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Exit from recession fails to lift stocks.

Sep 06 2017
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Exit from recession fails to lift stocks. Punch Online

Despite Nigeria exiting recession on Tuesday, the equities market closed in the red, shedding N35bn.


On the release of the second quarter Gross Domestic Product data, the market opened this week’s trading with a loss as Seplat Petroleum Production Company Plc, Julius Berger Nigeria Plc, Lafarge Africa Plc, Cadbury Nigeria Plc and Total Nigeria Plc emerged as the top five losers.


The Nigerian Stock Exchange market capitalisation, on Tuesday, dropped to N12.202tn from N12.237tn as the NSE All-Share Index closed at 35,403.92 basis points from 35,504.62 basis points.  Read more


CBN Injects $250m in Forex Market.  Thisday Online 

The Central Bank of Nigeria (CBN) tuesday injected of another $250 million into various segments of the interbank foreign exchange market.


Figures obtained from the CBN indicated that the Retail Secondary Market Intervention Sales (SMIS) segment of the market received the highest intervention with a total of $100 million, small and medium scale enterprises (SMEs) window received a boost of $80 million while the invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, etc. was allocated the sum of $70 million to meet the demands of customers.


Confirming the figures, the Bank’s spokesman, Isaac Okorafor, noted with delight the recent Quarter 2, 2017 Report by the National Bureau of Statistics (NBS) which indicated that Nigeria has gotten out of recession and hinged part of this success to the regular intervention of the Bank in the forex market, to boost liquidity in the market, ensuring timely execution and settlement for eligible transactions and also make forex available to the real sector and industrial capacities, critical to the Nigerian economy.  Read more


10 Stockbroking Firms Trade N1.1tn Shares on NSE in Eight Months.  Thisday Online 

Stanbic IBTC Stockbrokers Limited, Cordros Securities Limited, RenCap Securities Limited, Meristem Stockbrokers Limited and CSL Stockbrokers Limited are the five stockbrokers among the top 10 brokers that accounted for N1.080 trillion traded at the stock market from January to August 2017. Data obtained from the Nigerian Stock Exchange (NSE) showed that the 10 stockbroking firms traded 70.71 per cent of the total value of stocks exchanged in the review period and 46.28 per cent in terms of volume.


Specifically, Stanbic IBTC Stockbrokers led in value terms trading N299.592 billion, which is 19.61 per cent. Cordros Securities Limited followed with N196.645 billion or 12.87 per cent. Recap Securities Nigeria Plc recorded N147.179 billion or 9.63 per cent, while Meristem Stockbrokers Limited and CSL Stockbrokers Limited facilitated N105.004 billion (6.8 per cent) and N81.429 billion (5.33 per cent) respectively.


ARMS Securities Limited traded N58.598 billion, which is 3.84 per cent, while FBN Securities Limited accounted for N52.636 billion or 3.45 per cent. Others among the top 10 are: United Capital Securities Limited-N47.019 billion (3.08 per cent); EFCP Limited-N46.566 billion (3.05 per cent); and Chapel Hill Denham Securities Limited-N45.537 billion (2.98 per cent).  Read more


Last changed: Sep 06 2017 at 1:07 PM