Cooking Gas) Price Watch June 2019, National Household Kerosine Price Watch June 2019, Premium Motor Spirit ( Petrol) Price Watch June 2019 & Premium Motor Spirit (Petrol) Price Watch June 2019.

TUESDAY, JULY 16, 2019

The Unveiling of a book titled “Frontier Capital Markets and Investment banking” co-authored by Temitope Oshikoya and Kehinde Durosinmi-Etti will hold on this day at the Civic centre, Lagos, Nigeria while the ICT & Telecommunication Expo will hold on the same day at Landmark Centre, Lagos, Nigeria. The National Bureau of Statistics will release the Manufacturing Survey, SELECTED FOOD PRICES June 2019 & Transport Fare Watch (June 2019)

WEDNESDAY, JULY 17, 2019

The NASD OTC Securities Exchange will on this day hold its Annual General Meeting at Westwood Hotel, 22 Awolowo Road, Ikoyi while, the Economic Associates One-Day Conference on Nigeria's Economic Outlook will hold on the same day at Radisson Blu Hotel nd Anchorage, Ozumba Mbadiwe Avenue Victoria Island, Lagos.

The Lagos Commodities and Future Exchange and the Chartered Institute of Stockbrokers (CIS) will on this day hold a Joint Training Program with the theme: Understanding Commodities Market & Trading at Lagos Commodities & Future Exchange UAC Building (First Floor), Lagos-Island while, A2-Day FIDIC Contracts Training Course will hold on the same day at Lagos Oriental Hotel, Lagos 3, Lekki Road, Victoria Island Lagos.

THURSDAY, JULY 18, 2019

The Tourist Company of Nigeria Plc will on this day hold its Annual General Meeting at Federal Palace Hotel & Casino, 6-8, Ahmadu Bello Way, Victoria Island, Lagos, while the Nigeria Real Estate Summit and Expo (NIRESE) will hold on the same day at the Muson Centre, Lagos.

The CEO's Honors: The 2019 Africa CEO Merit Awards will hold on this day with the theme: Applauding Entrepreneurs at Nigerian Merit Award Secretariat, Merit House, Maitama, Abuja while the Nigerian-British Chambers of Commerce will on this day hold a session on Blockchain: Rethinking Business Systems at the Lagos Oriental Hotel, Victoria Island. Lafarge Africa Plc will on this day hold its Facts Behind the Figures & Closing Gong Ceremony at the Stock Exchange.

FRIDAY JULY 19, 2019

The National Bureau of Statistics will on this day release the Transport Fare Watch (July 2019)


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (8TH TO 12TH JULY, 2019)

08-Jul-2019

MARKET COMMENTARY

System liquidity improved to ₦583 billion. Consequently, the Interbank Call rated moderated 85bps to 3.86%.

In the T-bills space, trading remained positive, with average yield declining 6bps, as demand was observed at the mid-to-long end of the curve. Most notably, yield on the 328DTM bill moderated 27bps to settle at 12.98%. For the week, average yield declined 24bps. Meanwhile, as expected, activity in the bond space turned bullish, with average yields on benchmark bonds declining 6bps d/d and 27bps w/w. Remarkably, the yield on the 12.40% FGN MAR 2026 bond declined 37bps to settle at 14.20% today.

MARKET OUTLOOK

With liquidity remaining at healthy levels, we expect demand in the T-bills space to remain healthy at the start of next week. Meanwhile, in the bond space, we expect investors to continue to favour longer-dated bonds.

TUESDAY, JULY 09, 2019

The Digital PayExpo 2019 will hold on this day at Eko Hotels & Suites, Lagos, while Fidelity Bank Plc will on the same day feature Mr. Olufemi Awoyemi, Founder/Chairman, Proshare during its Fidelity SME Forum Radio Program.

WEDNESDAY, JULY 10, 2019

Omoluabi Mortgage Bank Plc will on this day hold its Annual General Meeting at Aurora conference & Event Centre, Osogbo, Osun State while the National Bureau of Statistics will on the same day release the 2018/19 Socio-Economic Survey.

Meristem Securities Limited will on this day hold training on Understanding Financial Market while the Certificate In Entrepreneurial Management (CEM) Training will hold on the same day in Lagos. The Nigerian Economic Summit Group rebranding will take place on this day in Ikoyi, Lagos.

THURSDAY, JULY 11, 2019

The Fintech Institute of Nigeria will on this day hold a training on Cybersecurity Fundamentals: Winning the Cyberwar before it Starts at Victoria Island, Lagos Bankers House, Adeola Hopewell Street, while the Mega Clima Africa Hvac Expo will hold on the same day at Landmark Centre, Lagos, Nigeria.

Trans-Nationawide Express Plc will on this day hold its Annual General Meeting at Airport Hotel, Obafemi Awolowo Way, Ikeja, Lagos, while Secure Electronic Technology Plc will on the same day hold its Annual General Meeting at Events Warehouse, Plot CDE Industrial Crescent, Ilupeju, Lagos.

The LSEG Companies to Inspire Africa 2017/2019 Lagos Launch will hold on this day at Four Point by Sheraton, Victoria Island Lagos, while the Chartered Institute of Arbitrators Nigeria Branch Abuja Chapter will on the same day hold a Mini Lecture Series at JICAM centre, Garki 2, Abuja.

FRIDAY, JULY 12, 2019

The Customer Experience (Cx) West Africa Summit will hold on this day with the theme the Transformational power of Customer Experience Management (CEM) in Business Growth at Lekki, Lagos Lilygate Hotel.


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (24TH TO 28TH JUNE, 2019)

24-Jun-2019

MARKET COMMENTARY

Despite current market liquidity at ₦289.363 billion, the Interbank Call rate advanced 428bps to settle at 8.71% in today’s session. Meanwhile, trading activity in the T-bills space was relatively negative, as average yield in the space advanced 6bps (-2bps w/w). However, in the bond space, trading was mixed with average benchmark yields declining 3bps (-10bps w/w).

MARKET OUTLOOK

Inflation data was released earlier in the week showing a 3bps increase m/m; however, this had minimal impact on investor sentiment. With the current level of system liquidity, we foresee an OMO auction in Monday’s session, leading to a negative close in the secondary market at the start of the week. With no discernable catalyst to boost investor sentiment, we foresee a mixed session in the bond market at the start of the week.

MONDAY, JUNE 24, 2019

The National Bureau of Statistics will on this day release the 2018 Food Security Survey (North East & amp: North West) while the HASD Nigeria Renewable Energy Exhibition will hold on the same day at Mount Royal Centre Hotel, Lagos, Nigeria The Nigerian British Chamber of Commerce (NBCC) will on this day hold its Oil & Gas Group Roundtable, with the theme: Extending the Local Content Concept to all Sectors of the Economy at Four Points by Sheraton Lagos, 2 Oniru Cheftancy Estate, Victoria Island, Lagos while the Arnergy Global Press Conference will hold on the same day with the theme: The Future of clean energy in Nigeria at Marina Hall, Radisson Blu, Victoria Island, Lagos.

TUESDAY, JUNE 25, 2019

The Institute of Director Nigeria will on this day hold the 2019 Fellows Luncheon & Governing Council Elections at Civic Center, Ozumba Mbadiwe Avenue, Victoria Island, Lagos, while the Coastal and Maritime Surveillance will hold on the same day at Four Points by Sheraton Lagos, Lagos. Law Union and Rock Insurance Plc will on this day hold its Annual General Meeting at AGIP Recital Hall, Muson Centre, Onikan, Lagos, while the Digital Africa Conference will hold on the same day with the theme: Africa's Tech Renaissance: Positioning Africa for the Age of Abundance at Baze University, Abuja.

NEM Insurance Plc will on this day hold its Annual General Meeting at Federal Palace Hotel, Ahmadu Bello Way, Victoria Island, Lagos, while the First Nigerian Bioinformatics Conference (FNBC) will hold on the same day with the theme: Bioinformatics in the Era of Genomics in Africa in Lagos, Nigeria at Nigeria Institute of Medical Research, 6 Edmund Crescent off Murtala Mohammed way, Yaba Lagos.

Notore Chemical Industries Plc will on this day hold its Annual General Meeting at Staff Canteen, Notore Industrial Complex, Onne, Rivers State., while the Handmaidens Women in Leadership will hold on the same day with the theme Leading women Building Legacies at Eko Hotel Victoria Island Lagos. The National Bureau of Statistics will on this day release the Job Creation and Labor force statistics: Unemployment and underemployment (Q4 2018-q1 2019) while the British Nigeria Law Forum will hold on the same day with theme: Trend Redefining the Finance Industry: from a Regulatory and Legal Perspective at the Lagos Court of Arbitration, Lekki, Lagos State, Nigeria. The West Africa Gold Conference will hold on this day with theme: Strengthening the Region's Gold value chain, enabling relevant policies and market infrastructure for the gold ecosystem at Eko Hotel & Suites, Victoria Island Lagos, while Enhancing Financial Innovation & Access (Efina) will on the same day hold EFINA Agent Network Business Breakfast at Eko Hotel & Suites, Victoria Island Lagos.

WEDNESDAY, JUNE 26, 2019

UAC of Nigeria Plc will on this day hold its Annual General Meeting at Arthur, Mbanefo Hall, Golden Tulip Hotel, Amuwo Odofin, Lagos, while Nigerian-American Chamber of Commerce (NACC) will on the same day hold a Leadership Development & Team Building Training at Bervidon Training Centre 3B Hakeem Dickson Street Lekki Phase 1, Lagos. Jaiz Bank Plc will on this day hold its Annual General Meeting at Shehu Musa Yar’Adua Center, No. 1, Memorial Drive, Abuja, while the Institute of Chartered Accountants of Nigeria will on the ICAN MCPE Information Technology Sector training at Lagos Airport Hotel, Ikeja.

Union Diagnostic & Clinical Services Plc will on this day hold its Annual General Meeting at Conference Hall, Monty Suits, 37 Edet Akpan Avenue, Uyo, Akwa Ibom State, while the 13th Annual Business Law Conference will hold on the same day with the theme: Growth, Investment, and Employment: Beyond Rhetoric at Eko Hotel & Suites, Victoria Island Lagos. Ikeja Hotels Facts Behind the Listing will hold on this day at NSE, Marina

THURSDAY, JUNE 27, 2019

Total Nigeria Plc will on this day hold its Annual General Meeting at the Grand Banquet Hall, The Civic Centre, Ozumba Mbadiwe Street, Victoria Island, Lagos, while the Nigeria Build Expo Construction & Building Exhibition will hold on the same day at Landmark Center Victoria Island Lagos. Tantalizers Plc will on this day hold its Annual General Meeting at Silas Daniyan Hall, Golden Tulip Hotel, Amuwo Odofin, Mile 2, Lagos, while the Chartered Institute of Personal Management of Nigeria will on same day hold a training on CIPM Training on Strategic Risk Management in HR at CIPM House, CBD, Alausa, Ikeja, Lagos.

Medview Airline Plc will on this day hold its Annual General Meeting at Classique Event Centre, Kudirat Abiola Way, Lagos, while the Institute of Directors will on the same day hold its Annual General Meeting at 8 Cameron Road, Off Alfred Rewane Road, Ikoyi, Lagos. The Nigerian-South Africa Chamber of Commerce (NSACC) will on this day hold its Breakfast Meeting with the theme: Managing Cyber Security Risks In Today’s Business Organizations at ORCHID HALL, Eko Hotel & Suites, Adetokunbo Ademola Street, Victoria Island, Lagos.

FRIDAY, JUNE 28, 2019

The National Bureau of Statistics will on this day release the Federation Account Allocation Committee (FAAC) April 2019 Disbursement Report, while the Africa Edtech Fair Lagos 2019 will hold on the same day with the theme:The Future of Education Technology at Muson Centre, Onikan, Victoria, Island, Lagos. Olashore International School 25th Anniversary Lecture will hold on this day with the theme: Leadership and Social Change: Developing 21st Century Leaders for Africa at MUSON Center, Onikan Lagos, while the Fintech and Blockchain West Africa Summit 2019 will hold on the same day at Landmark Event Centre, Plot 2 & 3, Water Corporation Drive, Victoria Island, Lagos, Nigeria.

The Convention on Business Integrity will hold the 7th Annual Christopher Kolade Lectre on Business Integrity at the Lekki Coliseum, Lagos State.


FORTE OIL’S CORE INVESTOR EYES MINORITY SHARES WITH N22B BID

24-Jun-2019

The new majority core investor in Forte Oil Plc may soon launch a mandatory tender offer (MTO) to take over ordinary shares held by minority shareholders in line with extant rules at the Nigerian capital market. Sources in the know at the weekend told The Nation that the new core investor in Forte Oil, Ignite Investments and Commodities Limited, may launch a tender offer of up to N22.3 billion to takeover shares held by minority shareholders in the downstream oil company.

Ignite Investments and Commodities Limited led by Prudent Energy Services Limited last week completed the acquisition of 74.02 per cent majority equity stake in Forte Oil from the company’s erstwhile chairman, Mr. Femi Otedola. The transaction was valued at about N64 billion. Ignite Investments and Commodities Limited immediately took over the management of the company, new managing director and chief financial officer for the company. The new core investor has also made changes to the board of the company to reflect the new ownership structure.

While details of the MTO remain sketchy at the weekend, sources in the know said the new core investor’s capital market advisers had laid out the inevitability of a takeover bid for minority shares to the new investor. The MTO is in line with the provision of the Section 131 of the Investment and Securities Act (ISA) and Rule 445 of SEC, which make it mandatory for any institution or person that acquires at least 30 per cent of a company to make an MTO to other minority shareholders.

Ignite confirmed that it acquired 74.02 per cent equity stake in Forte Oil, which translates to about 964.097 million ordinary shares of 50 kobo each. Forte Oil has total issued share capital and outstanding shares of 1.302 billion ordinary shares of 50 kobo each. Minority shareholders thus hold 338.38 million ordinary shares of 50 kobo each.

Regulatory filing at the Nigerian Stock Exchange (NSE) indicated that the transaction price for the Ignite-Otedola transaction was N66.01 per share. However, the shares were transferred through cross deals at the negotiated window of the NSE at N66.25 per share. Otedola had in December 2018 announced that he planned to sell his 75 per cent majority equity stake in Forte Oil to Prudent Energy, which will be investing through Ignite Investments and Commodities Limited. Under the terms of an MTO, Ignite is expected to offer to buy the minority shares at the same price it used for the Otedola transaction.

Sources, who preferred anonymity because of potential conflict of interests, however differed on whether Ignite will follow through with a full tender offer or opt to acquire certain percentage of existing minority shareholdings and the relevant price for the MTO.

Many sources said extant rules make it mandatory for the new core investor to make a full tender offer to all minority shareholders at the transaction price for the acquisition that triggered the MTO. They insisted that this was the position of the law and general intent, which was to protect minority shareholders from bogus acquisition deals.

The sources said the transaction price is taken as a fair value for the company, and it takes precedence over current market value which may not reflect the true value and worth of the company. Forte Oil’s share price closed weekend at N31.20 per share, 52.7 per cent below the Iginte-Otedola’s transaction price.

A source, however, said the new core investor may adopt a valuation based on the average trading share price of the company over a given period, usually between 30 days and 60 days. The source also said the new investor may opt for a reasonable percentage of the minority shareholdings, if it does not desire full takeover of the company. Chairman, Ignite Investments and Commodities Limited, Mr Abdulwasiu Sowami, said the acquisition was a strategic investment in his company’s quest continuously to add value to the Nigerian oil and gas industry.

Sowami, who is also the chief executive officer of Prudent Energy Services Limited, said Forte Oil’s next phase of growth will focus on increasing volumes, diversifying business operations, widening distribution networks and extracting potential synergies with partners.

“We look forward to working as part of the Forte Oil family to achieve this growth,” Sowami said.

Source: THE NATION


FMDQ OTC RECORDS N79.61TRN TURNOVER IN 4 MONTHS

12-Jun-2019

FMDQ OTC Securities Exchange recorded a turnover of N79.61 trillion in fixed income and currency markets between January and April. This is contained in the company’s market turnover obtained by News Agency of Nigeria (NAN) in Lagos on Friday. The FMDQ market turnover report showed the turnover on all products traded on the FMDQ secondary market – foreign exchange, treasury bills, bonds (Federal Government, agency, sub-national, corporate and supranational bonds), among others.

The report indicated that Treasury Bills’ (TBs) transactions accounted for N29.94 trillion of the total transactions during the period under review. It was followed by foreign exchange which accounted for N20.06 trillion of the total value, while repurchase/buy back traded N15.01 trillion. The report showed that foreign exchange derivatives trailed with a turnover of N10.19 trillion, while Federal Government Bonds accounted for N3.97 trillion.

NAN reports that 10 banks dominated transactions on the platform during the period under review. The top banks were Stanbic IBTC Bank, United Bank for Africa, Ecobank Nigeria Limited, First Bank of Nigeria, Citibank, Coronation Merchant Bank, Zenith Bank and Wema Bank.

The 10 dealing banks accounted for 77.25 per cent or ₦61.50 trillion of the overall turnover in the market, with the top three accounting for 43.09 per cent or ₦34.31 trillion.


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (10TH TO 15TH JUNE, 2019)

10-Jun-2019

MARKET COMMENTARY

The CBN held off on conducting an OMO auction today, even as system liquidity currently stands at N249.34 billion. The Interbank Call rate advanced by 500bps to 10.00%.

Trading activity in the secondary T-bills market was largely sell-side driven today, with activity concentrated at the mid-long end of the spectrum. Overall, average yield in the T-bills space advanced 25bps at close of trade. Meanwhile, trading in the bond space was relatively quiet, as average bond yield advanced 9bps.

MARKET OUTLOOK

With system liquidity at a decent level of N249 billion, we expect slightly improved sentiment in the T-bills market at week open. However, we expect mixed to negative trading for the remainder of the week as market participants keep an eye on the PMA scheduled to hold on Thursday.

MONDAY, JUNE 10, 2019

Wapic Insurance Plc will on this day hold its Annual General Meeting at the Federal Palace Hotel, VI Lagos while the Africa Hotel Investment & Operations Conference 2019 will hold on the same day at MT MERU Hotel, Arusha, Tanzania.

The National Bureau of Statistics will on this day release the Foreign Trade in Goods Statistics (Q1 2019) while the Nigerian-British Chamber of Commerce will on this day host the 2019 Trade Mission to the United Kingdom, with the theme: Technology and the future of Business at Institute of Director, 116 Poll Mall, London.

TUESDAY, JUNE 11, 2019

Oando Plc will on this day hold its Annual General Meeting at Zinnia Hall, Eko Hotels and Suites, Victoria Island, Lagos while the 2nd edition of the IE Africa Center forum will hold on the same day at Oriental Hotel, Lagos.

Union Bank of Nigeria Plc will on this day hold its Annual General Meeting at the Grand Ballroom, Civic Centre, Lagos while the Institute of Directors Nigeria will on the same day hold the 2019 New Members' Induction at Eko Hotel & Suites, Victoria Island Lagos. The Economic and Financial Crimes Commission will on this day hold the Inauguration Anti-Corruption Summit at Transcorp Hilton Hotel Abuja.

WEDNESDAY, JUNE 12, 2019

The Executive Launch for UPG 2019 will hold on this day in Lagos.

THURSDAY, JUNE 13, 2019

The Chartered Institute of Taxation of Nigeria will on this day hold its 27th Annual General Meeting at Plot 16, Otunba Jobi Fele Way, Central Business District, Alausa - Ikeja, Lagos while the Atinuda Experience will hold on the same day at Harbour Point, 4 Wilmot Point Road, Victoria Island.

NASCON Allied Industries Plc will on this day hold its Annual General Meeting at Civic Centre, Victoria Island, Lagos while Okomu Oil Palm Plc will on the same day hold its Annual General Meeting at Transcorp Hilton Hotel, Abuja.

Eterna Plc will on this day hold its Annual General Meeting at Agip Recital Hall, Muson Centre, Onikan, Lagos.

SATURDAY, JUNE 15, 2019

The National Bureau of Statistics will on this day release the Premium Moto Spirit (Petrol), Price WATCH May 2019, while the Hospitality Industry Conference will be hold the same day with the theme Shaping the future of Hospitality in Nigeria at The Civic Center, Victoria Island, Lagos.


MTN NIGERIA COMMUNICATIONS PLC - LISTING BY INTRODUCTION

16-May-2019

Dealing Members are hereby notified that the entire issued 20,354,513,050 ordinary shares of MTN Nigeria Communications Plc (MTN Nigeria or the Company) will be listed by Introduction on the Premium Board of The Nigerian Stock Exchange (The Exchange) today, Thursday, 16 May 2019 after 01:30 p.m.

The listing is following The Exchange’s approval of the application to list the Company’s entire issued 20,354,513,050 ordinary shares of N0.02 each at N90 per share. The trading symbol of MTN Nigeria is MTNN. Kindly note that MTN Nigeria will hold a Facts Behind the Listing event at The Exchange’s Event Centre by 02:45 p.m., after the market closes.

This is for your information and records update, please.

Signed
Godstime Iwenekhai
Head, Listings Regulation Department


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (13TH TO 18TH MAY, 2019)

13-May-2019

MARKET COMMENTARY

Whilst the CBN did not conduct a liquidity mop-up today, the Interbank Call rate advanced 443bps to settle at 9.14%. Meanwhile, trading in the T-bills secondary market turned positive, with overall yields declining 19bps on average. Buy-side activity was observed on the mid-to-long end of the space. Though trading was largely positive through most of the week, sell-offs on Thursday drove average yields up 9bps w/w. Additionally, trading in the bond market was largely positive, with average benchmark yields declining 15bps. For the week, the bond market, despite weak investor sentiment, saw benchmark bond yields drop 22bps w/w.

MARKET OUTLOOK

Given the current trend observed during the week, we foresee a continuation of positive trading activity at week start. Also, investors will be looking out for April inflation figures at the start of the week. Meanwhile, in the bond space, due to the continued weak investor interest and despite the yield declines on benchmark bonds, we expect a dearth of trading activity in the bond space on Monday.

MONDAY, MAY 13, 2019

The Nigerian Stock Exchange will on the same day hold the NSE Retail Investor Coverage Workshop at the Event Centre Stock Exchange House, 2/4 Customs Street Marina, Lagos.

TUESDAY, MAY 14, 2019

The National Bureau of Statistics will on this day release the Liquefied Petroleum Gas (Cooking Gas) Price watch April 2019, Sectorial Breakdown of credit, Epayment channels and staff strength (Q1 2019)while the Ecobank Female Entrepreneurs Initiative will commence on this day at the Ecobank Academy, 22 Allen Avenue, Opposite Oshopey, Plaza, Ikeja Lagos.

WEDNESDAY, MAY 15, 2019

Renaissance Capital will on this day hold the Pan-Africa 1:1 Investor Conference Lagos, while the Trek Africa Entrepreneurship Conference 2019 will on this day hold the Raising Enterprising African Youths at Presken Hotel Ikeja while the Nigerian Economic Summit Group will on the same day Launch the Better Tax Initiative at Oriental Hotel 3, Lekki- Epe Expressway Victoria Island Lagos.

The Emerging Crisis & Disaster Risk Management Institute will commence the Special Emergency Preparedness Week, Conferment of Fellowship/Hall of Fame Awards/Gala Nite/Induction ceremony at LCCI, Alausa, Ikeja-Lagos, while the Nigerian Association of Petroleum Explorationists, Special Technical Presentation will hold on the same day with the theme: Reminiscences on my 40 plus years Journey in the Oil and Gas Industry in Africa at Eko Hotel & Suites, Victoria Island Lagos. The National Bureau of Statistics will on this day release the Transport Fare watch (May 2018).

THURSDAY, MAY 16, 2019

The Chartered Institute of Bankers of Nigeria will on this day hold the honorary fellowship awards while 11 Plc will on the same day hold its Annual General Meeting at Shell Hall, MUSON Center, Onikan Lagos. The Africa Fintech Foundary will on this day hold the Disrupt 2019 Conference at Landmark Centre, Plot 283 Water Corporation Road, Victoria Island Annex, Lagos, while the 4th Edition of TAMS Productivity Summit will hold on the same day with the theme: Charting Nigerian’s Part to Growth at Musical Society of Nigeria, MUSON, Lagos. The Nigerian - British Chamber of Commerce will on this day hold its May Breakfast Meeting at Lagos Oriental Hotel Victoria Island while Infinity Trust Mortgage Bank Plc will on the same day hold its Annual General Meeting at 4th Floor, Infinity House, 11 Kaura Namoda Street, Area 3, Abuja.

Newrest ASL Nigeria Plc will on this day hold its Annual General Meeting at Golden Tulip, Amuwo Odofin, Lagos while Seplat Petroleum Development Company Plc will on the same day hold its Annual General Meeting at the Civic Center, Ozumba Mbadiwe, Victoria Island, Lagos. The National Bureau of Statistics will on this day release the National Household Kerosine Price watch April 2019 while MTN Investment Case Presentation will hold on the same day in Lagos.

FRIDAY, MAY 17, 2019

The National Bureau of Statistics will on this day release Premium Motor Spirit ( Petrol) Price water March 2019. The Third Edition of Handle It Africa will hold on this day with the theme: Social Media: Extending the Frontiers at Oriental Hotel 3, Lekki- Epe Expressway Victoria Island Lagos while Nigerian Breweries Plc will on the same day hold its Annual General Meeting at MUSON Centre, Onikan, Lagos.

SATURDAY, MAY 18, 2019

T

he Lagos Career Fair 2019 will hold on this day at The Covenant Place Igamu (Beside the National Theatre)


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (6TH TO 11TH MAY, 2019)

06-May-2019

MARKET COMMENTARY

With the CBN opting to further hold off on mopping up system liquidity today, the Interbank Call rate declined another 85bps d/d to settle at 5.29%.

In spite of decent system liquidity levels at session open (estimated at N141.7 billion), trading activity was largely mixed in the T-bills space, with average yields moving in neither direction today. However, supported by relatively decent levels of liquidity throughout the week, average yields on T-bills declined 7bps this week. Meanwhile, trading in the bond space stayed negative, with average yields on benchmark FGN notes advancing 2bps d/d. Specifically, sell-offs were more prevalent at the longer end of the space, whilst demand was observed at the short to mid end. Overall, yields on benchmark bonds advanced 1bp w/w.

MARKET OUTLOOK

Supported by healthy system liquidity, we expect yields to further moderate in the T-bills market at week open. Meanwhile, with investor interest still weak in the bond space, we expect trading to be mixed at week open.

MONDAY, MAY 06, 2019

The Nigeria International Book Fair 2019 will hold on this day at Elili Adebisi Omotola Hall, University of Lagos, Akoka.

TUESDAY, MAY 07, 2019

Sunu Assurances Nigeria Plc will on this day hold its Annual General Meeting at BWC Hotel, 1228 Ahmadu Bello Way, Victoria Island, Lagos while Union Bank Plc will on the same day hold its Annual General Meeting at H.A.B. Fasinro Hall, Lagos City Hall, Catholic Mission Street, Lagos.

The Association of National Accountants of Nigeria (ANAN) will on this day visit the Stock Exchange for a Closing Gong Ceremony.

WEDNESDAY, MAY 08, 2019

AFSIC will on this day hold the Investing in Africa Conference at Park Plaza Westminster, London while the Lagos Architects Forum 2019 will hold on the same day at Oriental Hotel 3, Lekki- Epe Expressway Victoria Island Lagos.

AXA Mansard Insurance Plc will on this day hold its Annual General Meeting at Lagos Oriental Hotel, Victoria Island, Lagos while Wema Bank Plc will on the same day hold its Annual General Meeting at Lagoon Restaurant, 1C Ozumba Mbadiwe, Victoria Island.

The Institute of Chartered Accountant Nigeria will on this day hold its 63rd Induction Ceremony for New Members at 12, Kofo Kasumu Street, Lakeview Estate, Phase 1, Amuwo Odofin, Lagos while North-South Power Listing at the NSE will hold on the same day at Stock Exchange House.

THURSDAY, MAY 09, 2019

Unilever Nigeria Plc will on day hold its Annual General Meeting at Grand Banquet Hall, Civic Centre, Victoria Island, Lagos while Champion Breweries Plc will on the same day hold its Annual General Meeting at Lagoon Restaurants, 1C Ozumba Mbadiwe Street, Victoria Island, Lagos.

National Institute of Marketing Nigeria will on this day hold the Annual Marketing Conference & Annual General Meeting at Presidential Hotel, Port-Harcourt, Rivers State.

FRIDAY, MAY 10, 2019

The National Bureau of Statistics will on this day release Job Creation and Labor force Statistics: unemployment & Underemployment (Q4 2018-Q1 2019) while AIICO Insurance Plc will on the same day hold its Closing Gong at 9th Floor Gallery, Stock Exchange House.

SATURDAY, MAY 11, 2019

The Blockchain Technology for Agriculture will hold on this day at Anthony Village, Lagos TECHPOINT Headquarters, 8 Adebayo Mokuolu Street, Anthony Village.


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (28TH OF APRIL TO 3RD MAY, 2019)

29-Apr-2019

MARKET COMMENTARY

Whilst the CBN continued to hold-off on OMO auctions today, system liquidity moderated, following an FX auction. Accordingly, the Interbank Call rate advanced 10.29% d/d to settle at 16.43%.

Meanwhile, trading in the secondary T-bills market turned mixed with a positive tilt. Particularly, buy interest was concentrated on the mid-dated bills and yields in the space declined 2bps on average. Meanwhile, sell pressure persisted in the bond space amidst weak investor interest. Notably, the yields on benchmark bonds advanced 7bps on average. Overall, whilst trading in the T-bills market was mostly positive this week (declined 24bps on average w/w), yields advanced on average benchmark bonds (up 11bps on average w/w).

MARKET OUTLOOK

While we expect the CBN to further hold off on OMO auctions at week open, we foresee another mixed trading session in the T-bills space as another round of FX auctions constrain liquidity. Conversely, we expect mild sell-offs in the bond market as investors continue profit-taking.

SUNDAY, APRIL 28, 2019

The Nigerian - American Chamber of Commerce 2019 Trade Mission to Silicon Valley will commence on this day with the theme: Turning Promises to Action at Silicon Valley, San Jose, CA, USA while the 2019 GTBank Food and Drink Festival will commence on the same day at Plot 1, Water Corporation Drive, Oniru, Lagos.

MONDAY, APRIL 29, 2019

The Honorable Minister for Industry, Trade and Investment will on this day visit the Nigerian Stock Exchange at Stock Exchange House while the Institute of Chartered Accountant will on the same day hold its 1st Accounting Technology Summit ACCOUNTEKS at Lagos Oriental Hotel, Victoria Island, Lagos.

TUESDAY, APRIL 30, 2019

Central Securities Clearing Securities Plc will on this day hold its Annual General Meeting at Lagoon Restaurant Lagos Nigeria while the Advertising Practioners Council of Nigeria (APCON) will on the same day hold the Launch Beacon for Advertising Practitioners at NAN Media Centre, National Theatre Annex, Iganmu, Lagos.

WEDNESDAY, MAY 1ST, 2019

Data Science Nigeria will on this day commence its training on Career Development Seminar – Building a world-class AI career & Pre-Bootcamp 100 days of Machine Learning and Deep Learning.

THURSDAY, MAY 2ND, 2019

The National Bureau of Statistics will on this day release the Road Transport Data (Q1 2019) & Telecoms Data while Kolobox in Partnership with Rarare will on the same day hold its 1st ever Socio-Investing series at Workstation Victoria Island Lagos.

Capital Hotel Plc will on day hold its Annual General Meeting at Conference Centre, Ladi Kwali Hall Sheraton Abuja Hotel while Phillips Consulting will on the same day hold training on Customer Management.

FRIDAY, MAY 3RD, 2019

FBN Holdings Plc will on this day hold its Annual General Meeting at theGrand Ball Room, Oriental Hotel, 3 Lekki – Epe Expressway, Victoria Island, Lagoswhile Nigerian - American Chamber of Commerce 2Day Practical Agro-Commodity Export Masterclass will hold on the same day with the theme: A Journey through the Value Chain, Finance, Sourcing, Logistics, Warehousing, Shipping & Getting Paid at Multimix Global learning Center, 3/5 Imam Dauda Street off Eric Moore Road by Sunflag, Surulere, Lagos.


OLAM ACQUIRES DANGOTE FLOUR MILLS; DANGFLOUR DECLARES N1.16BN LOSS IN 2018 FYA; TO DELIST

24-Apr-2019

Global food and agri-business leaders, Olam International is set to acquire full ownership of Dangote Flour Mills Plc (DFM), a flour and pasta manufacturer in Nigeria, for US$ 361 million, amid growing demand for bakery and snack foods in the country.

The deal is part of the company’s stated strategy of strengthening its portfolio by investing in proven businesses that have consistently performed and gained market leading position

As part of the purchase, it is expected that DFM’s five strategically located facilities within flour and pasta manufacturing are to be included, as well as its logistics capabilities including access to the ports of Apapa and Calabar.

“The acquisition of Dangote Flour Mills Plc supports the strategy of the Grain and Animal Feed business, one of Olam’s prioritised platforms for growth, to expand our wheat milling capacity in high-growth markets, such as Nigeria,” said K.C. Suresh, managing director and CEO of Olam Grains and Animal Feed.

“We are confident about the growth prospects in this country and this acquisition, doubling our installed capacity here, is evidence of our long-term commitment to the Nigerian economy.

“Since 2010, when we first acquired Crown Flour Mills in Nigeria (pictured), Olam has invested in and grown a world class wheat milling franchise with a strong regional footprint across four countries in Sub-Saharan Africa. Bringing together Olam and Dangote Flour Mills Plc would provide enhanced manufacturing capacity and create synergies with our existing business to deliver improved products to meet customers’ needs in the market,” he added.

The growth in high-quality flour is expected to continue to grow, driven by increased consumption of convenient and affordable wheat-based products, such as bakery, snacks and pasta, which are popular among many Nigerian consumers.

Olam’s and Dangote Flour Mills Plc’s complementary manufacturing footprint would allow a broader reach across the Nigerian population. Olam will further leverage its strengths and scale in global sourcing, freight, risk management and operational excellence to deliver operational and cost efficiencies which in turn would deliver higher value to the Nigerian consumers by supplying them food staples manufactured in Nigeria, at a lower cost.

The proposed transaction would mean Olam acquiring all the outstanding and issued shares of Dangote Flour Mills Plc that it does not currently own through a Scheme of Arrangement. As per the offer terms, the final equity price per share payable to shareholders will be arrived at after adjusting for relevant net debt and net working capital of Dangote Flour Mills Plc.

The transaction is subject to, amongst others, the approval of Dangote Flour Mills Plc’s shareholders, regulatory approvals, the sanction of the Federal High Court of Nigeria, as well as the absence of a material adverse change in Dangote Flour Mills Plc. Upon satisfactory fulfilment of the conditions, Dangote Flour Mills Plc would be delisted from the Nigerian Stock Exchange (NSE).


WHAT TO EXPECT FROM MARKET THIS WEEK (22ND TO 26TH OF APRIL, 2019)

22-Apr-2019

MARKET COMMENTARY

With the CBN further maintaining its pause on OMO auctions, the Interbank Call rate declined 585bps d/d to settle at 9.86%. Supported by buoyant liquidity, demand stayed healthy in the secondary T-bills market, with yields declining 15bps on average today. Similarly, trading in the bond space was mostly positive, amidst a resurgence of demand from domestic players. Overall, average yields on benchmark securities declined 2bps d/d, even as there were still pockets of sell pressure across select securities.

MARKET OUTLOOK

With system liquidity still buoyant, we expect demand to remain decent in the T-bills market after the Easter break. Meanwhile, we expect domestic demand to further sustain the bond market on Tuesday.

MONDAY, APRIL 22, 2019

The National Bureau of Statistics will on this day release the 2018 Food Security Survey (North East) & 2018 Immigration Data

TUESDAY, APRIL 23, 2019

The Lagos FINTECH Week 2019 will commence on this day with the theme: Exploring the Huge Opportunities while the Future Banking Tech Summit will hold same day at the Lagos Continental, Lagos Nigeria.

Afrinvest Limited will on this day hold its Research Training on Sector Value Chain at Four Point by Sheraton while the Financial and Investment Opportunities for Women Conference will hold on the same day at Civic Centre Ozumba Mbadiwe Eti Osa Victoria Island, Lagos.

United Bank for Africa Plc will on this day hold its Annual General Meeting at Eko Hotel and Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island, Lagos while Nigeria-South Africa Chamber of Commerce will on same day hold its April Breakfast Meeting 2019 at IRIS HALL, Eko Hotel & Suites, Adetokunbo Ademola Street, Victoria Island, Lagos. The Chartered Institute of Taxation 21st Annual Tax Conference will commence on this day hold the with the theme: National Development Unlocking the Potentials of Taxation at the Nigerian Airforce Conference Centre & Suites, Abuja.

WEDNESDAY, APRIL 24, 2019

The Nigerian- American Chamber of Commerce will on this day hold the Coconut Investors Forum 2019 at Four Point by Sheraton Hotel, Victoria Island, Lagos while the East Africa Micro Finance Conference 2019 will hold same day with the theme: Assessing the Business Drivers for the Banking & Finance Industry at Crowne Plaza Hotel Nairaobi. Custodian Investment & Allied Insurance Limited will on this day hold its Annual General Meeting at the Civic Center, Ozumba Mbadiwe, Victoria Island, Lagos while the National Bureau of Statistics will on same day release the Daily Energy Generated and Sent Out (Q1, 2018). Phillips Consulting will on this day commence its training on Designing a Performance Management Framework in Lagos Nigeria.

THURSDAY, APRIL 25, 2019

The Global Trade Review West Africa 2019 will hold on this day at Eko Hotel & Suites, Lagos while the IDC CIO Summit 2019 will hold same day with the theme: Strategy for an Era of Multiplied Innovation & Automation at the Lagos Continental Hotel, Victoria Island Lagos.

Access Bank Plc will on this day hold its Annual General Meeting at Balmoral Convention Centre, Federal Palace Hotel, Victoria Island, Lagos while Sterling Bank Plc will on the same day hold its Annual General Meeting at Eko Hotel & Suites, 1415 Adetokunbo Ademola Street, Victoria Island, Lagos.

Ecobank Transnational Incorporated will on this day hold its Annual General Meeting at Conference Centre, Ecobank Pan African Centre, 2365 Boulevard du Mono, Lome, Togo while the Nigerian-American Chamber of Commerce April 2019 Luncheon will hold on the same day at Lagos Oriental Hotel, 3 Lekki Road, Lagos.

FRIDAY, APRIL 26, 2019

Fidelity Bank Plc will on this day hold its Annual General Meeting at the Civic Center, Ozumba Mbadiwe Avenue, Victoria Island, Lagos while Connect Nigeria Business Fair will hold same day at Tafawa Balewa Square, Lagos. FCMB Group Plc will on this day hold its Annual General Meeting at Shell Hall, Muson Centre, Onikan Lagos.


WHAT TO EXPECT FROM MARKET THIS WEEK ( 14TH TO 19TH OF APRIL, 2019)

15-Apr-2019

IMF/WORLD BANK SPRING MEETINGS: GLOBAL GROWTH PROSPECTS LACKLUSTRE

Global and country-level macroeconomic updates by multilateral institutions continued this week during the spring meetings of the World Bank and the International Monetary Fund (IMF). We had analysed the IMF’s report on the Nigerian economy last week, highlighting economic projections and critical reform areas. This week we review global growth prospects and the World Bank’s Bi-Annual Update on the Nigerian economy.

GLOBAL GROWTH FORECAST REVISED DOWNWARDS TO 3.3% IN 2019

In the recently published April 2019 World Economic Outlook (WEO), we saw a third consecutive downward revision to global growth to 3.3% from 3.6% in January 2019. One year ago, the IMF had expected global growth to increase to 3.9% in 2018 and 2019. However, this underperformed projections as growth slowed to 3.6% in 2018 due to trade concerns and tighter financial conditions as interest rates increased in advanced economies. In 2019, diverse risks to global growth are moderating. Monetary policy is now more accommodative in advanced economies, supporting positive sentiments in financial markets and macroeconomic stability in emerging and frontier economies. Similarly, trade tensions are easing as the US and China ceasefire has lasted 3 months, with the conduct of ongoing trade negotiations fueling optimism of a deal. But despite an improving outlook, these concerns are expected to weigh on growth. In advanced economies, growth is projected to slow to 1.8% from 2.2% in 2018, while Emerging and Developing Economies (EMDEs) are projected to see a slight moderation in growth to 4.4% from 4.5% in 2018. The fast-paced expansion in growth among regions is expected to occur in Sub-Saharan Africa and Latin America & the Caribbean. In SSA, growth is expected to increase to 3.5% from 3.0% in 2018 while an increase to 1.4% from 1.0% is expected in Latin America & the Caribbean. However, given that their share of GDP is 8.0%, the impact on global growth is unsurprisingly expected to be mute. Beyond 2019, global growth is expected to recover to 3.6% in 2020, driven by stronger momentum in EMDEs.

NIGERIA’S SHORT TO MEDIUM-TERM ECONOMIC OUTLOOK DOWNBEAT

The latest World Bank update on Nigeria is mostly consistent with the IMF’s consultation on Nigeria. The general theme is one of weak economic momentum over the medium-term, where growth is projected to be below potential, long-term trend and population growth. This has been attributed to weak macroeconomic framework, policy uncertainty and the slow pace of structural reforms in the economy. Some of the issues highlighted are inadequate monetary and fiscal policies which constrain private sector activity, unsustainable fiscal position due to high deficits, a poor business environment, low credit to the private sector and vulnerability to domestic and external shocks. The World Bank suggests a strengthening of fiscal buffers, an alignment of exchange rates and a phasing out of electricity and fuel subsidies as ways to enable growth. Also, the World Bank noted that incentivizing private sector funding of investment in human and physical capital is necessary given the limited scope for capital spending by the FG.

SUNDAY, APRIL 14, 2019

The 2nd Annual International Conference & Exhibition (OGTAN ace 2019) will hold on this day with the theme: Human Capital Development at Eko Hotel & Suites, Victoria Island Lagos.

MONDAY, APRIL 15, 2019

Seed Industry Stakeholders in Africa will on this day commence its conference and exhibition with the theme: Unlocking the Potentials of the Nigerian Seed Industry at the NICON Luxury Hotel Abuja, while the 5th Annual International Academic Conference on Accounting & Finance Seminar will hold on the same day with the theme Contemporary Issues in Business, Accounting & Fintech.

The National Bureau of Statistics will on this day release the 2018 Food Security Survey (North East & North West), CPI and Inflation Report March 2019, Full Year 2018 Air Transportation Data, Liquefied Petroleum Gas(Cooking Gas) Price Watch March 2019, SELECTED FOOD PRICES March 2019, Selected Petroleum Statistics: Oil and Gas Production, Drilling and Development (2018) & Transport Fare Watch (March 2019).

TUESDAY, APRIL 16, 2019

The African Market Research Association (AMRA) will on this day hold the Africa Forum with the theme: Building Tomorrow; Africa Leading at Federal Palace, Lagos Nigeria while Securex West Africa will hold same day at the Landmark Centre, Victoria Island Lagos. McNichols Consolidated Plc will on this day hold its Annual General Meeting at Gift and Gold Events Centre, 58/60 Journalist Estate Road, Arepo, Ogun State.

WEDNESDAY, APRIL 17, 2019

Courteville Business Solutions Plc will on this day hold its Courteville's Middle Management 4th Convocation at 38, Commercial Avenue, Sabo, Yaba while the 5th Exporters Dialogue will hold same day with the theme: Nigeria Trade Policy Stance: Implications for Global Competitiveness at Radisson Blu Hotel Isaac John Street GRA Ikeja, Lagos. AFEX Commodities Exchange Ltd & Proshare Nigeria will on this day hold a tweet chat on Agricultural Commodities as key Vehicle for Investment.

THURSDAY, APRIL 18, 2019

Guaranty Trust Bank Plc will on this day hold its Annual General Meeting at Oriental Hotel, 3, Lekki Road, Victoria Island, Lagos while the 2019 Africa Integrity Prize will hold on the same day at the Lagos Oriental Hotel, Lekki, Nigeria. The Presidential Enabling Business Environment Council will on this day hold the PEBEC Stakeholder Forum at Radisson Blu Hotel, Victoria Island while EFINA/UK High Commission will on this day hold a Presentation of Grants Event at Ozone, Gbagada Lagos. The National Bureau of Statistics will on this day release the 2018 Drug Seizure and Arrest Statistics.

FRIDAY, APRIL 19, 2019

The National Bureau of Statistics will on this day release the Pension Asset & Membership Data (Q1 2019)


FIRM ASKS SEC TO STOP MTN FROM LISTING SHARES ON STOCK MARKET

09-Apr-2019

The law firm of Charles Mekwunye and Co has asked the Securities and Exchange Commission (SEC) to immediately stop telecoms firm, MTN from listing it shares on the Nigerian stock market.The law firm, in a letter dated March 18, 2019 stated that MTN cannot list its shares on the Nigeria stock market due to an ongoing suit before the Supreme Court over the massive divestment of its assets.

The firm noted that MTN had been unfair to the Nigerian public and regulators by not disclosing the pendency of a civil matter over its shares when it recently announced its proposed initial public offer.In the letter to SEC, the law firm said: “We are disappointed that you have refused and/or failed to call MTN to order in light of recent publications relating to its proposed Initial Public Offer (IPO) without any reference whatsoever to the appeal pending before the Supreme Court involving the massive divestment of its assets.

“We consider the move by MTN as unfair, misleading, and calculated attempt as usual to defraud the Nigerian economy and the Nigerian investing public. “Please be advised that under the Nigerian law and jurisprudence, MTN cannot disrespect the Supreme Court by interfering with the subject matter of litigation before the apex court in the land.”

Dr. Charles Mekwunye had in 2008 dragged MTN, Lotus Capital and Stanbic IBTC Asset Management, IHS Holding LTD and INT Towers Ltd before the Federal High Court over alleged breach of contract in the massive divestment of MTN assets. Mekwunye claimed at the lower court that MTN through its appointed nominee, Stanbic IBTC Asset Management and LOTUS Capital defaulted in a share investment agreement with him.He urged the court then, to restrain MTN from listing its shares on the stock market pending the determination of the suit.

But ruling on a preliminary objection raised by MTN on the competence of the suit, the trial Judge, Justice Mojisola Olateru, asked parties in the suit to explore the arbitration clause embedded in the contract.

Dissatisfied with the ruling of the lower court, Mekwunye filed a motion on notice on February 26, 2018 at the Court of Appeal arguing that an arbitration clause in agreement between him and MTN cannot be used to determine the suit involving IHS Holdings Ltd and INT Towers Ltd who are not parties to the arbitration clause.The Court of Appeal in its ruling also asked parties in the suit to pursue arbitration earlier pointed out by the lower court.

Still not satisfied with the ruling of the Court of Appeal, Mekwunye took the matter to the Supreme Court, insisting that the crux of the matter is the failure of the respondents to list MTN shares in NSE in 2011 as agreed by parties and that until the suit is properly determined, MTN ought not to be allowed to list its shares at the stock market.


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (8TH TO 13TH APRIL, 2019)

08-Apr-2019

MARKET COMMENTARY

With the CBN holding off on OMO auctions today, system liquidity improved mildly. On the back of this, the Interbank Call rate declined 442bps to settle at 15.29%. Driven by improved liquidity, trading in the secondary T-bills market turned positive, with buy interest prevalent across the space. Overall, yields declined 7bps on average. Meanwhile, the treasury bills market was mixed with a positive tilt for the week, with yield declining 13bps on average w/w. Similarly, the bond market was mildly bullish, with notable declines on mid-dated bonds and flat trading in the long end of the space. Overall, yields on benchmark bonds declined 2bps on average. Despite this, the bond market trended negative for the week, advancing 24bps on average w/w.

MARKET OUTLOOK

In line with recent trend, we do not foresee an OMO auction on Monday and expect buy interest in the treasury bills market. Similarly, driven by attractive bond yields, we anticipate continued demand in the bond market, albeit milder.

MONDAY, APRIL 08, 2019

The 3rd Lagos NASSI (MSME) Trade Fair will hold on this day with the theme: Expanding the frontiers of MSME through Market Access while the Lagos Theatre Festival will hold on the same day.

TUESDAY, APRIL 09, 2019

The Institute of Directors Nigeria Members Evening will hold on this day with the theme: Business Outlook for 2019 at the IOD Secretariat, 28 Cameroon Road, Ikoyi, Lagos while the Lagos Business School and Insight2Impact Seminar and Networking Event on Digital platforms and the future of financial services in Nigeria will hold at the Lagos Business School, Lekki-Epe Expressway, Ajah – Lagos.

The Nigeria Energy Forum 2019 will on this day hold with the theme Upscaling Clean Energy for Sustainable Development while the IPMA & PMDAN Regional Project Management Conference 2019 will hold on the same day at Radisson Blu Ikeja, Lagos.

WEDNESDAY, APRIL 10, 2019

Meristem Securities Limited will on this day hold a training on Understanding Financial Markets while Economic Associates will on the same day hold a One - Day Conference on Nigeria's Economic Outlook at Radisson Blu Hotel and Anchorage, Ozumba Mbadiwe Avenue, Victoria Island, Lagos.

The Future of Digital Payments in Nigeria will hold this day hold at Oriental Hotel 3, Lekki- Epe Expressway Victoria Island Lagos.

THURSDAY, APRIL 11, 2019

The Accion Africa Board Fellowship Program will on this day hold the Accion Global Leaders Fellowship at Cape Town, South Africa.

The National Bureau of Statistics will on this day release the Nigerian Domestic and Foreign Debt 2018 Report while the Health & Safety & Environment Summit 2019 holds on the same day at Habour Point, 4, Wilmot Road Off Ahmadu Bello Way Victoria Island, Lagos.

The Africa Institution for Leadership and Public Administration (AILPA)will on this day hold an event with the theme Africa New Culture of Innovation at University of Lagos while the EnIPRO Career Summit & Recruitment Fair 2.0holds on the same day at the Main Auditorium University of Lagos.

FinTech Association of Nigeria will on this day hold its Annual General Meeting /Social Meet at the Stock Exchange House 2/4 Customs Street, Marina while the Nigerian-British Chamber of Commerce will on this day hold a training on BFM – Growing Your Business Beyond You at the Oriental Hotel 3, Lekki- Epe Expressway Victoria Island Lagos.

SATURDAY, APRIL 13, 2019

The Institute of Chartered Accountants of Nigeria will on this day hold its 2019 Annual Dinner & Awards at Eko Hotel Convention Centre while the International Youth Summit 2019 will hold same day with the theme: Ending Youth Slavery & Economic Development in Africa at University of Lagos.


LISTING OF ADDITIONAL SHARES ARISING FROM THE SCHEME OF MERGER BETWEEN ACCESS BANK PLC AND DIAMOND BANK PLC

01-Apr-2019

Further to the Market Bulletin of 20 March 2019, with Reference Number: NSE/LARD/LRD/MB19/19/03/20, wherein the market was notified of the suspension of trading in the shares of Diamond Bank Plc, following the Court Sanction of the Scheme of Merger (Scheme) between Access Bank Plc and Diamond Bank Plc, Dealing Members are hereby notified that the National Council of The Nigerian Stock Exchange on Friday, 29 March 2019 approved the listing of 6,617,253,991 ordinary shares of 50 Kobo each of Access Bank Plc resulting from the Scheme.

Consequently, the resultant Scheme shares of 6,617,253,991 ordinary shares of 50 Kobo each of Access Bank Plc, were listed today Monday, 1 April 2019, while the entire 23,160,388,968 ordinary shares of Diamond Bank Plc were delisted from the Daily Official List of The Exchange today Monday, 1 April 2019.

With the listing of the additional 6,617,253,991 ordinary shares arising from the Scheme, the total issued and fully paid up shares of Access Bank Plc has increase from 28,927,971,631 ordinary shares to 35,545,225,622 ordinary shares of 50 Kobo each.

This is for your information and records update, please.

Signed
Godstime Iwenekhai
Head, Listings Regulation Department


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (1ST TO 6TH APRIL, 2019)

01-Apr-2019

MARKET DOWN 124BPS YTD AT THE END OF Q1

In its first significantly positive session of the week, the NSE ASI gained 67bps on Friday, moderating this week’s losses to 31bps. Leading this week’s gainers, the Oil & Gas (+484bps d/d, +356bps w/w) and Consumer Goods (+230bps d/d, +107bps w/w) sectors were also positive for the week, after SEPLAT (+926bps d/d), MOBIL (+471bps), NESTLE (+548bps d/d) and PZ (+316bps d/d) boosted the sector.

Similarly, the Industrial Goods sector (+18bps d/d, -242bps w/w) saw upticks after a gain in CCNN (+474bps) erased losses in WAPCO (579bps d/d). Finally, the Banking sector (-108bps) was the sole loser following declines in GUARANTY (-230bps d/d) and UBA (-128bps d/d).

• With the NSE submission deadline and a flurry of earnings releases driving market activity today, we expect trading next week to resume mixed, with a positive tilt as investors react to company performances.

• Stock Watch: CCNN released its FY’18 results today, posting top line and bottom line figures of ₦31.7 billion (+62% y/y) and at ₦5.7 billion (+78% y/y) respectively. The stock gained 4.74% to settle at ₦19.90, 2.58% above its year open price.

CBN WITHHOLDS OMO AUCTIONS THIS WEEK

• This week, the DMO conducted the March Bond Auction, selling ₦29 billion (₦100 billion offered) across the 5-year, 7-year and 10-year bonds, all at stop rates of 13.50% – lower than the previous month’s auction. On a non-competitive basis however, the DMO also sold ₦36 billion and ₦57 billion on the 5- and 7-year tenors respectively. Surprisingly, for the first time since September 2018, the CBN did not conduct any OMO auction all week, even as ₦61 billion hit the system via OMO maturities on Thursday. Consequently, the Interbank Call rate declined 439bps w/w to settle at 9.86%.

• Meanwhile, in spite of the improved system liquidity brought on by the dearth of CBN mop-ups, the secondary treasury bills market remained largely quiet. Overall, trading trended positive with yields declining 16bps w/w. Notably, the yields on the 111DTM and 272DTM bills declined 106bps and 52bps respectively to settle at 10.91% and 14.09%. Similarly, taking a cue from the MPC’s decision to cut the benchmark rate by 50bps as well as lower stop rates and low sales at the auction, the bond market was bullish this week. Overall, yields declined 13bps on average on benchmark bonds w/w. Specifically, the yields on the 16.2884% FGN MAR 2027 and 12.1493% FGN JUL 2034 declined 13bps and 29bps respectively to settle at 14.25% and 14.06%.

• Barring any OMO auction at week open, we expect further demand in the t-bills market, driven by healthy system liquidity. Meanwhile, we foresee the bond market opening the week on a quiet note, with mild sell-offs later on.

• The Naira depreciated ₦0.25 w/w at the I&E FX Window to settle at ₦360.68 and remained flat w/w at ₦358.50 against the dollar in the parallel market.

• We expect the naira to remain largely stable across the various windows of the currency space as the CBN maintains interventions in the FX market.

MONDAY, APRIL 01, 2019

African Private Equity and Venture Capital will this day hold the 16th Annual AVCA Conference at Radisson Blu, Hotel, Nairaobi Upper Hill Nairobi Kenya while the IOD F&GPC Meeting will hold on the same day in Ikoyi, Lagos.

Access Bank Plc will sound the Closing Gong at the Stock Exchange this day in commemoration of its successful merger with Diamond Bank Plc.

TUESDAY, APRIL 02, 2019

The Abuja Chamber of Commerce & Industry (ACCI) will on this day hold the Waste 2 Wealth Roundtable while the Energy and Power Workshop 2019will hold same day in Lagos, Nigeria.

The Chartered Institute of Personal Management of Nigeria will on this day hold the CIPM Training on Project Management Fundamental while the 2nd PEBEC Awards Ceremony will hold same day at the State House Conference Hall (Old Banquet Hall), Abuja.

WEDNESDAY, APRIL 03, 2019

Investment One will on this day launch its USSD Code. The World HR Summit & Expo will on this day hold at Radisson Blu Hotel, Sandton Johannesburg, South Africa while the Sales Leadership Conference 2019 will hold on the same day with the theme: The Exponential Growth at Muson Center, Lagos.

THURSDAY, APRIL 04, 2019

The Institute of Director will on this day hold the 2019 Women Directors Luncheon while the Nigerian Economic Summit Group will hold the ACADEMIA-INDUSTRY COLLABORATION RETREAT at Liligate Hotel, 2 Olubunmi Owa St, Lekki Phase I, Lagos.

The Women in Management, Business will on this day hold the Lagos Roundtable Lunch with the theme: Positioning for Success in the Workplace at 225B Etim Inyang Crescent Victoria Island Lagos, while Africa’s largest gathering of HR professionals and leaders will hold on the same day at Landmark Event Center Plot 2 & 3, Water Corporation Drive, Victoria Island, Annex.

SATURDAY, APRIL 06, 2019

Covenant Capital will on this day hold the Lagos Business Clinic at the Covenant Chapel behind Enyo Filling Station Former 4th Roundabout Lekki.


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (24TH TO 30TH MARCH, 2019)

25-March-2019

MARKET POSTS FIRST POSITIVE CLOSE IN SEVEN SESSIONS

After recording four negative sessions, the NSE ASI gained 82bps on Friday, erasing this weeks losses to a mere 1bp. The Industrial Goods sector (+172bps) recorded the most gains today, thanks to upticks in CCNN (+450bps) and DANGCEM (+85bps). Similarly, the Banking sector (+137bps) and Consumer Goods sector (+40bps) closed positive after gains in GUARANTY (+373bps), UBA (+130bps), INTBREW (+811bps) and DANGFLOUR (+265bps) outweighed losses in UNITYBNK (-471bps) and PZ (-667%). Finally, the Oil & Gas (-36bps) sector was the sole loser today, following the decline in FO (-107bps).

- Despite a positive close today, we highlight that the sentiment in the market still remains weak. On the back of this, we expect seesaw trading next week, as the interplay between bargain hunting and sell-offs continues.

- Stock Watch: JBERGER released its FY'18 results today posting top line and bottom line figures of N194.6 billion (+37% y/y) and at N6.1 billion (+142% y/y) respectively. The stock closed the week at N27.50.

THE CBN RETURNS ONE-YEAR BILL TO OMO AUCTION

- This week, the CBN mopped up N409 billion in two OMO auctions, while also conducting a PMA on Wednesday, where it sold the full offer of N49 billion. Significantly, Thursday's OMO auction saw the return of the long dated paper, with the 350DTM bill closing at a lowered stop rate of 13.04%, as the CBN mopped up the N121 billion OMO maturity. Similarly, stop rates of the 1-year bill at the PMA closed at 12.35%, with stop rates on the other maturities also closing lower than previous PMA levels. Amidst this, the Interbank Call rate declined 208bps w/w to settle at 14.25%.

- Meanwhile, whilst sentiment was mixed in the secondary T-bills space this week, with see-saw market activity driven by supply and demand, market tilted negative for the week with T-bill yields advancing 23bps on average w/w. Notably, the yields on the 41DTM and 321DTM bills advanced 105bps and 55bps respectively to settle at 11.67% and 14.87%. Meanwhile, the bond market saw a quiet week, with a slightly negative tilt, with benchmark bonds advancing 1bps w/w. Specifically, whilst a sell-off was observed on the 13.98% FGN FEB 2028 bond (yields advanced 14bps to settle at 14.38%), buy interest was noted on the 12.40% FGN MAR 2036 bond, which advanced 11ps to settle at 14.13%.

- We expect the bond market to start the week quiet, as investors await the MPC announcement on Tuesday and the bond auction scheduled for Wednesday. Also, we expect mild demand in the t-bills market in the absence of an OMO auction at week start.

- The Naira depreciated ?0.25 w/w at the I&E FX Window to settle at ?360.43 and remained flat w/w at ?358.50 against the dollar in the parallel market.

- We expect the naira to remain largely stable across the various windows of the currency space as the CBN maintains interventions in the FX market.

SUNDAY, MARCH 24, 2019

The First Bank of Nigeria will on this day hold 125th Anniversary Celebration & Thanksgiving Service at Harbour Point, 4 Wilmot Point Road Victoria Island Lagos.

MONDAY, MARCH 25, 2019

The Central Bank of Nigeria will hold the Monetary Policy Committee Meeting while the Africa CEO Forum Awards will hold same day at Kigali Rwanda.

The Fintech Association of Nigeria will hold the Fintech & Digital Identification for Financial Inclusion at Marrakesh, Morocco while FBN Holdings will sound the Closing Gong at Stock Exchange House.

The National Bureau of Statistics will on this day release the Jamb admitted Candidates by States and Gender within Faculty (2018) while Phillips Consulting will on same day hold training on Cobit 5 Assessor.

TUESDAY, MARCH 26, 2019

The Centre for Financial Journalism will on this day hold its Annual Lecture Series with the theme: Leveraging The African Continental Free Trade Agreement for Nigerias Economic Development while the Nigerian Stock Exchange will on same day hold training on Exchange Traded Derivatives for Compliance Officers.

The Nigerian Stock Exchange will on this day hold training on International Introduction to Securities & Investments Training (CISI UK) while the Fintech Association of Nigeria will on same day hold the FINTECH Capital Market MEETING at Access Bank Head Office.

The Africa Prudential Plc will on this day hold its Annual General Meeting at Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos while the Afriland Properties will on same day hold its Annual General Meeting at The Federal Palace Hotel, Victoria Island, Lagos.

The First Bank of Nigeria will on this day hold the 125th Anniversary Lecture at Eko Hotel Victoria Island, Lagos while the Africa CEO Forum will hold same day at Kigali Rwanda.

WEDNESDAY, MARCH 27, 2019

The Institute of Chartered Accountants of Nigeria will on this day hold the ICAN MCPE training on CONSULTANCY Sector, at Lagos Airport Hotel, Ikeja, Lagos State while the 5th Agrofood Nigeria 2019 will hold same day at Landmark Centre Victoria Island.

THURSDAY, MARCH 28, 2019

The Financial Reporting Council of Nigeria & Institute of Directors Nigeria will on this day hold the Stakeholders Forum on Nigerian Code of Corporate Governance 2018 at Civic Center, Ozumba Mbadiwe Avenue, Victoria Island, Lagos while the Association of Issuing House of Nigeria will on same day hold the2019 Association of Issuing House of Nigeria's Semi-Annual Business Launch at Wheatbaker Hotel, Ikoyi Lagos.

The Fintech Association of Nigeria will on this hold its Annual General Meeting while United Capital Plc will hold same at Civic Center, Ozumba Mbadiwe Street, VI, Lagos.

The Phillips Consulting will on this day hold CIO Breakfast Meeting with the theme Digital Transformation and Cyber Security: The Emerging Trends at Iris Hall, Eko Hotels & Suites, Victoria Island Lagos.

The Nigerian- British Chamber of Commerce will on this day hold the 1st Quarter Members Evening at Landmark Event Centre Victoria Island Lagos while the Nigerian- American Chamber of Commerce will hold Training on Customer Relationship Management at NACC Board Room 19A Sinari Daranijo Street, Off Ajose Adeogun Victoria Island, Lagos.

FRIDAY, MARCH 29, 2019

The Nigerian Stock Exchange will on this day hold training on Automated Trading System (ATS) while Fintech Association of Nigeria will on same day hold Innovate Finance Global Summit at The Guidhall, London, United Kingdom.

The Chartered Institute of Bankers of Nigeria will on this day hold CIBN Research, Strategy and Advocacy Committee (RSA) retreat in Lagos Nigeria while Wema Bank Plc will on this day hold the Wema Bank's Hackaholics at Wema Bank Codeville.

The National Bureau of Statistics will on this day release the 2019 Sustainable Development Goals Indicator, Federation Account Allocation Committee (FAAC) February 2019 Disbursement, and Road Transport Data (Q4, 2018)

SATURDAY, MARCH 30, 2019

The National Bureau of Statistics will on this day release the Labor Force Statistics Volume 2: Unemployment by Sector Report (Q2 2018).


DIAMOND BANK PLC -FULL SUSPENSION OF TRADING IN SHARES

20-Mar-2019

Dealing Members are hereby notified that following the Court Sanction of the Scheme of Merger (Scheme) between Access Bank Plc and Diamond Bank Plc, trading in the shares of Diamond Bank Plc (Diamond Bank or the Bank) has been placed on full suspension on The Nigerian Stock Exchange (“The Exchange”) with effect from today, 20 March 2019.

The suspension is required to prevent trading in the shares of the Bank in order to determine the Bank’s shareholders who will qualify to receive the Scheme consideration. The Bank obtained the Court Sanction of the Scheme on Tuesday, 19 March 2019, being the effective date of the Scheme.

The Bank’s shareholders passed a resolution approving the merger between Diamond Bank and Access Bank Plc at the Court Ordered Meeting of the Bank held on Wednesday, 6 March 2019. The Scheme will result in the delisting of Diamond Bank Plc from the Daily Official List of The Exchange.

This is for your noting.

Signed
Lilian Dako,
For: Head, Listings Regulation Department


DIAMOND BANK - CBN'S FINAL APPROVAL OF PROPOSED SCHEME OF MERGER

18-Mar-2019

Diamond Bank Plc (“the Bank’’) is pleased to announce that the Bank has received the final approval of both the Central Bank of Nigeria and the Securities and Exchange Commission to the proposed Scheme of Merger (‘the Scheme’) between the Bank and Access Bank Plc.

The Scheme is subject to judicial sanction of the Federal High Court.

We will provide further update to the market upon receipt of the court sanction of the Scheme.

Signed
Uzoma Uja
Company Secretary/Legal Adviser


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (17TH TO 23RD MARCH, 2019)

18-Mar-2019

MARKET LOSES 245BPS WOW, YTD TURNS NEGATIVE

To close a broadly negative week, the NSE ASI lost 22bps on Friday leading to a w/w loss of 245bps and turning year-to-date returns negative (-97bps). Notably, the Banking sector (-80bps d/d, -613bps w/w) posted the largest loss on the day and for the week driven by UBA (-261bps d/d) and ACCESS (-252bps). Similarly, Industrial Goods (-5bps d/d. -112bps w/w) and Consumer Goods (-3bps d/d, 43bps w/w) sectors shed points after losses in WAPCO (-39bps) and DANGFLOUR (-97bps). Finally, the Oil & Gas sector (+32bps) was the sole gainer thanks to upticks in OANDO (+174bps) and MOBIL (+61bps).

• Despite a few positive earnings releases, the market sustained its negative performance today. Although we foresee bearish sentiment continuing next week, we expect the sell-offs to ease off leading to a mixed week.

• Stock Watch: ACCESS released its FY’18 results today posting top line and bottom line figures of 542.9 billion (+15% y/y) and at 95.0 billion (+96% y/y) respectively. The stock lost 2.5% to settle at 5.80, 14.7% below its year open price.

T-BILLS PRIMARY MARKET RATES ON THE DECLINE

• Whilst 212 billion was added to system liquidity this week via an OMO maturity, the CBN mopped up 401 billion in an OMO auction on Thursday. In the same vein, the CBN also conducted its bi-monthly PMA, selling the full offer of 89.5 billion, even as subscription hit 600.5 billion. Notably, with the CBN easing up on regular OMOs and holding off on offering the 1-year bill at the OMO auction, stop rates at this week’s auctions moderated sizably, with the 1-year bill closing at a record low of 12.845% (lowest since August 2017). Amidst this, the Interbank Call rate declined 516bps w/w to settle at 11.17%.

• Meanwhile, spurred by lower stop rates at the auction, trading in the treasury bills market was positive this week, with average yields declining in four of five sessions. Overall, T-bill yields declined 29bps on average w/w. Notably, the yields on the 97DTM and 314DTM bills declined 61bps and 74bps respectively to settle at 12.35% and 14.19%. Similarly, there was demand in the bond market with yields on benchmark bonds declining 7bps w/w. Specifically, the yields on the 13.98% FGN FEB 2028 and 16.2499% FGN APR 2037 declined 6bps and 16bps respectively to settle at 14.24% and 14.09%. Notably, some selloffs were observed on a particular bonds with the 12.1493% FGN JUL 2034 bond advancing 17bps to settle at 14.34%.

• Following an adjustment of secondary market rates to auction levels, we expect activities in the T-bills market to turn tepid at the start of next week as investors trade cautiously. Also, we foresee this sentiment trickling in to the bond market leading to a quiet session.

• The Naira appreciated 0.24 w/w at the I&E FX Window to settle at 360.18 and remained flat w/w at 358.50 against the dollar in the parallel market.

• We expect the naira to remain largely stable across the various windows of the currency space as the CBN maintains interventions in the FX market.

SUNDAY, MARCH 17, 2019

Nigerian Breweries Plc will on this hold its Annual General Meeting at MUSON Center, Onikan Lagos.

MONDAY, MARCH 18, 2019

Zenith Bank Plc will on this day hold its Annual General Meeting at Civic Center, Ozumba Mbadiwe Street, VI, Lagos while the SDG Media Forum will hold same day with the theme: Becoming Agent of Sustainability at American Corner CCHub, 294 Herbert Macaulay Way, Yaba Lagos.

TUESDAY, MARCH 19, 2019

The Nigerian- American Chamber of Commerce will on this day hold its BreakFast Meeting at the Lagos Oriental Hotel while the Securities and Exchange Commission will on same day hold the Budget Seminar 2019 at Grand Ball Room, Eko Hotels and Suites, Victoria Island, Lagos.

The Nigerian Stock Exchange will on this day hold the Fintech Foundation Class in Lagos while the Securities & Exchange Commission will on the same day hold its Award Night at the Grand Ball Room Eko Hotel and Suites Victoria Island Lagos.

The Nigerian- British Chamber of Commerce will on this day hold the PropTech Inward Trade Mission at Southern Sun Hotel Ikoyi Lagos while The Nigerian Stock Exchange in partnership with the Global Reporting Initiative (GRI) will on the same day hold a workshop on Sustainability Disclosure Guidelines at the Stock Exchange House.

WEDNESDAY, MARCH 20, 2019

The National Bureau of Statistics will on this day release the Selected Food Prices for February 2019.

THURSDAY, MARCH 21, 2019

The Securities & Exchange Commission of Nigeria will on this day hold Capital Market Committee Meeting (CMC) at Orchid Hall, Eko Hotels and Suites, Victoria Island, Lagos while the Nigerian-British Chamber of Commerce will on same day hold a workshop on BFM – Mental Health Issues & The Workplace at Oriental Hotel 3, Lekki- Epe Expressway Victoria Island Lagos.

The National Bureau of Statistics will on this day release the Transport Fare Watch (February 2019).

FRIDAY, MARCH 22, 2019

The National Bureau of Statistics will on this day release the Sectoral Distribution of Value Added Tax (Q4 2018) while the TEF Entrepreneurship Programme Announcement 2019 will hold on the same day at the Transcorp Hilton Abuja, 1, Aguiyi Ironsi Street, Maitma Abuja.

SATURDAY, MARCH 23, 2019

The Nigerian Stock Exchange will on this day hold a training on ETPs: Maximizing Benefits and Trading Opportunies (CPD) while the Travel Nigeria Expo will hold on the same day at Eko Atlantic Waterfront Victoria Island Lagos.


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (10TH TO 15TH MARCH, 2019)

11-Mar-2019

BUSINESS ENVIRONMENT REFORMS: CAN NIGERIA REGAIN INITIAL STEAM

This week, we turn our attention to the ongoing business environment reforms started by the President Buhari administration in 2016. The Presidential Enabling Business Environment Council (PEBEC) is the institution tasked with the reforms that make it easier to do business in Nigeria. The improvements are expected to come in the form of a reduction in cost, time and procedures in starting and running a business. The overall target at the commencement of the reforms was to improve Nigeria’s ease of doing business rank to the top 100. Since 2016, PEBEC has implemented reforms in three phases (National Action Plans — NAP), mainly along the eight core focus areas of the World Bank’s Ease of Doing Business ranking (EoDB).

The results from the actions taken — three cycles of actions so far — have been mixed. We observed that the largest improvements were in the earlier phases of the programme, as the initial momentum seems to have waned. In the first phase, PEBEC hit the ground running by achieving c.82.0% of its reform targets over a 60-day period from February 2017.

This led to an improvement in Nigeria’s EoDB ranking by 24 places to 145 out of 190 countries. The second 60-day National Action Plan expanded the scope of the reforms to include such areas as Selling to Government, Trade Within Nigeria and Trading Across Borders. The reforms achieved a poor success rate of c.52.0%. Between February and April 2018, the third phase of reforms covered nine indicators and the success rate marginally improved to c.62.0%. These reforms improved Nigeria’s score from 52.03 to 52.89 in the 2019 EoDB rankings, but the country slipped one place to 146 out of 190 countries. We suspect that the slow pace of reforms in the second and third phases had a negative impact on the 2019 ranking.

BUSINESS ENVIRONMENT REFORMS NECESSARY BUT INSUFFICIENT TO ATTRACT FDI

The fourth National Action Plan has been set in motion by PEBEC, and it is intended to cover ten reform areas from March to April 2019. Since the target is to achieve a ranking within the top 100 when the 2020 EoDB ranking is published in October 2019, we make the case for faster and more effective implementation to achieve a better success rate. This is because strong upward movements in the EoDB rankings require that the pace of reforms is faster in Nigeria than in other countries. We also believe PEBEC must look past implementing reforms on paper, the processes must be institutionalised to generate gains. Anecdotal evidence reveals that Nigerian institutions are slow in transitioning to new processes, thus perpetuating inefficiency and corruption, which have always made doing business difficult. We posit that helping institutions attain quicker transition and monitoring their processes post-reforms is necessary for sustainable improvements.

We are yet to see strong improvements in FDI in Nigeria due to the business environment, which remains unaccommodating despite reforms instituted of late. This is because a higher EoDB ranking is not sufficient for increased investment. To attract investment, we believe PEBEC and the FG have to look beyond gains in the ranking as business environment reforms must be complemented by pro-business regulations, accommodative monetary and fiscal policies, and the opening up of sectors to private investment.

SUNDAY, MARCH 10, 2019

The National Bureau of Statistics will on this day release the Annual Postal Services Data 2018, Job Creation Q1-Q4 2018 and Q4, 2018 Terms of Trade Report

MONDAY, MARCH 11, 2019

The Nigeria Bar Association will on this day hold its Monthly General Meeting at Foyer of Lagos High Court, Igbosere, Lagos while JUMIA will on the same day hold the Travel Award at Four Point by Sheraton Lagos.

The National Bureau of Statistics will on this day release the State Disaggregated Mining and Quarrying Data (2018)

TUESDAY, MARCH 12, 2019

The Nigerian Indonesian Chamber of Commerce will on this day hold the 4th edition of Manufacturing & Equipment Expo at Landmark Exhibition Centre, Lagos, while 3rd Edition of Multimodal West Africa, Lagos will hold on the same day at Landmark Exhibition Centre, Lagos.

WEDNESDAY, MARCH 13, 2019

The Abex-OOSA Professionals Chartered Accountants will on this day hold a Strategic Tax Planning Session at Sheraton Hotel Ikeja, Lagos

THURSDAY, MARCH 14, 2019

The Institute of Chartered Accountants of Nigeria will on this day hold the 6th UK Zonal Annual Conference & Gala Night at Western Gateway, Royal Victoria Dock London, while the 2019 Consumer Protection Conference will hold on same day with the theme: Consumer-Education as a Way Forward to Consumer Protection.

The National Bureau of Statistics will on this day release the Prison Statistics 2018, while the Presidential Enabling Business Environmental Council will hold the 3rd PEBEC Ease of Doing Business Regulatory Discussion at Civic Center, Ozumba Mbadiwe Avenue, Victoria Island, Lagos.

FRIDAY, MARCH 15, 2019

The National Bureau of Statistics will on this day release the Automotive Gas Oil (Diesel) Price Watch February 2019, Cpi And Inflation Report February 2019, Liquefied Petroleum Gas (Cooking Gas) Price Water February 2019, National Household Kerosene Price Watch February 2019 And Premium Motor Spirit (Petrol) Price Watch February 2019.

Transcorp Hotel Plc will on this day hold its Annual General Meeting at Transcorp Hilton Abuja, Abuja, while the Sales Bootcamp Nigeria Conference holds on the same day at LCCI, Nuruden Olowopopo Way Alausa.

The Career Expo 2019 will on this day with the theme: “With the Maximizing your Potential” at Muson Center Ikeja.


STANBIC IBTC HOLDINGS PLC - DIVIDEND ANNOUNCEMENT

07-Mar-2019

PROPOSED DIVIDEND

A Final Dividend of N1.50 (One Naira Fifty kobo) per ordinary share of 50 kobo each, that is, N15,360,829,418, subject to deduction of appropriate withholding tax and approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on Wednesday 20 March 2019.

PROPOSED BONUS

NIL

CLOSURE OF REGISTER

The Register of Shareholders will be closed from Thursday 21 March 2019 to Thursday 28 March 2019.

QUALIFICATION DATE

Wednesday 20 March 2019

PAYMENT DATE

On Thursday 20 June 2019, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at close of business on Wednesday 20 March 2019 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

E-DIVIDEND REGISTRATION

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on our Registrars website: https://firstregistrarsnigeria.com/download-forms/, complete and submit to the Registrar or their respective Banks.

UNCLAIMED DIVIDEND WARRANTS AND SHARE CERTIFICATES

Shareholders with dividend warrants and share certificates that have remained unclaimed, or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrars.

DATE OF GENERAL MEETING

The Company’s Annual General Meeting will be held at Eko Hotel & Suites, Adetokunbo Ademola Street, Victoria Island Lagos, on Wednesday 19 June 2019 at 10.00 a.m.

REGISTRAR

First Registrars & Investor Services Limited: Plot 2 Abebe Village Road, Iganmu, Lagos; phone number 01-2701078-9; E-mail info@firstregistrarsnigeria.com; website: www.firstregistrarsnigeria.com

INVESTOR RELATIONS

Head, Investor Relations: Idris Toriola; Phone 01-422 8501; Email: Idris.Toriola@stanbicibtc.com

Signed
Chidi Okezie
Company Secretary


GREAT NEWS: SHAREHOLDERS APPROVE ACCESS-DIAMOND MERGER DEAL

06-Mar-2019

In the fourth edition of Together for You, we're delighted to announce we have secured shareholder approvals for our merger. Following receipt of High Court permission and SEC and CBN regulatory approvals, the merger between Access Bank and Diamond Bank will proceed as planned. At this stage, we expect to launch the new enlarged Access brand and officially start operating as one business on April 1st. We're delighted that shareholders of both companies supported the merger. It is testament to what we have said before: together we are stronger and can offer more opportunities for our employees, more products and services for you, our customers, and more benefits for all our stakeholders. This approval puts us a step closer to becoming a bigger, better and stronger Access Bank, one of Africa's largest banks by a number of customers. Our team of brand experts have been busily working in the background and are making good progress to create a brand that is a fusion of Access Bank and Diamond Bank. This new brand will reflect both banks' shared purpose to help people achieve their dreams and, in doing so, for Africa to take its place on the world stage. As you know from our last message, we're looking at expanding XclusivePlus and DiamondXtra to increase benefits and payouts, as well as growing our branch network to offer even more convenience. Creating even higher standards of customer service is one of our priorities with this proposed merger. And with Access Bank's financial strength and prudence, you can rest assured that your savings are safe. We'll continue to keep you update as the merger process evolves. We're excited to unveil the new enlarged Access Bank soon and offer even more to you. In the meantime, should you have any questions, please speak to your customer relationship manager at Your local branch. God bless. Herbert and Uzoma Signed


WHAT TO EXPECT FROM MARKET THIS WEEK ( 4TH TO 9TH OF MARCH, 2019)

04-Mar-2019

BEARS DOMINATE EQUITY MARKET, ASI DECLINES 212BPS WOW

After a broadly negative week, the Nigerian Bourse gained 34bps today for the second time, leading to a cumulative loss of -212bps w/w. Breaking it down, the Banking (+40bps d/d, -588bps w/w) sectors closed the week down despite recording the highest gains on Friday, thanks to ACCESS (+351bps d/d, -781bps w/w) and UBA (+201bps d/d, -500bps w/w). Similarly, the Oil & Gas (+30bps d/d, -133bps w/w) and Industrial Goods (+26bps d/d, +93bps w/w) sectors ended the day in the green when TOTAL (+526bps d/d, +256bps w/w) and DANGCEM (+67bps d/d, +218bps w/w) moved up. Finally, the Consumer Goods sector (+8bps) gained marginally after upticks in HONYFLOUR (+305bps d/d) and NESTLE (+272bps d/d, -433bps) erased losses in UNILEVER (-561bps d/d, -10.00% w/w) and INTBREW (-476bps d/d, w/w).

• Given the reaction of investors to the election results this week, we highlight the possibility of negative sentiment trickling down into the market next week. That said, we expect bargain hunting to drive positive trading as investors take up undervalued stock leading to a mixed session at week start.

• Stock Watch: CORNERST is the best performing stock on the exchange this week, gaining 19% over three of five sessions. The stock gained 8.70% today to settle at ?0.25, its highest price since September 2018.

YIELDS DECLINE EVEN FURTHER AS POSITIVE TRADING PERSISTS

• The CBN conducted its bi-monthly T-bills PMA on Wednesday, selling its full offer of?115 billion across the 91DTM, 182DTM and 364DTM bills at stop rates of 10.90%, 13.01% and 14.37% (Effective rates: 11.20%, 13.91% and 16.77%) – lower than previous auction levels. Meanwhile, the CBN also slowed down frequency of OMO auctions, conducting just one on Thursday and selling ?1.08 trillion (Offer:?400 billion), across the 91DTM, 182DTM and 364DTM bills at stop rates of 11.90%, 13.50% and 14.30% (Effective rates: 12.26%, 14.47% and 16.68%). Notably, whilst stop rates were unchanged on the 91DTM and 182DTM, they moderated significantly (70bps) on the 364DTM bill. Amidst this, the Interbank Call rate declined 250bps w/w to settle at 16.33%.

• With the CBN continuing the slowdown of aggressive liquidity mop-ups this week, yields declined an average of 148bps w/w in the T-bills secondary market. Particularly, the yields on 27DTM, 188DTM and 342DTM bills declined 264bps w/w, 198bps w/w and 202bps w/w respectively to settle at 9.39%, 12.90% and 15.22%. Similarly, the bond market saw increased participation from both local and foreign investors, leading to stronger demand for securities. Overall, trading was broadly bullish, with yields declining 54bps w/w on average. Specifically, the yields on the 13.98% FGN FEB 2028 and 16.2499% FGN APR 2037 bonds declined 83bps and 63bps respectively w/w to close at 13.86% and 13.84%.

• Given the change in frequency of OMO auctions over the past two weeks, we interpret this as a change in CBN’s liquidity stance and expect this trend to continue. That said, we except demand to remain elevated in the Fixed Income market next week even as investor interest strengthens.

MONDAY, MARCH 04, 2019

The Nigeria Stock Exchange will on this day hold a Fixed Income Workshop at the Stock Exchange House Marina, Lagos, while the Digital Marketing Training for Women will hold on same day at the Civic Innovation Lab in Abuja.

TUESDAY, MARCH 05, 2019

The Information and Data Analytics Foundation (IDAF) will on this day hold its Big Data and Business Analytics Conference at the Radisson Blu Hotel GRA Ikeja, while the International Law Association will hold its 5th Annual Conference at Lekki Peninsula Phase 1, Lagos.

WEDNESDAY, MARCH 06, 2019

The Economist Intelligence Unit Webinar on the subject “US-China trade relations after the deadline: where next?” will hold today.

THURSDAY, MARCH 07, 2019

Vitafoam Nigeria Plc will on this day hold its Annual General Meeting in Ikeja, while Vicacity PR will on same day hold its Glocalisation & Branding Summit at the NAF Conference Center Kado, Abuja

FRIDAY, MARCH 08, 2019

The National Bureau of Statistics will on this day release the Nigerian Ports Statistics: 2018 while the Ladies on Business Summit with the theme Entrepreneurial Struggle will hold on same day in Ikeja.

The Nigeria Stock Exchange will on this day hold the International Women’s Day Symposium 2019 at the Stock Exchange House, while African Alliance Insurance will unveil its New Corporate Identity.

The Lagos Chamber of Commerce and Industry will on this day hold conference themed “Agenda for Buhari’s Administration” at the Commerce House, Victoria Island Lagos

SATURDAY, MARCH 09, 2019

The Gubernatorial Election to elect Governors of States will hold on this day across the nation.


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (25TH OF FEBRUARY TO 1ST MARCH, 2019)

25-Feb-2019

MARKET MODERATES 16BPS TO END A QUIET WEEK

Following a mixed session today, the NSE ASI lost 16bps, taking WTD returns to a 61bps loss. On a sector by sector basis, the Oil & Gas (+89bps d/d, +13bps w/w) and Banking (+48bps d/d, +68bps w/w) sectors ended the week higher, driven by advances in MOBIL (+471bps d/d), TOTAL (+263bps d/d), ZENITHBANK (+178bps d/d) and GUARANTY (+53bps d/d). Meanwhile, the Consumer Goods (-81bps d/d, -153bps w/w) and Industrial Goods (-16bps d/d, -139bps w/w) sectors recorded declines following losses in NB (-303bps d/d), FLOURMILL (242bps d/d), FIRSTALLUM (-645bps d/d) and DANGCEM (-31bps d/d).

• Barring any negative surprises at the polls, we anticipate a positive start to next week’s trading as investors price in improved certainty upon conclusion of the general elections.

• Stock Watch: JAPAULOIL is the best performing stock on the exchange this week, gaining 25% over three of five sessions. The stock gained 8.70% today to settle at ₦0.25, its highest price since September 2018.

T-BILLS TRADES BULLISH AFTER A SLOW-DOWN IN OMO AUCTIONS

• The CBN conducted two OMO auctions this week, selling a total of ₦688 billion from an offer of ₦650 billion on Thursday, whilst there was a No Sale on Monday. Meanwhile, the DMO conducted its February Bond Auction on Wednesday, selling the full allotment of ₦150 billion across the 5-year, 7-year and 10-year maturities at stop rates of 14.52% and 14.79% and 14.94% respectively – lower than previous levels.

• With the CBN reducing the frequency of OMO auctions this week, yields declined an average of 50bps w/w in the treasury bills secondary market. Particularly, the yields on 41DTM and 202DTM bills declined 325bps w/w and 71bps w/w respectively to settle at 10.12% and 15.23%. In contrast, the bond market saw reduced participation from both local and foreign investors, as investors shied away from longer term securities. Overall, trading was mostly quiet, with yields advancing 2bps w/w on average. Specifically, the yields on the 16.2884% FGN MAR 2027 and 16.2499% FGN APR 2037 bonds advanced 6bps w/w apiece to close at 14.73% and 14.48% respectively.

• With the CBN expected to further reduce the pace of OMO auctions, we foresee increased demand in the t-bills space next week. Meanwhile, we anticipate a quiet session at the start of next week, with investors picking up interest towards the week-end.

• The Naira appreciated ₦0.16 w/w at the I&E FX Window to settle at ₦361.49 against the dollar and appreciated ₦2.00 w/w to settle at ₦358.50 in the parallel market.

• We expect the naira to remain largely stable across the various windows of the currency space as the CBN maintains interventions in the FX market.

MONDAY, FEBRUARY 25, 2019

The National Bureau of Statistics will on this day release the Telecoms Data: Active Voice and Internet per State, Porting and Tariff Information (Q3 & AMP: Q4 2018)

TUESDAY, FEBRUARY 26, 2019

The Society of Petroleum Engineers Lagos Section will on this hold Technical Meeting at Oakwood Park Hotel, Lekki-Epe Expressway, by Chevron, Lagos while Meristem Securities Limited will on same day hold training on LBO Modelling

WEDNESDAY, FEBRUARY 27, 2019

The Nigerian British Chamber of Commerce will on this day hold training on Mastering your Personal Finance at ILX Center: 8 Providence Street, Marina, Lekki Phase 1 Lagos while the Chartered Institution of Bankers of Nigeria will on same day hold training on Effective Selling & Negotiation Techniques.

The National Bureau of Statistics will on this day release the Foreign Trade in Goods Statistics (Q4 2018 and full year 2018)

THURSDAY, FEBRUARY 28, 2019

The Nigerian-South Africa Chamber of Commerce will on this day hold February 2019 breakfast meeting at Orchid Hall Eko Hotels & Suites Adetokunbo Ademola Street Victoria Island Lagos while the Nigerian British Chamber of Commerce will on this day hold Micro, Small and Medium Enterprise Clinic at Landmark Event Centre, Victoria Island Lagos

The National Bureau of Statistics will on this day release the Foreign Trade in Goods Statistics (Q4 2018 and full year 2018) and Petroleum Product Imports and Truck out Statistics Q4 2018

FRIDAY, MARCH 01, 2019

The Data Science Nigeria will on this day hold training on Pre-Bootcamp 30days of Mathematics for Machine Learning


NEWREST ASL NIGERIA PLC – VOLUNTARY DELISTING FROM THE DAILY OFFICIAL LIST OF THE EXCHANGE

20-Feb-2019

Dealing Members are hereby notified that Newrest ASL Nigeria Plc (Newrest or the Company) has through its Stockbroker, Helix Securities Limited, submitted an application to The Nigerian Stock Exchange (The Exchange) for voluntary delisting of the entire 634,000,000 ordinary shares of the Company from the Daily Official List of The Exchange as a result of its inability to meet up with the 20% free float requirement of The Exchange.

In line with the provisions of Rule 1.10 of the Rules for Delisting of Equity Securities from the Daily Official List of The Exchange which states that: “The Issuer shall set aside funds sufficient to purchase the interest of all shareholders who expressed their dissent to the resolution to de-list the Issuer; and the Funds shall be domiciled with a Registrar or a Custodian duly registered by and in good standing with the Securities and Exchange Commission”, the Company’s stockbroker has informed The Exchange that it has opened and deposited sufficient funds to settle minority shareholders in an Escrow Account with Zenith Bank Plc to be managed by Meristem Registrars Limited.

This is for your information and necessary action, please.

Signed Godstime Iwenekhai Head, Listings Regulation


STERLING BANK PLC - LINE OF CREDIT FROM ARAB BANK FOR ECONOMIC DEVELOPMENT IN AFRICA (BADEA)

20-Feb-2019

We wish to notify our shareholders and other stakeholders that the Arab Bank for Economic Development in Africa (BADEA) has extended $65 million credit facilities to Sterling Bank Plc. The facilities were granted through two loan agreements signed on Monday, 18th February, 2019 in Cairo, Egypt.

The Director General of BADEA, H.E. (Dr.) Sidi Ould TAH signed the loan agreements on behalf of BADEA while Mr. Yemi Odubiyi, Executive Director, Corporate & Investment Banking signed on behalf of Sterling Bank.

The first line of credit which amounts to $15 million is for the financing of private sector projects while the second facility which amounts to $50 million is for financing Arab exports to African importers, as part of BADEA's programme for financing foreign trade.

Signed
JUSTINA LEWA Company Secretary & Chief Legal Counsel


FIDSON HEALTHCARE – PROPOSED RIGHTS ISSUE

19-Feb-2019

Fidson Healthcare Plc – Proposed Rights Issue of 750,000,000 Ordinary Shares of 0.50K each at N4.00 per Share on the Basis of 1 New Ordinary Share for Every 2 Ordinary Shares Held

Further to our Market Bulletin of 30 January 2019, with reference number: NSE/RD/LRD/MB11/19/01/30, Dealing Members are hereby notified that the Rights Issue of Fidson Healthcare Plc of 750,000,000 Ordinary Shares of 0.50K each at N4.00 per share on the basis of one (1) new ordinary share for every two (2) ordinary shares held as at 28 December 2018, will be opened for subscription as shown below:
Acceptance list opens: Wednesday, 6 March 2019
Acceptance list closes: Tuesday, 9 April 2019

This is for your information and necessary action, please.

Signed
Godstime Iwenekhai
Head, Listings Regulation Department


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (18TH TO 22ND FEBRUARY, 2019)

18-Feb-2019

PRE-ELECTION WEEKENDS ON A POSITIVE NOTE

In its fourth positive session this week, the Nigerian Bourse advanced 81bps d/d, contributing to a 3.76% gain w/w. Strong performances from the Oil & Gas (+594bps w/w) and Consumer Goods (+541bps w/w) sectors were the main drivers of the positive market performance, driven by advances in OANDO (+20.00% w/w), SEPLAT (+10.44% w/w), MOBIL (+222bps w/w), UNILEVER (+17.57% w/w), CADBURY (+15.00% w/w) NB (+641bps w/w) and NESTLE (+433bps w/w). Meanwhile, the Industrial Goods sector (+162bps w/w) was the third largest gainer despite a 104bps loss on Friday, after gains in DANGCEM (+458bps w/w) and WAPCO (+440bps w/w) outweighed a loss in CCNN (-455bps w/w) to boost the sector. Finally, the banking sector (+ 159bps w/w) saw the smallest gains after UBN (+10.40% w/w), ETI (+ 511bps w/w), UBA (+458bps w/w) and ZENITHBANK (+143bps w/w) outweighed losses in GUARANTY (-181bps w/w) and ACCESS (-75bps w/w).

• We expect to see a market rally at the start of the week driven by a return of certainty following the successful conclusion of the presidential election, barring any political unrest from the election results.

• Stock Watch: LIVESTOCK posted strong gains this week, appreciating 44% after green closes in four out of five sessions. The stock gained 9% today to close at ₦0.72, trading at its year-high price with a year - to date return of 47%.

EXPECT A QUIET OPEN TO THE WEEK IN FI MARKET

• This week, the CBN remained active in the Primary market, conducting three OMO auctions and selling c.₦545 billion (₦740 billion offered) across the short, mid and long-dated bills at stop rates of 11.90%, 13.50% and 15.00% respectively. Notably, there was a “No sale” on Tuesday even as investors keyed in bids at same stop rates for the₦65 billion offered. The CBN also conducted its bi-monthly T-bills PMA, offering and selling ₦153 billion across the three bills at stop rates of 10.97%, 13.40% and 14.95% respectively – lower than previous PMA auction stop rates.

• Meanwhile, in the treasury bills secondary market, yields advanced 7bps w/w, with mixed to negative sentiment prevalent in the week. Particularly, whilst the yield on the 27DTM bill advanced 94bps w/w to settle at 12.11%, the yield on the 335DTM bill declined 46bps w/w to settle at 16.66%. The bond space was similarly mixed with a bearish tilt, with yields advancing 8bps w/w on benchmark notes. Specifically, whilst the yield on the 12.50% FGN JAN 2026 bond advanced 19bps w/w to close at 14.83%, the yield on the 10.00% FGN JUL 2030 bond declined 14bps w/w to close at 14.56%.

• With a base expectation of a relatively peaceful and favourable close to the general elections, we anticipate a rally in riskier asset classes and foresee a quiet open to the week in the FI market even as investors begin to take positions ahead of the Bond auction on Wednesday.

• The Naira appreciated ₦0.08 w/w at the I&E FX Window to settle at ₦361.65 and depreciated ₦1.00 w/w to settle at ₦360.50 against the dollar in the parallel market.

MONDAY, FEBRUARY 18, 2019

The National Bureau of Statistics will on this day release the Selected Banking Sector Data, Sectorial Breakdown of Credit, epayment Channels and Staff Strenght (Q4 2018) while the Fate Foundation will on this day hold training on2019 Aspiring Entrepreneurs Digital at Fate Foundation, Lagos Water House Corporation, Ijora.

TUESDAY, FEBRUARY 19, 2019

The National Bureau of Statistics will on this day release the Road Transport Data (Q4 2018) The United States’ NAHB Housing Market Index (Feb) will be released on this day.

WEDNESDAY, FEBRUARY 20, 2019

The AAMEI’s Eco Journalism Academy 2018/9 will on this day hold the Development and Nature-Reporting the Connection at LUFASI Park, Lekki, Lagos State while the United States’ Mortgage Market Index will be released on this day.

THURSDAY, FEBRUARY 21, 2019

The National Bureau of Statistics will on this day release the Gross Domestic Product (GDP) by Expenditure Q1 and Q2 2018

FRIDAY, FEBRUARY 22, 2019

The Nigeria Stock Exchange will on this day launch the Mutual Funds Trading Platform at Stock Exchange House.

The Nigerian General Elections to elect the President and members of the National Assembly will hold on this day across the nation.


LIFTING OF SUSPENSION ON GOLDLINK INSURANCE PLC

18-Feb-2019

We refer to our Market Bulletin dated 5 July 2017, with Reference Number: NSE/LARD/LRD/MB02/05/07/17 by which we notified Dealing Members of the suspension of seventeen (17) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules”), which 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 within twenty- four (24) hours of the suspension.”

Goldlink Insurance Plc (the Company) which was one of the suspended companies, has now filed its outstanding Audited and Interim Financial Statements to The Exchange.

In view of the submission of the Company’s outstanding financial statements and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: “The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”, Dealing members are hereby notified that the suspension placed in the trading of the Company’s shares was lifted today, Monday, 18 February 2019.

This is for your information and records update, please.

Signed
Godstime Iwenekhai
Head, Listings Regulation Department


TRANSCORP HOTELS PLC - NOTICE OF ANNUAL GENERAL MEETING

15-Feb-2019

NOTICE IS HEREBY GIVEN that the Fifth Annual General Meeting (“AGM”) of Transcorp Hotels Plc (“the Company”) will hold at Transcorp Hilton Abuja, 1, Aguiyi Ironsi Street, Maitama, Abuja, on Friday, March 15, 2019, at 3.00 p.m. to transact the following businesses:

ORDINARY BUSINESS

1. To lay before the members, the Audited Financial Statements of the Company for the year ended December 31, 2018 and the Reports of the Directors, Auditors and Audit Committee thereon

2. To declare a Dividend

3. To approve the appointment of Mrs. Owen Omogiafo as a Director

4. To re-elect the following Directors retiring by rotation: Dr. Bakari Wadinga and Hajia Saratu Umar.

5. To authorise Directors to fix the remuneration of the Auditors.

6. To elect/re-elect members of the Statutory Audit Committee.

SPECIAL BUSINESS

7. To fix the remuneration of Directors for the year 2019

8. To consider and if thought it, pass the following resolution as an ordinary resolution of the Company: Change of Use of Bond Proceeds

8.1 That the Board and Management be and are hereby authorized to apply to the Securities and Exchange Commission (SEC) for approval to change the use of the unutilized bond

proceeds of N368 mn (originally allocated to the development of Transcorp Hilton Port-Harcourt) to the upgrade of Transcorp Hilton Abuja.

8.2 That the Board and Management are hereby authorised to complete and execute all necessary documentation required to give effect to the above stated resolution.

Dated this 15th day of February, 2019

BY ORDER OF THE BOARD

Signed
Mrs. Helen Iwuchukwu
Group Company Secretary
FRC/2015/NBA/00000012716
Transcorp Hotels Plc
1, Aguiyi Ironsi Street
Maitama - Abuja


EIGHT FINANCIAL SERVICES STOCKS DOMINATE THE LIST OF 28 STOCKS YOU SHOULD NOT TOUCH

13-Feb-2019

Out of the 169 listed companies on the Nigerian bourse, 28 quoted firms which represent about 17% of the stocks currently listed recorded no price movement as at December 31 2018 as against 37% of such stocks recorded in 2017.

Analysis revealed that out of the 28 stocks; stocks from the financial services sector dominated the list with eight (8) stocks, services follow closely with five (5) stocks, Healthcare and Industrial Goods have three (3) each while ICT, Construction/Real Estate and Consumer Goods have two (2) each.

Agriculture (1), Conglomerate (1) and Oil and Gas (1) also made the list to complete the pack.

S/No

Symbol

Sector

29-Dec-17

31-Dec-18

%Chg

1

ELLAHLAKES

AGRICULTURE

4.26

4.26

0.00%

2

CHELLARAM

CONGLOMERATES

3.08

3.08

0.00%

3

ARBICO

CONSTRUCTION/REAL ESTATE

4.79

4.79

0.00%

4

ROADS

CONSTRUCTION/REAL ESTATE

6.60

6.60

0.00%

5

GOLDBREW

CONSUMER GOODS

0.89

0.89

0.00%

6

UNIONDICON

CONSUMER GOODS

13.45

13.45

0.00%

7

ASOSAVINGS

FINANCIAL SERVICES

0.50

0.50

0.00%

8

FORTISMFB

FINANCIAL SERVICES

2.58

2.58

0.00%

9

GNI

FINANCIAL SERVICES

0.50

0.50

0.00%

10

GOLDINSURE

FINANCIAL SERVICES

0.53

0.53

0.00%

11

NESF

FINANCIAL SERVICES

552.20

552.20

0.00%

12

PRESTIGE

FINANCIAL SERVICES

0.50

0.50

0.00%

13

RESORTSAL

FINANCIAL SERVICES

0.50

0.50

0.00%

14

UNHOMES

FINANCIAL SERVICES

3.02

3.02

0.00%

15

EKOCORP

HEALTHCARE

3.37

3.37

0.00%

16

EVANSMED

HEALTHCARE

0.50

0.50

0.00%

17

NIG-GERMAN

HEALTHCARE

3.62

3.62

0.00%

18

CWG

ICT

2.54

2.54

0.00%

19

OMATEK

ICT

0.50

0.50

0.00%

20

AUSTINLAZ

INDUSTRIAL GOODS

2.09

2.09

0.00%

21

NOTORE

INDUSTRIAL GOODS

62.50

62.50

0.00%

22

PAINTCOM

INDUSTRIAL GOODS

0.59

0.59

0.00%

23

ANINO

OIL AND GAS

0.25

0.25

0.00%

24

ACADEMY

SERVICES

0.50

0.50

0.00%

25

AFROMEDIA

SERVICES

0.50

0.50

0.00%

26

JULI

SERVICES

1.67

1.67

0.00%

27

STUDPRESS

SERVICES

1.99

1.99

0.00%

28

TOURIST

SERVICES

3.50

3.50

0.00%


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (11TH TO 16TH FEBRUARY, 2019)

11-Feb-2019

ASI MAINTAINS GAINING STREAK, UP 292BPS W/W

Following five consecutive sessions in positive territory, the NSE ASI gained 2.92% w/w, following a 31bps d/d uptick at week close. Three key sectors closed in the green, with the Oil & Gas sector (+257bps d/d, +254bps w/w) taking the lead thanks to gains in SEPLAT (+575bps d/d, w/w) and ETERNA (+330bps d/d, 10.59% w/w). Similarly, the Consumer Goods (+123bps d/d, +410bps w/w) and Banking sectors (+121bps d/d, +810bps w/w) recorded strong positive performances after upticks in PZ (+752bps d/d, w/w), NESTLE (+204bps d/d, +563bps w/w), UBA (+408bps d/d, +699bps w/w) and GUARANTY (+171bps d/d, +14.69bps). Conversely, the Industrial Goods sector (-173bps d/d, 66bps w/w) was the only loser for the day and week following declines in DANGCEM (-237bps d/d, w/w) and CCNN (-200bps d/d).

• Positive market performance in the market has been driven by bargain hunters with increased activity from both local and foreign players. We expect the positive trend to persist amid sustained interest on select stocks even as investors position to take advantage of a possible postelection rally.

• Stock Watch: DANGFLOUR is the second best performing stock this week, gaining 18% in four out of five sessions. The stock gained 8% today to close at 6.85, trading at its highest price since March 2018.

OFFSHORE INVESTORS DRIVE BULLISH BOND MARKET

• The CBN retained its tight monetary stance this week, notably selling ?644 billion (?550 billion offered) in four OMO auctions this week, even as a ?315 billion OMO maturity also hit the system. Nonetheless, the Interbank Call rate declined 334bps w/w to 18.67%.

• Following a mixed trading week in the T-bills market with see-saw sentiment throughout the week, yields closed flat w/w with no movements recorded on average across the curve. Particularly, whilst the yield on the 34DTM bill declined 126bps w/w to settle at 11.16%, the yield on the 97DTM bill advanced 105bps w/w to settle at 12.32%. Meanwhile, the bond space recorded another significantly positive week, with average yields on benchmark bonds moderating 25bps w/w (-10bps d/d). Notably, market intelligence credits the surge in demand to increased participation from foreign investors, even as FPI proportion of I&E FX window flows have increased from previous months. Specifically, the yields on the 13.98% FGN FEB 2028 and 12.40% FGN MAR 2036 bonds declined 31bps and 47bps w/w to close at 14.47% and 14.61% respectively.

• Whilst we anticipate continued interest in the bond market amidst a resurgence in FPI inflows, we foresee sustained tepid trading in the Tbills market as the CBN maintains pressure on liquidity.

• The Naira appreciated? 0.98 w/w at the I&E FX Window to settle at ?361.73 and ?3.00 w/w to settle at ?359.50 against the dollar in the parallel market.

• We expect the naira to remain largely stable across the various windows of the currency space as the CBN maintains interventions in the FX market.

MONDAY, FEBRUARY 11, 2019

Tenol Alpha will on this day hold a training on Risk Management in Abuja, while IBFC Alliance Limited will on the same day hold a seminar on Financial Independence Beyond the Career in Victoria Island, Lagos.

TUESDAY, FEBRUARY 12, 2019

The National Bureau of Statistics will on this day release the Nigerian Gross Domestic Product by Output Report (Q4 2018 and Full Year 2018) while Eterna Oil will commemorate its 30th Anniversary at the Nigerian Stock Exchange on the same day.

WEDNESDAY, FEBRUARY 13, 2019

TVC Nigeria will on this day hold the Unveiling of its rebranded TVC News at Ikosi-Ketu Lagos, while the West Africa Trade & Export Finance Conference will hold on the same day at the Eko Hotels & Suites, Lagos.

THURSDAY, FEBRUARY 14, 2019

The Nigerian American Chamber of Commerce will on this day hold a training on Management Skills & Techniques at Victoria Island Lagos.

FRIDAY, FEBRUARY 15, 2019

The National Bureau of Statistics will on this day release the Automatic Gas Oil (Diesel) Price Watch January 2019, CPI and Inflation Report January 2019, Federation Account Allocation Committee (FAAC) January 2019 Disbursement, Liquefied Petroleum Gas (Cooking Gas) Price watch January 2019, National Household Kerosine Price Watch January 2019. Premium Motor Spirit (Petrol) PRICE WATCH January 2019, SELECTED FOOD PRICES January 2019 and Transport Fare Watch (January 2019)

SATURDAY, FEBRUARY 16, 2019

The Nigerian General Elections to elect the President and members of the National Assembly will hold on this day across the nation.


CONSOLIDATED HALLMARK - LISTING OF ADDITIONAL SHARES BY PLACEMENT

08-Feb-2019

Dealing Members are hereby notified that additional 1,130,000,000 ordinary shares of Consolidated Hallmark Insurance Plc (Consolidated Hallmark) were listed on the Daily Official List of The Nigerian Stock Exchange today, Tuesday, 5 February 2019.

The additional shares listed on The Exchange arose from Consolidated Hallmark’s placement of 1,130,000,000 ordinary shares of 50 kobo each at 65 kobo per share.

With this listing of the additional 1,130,000,000 ordinary shares, the total issued and fully paid up shares of Consolidated Hallmark has now increased from 7,000,000,000 to 8,130,000,000 ordinary shares of 50 kobo each.

This is for your information and records update, please.

Signed
Godstime Iwenekhai
Head, Listings Regulation Department


PZ CUSSONS NIGERIA - CLARIFICATION ON RUMOUR

05-Feb-2019

It has come to our notice that a headline is circulating in the social media space "Nigeria PZ-Cussons to withdraw amid tough conditions”. This headline is misleading and creates the impression that PZ has decided to leave Nigeria.

The trading statement issued to the London Stock Exchange was clear on our continue operation in Nigeria “Whilst these condition prevail, we will maintain our strong market shares in the key product categories in Nigeria until growth return to market.” This year 2019, we shall be celebrating 120 years of making life better and adding value to Nigeria.

In our 120 years of doing business in Nigeria, we have faced different conditions and come out stronger at the end of each face.

We confirm to our shareholder, consumer, customers, employees, business partner and stakeholders that Nigeria will remain a market of interest for us and have made no plans to leave Nigeria. Our factories in Ikorodu, Aba and all our distributors center around the country are operational and will continue to be.

Signed
Christos Giannopoulos
CEO PZ Cussons Nigeria Plc


GUINEA INSURANCE DEBUNKS NEWS ITEM TITLED “NAICOM SUSPENDS GUINEA INSURANCE”

04-Feb-2019

Our attention has been drawn to various newspaper publications wherein, it was expressly reported that Guinea Insurance PLC has been suspended by the National Insurance Commission (NAICOM) from writing new businesses on Thursday, 31 January, 2019. According to the newspaper reports, “NAICOM, it was gathered, suspended the company because of its failure to appoint a substantive Managing Director, failure to secure reinsurance treaty, among others.”

On the basis of this, we are constrained as a Company to set the record straight by informing the general public, business associates, shareholders, prospective investors and policyholders that the report posits compelling stand for a rebuttal as the Board of Guinea Insurance PLC had on 15th February 2018 appointed Mr. Babatunde Oshadiya as Managing Director/Chief Executive Officer of the Company and the proposal for his appointment was submitted to NAICOM for approval. The said notification captioned “Guinea Insurance appoints Oshadiya MD/CEO” was uploaded on Nigerian Stock Exchange (NSE) portal and also published in various Nigerian media namely: The Punch, Business Journal, The Authority Daily, Blueprint, Supernews, Newscorner, The Revealer, Businesstodayonline, Inspenonline etc. between 2nd – 7th March, 2018.was published in a press statement.

Meanwhile, on the reinsurance treaty, there is available and incontrovertible evidence showing that Guinea Insurance PLC has a treaty backup for 2019 packaged by its Lead Reinsurance Broker - Glanvill Enthoven Reinsurance Brokers Limited. On 17th December 2018, Glanvill Enthoven Reinsurance Brokers Limited sent the Guinea Insurance PLC 2019 Reinsurance Treaty Cover Notes to the Company; which documents have been duly delivered alongside all contracting signed slips as evident in the acknowledgement letter stamped as “received” by NAICOM on 18th December 2018.

The Board and Management of Guinea Insurance PLC is currently engaging NAICOM with a view to resolving all attendant issues to the said publication within the shortest possible time. We are an upwardly mobile company, peopled with skilled professionals, our strength is made manifest in our passion for high standards; the single-minded determination to emerge a world class enterprise and our conscious obligation to meet regulatory deadlines.

Please take note, this information is also available on our corporate website: www.guineainsurance.com.

signed
For: Guinea Insurance Plc
Godson Ugochukwu
Chairman, Board of Directors


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (4TH TO 9TH FEBRUARY, 2019)

04-Feb-2019

FEBRUARY STARTS ON A MILDLY POSITIVE NOTE, ASI UP 26BPS

Following successive negative performances in four out of five sessions, the ASI posted a mildly positive day on Friday, gaining 26bps d/d, albeit down 2.51% w/w. Meanwhile, the Banking sector (+195bps d/d, -247 w/w) recorded the only green close today, thanks to upticks in UBA (+515bps d/d, -714bps w/w) and ZENITH (+200bps d/d, -22bps w/w). On the other hand, the Industrial Goods sector (-367bps w/w) was the biggest loser for the day and week following declines in CCNN (-833bps d/d, w/w) and WAPCO (-80bps d/d, w/w). Similarly, the Oil & Gas (42bps d/d) and Consumer Goods (-20bps d/d) sectors shed points after losses in SEPLAT (-185bps w/w), DANGFLOUR (-10.17% w/w) and NESTLE (-206bps w/w).

In line with trend in the past few weeks, we see the possibility of a recovery in the market next week driven by bargain hunters. That said, though we expect cautious sentiment to remain prevalent ahead of the elections, we foresee select fund managers taking positions in beaten down stocks as the elections draw closer.

Stock Watch: DANGFLOUR lost 3% today to bring its losses this week to 11%. The stock recorded red closes in three out of five sessions and is currently trading at ?5.80, down 15% YTD (Consumer Goods sector: -7% YTD).

DEMAND PERSISTS IN FI MARKET DESPITE TIGHTENED LIQUIDITY

This week, the CBN sold ?536 billion (?750 billion offered) across three OMO auctions at 11.90%, 13.50% and 15.00% across the short, mid and long term maturities. Similarly, a T-bills PMA was also conducted selling ?255 billion at stop rates of 11.00%, 13.50% and 15.00%. Meanwhile, the DMO conducted the January Bond Auction offering ?150 billion, selling ?117 billion across the 5-yr, 7-yr and 10-yr maturities. Nonetheless, the Interbank Call rate declined 426bps w/w to 11.07%.

Despite the mop ups and lower system liquidity, trading in the treasury bills market remained positive with yields declining 41bps w/w (-25bps d/d). Particularly, yields on the 48DTM and 216DTM bills declined 158bps and 90bps w/w respectively to settle at 9.74% and 14.65%. Meanwhile, trading in the bond space was also positive, with average yields on benchmark bonds moderating 34bps w/w (-17bps d/d). Specifically, yields on the 13.98% FGN FEB 2028 and 12.40% FGN MAR 2036 bonds declined 42bps and 20bps w/w to close at 15.04% and 15.07% respectively.

Despite constant liquidity tightening by the CBN during the week, demand for T-Bills has remained fairly upbeat, thus we expect yields to decline further at the start of the week, albeit marginally. In the bonds space, we foresee further mixed trading with a slant towards buy-side activity.

The Naira depreciated ?0.25 w/w at the I&E FX Window to settle at ?362.71 against the dollar and appreciated ?2.50 w/w to settle at ?360.00 in the parallel market.

We expect the naira to remain largely stable across the various windows of the currency space as the CBN maintains interventions in the FX market.

MONDAY, FEBRUARY 04, 2019

The Emerging Africa Capital Group will on this day launch the book Riding The Eagle - A Guide to Investing in Nigeria by Mrs Oluwatoyin SANNI at the Nigeria Stock Exchange Lagos.

TUESDAY, FEBRUARY 05, 2019

Business Day Nigeria will today host the Inclusion for All: Making Financial Inclusion a reality for Nigeria Seminar as part engagements under the Social Media Week 2019 at the Landmark Event Center, Plot 2 & 3, Water Corporation Drive, Victoria Island, Annex; while the Franco-Nigerian Chamber of Commerce and Industry will on this day hold the Business Breakfast Meeting at IRIS Hall, Eko Hotel and Suites Victoria Island, Lagos.

The CIBN Centre for Financial Studies will on this day hold a Roundtable Session on the Economic Outlook at the Oriental Hotel 3, Lekki- Epe Expressway Victoria Island, Lagos.

WEDNESDAY, FEBRUARY 06, 2019

The National Bureau of Statistics will on this day release the Telecoms Data: Active Voice and Internet per State, Porting and Tariff Information (Q3 & Q4 2018) while NEIMETH International Pharmaceuticals Plc will hold its Annual General Meeting at Oranmiyan Hall, Lagos Airport Hotel Limited, 111 Obafemi Awolowo Way, Ikeja, Lagos

The AFEX Commodities Exchange Limited will on this day hold the Code Cash Crop Engagement at the Landmark Event Centre; while Tech Point Build will on the same day and venue hold the Building for the Next Billion Users.

THURSDAY, FEBRUARY 07, 2019

The Nigerian-American Chamber of Commerce will on this day hold A Breakfast Meeting at the Lagos Oriental Hotel, 3, Lekki Road, Victoria Island, Lagos while the NASD Stakeholders Meeting will hold on the same day at La Scala Restaurant Lagos.

SATURDAY, FEBRUARY 09, 2019

The National Bureau of Statistics will on this day release the Pension Asset and Membership Data (Q4 2018)


FIDSON HEALTHCARE - REVISED TERMS OF RIGHTS ISSUE

31-Jan-2019

Further to the Market Bulletin with Reference Number: NSE/RD/LRD/MB2/18/07/05, dated 5 July 2018 on the above subject matter, Dealing Members are hereby notified that Fidson Healthcare Plc (the Company) has obtained the approval of the Securities and Exchange Commission (SEC) to issue a revised Rights Circular with respect to its Rights Issue.

Kindly recall that the initial terms of the Rights Issue were Nine Hundred Million (900,000,000) ordinary shares of Fifty Kobo (N0.50) each at Five Naira (N5.00) per share, on the basis of three (3) new ordinary shares for every five (5) ordinary shares held as at the close of business on Thursday, 5 July 2018.

The revised terms of the Rights Issue as stated in the SEC approved Rights Circular are now Seven Hundred and Fifty Million (750,000,000) ordinary shares of Fifty Kobo (N0.50) each at Four Naira (N4.00) per share on the basis of one (1) new ordinary share for every two (2) ordinary shares held as at 28 December 2018.

This is for your information and necessary action, please.

Signed
Godstime Iwenekhai
Head, Listings Regulation Department


GREAT NIGERIA INSURANCE PLC: VOLUNTARY DELISTING OF ENTIRE ISSUED SHARE CAPITAL OF THE COMPANY FROM THE DAILY OFFICIAL LIST OF THE NIGERIAN STOCK EXCHANGE

28-Jan-2019

Further to our market bulletin of 13 December 2018 notifying Dealing Members of the approval of the application filed by MBC Securities Limited on behalf of Great Nigeria Insurance Plc (GNI or the Company) for the voluntary delisting of the entire share capital of GNI, please be informed that the entire issued share capital of GNI were today, Friday, 25 January 2019, delisted from the Daily Official List of The Nigerian Stock Exchange.

This is for your information and records update, please.

Signed
Godstime Iwenekhai
Head, Listings Regulation Department


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (27TH JANUARY TO 1ST FEBRUARY, 2019)

28-Jan-2019

NSE ASI EXTENDS POSITIVE TREND, ERASES YTD LOSSES

• After recording gains in four out of five sessions, the ASI posted another positive w/w return, gaining 141bps and erasing YTD losses to 0.01%. Sector-wise, the Banking sector (+410bps d/d, 715 w/w) was the best performer for the day and week following upticks in DIAMOND (+10.00% d/d, w/w), ZENITH (+698bps w/w) and GUARANTY (+798bps w/w). Though unable to erase earlier losses, the and Oil & Gas (+168bps d/d, -132bps w/w) and Industrial Goods (+49bps d/d, -202bps w/w) sectors were in positive territory on Friday thanks to OANDO (+211bps d/d) and DANGCEM (+104bps d/d). Contrarily, the Consumer Goods sector (14bps d/d, -41bps w/w) was the sole loser on the day after declines in PZ (-464bps d/d, w/w) and UNILEVER (-122bps d/d, w/w) dragged the sector.

• While the strong gains from this week create a high chance for bargain hunting across select stocks, we believe trading activities will remain tilted towards buying as more investors begin to take positions in beaten down stocks in anticipation of a dispersion in political clouds post elections.

• STOCK WATCH: FCMB gained 22% w/w after gaining in all five sessions this week. The stock recorded an almost 10% gain in today’s session to close at ?2.15, its highest price since July 2018, and is up 14% YTD (Banking sector: +2% YTD).

TREASURY BILLS REMAINS BULLISH AMIDST LIQUIDITY CONSTRAINTS

• This week, the CBN sold ?787 billion (?1.35 trillion offered) across five OMO auctions every day this week at 11.90%, 13.50% and 15.00% across the short, mid and long term maturities. Notably, the DMO released the long-awaited January Bond Auction Circular by Wednesday indicating an offer of ?150 billion across the 5-year, 7-year and 10-year maturities at next week’s auction. Meanwhile, the Interbank Call rate declined 325bps w/w to close at 12.08%.

• Despite the mop ups and the constrained system liquidity, trading in the treasury bills market remained positive with yields declining 59bps w/w (-5bps d/d). Particularly, yields on the 34DTM and 132DTM bills declined 202bps and 245bps respectively to settle at 12.21% and 12.73%. Meanwhile, trading in the bond space turned mixed, with no movement on average yields w/w. Specifically, whilst yields on the 16.2884% FGN MAR 2027 bond advanced 10bps to settle at 15.14%, the 12.40% 18MAR 2036 bond declined 10bps to close at 15.32% respectively.

• Whilst we anticipate tepid trading in the T-bills space due to liquidity constraints, we foresee modest sell-offs in the bond space as investors prepare to partake in the bond auction scheduled for Wednesday.

• The Naira appreciated ?0.33 w/w at the I&E FX Window to settle at ?362.46 against the dollar and depreciated ?2.00 w/w to settle at ?362.50 in the parallel market.

• We expect the naira to remain largely stable across the various windows of the currency space as the CBN maintains interventions in the FX market.

MONDAY, JANUARY 28, 2019

The National Bureau of Statistics will on this day release the Daily Energy Generated and Sent out Report for Q4 2018 and the Transport Fare Watch (December 2018) while the Nigerian Economic Summit Group will on this day hold the NESG Macroeconomic Outlook Forum at the NESG Summit House, Ikoyi

TUESDAY, JANUARY 29, 2019

The African Newspaper of Nigeria Plc will on this day hold the Unveiling of the New look Tribune and a Symposium at Sheraton Hotel, Lagos while the Lagos Chamber of Commerce and Industry will on this day hold the 2019 Security Meets Business Dialogue at the Commerce House, 1 Idowu Taylor Street Victoria Island Lagos

WEDNESDAY, JANUARY 30, 2019

The National Bureau of Statistics will on this day release the National Survey on Drug use in Nigeria 2017/18

THURSDAY, JANUARY 31, 2019

The South Africa Chamber of Commerce will on this day hold the 2019 Breakfast Forum at the Orchid Hall, Eko Hotel, Lagos while Vantage Forum 2019: A Business & Economic Outlook Event will hold on the same day at PISTIS Conference Centre, Jakande, Lekki, Lagos.

InfoWARE Limited in partnership with AFEX Commodities Exchange Limited will on this day hold the CEO Meets at Idera Hall, Radisson Blu Hotel, 1a, Ozumba Mbadiwe Avenue, Victoria Island, Lagos.

FRIDAY, FEBRUARY 01, 2019

Stanbic IBTC will on this day hold the 2019 Youth Leadership Series while First City Monument Bank will on same day hold the FREE Study Abroad Seminars at Sheraton Hotel & Towers, Ikeja, Lagos State. Data Science Nigeria will on this day hold a “Terragon Hackathon on Look-Alike Challenge”.

Proshare Nigeria will on this day host representatives of AFEX Commodities Exchange Limited for a content & data partnership signing ceremony.


LAFARGE RIGHTS - CHANGE OF CLOSURE DATE

22-Jan-2019

Further to the Market Bulletin with Reference Number: NSE/RD/LRD/MB6/18/12/17, dated 17 December 2018 on the above subject matter, Dealing Members are hereby notified that Lafarge Africa Plc has obtained the approval of the Securities and Exchange Commission to change the closure date of its Rights Issue of Seven Billion, Four Hundred and Thirty Four Million, Three Hundred and Sixty Seven Thousand, Two Hundred and Fifty Six (7,434,367,256) ordinary shares of Fifty Kobo (N0.50) each at Twelve Naira (N12.00) per share, on the basis of six (6) new ordinary shares for every seven (7) ordinary shares held as at 4 December 2018.

The Rights Issue will now close on Monday, 28 January 2019 as against Saturday, 26 January 2019 earlier announced since Saturday, 26 January 2019 is not a business day.

This is for your information and necessary action, please.

Signed
Godstime Iwenekhai
Head, Listings Regulation Department


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (21ST TO 26TH JANUARY, 2019)

21-Jan-2019

ASI Records First Fully Positive Week Since July 2017

• In a positive turn of events, the ASI recorded positive performances every day of this week for the first time since July 2017 leading to a 394bps gain w/w. Continuing this week’s trend, the Industrial Goods sector (+421bps d/d, +12.71% w/w) was the best performer following upticks in CCNN (+913bps d/d, +25.50% w/w), DANGCEM (+258bps d/d, +10.11% w/w) and WAPCO (+199bps d/d, +449bps w/w). Similarly, on Friday, the Consumer Goods (+203bps d/d, +272bps w/w) and Oil & Gas (+9bps d/d, +59bps w/w) sectors gained thanks to NESTLE (+349bps d/d, w/w), NB(+286bps d/d, +385bps w/w) and ETERNA (+114bps d/d, +349bps w/w) . Contrarily, the Banking (-37bps d/d, -104bps w/w) sector was the sole loser for the day and week when gains in UBN (+976bps d/d, 12.50% w/w) and ETI (+145bps d/d, +370bps w/w) were cancelled by losses in UBA (-267bps d/d, -68bps w/w) and GUARANTY (-139bps d/d, -463bps w/w).

• With positive investor sentiment returning to the market this week, we are cautiously optimistic. Whilst we expect buying momentum to fizzle out on cement stocks, we foresee some buy interest in depressed Tier1 banking stocks.

• Stock Watch: DANGCEM gained 10% in four sessions this week. The stock gained 3% today to close at ?194.90 and is up 3% in 2019, underperforming the Industrial Goods sector (9% ytd).

YIELDS DECLINE DESPITE HIGH PRIMARY MARKET ACTIVITIES

• This week, the CBN sold ?575 billion (?700 billion offered) across three OMO auctions on Monday, Tuesday and Thursday at the 11.90%, 13.50% and 15.00% across three maturities. The CBN also sold ?152 billion (?225 billion offered) at its bi-weekly PMA, raising the stop rates across the three maturities from previous PMA levels to 11.00%, 13.10% and 15.00%. Meanwhile, the Interbank Call rate declined 467bps to closs at 15.33% w/w.

• Despite the mop ups and the consequently constrained system liquidity, trading in the treasury bills market was positive with yields declining 42bps w/w (-21bps d/d). Particular, the yields on the 62DTM and 132DTM bills declined 213bps and 220bps respectively to settle at 12.32% and 11.63%. Meanwhile, trading in the bond space was also positive, with yields declining 7bps w/w (+10bps d/d). Specifically, the yields on the 16.2884% FGN MAR 2027 and 12.40% 18-MAR-2036 bonds declined 34bps and 25bps respectively to close at 15.04% and 15.26% respectively.

• We expect the anticipated release of the bond calendar on Monday to spur mild sell-offs in the bond space, whilst tepid trading is expected to continue in the T-bills space due to liquidity constraints. Meanwhile, trading activities will also be directed by the Monetary Policy Committee meeting and a bond auction scheduled for midweek.

• The Naira appreciated ?2.15 w/w at the I&E FX Window to settle at ?362.79 against the dollar and appreciated ? 0.50 w/w to settle at ?360.50 in the parallel market.

• We expect the naira to remain relatively stable across the various windows of the currency space as the CBN maintains interventions in the FX market.

MONDAY, JANUARY 21, 2019

The Central Bank of Nigeria will on this day hold the 265th Meeting of the Monetary Policy Committee (MPC) at MPC Meeting Room, 11th Floor, Wing C, CBN Corporate Headquarters, Abuja.

TUESDAY, JANUARY 22, 2019

The NESG will on this day hold the UK-Nigeria Climate Finance Accelerator Workshop at No. 3, Idejo Street, Opposite ICON House, Off Adeola Odeku Street, and Victoria Island while the 8th NIMASA/NIALS Strategic Admiralty Law Seminar for Judges will hold same day at the Radisson Blu, Victoria Island, Lagos.

WEDNESDAY, JANUARY 23, 2019

The Climate Finance Accelerator will on this day continue the UK-Nigeria Climate Finance Accelerator Workshop at No. 3, Idejo Street, Opposite ICON House, Off Adeola Odeku Street, Victoria Island while West African International Petroleum Exhibition and Conference will hold same at Eko Hotels and Suites, Lagos

THURSDAY, JANUARY 24, 2019

The Nigeria-British Chamber of Commerce will on this day hold the 2019 Economic Outlook at the Function Room 1, Lagos Oriental Hotel Lekki-Epe Expressway, Lagos; while Smart Entrepreneur Nigeria will on this day hold the Smart Enterprise Session at Light House Cinemas, 91 Murtala Muhammed Way Lagos

The Chartered Institute of Taxation of Nigeria will on this day hold the CITN Federal Government of Nigeria 2019 Budget Seminar at CITN Multi-purpose Hall Tax Professionals House, plot 16, Otunba Jobi Fele way, Central Business District, Alausa-Ikeja, Lagos while the International Produced Water Conference and Exhibition Africa will hold same day at the Oriental Hotel, Lagos, Nigeria

FRIDAY, JANUARY 25, 2019

Investment One will on this day hold its Digital Banking Launch at Radisson Blu Hotel Victoria Island Lagos.

SATURDAY, JANUARY 26, 2019

The iSucceed series will on this day hold the Lagos Enterprise Summit at Habour Point 4 Wilmot Point Road, Off Ahmadu Bello Way, Victoria Island, Lagos.


ACCESS BANK PLC - UPDATE ON PROPOSED MERGER WITH DIAMOND BANK PLC

18-Jan-2019

Access Bank Plc ("Access Sank") hereby notifies The Nigerian Stock Exchange that the Bank has received both the Central Bank of Nigeria's and Securities & Exchange Commission's Approval-in-Principle for the proposed Scheme of Merger ("the Scheme') between Access Bank and Diamond Bank Plc ("Diamond Bank").

The Scheme is also subject to the approval of the respective shareholders of Access Bank and Diamond Sank at a Court-Ordered Meeting; as well as the sanction of the Federal High Court.

Further details will be communicated to the market upon relevant approvals from shareholders and regulators.

COMPANY SECRETARY
Access Bank Plc


C & I LEASING PLC: LIFTING OF SUSPENSION ON TRADING IN SHARES

16-Jan-2019

Dealing Members are hereby notified that the full suspension placed on trading in the shares of C & I Leasing Plc (C & I Leasing or the Company) was lifted today, 14 January 2019.

The shares of the Company were placed on full suspension on 13 December 2018 to enable the Registrars update the register of members, sequel to the share capital reconstruction exercise embarked upon by the Company.

C & I Leasing has notified The Exchange that the reconstruction exercise has been completed and the shareholders’ register updated. Consequently the suspension placed on the Company’s shares was lifted today, Monday, 14 January 2019. Trading in the shares of the Company has resumed.

The outstanding shares of C & I Leasing before the reconstruction exercise was 1,882,818,912 of 50 Kobo each. With the conclusion of this exercise, the total outstanding ordinary shares of C & I Leasing is 404,252,500 ordinary shares of 50 Kobo each.

This is for your information and update.

Signed
Godstime Iwenekhai
Head, Listings Regulation Department


GREAT NIGERIA INSUR PLC - NOTICE TO SHAREHOLDERS ON VOLUNTARY DELISTING

24-Dec-2018

This public notice is issued pursuant to the Listing rules of the Nigerian Stock Exchange ("the NSE" or "The Exchange"). Further to the application made to The Exchange by Great Nigeria Insurance Plc ("GNI Plc" or the "Company") on the Voluntary Delisting of the Company from the Exchange as recommended by the Board of Directors (the "Board"), The Exchange approved the delisting application subject to GNI Plc's evidence of opening an escrow account in the registrar's name and evidence that shareholders who have accepted to exit have been paid.

Subsequently, GNI Plc has opened an escrow account with GTL Registrars and Data Solutions Limited and provided sufficient funds to shareholders who as at October 24, 2018 have accepted the Exit Consideration of NO.50 per share ("Exit Consideration") based on the highest price of NO.50 at which GNI Plc. has traded in the last 6 months preceding the date of the AGM/EGM where the resolution to de-list was passed.

Transaction Rationale: Through the Voluntary Delisting of GNI Plc, the Directors of the Company would be exercising a regulatory provision that will shield the Company from any enforcement of action that the Exchange may effect, for example by way of a Regulatory Delisting in light of the outstanding Free Float deficiency. Furthermore, through the delisting process, the Company would be providing an Exit Opportunity to minority shareholders who do not want to remain in an unlisted company. Over the last 5 years, there is little or no trading activity on the shares held by the minority shareholders. There has also been a considerable fall in trading volumes over the last twelve (12) months with an average daily volume of circa 1,200 units during the period March 2017 to March 2018. Shareholders are not benefiting from the continued listing as they are not getting any exit opportunity and their investments have been locked up and they find it difficult to dispose of their shareholding.

Neither has the company benefitted from listing on the Exchange as the company's shares continue to trade at a significant discount to the intrinsic value. Moreover, the Company is bearing unnecessary cost in complying with its listing obligations.

Escrow Account and Procedure for Settlement: The consideration accruing to shareholders of GNI Plc that elect to accept the Exit Consideration have been computed as at October 24, 2018 ("the Collation Date"). The cash consideration will be settled by way of electronic transfer to the respective bank accounts of Shareholders and it's expected to be completed on or before 31 December 2018.

Background on GNI Plc: GNI Plc is one of Nigeria's foremost Insurance firms with a composite license that allows it to underwrite Life and General insurance business. The Company started its operations in 1960, and has accumulated over 55 years of insurance underwriting, financial advisory and real estate investments. The Company's registered office is 8, Omo-Osagie Street, off Awolowo Way, Ikoyi, Lagos State, Nigeria. The issued, subscribed and paid-up equity share capital of the Company is N1,913,742,190, made up of 3,827,485,380 units ordinary shares.

Signed
Mrs. Olajumoke Bakare
First Almond Attorneys
FRC/2013/NBA/00000001439
Company Secretary


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (24TH 2018 TO 28TH 2018)

24-Dec-2018

ASI POSTS FIRST POSITIVE W/W CLOSE IN 7 WEEKS

• In spite of a 9bps moderation on Friday and mixed market performances through the week, the All-Share Index ended the week 33bps up, the first positive w/w close since 9th November 2018. Leading gainers today and for the week was the Oil & Gas sector (+182bps d/d, spurred by advances in FO (18.05% w/w) and MOBIL (18.01% w/w). Likewise, the Consumer Goods (+90bps d/d, +92bps w/w) and the Industrial Goods (+30bps d/d, +114bps w/w) sectors ended the week higher, buoyed by advances in HONYFLOUR (12.61% w/w) and DANGSUGAR (+526bps w/w), DANGCEM (+108bps w/w) and CCNN (+13.38% w/w). The Banking sector however fell 54bps today, ending the week 220bps lower, following declines in ACCESS (-537bps w/w) and ETI (-550bps w/w).

• With more visible bargain hunting on the exchange, we anticipate a slightly positive start to next week’s trading as investors continue to snap up down beaten stocks.

• Stock Watch: UNITYBNK has been on an uptrend this week with four consecutive positive sessions, gaining 39% w/w to settle at ₦0.96. The stock currently trades at 81% above its year open price, outperforming the banking sector (-15%).

FI YIELDS MODERATE DESPITE SUSTAINED MOP-UPS

• In spite of the CBN’s tight monetary stance, the interbank call rate declined 290bps w/w to settle at 21.67% on Friday. Overall, the CBN sold ₦560 billion in OMO auctions this week, including ₦196 billion at a special OMO on Thursday.

• Meanwhile, despite the multiple auctions, yields declined 5bps d/d and w/w on average in the treasury market. Specifically, yields on the 181DTM and 258DTM bills advanced 88bps w/w and 57bps w/w respectively to settle at 13.27% and 16.27%. Likewise, yields declined 6bps d/d & w/w on benchmark bonds, spurred by lower-than expected rates on the 10-year bond at Wednesday’s Primary Market Auction. Specifically, the yields on the 13.98% FGN FEB 2028 and 12.15% FGN JUL 2034 bonds declined 18bps w/w and 11bps w/w respectively to settle at 15.64% and 15.60%.

• We expect the CBN to resume with liquidity mop-ups next week and foresee slowdowns in demand at the secondary FI market next week.

• The Naira appreciated ₦0.69 w/w at the I&E FX Window to settle at ₦364.54 against the dollar and declined ₦1.00 against the dollar to settle at ₦363.50 w/w in the parallel market.

• Despite increased pressure on the currency during the festive season, we expect the naira to remain relatively stable across the various windows of the currency space as the CBN maintains interventions in the FX market.

MONDAY, DECEMBER 24, 2018

The National Bureau of Statistics will this day release the Labour Force Statistics - Volume 2: Unemployment and Underemployment (Q4 2017- Q3 2018), as well as Road Transport Data for Q3, 2018. The United States 3-Month Bill, 6-Month Bill and 2-Year Note Auction will be hold on this day.

THURSDAY, DECEMBER 27, 2018

The National Bureau of Statistics will release the Federation Account Allocation Committee (FAAC) November 2018 Disbursement Report on this day. The United States CB Consumer Confidence for December 2018 will be released this day.

FRIDAY, DECEMBER 28, 2018

The National Bureau of Statistics will this day release the Sectorial Distribution of Value Added Tax Report for Q3 2018. The Nigerian Stock Exchange will this day hold the 2018 Year End Closing Ceremony.


LAFARGE AFRICA PLC ANNOUNCEMENT OF OPENING & CLOSURE DATES OF RIGHTS ISSUE

18-Dec-2018

Lafarge Africa Plc (“Lafarge Africa”) hereby notifies The Nigerian Stock Exchange of the clearance by The Securities and Exchange Commission (SEC) to open its announced N89.2 billion Rights Issue.

The offer opens on Monday 17th December, 2018 and will close on Wednesday 23rd January, 2019.

Lafarge Africa will raise N89.2 billion by way of a Rights Issue of 7,434,367,256 shares at N12.00 per share, by issuing 6 new shares for every 7 shares held by shareholders as at 4th December, 2018 which is the Qualification Date.

FOR: LAFARGE AFRICA PLC
Signed
Adewunmi Alode
Company Secretary


SKYWAY AVIATION HANDLING COMPANY - EXTENSION OF OFFER PERIOD OF INITIAL PUBLIC OFFERING

17-Dec-2018

Skyway Aviation Handling Company Plc: Initial Public Offering by way of an Offer for Sale of 406,074,000 ordinary shares of 50kobo each at N4.65 Per share (The “Offer” or “IPO”) Dealing Members are hereby notified that Skyway Aviation Handling Company Plc has obtained the approval of the Securities and Exchange Commission (SEC) to extend the Offer period of its Initial Public Offering by way of an Offer for Sale of 406,074,000 ordinary shares of 50 kobo each at N4.65 per share by twelve (12) working days.

With this approval, the Offer initially scheduled to close on Wednesday, 19 December 2018 will now close on Wednesday, 09 January 2019.

This is for your information and necessary action, please.

Godstime Iwenekhai
Signed
Head, Listings Regulation Department


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (17TH 2018 TO 21ST 2018)

17-Dec-2018

EXTERNAL SECTOR VULNERABILITIES RESURFACE AS TRADE SURPLUS AND INVESTMENT DECLINE

There were multiple macroeconomic data releases to analyze this week. The Q3:2018 GDP report which was published on Monday showed an improvement in economic growth to 1.8% (Q2: 1.5%), although the overall economy remained fragile. We published our GDP note earlier in the week, so we will restrict our analysis to other data released during the week such as the trade and investment report for Q3:2018 and November inflation data. The trends we observed in these data were mostly discomforting, especially in the external sector due to unfavourable global and domestic conditions. The trade report for Q3:2018 showed a decline in the trade surplus, although this can mainly be attributed to a temporary surge in imports due to a large-sized one-off capital goods item. The capital importation data for Q3:2018 confirmed our suspicions of intensifying capital outflows. At the end of the week, the inflation report released showed a quicker pace of price increases, after a surprising slowdown in October 2018.

HEALTHY IMPORTS GROWTH WEAKENS TRADE SURPLUS

Total goods trade expanded by 48.8% to N9.0tn in Q3:2018, the fastest pace of increase since Q1:2017, due to a broad-based expansion in imports and exports. However, as imports rose at a faster pace than exports, trade surplus moderated by 37.4% to settle at N681.3bn which is its weakest level since the N1.1tn recorded in Q3:2017. The expansion in imports by 67.7% to N4.2tn was the quickest quarterly expansion since Q1:2010 based on CBN trade data. However, this was largely due to the importation of a vessel which is suspected to be linked to the Egina FPSO expected to come online soon. Stripped of this one-off purchase, imports still showed a healthy growth of 19.0% which is the fastest in six quarters. This is perhaps a signal that consumer spending is gradually picking up, consistent with the improvement in Q3:2018 trade GDP. On the other hand, exports expanded 35.7% Y-o-Y to N4.9tn which is at a slower pace compared with the previous two quarters. This was mainly driven by a 45.9% Y-o-Y increase in average oil price to US$75.5/b (Q3:2017 — US$51.7/b), which offset a 4.0% Y-o-Y contraction in oil production to 1.94mb/d. However, on a quarter-on-quarter basis, exports growth of 7.8%signals a recovery from the contraction recorded in the previous month. We attribute this almost entirely to higher oil production (1.94mb/d in Q3 vs 1.84mb/d in Q2:2018) as oil prices rose marginally by 1.3%.

Looking at the composition of exports and imports, we saw weak but positive trends. There was a strong growth of 36.6% Y-o-Y in the value of petroleum products imported to N1.0tn, more than double what was recorded in the previous quarter. Meanwhile, for non-oil imports, the importation of consumer goods and food & beverage consumed by households showed impressive growth. There was also a soft growth in the importation of intermediate inputs used in manufacturing. For exports, non-oil exports (3.4% of total exports) saw impressive growth of 34.1% Y-o-Y to N163.3bn in Q3:2018. However, this is very weak in comparison with historic highs and the value of non-oil exports in Q1 (N577.6bn) and Q2:2018 (N218.6bn).

FOREIGN PORTFOLIO INVESTMENT SLUMPS TO 5-QUARTER LOW

Unsurprisingly, the total capital imported into Nigeria declined 31.1% Y-o-Y to US$2.9bn in Q3:2018, the weakest level in five quarters. On a quarterly basis, there was a sharper decline of 48.2% in total capital imported from US$5.5bn in Q2:2018. This was mainly driven by a marked slowdown in portfolio investment which contracted 58.2% and 37.7% on Q-o-Q and Y-o-Y basis respectively to US$1.7bn (Q2:2018 at US$4.2bn & Q3:2017 at US$2.8bn). As we had expected and hinted several times, there was a broad-based decline in portfolio investment in Q3:2018. Foreign Portfolio Investment (FPI) in equity declined 58.2% and 38.8% on Q-o-Q and Y-o-Y basis respectively to US$394m — the weakest since Q1:2017. This can be attributed to lower foreign investor participation due to political risks domestically and higher interest rates in advanced economies. We observed a similar trend for both money market instruments and bonds where there was also a deep contraction despite an uptrend in yields. Total loans imported also contracted sharply to US$561m, 50.0% and 41.3% lower on Q-o-Q and Y-o-Y basis respectively. We believe the decline in loans imported also reflected the higher interest rate environment in advanced economies.

Notably, for the fourth consecutive quarter, money market instruments continued to be the largest destination of foreign capital with a share of 45.2% of total capital imported. We believe this is due to relatively attractive yields in the segment, compared with little movement in bond yields and a bearish run in the equities market. It is also a sign that foreign investors are more comfortable with local currency assets in the short-term, rather than the long-term potentials of the economy. However, on a positive note, FDI more than doubled to US$530.6m in Q3:2018 — the highest in three years — but this is barely 18.6% of total capital imported. To achieve stronger growth and employment, there is a need for significantly higher levels of FDI. We reiterate that both ease of doing business and industry specific reforms are required to unlock foreign capital.

Overall, we expect the decline in trade surplus and investment to have a deleterious impact on Nigeria’s current account surplus in Q3:2018. We note that this was already reflected in the sharp moderation in external reserves in the period and afterwards

MONDAY, DECEMBER 17, 2018

The National Bureau of Statistics will on this day release the Job Creation Q1, Q2 2018 while the Unity Bank Plc will on same day hold its Annual General Meeting at Ibom Hotel & Golf Resort, Nwaniba Road, Akwa Ibom The Touristry Consultant Forum will on this day hold its General Meeting at Tivoli Garden, 2 Olokun Close off Ademola Street Ikoyi Lagos while the Financial Literacy Workshop for Youth will hold same day atVictory Place AlausaIkeja, Lagos.

TUESDAY, DECEMBER 18, 2018

The Centenary City Lagos Fair will on this day hold the Information Session/Investment Opportunities at Oriental Hotel Victoria Island Lagos

WEDNESDAY, DECEMBER 19, 2018

The Nigerian Institution of Surveyors (NIS), Lagos State Branch will on this day hold its Annual General Meeting at Anchor Event Place Agidingbi Ikeja Lagos while the National Bureau of Statistics will on this day release the Road Transport Data (Q3 2018)

THURSDAY, DECEMBER 20, 2018

The National Bureau of Statistics will on this day release the National Bureau of Statistics will Release the Automotive Gas Oil (Diesel) Price Water Nov 2018, Liquidated Petroleum Gas (Cooking Gas) Price watch Nov 2018, National Household Kerosene Price Watch Nov 2018,National Household Kerosene Price watch Nov 2018 and Premium Motor Spirit (Petrol) Price Watch Nov 2018

The Continental Re-Insurance Plc will on this day hold its Annual General Meeting at Victoria Crown Plaza Hotel 292b Ajose Adeogun Street Victoria Island Lagos while 2018 Trades Maritime and Petroleum Summit will hold same day at Four points by Sheraton Victoria Island Lagos

FRIDAY DECEMBER 21, 2018

The National Bureau of Statistics will on this day release the Job Creation Q3 2018, Nigeria Capital Importation Q3 2018, Selected Food Prices Nov 2018, Telecoms Data: Active voice and Internet per State, Porting and Tarrif Information (Q3 2018) and Transport Fare Water (Nov 2018)


BREAKING NEWS: DIAMOND BANK TO MERGE WITH ACCESS BANK

17-Dec-2018

The Board of Diamond Bank Plc (“Diamond Bank”) today announces that following a strategic review leading to a competitive process, the Board has selected Access Bank Plc (“Access Bank”) as the preferred bidder with respect to a potential merger of the two banks (“the merger”) that will create Nigeria and Africa’s largest retail bank by customers. The Board of Diamond Bank believes that the merger is in the best interest of all stakeholders including, employees, customers, depositors and shareholders and has agreed to recommend the offer to Diamond Bank’s shareholders. Completion of the merger is subject to certain shareholder and regulatory approvals.

The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger. Based on the agreement reached by the Boards of the two financial institutions, Diamond Bank shareholders will receive a consideration of N3.13 per share, comprising of N1.00 per share in cash and the allotment of two (2) New Access Bank ordinary shares for every seven (7) Diamond Bank ordinary shares held as at the Implementation Date.

The offer represents a premium of 260% to the closing market price of N0.87 per share of Diamond Bank on the Nigerian Stock Exchange (“NSE”) as of December 13, 2018, the date of the final binding offer. Immediately following completion of the merger, Diamond Bank would be absorbed into Access Bank and it will cease to exist under Nigerian law. The current listing of Diamond Bank’s shares on the NSE and the listing of Diamond Bank’s global depositary receipts on the London Stock Exchange will be cancelled, upon the merger becoming effective. Diamond Bank expects the transaction to be completed in the first half of 2019.

We will keep the market updated with any new development. Yours faithfully,

For: DIAMOND BANK PLC
Signed
Uzoma Uja
Company Secretary/Legal Adviser


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (10TH 2018 TO 15TH 2018)

10-Dec-2018

AFRINVEST RESEARCH PROJECTS REAL GDP GROWTH TO RECOVER IN Q3:2018 TO 2.1%

Based on the calendar of the National Bureau of Statistics (NBS), the third quarter GDP report for 2018 will be published on Monday December 10, 2018. Ahead of the release, we present the considerations that shaped our estimates. We estimate real GDP growth for Q3:2018 at 2.1% Y-o-Y, an improvement over the growth rates of 2.0% and 1.5% recorded in Q1 and Q2:2018 respectively. We attribute the expected faster expansion in real GDP to improvement in the oil sector as well as steady growth in the non-oil sector.

After a contraction in Q2:2018 in the oil sector, we predict a return to growth due to a recovery in oil production and higher oil prices. According to the Ministry of Petroleum Resources, oil production increased to an average of 2.1mb/d in Q3:2018, 6.1% growth over 1.98mb/d in the corresponding quarter of 2017 and 14.1% higher than in the previous quarter. Oil price was also 45.9% stronger at an average of US$75.50b/d in Q3:2018 compared with the same period of 2017.

In the non-oil sector, we expect a more broad-based expansion. This will be driven by a slight recovery in agriculture growth which had slumped to the lowest quarterly growth on record in Q2:2018. The CBN reported better agriculture activity in Q3:2018 due to rainfall and the harvest of crops such as cereals and tubers. However, conflict and flooding in the Middle-Belt continue to be a challenge to agriculture, thus our growth expectations are moderate. In manufacturing, we expect a sustained positive performance due to increased activities as shown by the Purchasing Managers’ Index during the quarter. In services, telecommunications sector is expected to continue to provide a boost, as well as large sub-sectors such as trade and real estate, which were still in the negative region in Q2:2018. However, we note that the persistently weak consumer spending softened our projections of an outperformance in the non-oil sector when agriculture is excluded.

MONDAY, DECEMBER 10, 2018

The National Bureau of Statistics will on this day release the Nigerian Gross Domestic Product by Output Report (Q3 2018) and Q3 2018 Foreign Trade Statistics Report.

TUESDAY, DECEMBER 11, 2018

Multivverse Mining & Exploration Plc will on this day hold its Annual General Meeting at Ace- Olivia City Mall, 2nd Floor City Mall, Onikan, Lagos while the Enhancing Financial Innovation & Access (EFINA) holds the Access to Financial Services in Nigeria at Eko Hotel & Suites Lagos The National Bureau of Statistics will on this day release the 2017 Sustainable Development Goal Indicators.

WEDNESDAY, DECEMBER 12, 2018

The MTN Nigeria will on this day hold the MTN Customer Service Dinner & Award Night at Four Point by Sheraton, Victoria Island Lagos while the Pawn Group on same day will hold its End Of The Year Success Summit at Balmoral Convention Centre 6-8 Federal Palace Hotel Victoria Island Lagos. The National Bureau of Statistics will on this day release the Road Transport Data (Q3 2018).

THURSDAY, DECEMBER 13, 2018

Interlinked Technologies Plc will on this day hold its Annual General Meeting at NECA House, Pl0t A2, Hakeem Balogun Street, Central Business District, Alausa, Ikeja, Lagos while the ValuAlliance Value Fund holds same at Colonades Hotel, 21 Alfred Rewane Road, Ikoyi, Lagos.

The National Bureau of Statistics will on this day release the Automotive Gas Oil (Diesel) price water Nov 2018, CPI and Inflation Report Nov 2018, Liquefied Petroleum Gas (Cooking Gas) price water Nov 2018, National Household Kerosine Price watch Nov 2018 ,Premium motor spirit (Petrol) price watch Nov 2018 and the Selected food Price Nov 2018.

FRIDAY DECEMBER 14, 2018

The Nigerian - American Chamber of Commerce will on this day hold the 2018 Annual Dinner Dance and Inauguration of the 18th President at Grand Ballroom Lagos Continental Hotel Kolo Abayomi Street, Victoria Island, Lagos while, the National Bureau of Statistics will on same day release the Transport Fare watch (Nov2018).

SATURDAY DECEMBER 15, 2018

The National Bureau of Statistics will on this day release the Annual Abstract of Statistics 2017.


THE SECURITIES AND EXCHANGE COMMISION (SEC) NIGERIA LAUNCHES GREEN BOND RULES

05-Dec-2018

The Securities and Exchange Commission of Nigeria (“SEC”) officially launched the Green Bonds Issuance Rules at a ceremony yesterday. Following a series of engagements with stakeholders and Capital Market Operators, the SEC rolled out its rules on Green Bonds on October 12, 2018.

The SEC has collaborated on several occasions with the Green Bonds Market Development Programme, a programme supported by the Climate Bonds Initiative (CBI), the FMDQ OTC Securities Exchange (“FMDQ”) and the Financial Sector Deepening Africa (FSD Africa) to support the development of a Non-Sovereign Green Bond market in Nigeria. The programme provides training for regulators, investors and intermediaries on Green Bonds as part of its efforts to create an enabling environment for issuers and other stakeholders, to take advantage of the tremendous opportunities that Green Bonds offer.

Speaking at the launch of the rules, Ms. Mary Uduk, Ag.Director-General, SEC stated that “As Nigeria strives to harness the resources of non-oil sectors to anchor the transition to a more resilient economy, there is the urgent need to close the country’s infrastructure gap with investments in sustainable finance initiatives. The SEC’s release of the green bond rules is a significant step in furthering the complementary efforts of the government, regulators and the financial services industry to direct financial capital to more sustainable economic activity”.

Also commenting on the rules, Dr Evans Osano, Director of Financial Markets at FSD Africa commented that “We laud SEC Nigeria for the professional and quick turnaround in the preparation of the guidelines. The new guidelines are prepared in line with leading international guidelines and standards providing confidence to domestic and international investors. It also provides certainty to issuers of green bonds in Nigeria. FSD Africa is pleased to have supported this process which is a milestone for the Nigeria green bonds market”.

Mr. Olumide Lala, Africa Markets Programme Manager, Climate Bonds Initiative who was also present at the launch ceremony stated that “The launch of the rules brings much needed clarity and guidance on the issuance of green bonds. Adopting the tenets of the Green Bond Principles and Climate Bonds Standard makes it easier to attract foreign investment where needed.”


LAFARGE AFRICA PLC (ANNOUNCEMENT OF PROPOSED RIGHTS ISSUE)

04-Dec-2018

Lafarge Africa Plc (“Lafarge Africa”) hereby notifies The Nigerian Stock Exchange of the decision of the Board of Directors at the meeting held yesterday, 3rd December 2018 in respect of the proposed Rights Issue.

Following the resolution of our Shareholders passed at the Extra-Ordinary General Meeting held on the 25th September 2018, the Board of Directors have approved the terms of the Rights Issue.

Lafarge Africa Plc will raise N89.21billion by way of a Rights Issue at N12.00 per share, by issuing 6 new shares for every 7 shares held by shareholders at the Qualification Date, which will be announced.

The Rights Price represents a c.10.45% discount on Lafarge Africa’s traded closing price as at Monday, 3rd December 2018.

The regulatory approval process is ongoing.
FOR: LAFARGE AFRICA PLC
Adewunmi Alode
Company Secretary


WHAT TO EXPECT FROM THE MARKETS THIS WEEK (3RD 2018 TO 8TH 2018)

03-Dec-2018

AHEAD OF THE OPEC MEETING

The Global crude oil market moved into a surplus of 860,000 bpd in September, from an average deficit of 340,000bpd recorded between January and August. Notably, the higher than expected surplus stemmed from a surprising temporary waiver granted to eight countries by US which gives the room for continuous importation of Iranian oil and a preemptive increase in OPEC and Non-OPEC allies supply (with a compliance rate of 100%) earlier in the year in a bid to limit the impact of an all-out sanction on Iran. Consequently, increased supply from both OPEC and U.S have seen crude oil prices drop below $60/bbl. Therefore, to curb the oversupply, the OPEC and Non-OPEC are set to meet on 6th December 2018, with the aim of reaching an accord over a possible cut in order to prop up tumbling oil prices. With a surplus of 1.96mbpd as at October 2018, the question remains how much OPEC and allies would be willing to cut.

MONDAY, DECEMBER 03, 2018

The Fintech Financial & Technology Solution Providers will on this day hold the African Fintech Festival while Fidelity Bank Plc will same day hold the Export Management Programme.

The National Bureau of Statistics will on this day release the Federation Account Allocation Committee (FAAC) October 2018 Disbursement and Nigeria Capital Importation (Q3 2018).

TUESDAY, DECEMBER 04, 2018

Nigeria & The Digital Economy Workshop is scheduled to hold this day with the theme Nigeria & The Digital Economy at Apa Suite, Eko Hotels & Suites, Victoria Island, Lagos.

The Law Society will on this day hold the Women in Leadership in Law at 1A, Remi Olowude Street Lekki Peninsula Phase 1 Lagos while The Meet-Connect-Grow holds same day with the theme Creating an enabling Environment for the Tech Ecosystem at PTDF Tower, 2 Memorial Close, Central Business District Abuja .

The National Bureau of Statistics will on this day release the Energy Generated and sent out (Q3 2018) while the Institute of Directors Nigeria 2018 Fellows’ Night & Investiture holds same day with the theme Building Sustainable Institution at Eko Hotels & Suites, Victoria Island, Lagos.

WEDNESDAY, DECEMBER 05, 2018

The Center for Trade and Business Environment Advocacy & Abuja Chambers of Commerce & Industry will on this day hold the Digital Economy, Innovation and Competition at Abuja International Trade & Convention Centre.

The Nigeria Stock Exchange will on this day hold the Exchange Traded Products Conference 2018 at Oriental Hotel 3 Lekki Road, Victoria Island Lagos while the National Bureau of Statistics will on this day release the Petroleum Products Statistic (Q3 2018) report.

THURSDAY, DECEMBER 06, 2018

Accion Microfinance Bank will on this day hold the Financial Inclusion Seminar 2018 at Federal Palace Hotel Victoria Island Lagos while the Nigeria Infrastructure Development Award holds at Main Hall of Lagos Sheraton Hotel, Ikeja.

Meristem Securities Limited will on this day hold its End of the Year Party at Havilah Event Center Victoria Island Lagos while the Institute of Director will same day hold its 2018 Annual Dinner & Award Night at Eko Hotel & suite Victoria Island Lagos.

The National Bureau of Statistics will on this day release the Power Sector Report: Energy Generated and sent out and consumed and load Allocation (Q3 2018).

FRIDAY DECEMBER 07, 2018

The National Bureau of Statistics will on this day release the National Bureau of Statistic will Release the Labour Force Statistics Vol 1 Unemployment and Underemployment Report (Q4 2017 and Q1 2018) and Road Transport Data (Q3 2018).

SATURDAY DECEMBER 08, 2018

Empower her Conference 3.0 is scheduled to hold this day with the theme Girl: Undermined Assets or Underutilized Resources at Courteville Business Solution Plc, Commercial Avenue, Sabo, Lagos.

Regards.


NOTIFICATION OF PROPOSED TRANSFER OF FBNQUEST TRUSTEES LIMITED TO FBN HOLDINGS PLC

01-Dec-2018

This is to notify the Exchange and our stakeholders that FBNQuest Capital (a subsidiary of FBN Holdings Plc) has passed a resolution for a business restructuring which will involve the transfer of ALL of its shareholding interest in FBNQuest Trustees Limited ("FBNQT") to FBN Holdings Plc.("FBNH") following which FBNQuest Trustees will become a direct subsidiary of FBNH subject to the approval of Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

FBNH is the ultimate parent/holding company of all the operating companies in the Group which was incorporated in Nigeria on October 14, 2010 and licensed by the CBN as a Financial Holding Company. FBNH is the parent company of First Bank of Nigeria Limited & its subsidiaries; FBNQuest Merchant Bank Limited & its subsidiaries; FBNQuest Capital Limited & its subsidiaries; FON Insurance Limited & its subsidiary and FBN Insurance Brokers Limited.

FBNQuest Trustees is currently a direct subsidiary of FBNQuest Capital Limited ("FBNQC") which is a direct and fully owned subsidiary of FBNH, thus making FBNQT an indirect subsidiary of FBNH. FBNQT provides solutions in Corporate Trust, Public Trust, Private Trust Estate Administration, Executorship, and Agency services to both institutional and private investors. The transfer is intended to achieve the following strategic objectives:

1. Better visibility within the FBN Holdings Plc Group: As a specialist business within the Group, the direct ownership of the business by FBN Holdings Plc. provides more visibility to clients and marketplace;

2. Improved oversight: Direct ownership of FBNQT will enable FBNH to provide better oversight to FBNQT;

3. Synergy: being a direct subsidiary of Holdco will engender group synergy, performance and return to ultimate shareholders; and

4. Focus: the transfer of FBNQT to FBNH will enable FBNQC to focus on its core business area of advisory, structured products and other Capital market opportunities.

We confirm that the proposed transfer of FBNQT to FBNH as a direct subsidiary of the Holding company does not have any impact on the Capital of the holding company or any of its subsidiaries and has no impact on the relative holdings of the Shareholders of FBN Holdings Plc

Thank you. For: FBN HOLDINGS PLC,
signed
Seye Kosoko
Company Secretary


WHAT TO EXPECT FROM MARKETS THIS WEEK (26TH 2018 TO 30TH 2018)

26-Nov-2018

SUPPLY-SIDE FACTORS TO DRIVE INFLATION IN NIGERIA

In the next Months, Prices may resume uptrend giving festive and pre election spending, but we believe the threat of both factors will be moderate. However, we believe lower food supplies as the harvest season gives way may pose more threat to Inflation going forward. This is the consistent with our views that Inflation trend in Nigeria are more responsive to supply shocks than an expansion in money supply.

In fact, the measures of money supply being trucked by the MPC have Underperformed estimate for the year. Instead elevated headline Inflation as been driven by factors such as Insecurity in the North-Central and Flooding which have affected food prices, as well as high transportation and energy prices.

We note that policies to resolve these issues and to ensure ease of doing business are within the control of policy makers on the fiscal side.

MONDAY NOVEMBER 26, 2018

The National Bureau of Statistics will on this day release the Daily Energy Generated and Distributed in Q3 2018 while First City Monument Bank will same day hold its training taxation for Women in Entrepreneurship Day. The 22nd Annual African Securities Exchange Association Conference will hold this day with the Theme Champions on the Rise: Africa Association to a more sustainable Future at Oriental Hotel Lagos.

TUESDAY NOVEMBER 27, 2018

The Nigeria Institute of Architect will on this day hold its Annual General Meeting at Eko Hotel and Suite, Victoria Island, Lagos.

The National Bureau of Statistics will on this day release the Daily Energy Generated and sent out (Q3 2018) while the Fintech Nigeria Digital Marketing Training holds the same day with the theme Fintech and Social Media: Get Strategic at Olayiniwun Ajayi Firm, plot L2 401 close, Banana Island Lagos.

The Nigeria Diaspora Investment Summit is scheduled to hold this day with the theme Activating Diaspora Investment for a Diversified Economy at the Banquest Hall, Presidential Villa, Abuja.

The 22nd African Securities Exchanges Association Conference will hold this day with the theme Champions On The Rise:Africa’s Ascension To A More Sustainable Future at Oriental Hotel, Victoria Island, Lagos.

WEDNESDAY NOVEMBER 28, 2018

The National Bureau of Statistics will on this day release the Petroleum Products Imports Statistics Q3 2018 Report. Consolidated Hallmark Insurance Plc will on this day hold an Extra-Ordinary General Meeting at Westwood Hotel, 22 Awolowo Road, Lagos.

The NACC 2018 November Breakfast Meeting is scheduled to hold this day at Lagos Continental Hotel, plot 52A Kofo Abayomi Street, Victoria Island, Lagos.

THURSDAY NOVEMBER 29, 2018

R.T.Briscoe (Nigeria) Plc will on this day hold its Annual General Meeting at NECA House, plot A2, Hakeem Balogun Street, Central Business District, Alansa Ikeja, Lagos while the HRSE West Africa Holds same day at Landmark Event Center, Victoria Island, Lagos.

The National Bureau of Statistics will on this day release the Internally Generated Revenue At State Level (Q1-Q3 2018) while the Nigeria-South Africa Chamber of Commerce Breakfast Meeting holds the same day with the theme The Future Belongs to the Intelligent Enterprise at IRIS Hall, Eko Hotel, Lagos.

The Third Franchise Matchmaking Forum is scheduled to hold this day with the theme Developing and Managing a Franchise Business at Oriental in Victoria Island, Lagos, While the Committee of E-business Industry Heads holds same day with the theme Exploring Opportunities in the New Digital Economy at Park Inn By Radisson Abeokuta, Ogun State.

FRIDAY NOVEMBER 30, 2018

The Made in Nigeria SME Conference & Exhibition 2018 is scheduled to hold this day at Balmoral convention centre, oregun Lagos while, The National Action Against Counterfeit and Illicit Trade (NACIT) with the theme Illicit Trade and National Security Implications for the African Continental Free Trade at Rockview, Abuja.

SATURDAY DECEMBER 01, 2018

AERMP Annual Conference & Induction is scheduled to hold this day with the theme, Regulatory and Compliance Risk Management in Nigeria-Peculiarities and Implications for Organizational Sustainability at Oriental Hotel in Victoria Island, Lagos.

Regards


ANNOUNCEMENT OF Q3 2018 INTERIM DIVIDEND CURRENCY EXCHANGE RATES

15-Nov-2018

Lagos and London, 14 November 2018: Seplat Petroleum Development Company Plc ("Seplat" or the "Company"), a leading Nigerian independent oil and gas company listed on both the Nigerian Stock Exchange and London Stock

Exchange, today confirms that the following currency exchange rates will be applicable in determination of the Q3 2018 interim dividend payment to any shareholders that qualify for and have elected to receive the Q3 2018 interim dividend payment in Naira or GBP:

Exchange Rate
1 USD = 306.20 Naira
1 USD = 0.7736 GBP

The exchange rate for the Naira or pounds sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 13 November 2018.

The closing date for Dividend currency election to the Company’s Registrars is 28 November 2018. In the absence of a qualifying Dividend currency election by shareholders, dividends will be paid in their default currency. Shareholders should refer to the Company’s announcement on 30 October 2018 for definition of default currencies.

Dated 14 November 2018
Signed:
Mr Roger Brown
(Chief Financial Officer)


PRESTIGE ASSURANCE PLC RC6753 [SHARE CAPITAL- DECLARATION OF BONUS ISSUE]

14-Nov-2018

This is to inform the general public that at the Annual General Meeting of the Prestige Assurance Pie. held on 11th of June 2018, the following resolution was passed by the Shareholders of Prestige Assurance Plc as follows:

"That the Directors be and are hereby authorized to issue bonus shares from its share premium account in the sum of N782,569,517.00 being 41 new shares for every 100 Share held thereby increasing the issued share capital of the Company from N1,908 706,140 to N2,691,275,658 by issuing 1,565,139,035 ordinary shares of N0.50Kobo each to shareholders who are on the Register of Members at a date to be determined".

Based on this premise, Prestige Assurance Pie. approached the Security & E change Commission to register the Bonus Share and approval was subsequently granted on the 9th of November,2018. Accordingly, we are pleased to advise as follows:

Basis of Bonus: 41shares to every 100 shares held

Qualification Date: 27th of November, 2018

Closure of register: 28th of November to 5th of December, 2018, both days inclusive

Thank You,
Dated this 13h day of November,2018.
Signed
ABAYOMI ODULANA
COMPANY SECRETARY


SKYWAY AVIATION HANDLING COMPANY PLC: INITIAL PUBLIC OFFERING BY WAY OF AN OFFER FOR SALE OF 406,074,000 ORDINARY SHARES

13-Nov-2018

Dealing Members are hereby notified that Skyway Aviation Handling Company Plc’s Initial Public Offering by way of an Offer for sale of 406,074,000 ordinary shares of 50kobo each at N4.65 per share will be opened for subscription as shown below:

Offer opens: Monday, 12 November 2018

Offer Closes: Wednesday, 19 December 2018

This is for your information and necessary action, please.


TOTAL GREW PAT BY 28.70% AS IT PROPOSES N3.00 DIVIDEND PER ORDINARY SHARE

26-Oct-2018

TOTAL grew PAT by 28.70% as it proposes N3.00 dividend per ordinary share. And Redstar Express Plc Appoints Mr. Sulieman Barau as its Board Chairman. Total Announces an interim dividend of N3.00 per 50 kobo ordinary share as its closed period commences on 26th Nov.,2018 and 30th Nov., 2018

YBF

 


WHAT TO EXPECT FROM THIS WEEK 22/10/2018 TO 27/10/2018

22-Oct-2018

The week resumed in Red Ocean as it trended down by 0.14% compared to last week open 0.19%. The performances, however, undiluted by alternating between positive and negative closes in the first four trading days consecutively, and then close the week uptrend at 0.54%.

MONDAY OCTOBER 22, 2018

Cutix Plc Will on this day be marked down by the NSE having declared a dividend of 0.20k. The Nigeria Economic Summit Group is scheduled to holds it’s 24th Nigerian Economic Summit with the theme poverty to property: making Governance and institution work in Abuja.

Afri invest will on this day launch the 2018 Nigeria Banking sector Report in Abuja with the theme an Economic Agenda for a New Government.

TUESDAY OCTOBER 23, 2018

The National Bureau of statistics will on this day release the 2017 post measles campaign coverage Report while the national Broadcasting commission will on this day hold the biennial conference of Africa Broadcaster’s Africat Abuja 2018 titled Dynamics of Broadcasting in the Digital Era.

WEDNESDAY OCTOBER 24, 2018

Guinness Nigeria plc will on this day hold its Annual General meeting in Abuja. The 3rd Africa oil and Gas Talent Summit 2018 will commence on this day with the theme people as the Real Assets Delivery innovation and growth in the “New Normal” of global oil and Gas in Lagos.

THURSDAY OCTOBER 25, 2018

Nigeria Enamel ware PLc will on this day hold it’s Annual General meeting in Abuja while the Tony Elumelu foundation will in this day holds its 4th Annual TEF Entrepreneurship Forum in Lagos.

FRIDAY OCTOBER 27, 2018

Cutix Plc will on this day holds its Annual General meeting in Nnewi while the Insurtech Lagos Conferencewill hold same day in Lagos.

SATURDAY OCTOBER 28, 2018

Sovereign trust insurance plc will on this day hold its Annual General Meeting in Lagos. The National Bureau of statistic will on this this day release the September disbursement of the federation account allocation committee.

Have a nice week ahead!!!
research@yieldbedrock.com


QUICK MARKET UPDATE | GTBANK PLC INTEREST INCOME DECLINED BY -4.32% TO N237.55BN DUE TO LESS CREDIT TO CUSTOMERS; DOWN BY -12.32%

17-Oct-2018

GTBank Plc interest income declined by -4.32% to N237.55bn due to less credit to customers; down by -12.32%

Corporate Earnings for GTB and Lafarge Plc

YBF

 


WHAT TO EXPECT FROM THE MARKETS THIS WEEK
(08-10-2018 TO 12-10-2018)

09-Oct-2018

According to the recently published Central Bank of Nigeria Statistical Report 2017, the current account sustained its upward trajectory from N687.9 billion at the end of 2016 to N3.174 trillion at the end of 2017. The outward shift in the current account was due to the increased in oil exports under the period review from N8.093 trillion to N12.912 trillion, thus reflecting a 60% increase compare to the previous year.

Moreover, the current account is expected to remain positive in 2018 especially with oil price enjoying an uplift to reach 4-years high.

TUESDAY, OCTOBER 09, 2018

The NSE-Bloomberg CEO Roundtable with the theme “Reshaping the Nigeria Economy for sustainable growth: leveraging the fourth Industrial Revolution as a catalyst for Advancement hold today in Lagos while the Artificial Intelligence/Big Data Demystified for Executive, holds today at Eko Hotel and suite Victoria Island, Lagos.

WEDNESDAY, OCTOBER 10 2018

Lasaco Assurance plc wills on this day hold its Extra General meeting in Lagos while National Bureau of statistic s, Nigeria (NBS) will publish its Q1 and Q2 2018 Job creation Report. The Artificial Intelligent for financial Inclusion summit holds today at Oriental Hotel, Victoria Island. United Capital in partnership with pro-share will this day hold a Tweet meet titled Investnow, the easy way. Join the conversation via @Unitedcap and at @proshare on Twitter at 4pm using the hashtag NDream Big Investnow and NAskproshare.

THURSDAY OCTOBER 11, 2018

Morison Industries Plc will on this day hold its annual general meeting in Lagos.

FRIDAY OCTOBER 12, 2018

The Nigeria Cancer Society’s AGM/Scientific Conference hold today at Shehu Musa Yaradu Centre Abuja.

Enjoy your week as we are expecting FG opinion on the minimum wages.


POLARIS BANK LTD (TO: DEPOSITORS AND CUSTOMERS OF DEFUNCT SKYE BANK PLC)

22-Sep-2018

Pursuant to Sections 38(1)(c) and 39(1) of the Nigeria Deposit Insurance Corporation Act No. 16 of 2016(NDIC Act) and by a Purchase and Assumption Agreement dated 21st day of September 2018 Polaris Bank Limited as a bridge bank, has assumed all the deposit liabilities and certain other liabilities, and has haft vested in it. all the assets of Skye Bank Plc effective from 21st day of September 2018

By this Notice all depositors of Skye Bank Plc are hereby notified that they are now depositors of Polaris Bank Limited which is fully capitalised and has the support of both the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation. All depositors shall be able to conduct their normal banking transactions in respect of such deposits at an branches previously operated by Skye Bank Plc which branches am now being operated by Polaris Bank Limited.

All depositors are further given notice that they are entitle to make withdrawals from theft deposits either in full or in part subject only to any security agreement existing on such deposits, as their accounts are now maintained by Polaris Bank Limited. Depositor are strongly encouraged to continue to maintain their deposits and normal banking relationship with Polaris Bank Limited.

Polaris Bank Limited shall continue to pay interest on all deposits in accordance with any deposit agreement formerly existing between each depositor and Skye Bank Plc as at the date of assumption of such deposit by Polaris Bank Limited in the event that Polaris Bank Limited seeks to make any changes to interest payable on any deposits, any such changes shall be notified in writing to each depositor and shall only take effect after a reasonable time following the giving of such notice.

The CBN has retained the Board and Management of the defund bank to manage the affairs of Polaris Barfs Limited as a result of their good performance following the Intervention in the defunct bank in July 2016. All customers and depositors of the bank can reach their relationship managers for any further clarifications if required.

The Board and Management of Polaris Bank Limited wishes to use this opportunity to appreciate and thank all customers for their support to the defunct bank and hopes that this support will be extended lo Polaris Bank Limited. We will also like to use this opportunity to assure all customers of our continuous excellent services at all times.

Thank you.

Yours sincerely,
For Polaris Bank Limited
Signed
Adetokunbo M. Abiru
Group Managing Director/CEO
Polaris Bank Limited

Signed
Muhammed K. Ahmad
Chairman
Polaris Bank Limited


CONOIL’S UNAUDITED Q1 RESULTS FOR THE PERIOD ENDED 31ST MARCH, 2018

08-Aug-2018

Extracts of CONOIL’s unaudited Q1 results for the period ended 31st march, 2018

YBF

 


SUSPENSION OF TRADING IN THE SHARES OF CONOIL PLC

07-Aug-2018

Dealing members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which 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; andv

(c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”, trading in the shares of Conoil Plc has been suspended effective today, 6 August 2018.

In accordance with the rules set forth above, the suspension of Conoil Plc will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. This is for your information and update.

Godstime Iwenekhai
Signed
Head, Listings Regulation Department


WHAT TO EXPECT FROM MARKETS THIS WEEK

06-Aug-2018

The fluid of political activities experienced recently has knocked economics to the back row. Surprisingly, two key reports - Income and Expenditure Approach of Gross domestic product for 2017 and the June Purchasing Manager’s Index were released in the same week. The Income and Expenditure Approach of GOP Report showed that gross fixed Capital formation at the end of the fourth quarter of 2017 stood at N4.481 trillion, reflecting an 18% and 17% growth when compared to the previous and corresponding quarter.

Holistically, gross capital formation compared to the previous year. Capital formation to gross domestic product (Income and Expenditure) stood at 0.149. Our Expert’s forecast that there is an urgent need to drive the ratio of gross capital formation to GDP, in order to avert being stuck in a secular stagnation.

MONDAY, AUGUST 06, 2018

The AGM of Union Diagnostic & Clinical Service Plc will hold this day in Cross River, while the 42nd Edition of the Nigeria Annual International Conference and Exhibition (NAICE 2018) will hold in Lagos with the theme “Diversification of the Nigerian Economy – the Oil and Gas Industry as an Enabler” Flour Mills of Nigeria Plc – will be marked down Friday by NSE having declared dividend of N1.00 in the preceding week. The MSME Retreat will hold this day in Abuja with theme “Towards a sustainable Growth development”.

TUESDAY AUGUST 07, 2018

The Centre for Democracy and Development 2-day conference themed “Democracy and disinformation: How fake news threatens our Freedom and Democracy” will hold this day in Abuja.

WEDNESDAY, AUGUST 2018

The official launch of the Association of Securities Exchange of Nigeria (ASEN) will take place this day at the Nigeria Stock Exchange, while Red Star Express Plc will be marked down by the Exchange having declared a dividend of 0.40k in the preceding week. Our Analyst, place a buy order as an advice unit for interested clients as a result of attractive dividend with low price.

THURSDAY, AUGUST 09, 2018

The National Bureau of Statistics will this day release the Telecoms Data for Q2 2018. The Unite Action for change 3rd Annual Symposium will hold this day in Lagos.

FRIDAY, AUGUST 10, 2018

The 2018 YALI Accountability and Transparency summit will hold this day in Abuja.

Have a nice week!!!!
Research Unit (Yield Bedrock Finance)


ZENITH BANK PLC' CORPORATE ACTIONS AUGUST 2018

06-Aug-2018

YBF

 


NOTORE - NEW LISTED COMPANY ON THE NIGERIAN STOCK EXCHANGE

03-Aug-2018

Notore Chemical Industries Plc (Notore) is a vertically integrated agro-allied and chemicals business situated in Onne (near Port Harcourt), Rivers State in South-South Nigeria and is engaged primarily in the production and sale of fertilizer products. The Group operates from its Onne Complex in the heart of the Niger Delta, Africa’s most prolific oil and gas producing region. The Onne Complex is located within the Notore Chemical Industries Free Zone, which provides significant tax benefits and advanced logistics solutions for international distribution of products. The Group’s current and proposed business comprises:

  • Fertilizer Production – Current
  • Supply and trading of Fertilizer - Current
  • Power - Current
  • Foods – Proposed
  • Improved seeds sales and distribution – Proposed

Notore Chemical Industries plc (Notore) was yesterday listed on the Main Board of The Nigerian Stock Exchange with;
A Market Capitalization of ₦100,754,137,500.00,
1,612,066,200 Ordinary Shares of ₦0.50 each at ₦62.50 per share.


NESTLE NIGERIA PLC - HALF YEAR UNAUDITED EARNINGS BROADCAST, 30TH JUNE 2018

01-Aug-2018

Please find below extracts from the half year unaudited financial results for NESTLE NIGERIA PLC for the period ended 30th June, 2018 as released by The Nigerian Stock Exchange.

YBF

 


SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD - HALF YEAR UNAUDITED EARNINGS BROADCAST, 30TH JUNE 2018

31-Jul-2018

Please find below extracts from the half year unaudited financial results for Seplat Petroleum Development Company ltd for the period ended 30th June, 2018 as released by The Nigerian Stock Exchange.

YBF

 


NOTIFICATION OF LIFTING OF SUSPENSION IN THE SHARES OF UNIVERSAL INSURANCE PLC

30-Jul-2018

We refer to our Market Bulletin dated 5 July 2018, notifying the public of the suspension of eight (8) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which 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 within twenty- four (24) hours of the suspension.”

Universal Insurance Plc (the Company) which was one of the companies suspended has submitted its Audited Financial Statement for the year ended 31 December 2017. In view of the submission of its accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.

The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”; the general public is hereby notified that the suspension placed in the trading of the Company’s shares has been lifted effective today, 30 July 2018.

This is for your information and update.

Signed

Godstime Iwenekhai

Head, Listings Regulation Department


OKOMU OIL PALM COMPANY PLC - HALF YEAR UNAUDITED EARNINGS BROADCAST, 30TH JUNE 2018

26-Jul-2018

The Nigerian Stock Exchange today released the half year unaudited financial results for Okomu Oil Palm Company Plc. Please find below extracts from the financials for the period ended 30th June, 2018.

YBF

 


WHAT WE NEED TO EXPECT FROM THIS WEEK 23TH - 27TH JULY, 2018

24-Jul-2018

Presently, Nigeria`s gross foreign exchange reserve stands at $47.44 billions reflective of 0.4% dip when compared with the previous month, June, 2018. In the same vein, the foreign reserves is considered liquid as it currently stands at $46.11 billions reflective of a 1.9% dip when compared to the previous month.

MONDAY JULY 23, 2018

The Central Bank`s Mandatory policy committee meeting will commence today in Abuja, just as the 2nd Capital Market Stakeholder Forum holds with the them “Capital Market as a catalyst for Economic Growth and Development”. Livestock Feeds Plc and Niger Insurance Plc will this day hold their Annual General Meeting.

TUESDAY JULY 24, 2018

United Capital Plc in partnership with Proshare will this day hold a Tweet Meet focusing on Nigeria`s outlook for H2 2018. Chartered Institute of stock brokers holds the inauguration ceremony of its president and chairman council. Abbey Mortgage Bank Plc will hold its Annual General meeting, while the University of Lagos Department of Economic holds its 2018 Annual public lecture themed “Financing Infrastructure Development and state`s fiscal sustainability in Nigeria: perspectives, challenges and the way forward”

WEDNESDAY JULY 25, 2018

The Initiative for Public Policy Analysis will hold is policy roundtable with the “Business Environment-Maximizing Economic Opportunities through Effective. Anti-illicit Trade Enforcement.

THURSDAY JULY 26, 2018

The Google for Nigeria event will holds this day in Lagos; Just as the Nigeria American Chambers Commerce training course an “Effective Selling and Negotiation skills in a tough business Environment”. Omoluabi Mortgage Bank Plc, Studio Press Plc, Capital Oil Plc, CCNN Plc and Champion breweries Plc will this day hold their Annual General Meeting. Co working Conference 2018 and the Association of Enterprise Risk Professionals ERM & Corporate Strategy workshop will hold this day in Lagos, while the Nigeria Investment Gate way International Symposium on Investment Destinations in Nigeria will hold this day in Abuja.

FRIDAY JULY 27, 2018

Oando Plc and the Initiates Plc will hold their Annual general Meeting this day, while the NECCIPR Round Table themed “The Youth Debate” holds in Lagos.


WEMA BANK PLC - HALF YEAR UNAUDITED EARNINGS BROADCAST

17-Jul-2018

The Nigerian Stock Exchange recently released the half year unaudited financial results for Wema Bank Plc.

The bank which prides itself as a leader in digital banking in Nigeria recorded an improvement in PAT by 28.84% from about N1.2billion to N1.6billion y-o-y, PBT was also up 26.61% compared to the previous year, while net trading income stood at N3.3 billion against N527.1 million y-o-y and net interest income increased by 7.18%. Shareholders’ Fund also recorded a slight increase by 2.44% increase over the last financial year.

Please find below extracts from the financials for the period ended 30th June, 2018.

YBF

 


C&I LEASING PLC COMPLETES THE BUYOUT OF 'PETROTECH JV' MINORITY SHAREHOLDERS - TAKES 100% OWNERSHIP OF SIX BOATS IN THE PROCESS

16-Jul-2018

C &I Leasing Plc, a leasing and business service conglomerate has just concluded the buyout of 27.5% minority stake in C&I Petrotech Marine Ltd- a Joint Venture company with six vessels presently deployed to a long-term contract with Shell Petroleum Development Company of Nigeria (SPDC). The parties engaged Wizer Advisory as an independent advisor for the valuation of the shares. As a result of this transaction C&I Petrotech Marine Limited is now a fully owned subsidiary of C&I Leasing Plc.

It would be recalled that a few weeks ago, C&I Leasing Plc recorded a successful 7 Billion Bond issue- the first series in a 20 Billion debt issuance programme. The company had stated that the funds raised would largely be invested in business expansion and restructuring of the company's debts over a period of five years among other initiatives which will guarantee increased profit margins and returns for shareholders. Today's buyout transaction of C&I Petrotech Marine Limited minority shareholders is evidence of C&I Leasing's commitment to investing in its business growth and expansion. According to the Managing Director of the Company, Mr. Andrew Otike-Odibi, "Our journey into the Maritime sector as service provider for the Oil and Gas sector actually started through the C&I Petrotech Marine Joint Venture in 2010 and has over the years culminated in the ownership of over twenty vessels consisting of crew boats, pilot boats, tug boats, patrol boats and platform support vessels for providing services such as line and hose handling, berthing and escort services, mooring support, fire-fighting, pollution control, security and floating and self-elevating platforms. This clearly reiterates our commitment to growing our Marine service business and gaining leadership in the field". It is hoped that this buyout will further the company's drive to restructure and reposition its marine business for enhanced profitability.

C & I Leasing Plc has been in operation for over two decades and has since evolved from being a simple consumer finance leasing company licensed by the Central Bank of Nigeria in 1991 to becoming a diversified, leasing and business service conglomerate providing support services to various indigenous and multinational organizations in West Africa along three lines: Fleet Management, Personnel Outsourcing and Marine Services. The C&I Leasing group of companies has its operational offices in Lagos, Benin, Port-Harcourt, Calabar, Enugu and Abuja. The company has also been listed on the Nigerian Stock Exchange since 1997 and is invested in the following subsidiaries - Leasafric Ghana Limited, Epic International FZE Dubai and now C&I Petrotech Marine Limited.

Yours faithfully, For: C&I Leasing Plc Signed MBANUGO UDENZE & CO Company Secretary


PROPOSED MERGER OF CEMENT COMPANY OF NORTHERN NIGERIA PLC AND KALAMBAINA CEMENT COMPANY LIMITED

10-Jul-2018

The Boards of Directors of Cement Company of Northern Nigeria Plc ("CCNN") and Kalainbaina Cement Company Limited ("Kalambaina Cement"), a wholly owned subsidiary of BUA Cement Company Limited, have agreed to merge their businesses, with CCNN as the resultant entity, subject to required regulatory and shareholders' approvals (the "Proposed Merger").

The Boards are resolute in their aspiration to strengthen the competitive position of the enlarged company among cement manufacturers in Nigeria. It is in furtherance of this aspiration and a collective vision to create value for all key stakeholders of both companies that the Proposed Merger is being considered.

The Proposed Merger provides a compelling opportunity to capture significant synergies and create value for the benefit of the shareholders of both companies in the form of stronger competitive position of the enlarged company, economies of scale, enhanced operations and administrative efficiencies which are expected to accrue from the Proposed Merger.

As consideration for the Proposed Merger, the shares of CCNN will be issued and allotted to all shareholders of Kalambaina Cement in exchange for their shares in Kalambaina Cement at an agreed ratio based on CCNN's 30-day volume weighted average closing price ("VWAP") to 22 June 2018 of N25.99 per share.

It is proposed that each shareholder in Kalambaina Cement shall be entitled to:

RECEIVE 19,811,372 new ordinary shares of CCNN

FOR Every 100,(X)0 (one hundred thousand) Kalambaina Cement shares

Should the necessary regulatory approvals, including those of The Nigerian. Stock Exchange and the Securities and Exchange Commission be received, the parties will take further steps to consummate die proposed combination including obtaining the approval of their respective shareholders at separate Court-Ordered Meetings. Further developments will be communicated in due course.

ABOUT CEMENT COMPANY OF NORTHERN NIGERIA PLC

Cement Company of Northern Nigeria Plc is a public limited liability company incorporated in 1962 and listed on The Nigerian Stock Exchange in 1993. CCNN is the only cement plant in the North Western part of Nigeria, operating a 500,000 metric tonnes per annum cement plant commissioned in 1985. Damnaz Cement Company, a subsidiary of WA International Limited is a majority shareholder in CCNN.

ABOUT KALAMBAINA CEMENT COMPANY LIMITED

Kalambaina Cement Company Limited is a private limited liability company incorporated in Nigeria. The company is a wholly owned subsidiary of lit 'A Cement Limited and is primarily engaged in the business of quarrying, extracting, processing and dealing in limestone as well as the manufacture and supply of cement. Kalambaina Cement Company Limited's key cement assets include the 1.5 million metric tonnes per annum cement paxluction plant situated in Kalambaina, Sokoto State.

For: Cement Company of Northern Nigeria PLC

Signed
Ahmed Aliyu
Company Secretary

 


NOTIFICATION OF SUSPENSION OF TRADING IN THE SHARES OF EIGHT (8) LISTED COMPANIES

06-Jul-2018

Notification of Suspension of Trading in the Shares of Eight (8) Listed Companies Dealing members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which 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

(c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”, trading in the shares of the companies listed below has been suspended effective today, 5 July 2018:

1. African Alliance Insurance Plc

2. Cornerstone Insurance Plc

3. R. T. Briscoe Plc

4. Royal Exchange Plc

5. STACO Insurance Plc

6. Standard Alliance Insurance Plc

7. Universal Insurance Company Plc

8. Veritas Kapital Assurance Plc

In accordance with the rules set forth above, the suspension of the above listed companies will only be lifted upon the submission of the relevant accounts and provided.

The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. This is for your information.

 


MARKET UPDATE FOR THE WEEK (25/06/2018)

26-Jun-2018

Monday June 25, 2018:

The late passage of the budget coupled with government intention to circumvent the domestic money market for the external debt down played domestic debt stock. With the recent passage of the budget an upbeat in supply regarding domestic debt will take place.

Tuesday June 26, 2018:

The Lagos State Safely commission will this day host the Lagos Vision Zero conference 2018 with the theme ”A mind set change towards Zero Harm,” while the 5th NICONEX International Expo kicks off on the same day in Lagos.

Wednesday June 27, 2018:

Newrest ASL Nigeria Plc, Capital Hotel Plc, Mutual benefits Assurance Plc and Secure electric Technology Plc will hold their Annual General meeting this day.

Thursday June 28, 2018:

The Annual meeting of the Institute of Directors (IOD) Nigeria, 11plc, BOC Gases Plc and Cement Company of Northern Nigeria Plc will all hold this day in Lagos.

Friday June 29, 2018:

The National Bureau of Statistic is scheduled to release the crime Data-Drug Abuse Enforcement Report for 2017. Also, the IMF Mission Team will this day engage the Fintech Association of Nigeria.

Enjoy your week…

 


MARKET UPDATE FOR THIS WEEK (19/6/2018):

19-Jun-2018

On the 13th of June, 2018: The National Bureau of Statistics published the inflation figures for May 2018. Inflation continued its disinflationary path as food inflation declined further by 1.03% from 14.8% in April to 13.45% in May. In the same vein, core inflation fell from 11.2% in April to 10.9% in May.

However, month on month inflation for the first time in 5 months tilted outward by 0.3% to reach 1.1% at the end of May. Moving forward inflation premium will dip further, thus it is expected that the central bank will dampen the rate on Treasury bill reaction to the decline inflation, thus fine tuning the money market rates underlining the wiggle room created by the continuous dampening in inflation. With the decline in inflation, holding the existing monetary policy rate 14% raises questions as to whether the monetary anchor remains an appropriate combative tool against inflation. It is important to point out the ongoing reality that, given the normalization of monetary policy abroad using the monetary anchor as a bait to beef the current account at this point will be counterproductive.

Monday June 18, 2018: Beta Glass Plc and Cement Company of Northern Nig. Plc will be marked down by the NSE this day, having declared a dividend of N1.07 and N1.25 respectively in the preceding week. The 3rd International Chamber of Commerce Africa conference on international Arbitration will commence this day, just as Human Capital Associates Kicks starts its management and central of store operations workshop in Lagos, Abuja and Port Harcourt.

Tuesday June 19, 2018: The Chemical & Allied products Plc, Stanbic IBTC Holding Plc and Eternal Plc’s Annual General Meeting will hold this day, while the Nigerian Association of Petroleum Explorationists (NAPE) holds its Technical business meeting in Lagos.

The June 2018 Nextier power dialogue theme “Captive Generation: A forefront for Nigeria’s Economic Liberation” will holds this day in Abuja, while the 5th Africa LPG Summit holds on the same day in Lagos.

Wednesday June 20, 2018: The National Bureau of Statistics is scheduled to release the Federation account Allocation Committee (FMC) May 2018 Disbursement Report this day, while the Annual General meeting of Dangote Cement, NCM insurance Plc and UAC of Nigeria Plc will holds on the same day.

The 7th German Nigeria Business Forum with the theme “Leveraging Partnership for Economic Growth” will kick off this day in Lagos, Just as the Nigeria marketing & Media Conference powered by ROME Business School holds on the same day.

Thursday June 21, 2018:
The Annual General Meeting of Dangote Sugar Refinery Plc, Total Nigeria Plc, Julius Berger, CWG Plc, Lasaco Assurance Plc and Japaul oil & Maritime Services Plc will hold this day. The Economic Associates Conference on “Nigeria’s Economic outlook”, the Nigerian-South Africa Chamber of Commerce (NSACC) June 2018 Break Fast meeting and the CBN Nigeria CCPD Training on “Enterprise Risk Management” will take place this day in Lagos.

Friday June 22, 2018: Dangote Flour Mill Plc will hold its Annual General Meeting this day in Lagos, while the CFA Society Nigeria host key stakeholders for a sensitization session.

Enjoy & have a nice week.

 


MARKET UPDATES

04-Jun-2018

Monday, June, 04, 2018

Julius Berger Nigeria Plc, B.O.C Gases Plc, NPF Microfinance Bank Plc, Lasaco Assurance Plc and NEM Insurance Plc will be marked down today by the NSE; having declared a dividend of N1.00, N0.20, N0.17, N0.04 and N0.10, respectively in the preceding week.

Wednesday, June, 06 2018

Seplat Petroleum Development Company PLC will holds its Annual General Meeting (AGM) in Lagos.

Thursday, June, 07, 2018

The Official Launch of the Nigerian Green Bond Market Development will take place this day, while the Nigerian Stock Exchange and Berger paints Nigeria Plc holds their Annual General Meeting (AGM).

 


CBN MONETARY POLICY COMMITTE MEETING OF MAY 21 AND 22ND 2018 - CAPITAL BANCORP PLC REVIEW AND OPINION

25-May-2018

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) met on May 21 and 22 2018, against the backdrop of optimistic global growth outlook and sustained recovery in the domestic economy.

In attendance at the meeting were 9 members of the committee who examined the performance, risks, vulnerabilities in the global and domestic economies up to May 2018, as well as the outlook for the rest of the year. Eight (8) out of the nine (9) members voted to retain all policy parameters at previous levels while one (1) member voted to raise the MPR by 50 basis points.

THE COMMITTEE’s CONSIDERATIONS

The Committee reviewed the domestic economic environment and expressed satisfaction on its positive outlook particularly as the real GDP grew for the fourth consecutive quarter alongside increased Manufacturing and Non-manufacturing Purchasing Managers’ Indices in the first quarter of 2018.

Deceleration in headline inflation as well as stability in the foreign exchange market was also pointed out by the Committee and therefore, called on the Bank to sustain the momentum in order to further subdue inflation and ensure growth, noting also its satisfaction with the level of activities in the Investors’ and Exporters’ (I&E) window of the foreign exchange market.

The Committee despite its observation of the improvement in the macroeconomic environment also noted that disruptions to the supply chains in major food producing states of the country remains a concern as food prices remained sticky downwards. It also pointed out the potential adverse effect of the rising global inflation on domestic prices urging the Government not to relent on curtailing the security challenges to advance controlling inflation to its historical path.

The Committee expressed satisfaction with the progress made with the implementation of the Economic Recovery and Growth Plan, however noted that the effect of delay in the passage of the 2018 Appropriation could derail the programme and urged the Federal Government to sustain its implementation to further accelerate the economic recovery thus far achieved.
Members of the Committee further encouraged Government to sustain current efforts at boosting tax revenue generation notwithstanding the increase in crude oil and other commodity prices.

The MPC also expressed concern on the potential effects of expansionary fiscal budget of 2018 and the liquidity impact of rising FAAC distribution, following increase in the prices of crude oil as well as the buildup in election related spending towards the 2019 general elections.

The Committee reviewed the performance of deposit money banks and noted the moderation observed in high levels of non-performing loans in the industry, urging Government to promptly settle outstanding contractor arrears as earlier promised.

The Committee commended the effort of the Bank in achieving the positive outlook for the industry and advice the Bank to intensify efforts to further improve banking sector soundness.

DECISIONS OF THE COMMITTEE

The committee in line with the current happenings and realities facing the economy decided as follows:-

  1. Retain the MPR at 14 per cent;
  2. Retain CRR at 22.50 per cent;
  3. Retain the Liquidity ratio at 30.00 per cent;
  4. Retain the Asymmetric corridor at +200 basis point and -500 basis points, around the MPR.

OUR OPINION

Having maintained status quo with the previous MPC decisions, our earlier opinions stated on the 3rd and 4th April 2018 MPC commentary about the Stock market, Interest rates, Bond market and the Macro economy remain unchanged.

 


FULL SUSPENSION OF PRESTIGE ASSURANCE PLC SHARES

25-May-2018

Dealing Members are hereby notified that the ordinary shares of Prestige Assurance Plc (the Company) was suspended from trading on The Floor of The Exchange effective Wednesday, 23 May 2018 to Wednesday, 6 June 2018.

Please recall that trading in the shares of the Company was suspended from Friday, 23 March 2018 to Tuesday, 27 March 2018 for the purpose of the Share Capital Reconstruction but Prestige Assurance Plc via an announcement to the general public on Friday, 18 May 2018 stated that the exercise could not be concluded during that period and informed its shareholders and the general public that the exercise is now scheduled for Wednesday, 23 May 2018 to Wednesday, 6 June 2018 to enable its Registrar complete the Share Capital Reconstruction exercise.

Trading in the shares of the Company will resume on Thursday, 7 June 2018.

 


THE NEW CAMA LAW

22-May-2018

Last week, the Senate of the Federal Republic of Nigeria passed the new Companies and Allied Matters Act (CAMA) bill into law after going through the third reading on the floor of the upper chamber of the national assembly. It is said to be one of the biggest business reform bills passed in Nigeria in over 28 years.

The benefits/direct effects of the bill on small businesses are highlighted below;

  1. It will make Nigeria’s business environment as competitive as its counterparts around the world.
  2. With CAMA, any individual can start and run a company totally resolving business registration bottlenecks. A lot of businesses have been forced into unnecessary partnerships because prior to the passage of this bill, to legally own a business in Nigeria, you needed to provide at least two or more people as co-owners of the business.
  3. It promotes the use of technology in the registration of businesses in a faster and more efficient way.
  4. CAMA removes all the unnecessary regulatory provisions for small companies such as the requirement for ‘annual general meetings’ and ‘company secretaries.’ This would make business ownership and registration less stressful, as the bill provides an environment for small business to start and grow.
  5. The bill creates the ‘LLP’ (Limited Liability Partnership) which is a new form of legal identity for businesses in Nigeria that is targeted at increasing foreign investments in the country.
  6. It reduces the minimum share capital for companies and start-up in Nigeria. Evidently, this will encourage more investments and create new jobs.
  7. It ensures that Nigerians can now register their businesses from anywhere in the country through the e-registration system that the senate’s amendment gives legal backing. With the bill, people can register their small businesses from the comfort of their homes without having to go through all the previous rigorous processes.

In summary, this new development is expected to impact on the growth of the economy through;

  1. Provision of more employment opportunities.
  2. Increased revenue for the government.
  3. Boost investors’ confidence in online business transactions.
  4. Improve the current position of the country on the ease of doing World Bank rankings.
  5.  


    SEPLAT PETROLEUM - ANNOUNCEMENT OF Q1 2018 INTERIM DIVIDEND CURRENCY EXCHANGE RATES

    21-May-2018

    Seplat Petroleum Development Company Plc ("Seplat" or the "Company"), a leading Nigerian independent oil and gas company listed on both the Nigerian Stock Exchange and London Stock Exchange, today confirms that the following currency exchange rates will be applicable in determination of the Q1 2018 interim dividend payment to any shareholders that qualify for and have elected to receive the Q1 2018 interim dividend payment in Naira or GBP:

    Exchange Rates:

    1 USD = 305.35 Naira
    1 USD = 0.7422 GBP

    The exchange rate for the Naira or pounds sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 16 May 2018.

    YBF

     


    CORPORATE ACTION FOR FBN HOLDINGS PLC (FBNH)

    26-Apr-2018

    Below is the corporate action for FBN Holdings Plc (FBNH) for the 2017 Financial Year end

    YBF

     


    NSE LIFTS SUSPENSION ON OANDO

    11-Apr-2018

    The NSE has confirmed the lifting of the technical suspension placed on OANDO.

    Trading on the group’s shares was placed first on full suspension and then technical suspension in October 2017 by the NSE, upon the need for a forensic audit and investigation into the Group’s operations by the SEC following the petition submitted by two of its shareholders; Alhaji Dahiru Mangal and Ansbury Incorporated.


    Regards.


    SPECIAL DIVIDEND | GLAXOSMITHKLINE CONSUMER NIGERIA PLC. (GLAXOSMITH)

    22-Mar-2018

    Dear Esteemed Client,

    The Board of Directors of GlaxoSmithKline Consumer Nigeria Plc. (GLAXOSMITH) has recommended a special dividend of NGN7.10 and a final dividend of NGN0.40 for the year ended 31st December, 2017 per 50k ordinary share, subject to approval at the company’s AGM slated for the 24th of May, 2017. The dividend payment shall be made on the 25th of May according to the notice.

    SCENARIO 1

    If we assume the distribution will be entirely funded from the current year earnings at 100% pay-out rate, it implies that GSK would have made c.NGN9.61bn in Q4:2017. While it is not unlikely, it appears a remote possibility based on our assessment of the pharma industry (which constitutes more than 60% of the company’s business), its competitive advantage, market share and aggregate product portfolio, which has not significantly changed although we acknowledge the increasing market share of its toothpaste brand, Sensodyne. The total dividend, if approved, implies a yield of 34.01% (based on its closing price of NGN22.05 on the 21st of March, 2018). If the objective is to incentivize shareholders, we are of the opinion that it appears excessive given that a double-digit dividend yield of 11.00% would have been sufficient, being much higher than the 2018 market average of 4.95% and comparing favourably with the highest yield of 10.09% so far in 2018. In addition, the performance of the company has been fragile since 2015, and a profit resurgence, in our opinion, should not be immediately trailed by such huge distribution, until proven sustainable.


    SCENARIO 2

    Another possibility is that the dividend will be funded from reserves; if the loss position persists, this decision might not be much value-adding from a long-run perspective given that the proposed total dividend will amount to NGN8.97bn, which is 58.32% of the company’s retained earnings as at 9M2017. On the other hand, we note that GSK sits on a huge cash balance of NGN12bn (as at 9M2017) and given that it has no interest-bearing debt but relies entirely on operating liabilities to fund its working capital requirement, there is little reinvestment need to drive its growth aspirations, and this could have been the prime motivating factor behind the lucrative pay-out. However, there is limit to such distribution.


    Notwithstanding the caution above, we advise that you take advantage of this opportunity given that the short-term rally in the share price has the potential to offset the price decline from the mark-down upon payment of the dividend. Our opinion on whether to exit after the payment will be based on our assessment of the performance of the company, the earnings drivers and the sustainability of the earnings growth momentum, if any, upon the release of their result.


    Regards,


    DIVIDENDS PAYMENT BY COMPANIES FOR THIS WEEK

    19-Mar-2018

    The following stocks would be paying their dividends or closing their registers this week. Closure of register is used to determine the cut-off period within which investors will receive dividends or not. Investors, who sell before the closure dates, do not get dividends, while those who buy after the closure dates, do not receive dividends.

    TOTAL NIGERIA PLC

    Total Nigeria Plc will be closing its shareholders register from the 19th to 23rd of March, 2018. Total declared a final dividend of ₦14 per share. For the year ended December 2017, Total made ₦288 billion as revenue and a profit after tax of ₦8 billion.

    AFRICA PRUDENTIAL PLC

    Africa Prudential Plc ends its closure period tomorrow, the 19th of March, 2018. For the year ended December 2017, the company had gross earnings of ₦3.3 billion, and a profit after tax of ₦1.7 billion.

    UNITED CAPITAL PLC

    United Capital Plc will be holding its Annual General Meeting (AGM) on Friday March 23rd 2018. The company will pay a dividend of ₦0.35 per share. For the year ended December 2017, the company made gross earnings of ₦8.7 billion and a profit after tax of ₦4.3 billion.

    MEDVIEW AIRLINE

    Medview Airline will commence its closure period from Wednesday, the 21st of March, 2018. It will end on Tuesday, the 27th of March, 2018. For the year ended December 2017, the company made gross earnings of ₦36.9 billion and a profit after tax of ₦1.2 billion.

    HOW TO GET YOUR DIVIDENDS

    The Securities and Exchange Commission (SEC) has stopped the issuance of physical dividends. Investors are thus encouraged to register for their electronic dividends at any bank’s branch. Dividends, henceforth, will be wired directly to investors’ bank accounts.


    EARNINGS BROADCAST: NIGERIAN BREWERIES PLC

    17-Feb-2018

    YBF


    EARNINGS SUMMARY HONEYWELL FLOUR MILLS PLC

    30-Jan-2018

    Honeywell Flour Mills Plc. (HONYFLOUR) released its unaudited Q3 2018 results today. The company was able to increase its profit-after-tax by 110.28% to NGN2.78bn on the back of the increase in revenue to NGN56.65bn (+43.90%) in the period. However, cost of sales advanced by 55.56% to NGN42.00bn. The ticker closed at NGN2.80 yesterday.

    We expect positive sentiments on the stock in the near term due to the release of its relatively impressive result.


    OANDO PLC’S OFFICIAL STATEMENT ON ‘PEACE ACCORD’ WITH ALHAJI DAHIRU MANGAL

    23-Jan-2018

    In accordance with the Companies and Allied Matters Act, Cap. C20 LFN 2004 (‘CAMA’) an individual or entity with direct / beneficial share ownership over 10% constitutes a substantial shareholder in the Company. The Company has been officially notified by Alhaji Dahiru Mangal (’Alhaji Mangal’) that he is a substantial shareholder in the Company. In addition to confirming his status as a substantial shareholder, all the issues raised by Alhaji Mangal in his petition to the Securities and Exchange Commission (‘SEC’) have been successfully addressed and clarified by the Company. The Company has always encouraged oversight over its affairs by all shareholders. In the same vein, we have encouraged Alhaji Mangal to exercise such rights to enable him gain a better understanding of the Company’s business development plans, initiatives and operations. To this end, a Peace Accord mediated by Emir Muhammadu Sanusi II (CON), the Emir of Kano was concluded on January 7, 2018.

    Commenting on the Peace Accord, Oando PLC’s Group Chief Executive, Jubril Adewale Tinubu said: “I am pleased we have reached an amicable agreement with Alhaji Dahiru Mangal and have satisfactorily addressed the concerns he raised in his petition to the SEC. We encourage him to exercise his rights as a shareholder and be more involved in oversight of the affairs of the Company. Shareholders must be confident in the operations of the company they are invested in; this can only occur through active participation.’’

    Commenting further the Emir of Kano, Emir Muhammadu Sanusi II (CON) said: “The development of the Nigerian economy is hinged on local participation; it is therefore an imperative that as a people we come together to make indigenous participation and success a reality. I have watched Wale Tinubu from his days in Ocean and Oil and I am extremely proud of his growth and the company he has built. Oando is proudly a Nigerian company whose impact has been positively felt by every Nigerian. The Company is evidence of the progress we have made from an IOC led sector to one that is thriving with a mix of indigenous and international players. I call on Alhaji Mangal and Wale Tinubu to see themselves as partners focused on achieving one goal; attainable only if they have confidence and trust in one another. It is my belief is that they have put the past behind them and are looking forward to working together to create greater success stories. As Nigerians we must protect our local industries and ultimately the development of this great nation and so I am excited by what this means for the company and Nigeria as a whole.’’

    On his part, Alhaji Dahiru Mangal said: “Following the clarification I have received from Oando’s management team, I have withdrawn my petition to the SEC. I invested in Oando because I could see its potential. It is therefore with excitement that I concur to this Peace Accord signifying the renewal of our relationship; one that gives me more insight into the Company’s operations and aspirations and involves more dialogue. I am confident in the Company’s leadership team and trust that with the right support it will continue to grow from strength to strength, returning real value to all its shareholders including my good self.’’

    In addition, subject to the provisions of the SEC Code, Companies and Allied Matters Act (‘CAMA’) and Oando’s Board Appointment Process, Oando’s Board of Directors will consider the appointment of representation for Alhaji Mangal to the Board. The representation will take the form of Directorship from qualified individuals nominated by Alhaji Mangal. All Directors have a fiduciary duty to always act in the best interest of the Company and its stakeholders.

    For more information, please contact:

    Ayotola Jagun
    Chief Compliance Officer & Company Secretary
    ajagun@oandoplc.com

    Alero Balogun
    Head, Corporate Communications
    albalogun@oandoplc.com

    For: Oando PLC
    Signed
    Ayotola Jagun
    Chief Compliance Officer & Company Secretary
    The Wings Complex, 17a Ozumba Mbadiwe Avenue
    Victoria Island Lagos, Nigeria


    NSE AMENDED RULES ON PAR VALUE AND SHARE PRICE TO COMMENCE JANUARY 29

    15-Jan-2018

    A trade of at least ten thousand (10,000) units is required to move the price of equities trading at One Hundred Naira (N100) or above (Group A).

    A trade of at least fifty thousand (50,000) units is required to move the price of equities trading at N5 or above but lower than N100 (Group B).

    A trade of at least one hundred thousand (100,000) units shall be required to move the price of equities trading at N0.01k or higher but below N5 (Group C).

    MINIMUM PRICE INCREMENT

    (a) Group A = Ten kobo (N0.10 kobo)
    (b) Group B = Five kobo (N0.05 kobo)
    (c) Group C = One kobo (N0.01 kobo)

    Following approval from the Securities and Exchange Commission (SEC), the Nigerian Stock Exchange (NSE) will implement the new rules on par value and share price methodology on January 29 2017. The amended rules are expected to enhance market liquidity and transparency.

    WHAT ARE THE NEW RULES ABOUT ?

    Par value rules

    Effective 29th January 2018, the minimum price at which stocks on the NSE will trade, will be 1 kobo. Prior to this, the minimum price floor was fixed at 50 kobo per share (which is also the par value). The Par Value of a share refers to its nominal or face value per unit as stated in a company’s corporate documents, i.e., the Memorandum of Association of the company.

    SHARE CLASSIFICATION

    Stocks have now been grouped into 3 categories
    Group A: Equities trading at N100 and above.
    Group B: Equities trading at between N5-N100.
    Group C:Equities trading between N0.01 kobo and N5.

    Price movement

    The minimum pricing increments and minimum quantity traded for equity securities will no longer be the one-size-fits-all of One Kobo (N0.01k) which has been used in the market for all equity securities, but now re-standardized and stratified according to equity price groupings. The approved group structure is as follows:

    MINIMUM QUANTITY

    A trade of at least ten thousand (10,000) units is required to move the price of equities trading at One Hundred Naira (N100) or above (Group A).

    A trade of at least fifty thousand (50,000) units is required to move the price of equities trading at N5 or above but lower than N100 (Group B).

    A trade of at least one hundred thousand (100,000) units shall be required to move the price of equities trading at N0.01k or higher but below N5 (Group C).

    Minimum price increments

    (a) Group A = Ten kobo (N0.10 kobo)
    (b) Group B = Five kobo (N0.05 kobo)
    (c) Group C = One kobo (N0.01 kobo)


    SEVEN-UP BOTTLING COMPANY PROPOSED ACQUISITION

    11-Jan-2018

    Seven-Up Bottling Company Plc. (7UP) has notified the public through the Stock Exchange that the majority shareholder of the company, Affelka S.A (Affelka), who proposed to acquire all outstanding shares of the company has reviewed the offer price upwards to NGN125 per share for the outstanding 171,542,574 ordinary shares of 50.00 kobo each. The new offer price represents a premium of 22.59% on the last traded share price (NGN101.97) of the company on the 9th of January, 2018.

    The revised scheme consideration is subject to approval in a Court-Ordered Meeting which is scheduled for January 11, 2018.


    VITAFOAM NIGERIA PLC – CORPORATE ACTIONS

    09-Jan-2018

    At the meeting of the board of directors held on 19th December, 2017, the following resolution were passed:

    1. APPROVAL OF AUDITED ACCOUNT

    The Group audited financial statement for the year ended 30th September, 2017 was approved

    2. DIVIDEND RECOMMENDATION

    The board recommended a dividend of N156.3Million representing 15kobo per share for the financial year ended 30th September, 2017. The dividend is subject to shareholders’ approval and withholding tax. If approved at the Annual General Meeting, the dividend will be paid on 9th March, 2018, to members whose names appear in the Register of member at the close of business on Friday 16th February, 2018.

    3. 2016 ANNUAL GENERAL MEETING

    The company’s annual General Meetings will be held Lagos Sheraton Hotel, Mobolaji Bank Anthony Way, Ikeja, Lagos on Thursday 8th March, 2018.

    4. CLOSURE OF REGISTER

    The register of member and Transfer books of the company will be closed from Monday 19th to February 23rd February, 2018.


    Signed
    Lekan Sanni
    Company Secretary / Legal Adviser


    FLOUR MILLS OF NIGERIA PLC UNDERTAKES N39.9BN RIGHTS ISSUE

    08-Jan-2018

    Following the receipt of shareholders’ approval in May 2015 to raise additional capital via a Rights Issue, Flour Mills of Nigeria Plc (“the company” or “Flour Mills of Nigeria or “FMN”) has now received clearance of the issue documents from the Securities and Exchange Commission and the Nigeria Stock Exchange to proceed with Series 1 of the Right Issue Programme. This Programme enables the Company the raise fund in several tranches over a three –year period. The Rights Issue is being undertaken as part of the long-term plan to strategically position FMN for sustainable growth.

    The Company now intends to raise N39,855,845,286.00 by way of right to existing shareholders, on the basis on 9 new shares for every 16 shares held by shareholders, whose name appeared in the register of the name of the Company as at 08 December 2017 at an issue price of N27.00 per share. The issue price of N27.00 represent a discount of 23% to the Company closing share price on the date of the announcement.

    At the Signing Ceremony which held in Lagos, on 05 January 2018, Mr. Paul Gbedebo, the Group Managing Director of Flour Mills of Nigeria, commented “The Right issue is part of our strategy to grow and build long-term value for all stakeholders. The proceeds from the Right Issue will be used to strengthen the Company’s capital base by deleveraging our balance sheet, supporting our working capital needs and positioning the Company to exploit value-accretive opportunities, whilst giving greater operational and financial flexibility to ensure business growth and continuity”.

    FMN has a longer and rich history in Nigeria and continues to evolve into becoming the leading food and agro-allied group on the continent. FMN’s commitment to sustainability as a corporative strategy is shown indifferent level of its operations and activities, while the Company’s customers-centric culture remains focused on both product and process innovation aimed at building value for all stakeholders.

    Full terms of the Right Issue will be sent out in Right Circular to be mailed directly to shareholders of the company, which contains a Provisional Allotment Letter and Participation Form.

    Please read the Right Circular and where in doubt, consult your Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor, or any other professional adviser for guidance before subscribing. Stanbic IBTC Capital Limited is acting as a Lead Issuing House, while FBNQuest Merchant Bank Limited and Zenith Capital Limited are acting as Joint Issuing Houses to the Right Issue.

    Yours faithfully,
    For: Flour Mills of Nigeria Plc.
    UMOLU JOSEPH A. O.
    Company Secretary / Director of Legal Services


    E-DIVIDEND REGISTRATION TO BE CONTINUE BY SEC

    04-Jan-2018

    The Securities and Exchange Commission (SEC Nigeria) has announced that the e-dividend registration exercise would continue seamlessly in spite of the expiration of the December 31st 2017 Free registration deadline.

    It would be recalled that the e-dividend Free Registration expired on December 31, 2017. Acting Director General of SEC, Dr. Abdul Zubair, who made the announcement at a press briefing Tuesday, said that all Investors that are yet to enroll, are enjoined to continue with the registration exercise, at a marginal cost of N150 (one hundred and fifty Naira) only.

    He said “Such investors should continue to approach their Banks or Registrars, as usual, to seamlessly mandate their Bank Accounts for the collection of their Dividends electronically, including unclaimed dividends, not exceeding 12 years of issue; as the N150 would not be demanded from them at the point of registration“. For the avoidance of doubt, the N150 fee would not be demanded from the investors at the point of registration and/or submission of completed e-Dividend Mandate Forms.

    Zubair also announced an extension of the Forbearance window for Multiple Accounts Consolidation to March 31, 2018. According to him “With a view to encouraging many more investors to consolidate their multiple subscriptions into one account, the SEC wishes to announce an extension of the forbearance for Multiple Accounts till 31st March, 2018. “Accordingly, investors that bought shares of the same company during public offers, using different names, are allowed till 31st March, 2018 to continue to approach their Stockbrokers or Registrars, to regularize their shareholdings, in line with SEC Rules on customer identification. Thereafter, all shares NOT regularized shall be transferred, on trust, to the Capital Market Development Fund”.

    The Acting DG disclosed further that in line with approved rules of the Commission; all Registrars have been directed to stop the issuance of dividend paper warrants with effect from January 1, 2018.

    He noted that for the avoidance of doubt, all paper dividend warrants issued up till December 31, 2017 are valid and should be honoured. Banks and Registrars are accordingly implored to please note and adhere.

    In his comments, Director External Relations of the SEC. Mr. Henry Rowlands disclosed that the SEC has consulted with other stakeholders to ensure that the process is seamless; adding that investors should entertain no fear of being charged until their registration is approved.

    He however explained that, "Where the investor's account is not funded, the parties have agreed that such an enrolment request will be disapproved because the account is not funded and the investor will be alerted accordingly”.