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Stock market hits 9year high as investors gain N1.7tr in 8days.

Jan 12 2018
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Stock market hits 9year high as investors gain N1.7tr in 8days.  Vanguard Online 

The Nigeria Stock Exchange, NSE yesterday continued its record breaking performance with total market capitalisation rising by N437 billion, thus extending investors gain to N1.7 trillion in the first eight trading days of the year.

 

Driven by rally from both local and foreign investors, the Nigeria Stock Exchange, yesterday’s performance jerked up the NSE All Share Index, to 43,041.54 points, the highest in nine years.

 

Specifically, the All share Index significantly appreciated by 1,125.43 points or 2.9 percent from 41,816.11 points on Wednesday, the highest since October 2009.  Read more

 

CBN to Reduce Percentage of Adults Excluded from Financial Services. Partners Edo on financial inclusion.  Thisday Online 

The Central Bank of Nigeria (CBN), through its Financial Inclusion State Steering Committee (FISSCO), has said that its target is to reduce the percentage of adult Nigerians excluded from access to financial services from 46.3 per cent in 2010 to 20 per cent in 2020.

 

Branch Controller, Elizabeth Agu, disclosed this on Thursday during her inaugural speech at a meeting of the FISSCO in Abuja. Agu explained that the Nigerian National Financial Inclusion Strategy (NFIS) was launched in 2012, adding that the overall target is to reduce the percentage of adult Nigerians, excluded from access to financial services from 46.3 percent in 2010 to 20 percent in 2020.

 

According to her, “The broader aim of the target therefore, is that 80 per cent or more of our adult population should have access to and make use of financial services, with at least 70 per cent of that number in the formal sector.  Read more

 

7-Up’s core investor to buy out Nigerian shareholders.  The Nation Online 

Shareholders of Seven-Up Bottling Company Plc yesterday approved a plan by the majority shareholder, Affelka SA to acquire the outstanding 26.8 per cent shares held by the minority shareholders.

 

At a court-ordered meeting in Lagos, shareholders approved the scheme of arrangement for the acquisition. With the ongoing acquisition process, Affelka SA will increase its ownership of the Nigerian soft-drink company to 100 per cent by acquiring all the outstanding and issued shares, previously held by the minority shareholders.

 

In consideration for the transfer of the shares, a payment of N125 per scheme share will be made to each shareholder. This payment represents a 22.6 per cent premium on the last traded share price of Seven-Up on January 9, 2018 and a 27.6 per cent premium on the share price as at close of August 9, 2017 being the last business day prior to the date the initial proposal was received from Affelka.  Read more

Last changed: Jan 12 2018 at 3:07 PM

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