BPE, NSE to Define Terms for Listing Privatised Firms on Bourse. Thisday Online
The Bureau of Public Enterprises (BPE) and Nigeria Stock Exchange (NSE) will define the modalities for the listing of privatised government firms on the capital market, the Director General of BPE, Mr. Alex Okoh, has disclosed.
Okoh said yesterday in a statement by the Head of Public Communication of the BPE, Mr. Chukwuma Nwokoh, that the structure of the reform and privatisation process by the BPE already envisaged the listing of privatised enterprises as the final outcome of the exercise.
He reportedly told members of the NSE’s technical committee on attraction of new listings to the capital market which is chaired by Haruna Jallo Waziri, an executive director at the NSE, at a meeting in Abuja that this would eventually happen but that conditions for the listings would also have to be defined. Read more
Economy in rebound: Stocks gain N1.3trn in bulls market. Vanguard Online
The unprecedented bullish run that prevailed in the equities market for most part of last month (May), especially at the later part of the month that saw the equities capitalisation gallop to over N10 trillion mark has resulted in huge N1.29 trillion gains to investors.
The action pushed the Return-on-Investment, RoI, for the period to 14.5 per cent, higher than the year-to-date, ytd, return, which stood at 9.8 per cent, a development market operators attributed to some positive macro-economic developments in the country and better than expected first quarter, 2017 (Q1’17) results.
The capital market operators further opined that Prof. Yemi Osinbajo’s return as the Acting President helped to buoy activity in the market within the period. Read more
CBN to sustain intervention. The Nation Online
Naira’s continued gains against the dollar will not deter the Central Bank of Nigeria (CBN) from sustaining its intervention in the interbank market, the apex bank said yesterday.
The CBN has since February been pumping in dollars in all segments of the interbank market to ensure liquidity and availability of forex. More than $5 billion has been injected into the market.
The naira has gained substantial ground against the United States dollar, selling at N363/$1 compared to the previous rate of N378/$1, the apex bank said. Read more