Flour Mills of Nigeria Seeks $306 Million to Cut Funding Costs

Flour Mills of Nigeria Seeks $306 Million to Cut Funding Costs

LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, plans to raise 110 billion naira ($306 million) in equity and debt as it seeks to reduce costs and boost operations in the West African nation. The company plans to raise as much as 40 billion naira by rights issue and 70 billion naira through “medium-term notes,’’ according to a statement Monday on the website of the Nigerian…

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Nigerian Bourse Sustains Uptrend …NSE ASI up 1.1%

Nigerian Bourse Sustains Uptrend …NSE ASI up 1.1%

LAGOS (Capital Markets in Africa) – Nigerian equities sustained gains observed yesterday as the All Share Index further strengthened 1.1%, trimming YTD loss to 4.2%. The performance was largely driven by rebound in the prices of DANGCEM (+2.2%) and GUARANTY (+2.0%) as well as further appreciation in WAPCO (+5.0%) and 7UP(+9.4%). Consequently, market capitalization improved N98.1bn to settle at N8.9tn. Activity level also improved as volume and value traded increased 52.2% and 32.2% to 241.6m units and N1.5bn with a total…

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Nigerian Equity Benchmark Index Rebounds as Mid-Caps Rally… NSE ASI up 0.8%

Nigerian Equity Benchmark Index Rebounds as Mid-Caps Rally… NSE ASI up 0.8%

LAGOS (Capital Markets in Africa) – The equity market rebounded today from a streak of losses as the broader index appreciated 0.8% to close at 25,471.69 points, paring YTD loss to 5.2% while market capitalization added N71.1bn to settle at N8.8tn. The uptrend in the All Share Index was largely as a result of renewed buy sentiment in mid-cap counters in the Industrial and Oil & Gas sectors – WAPCO (+10.2%), MOBIL (+10.3%) and OANDO(+10.1%) – as well as bargain…

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Nigerian Bourse Records Flattish Close… NSE ASI down 3bps

Nigerian Bourse Records Flattish Close… NSE ASI down 3bps

LAGOS (Capital Markets in Africa) – The local bourse recorded a flattish close as the benchmark index shed 3bps to close at 25,266.15 points while YTD loss stayed at 6.0%. Rally in OANDO (+6.3%) which submitted FY:2016 result late yesterday was offset by a weak appetite for Tier-1 banks – ETI (-3.0%), UBA (-2.3%), GUARANTY (-0.6%) – as well as FORTE (-5.9%) to ensure the flattish close. Accordingly, investors lost N2.4bn as market capitalization settled at N8.7tn. However, activity level surged from yesterday’s low as…

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Nigerian Equity Markets | 17 Nov 2016: Equities Extend Bearish Streak to 5th Session …NSE ASI down 0.2%

Nigerian Equity Markets | 17 Nov 2016: Equities Extend Bearish Streak to 5th Session …NSE ASI down 0.2%

LAGOS (Capital Markets in Africa) – The Equities market recorded a loss for the 5th consecutive session at the end of trading today as the All Share Index (ASI) pared 0.2% to settle at 25,599.79 points, bringing YTD loss to 10.6%. Sell pressure on NIGERIAN BREWERIES (-0.6%), FORTE (-5.0%), TOTAL (-4.8%) and GUARANTY (-0.7%) dragged market performance as investors lost N18.4bn bringing market capitalization to N8.7tn. Activity stayed mixed as volume traded rose 10.9% to 161.6m…

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Nigerian Equity Markets | 20 June 2016: Equities Buck Gaining Trend…NSE ASI down 163bps

Nigerian Equity Markets | 20 June 2016: Equities Buck Gaining Trend…NSE ASI down 163bps

LAGOS, Nigeria, Capital Markets in Africa: In a complete reversal of the bullish trend which began after the Press briefing of the CBN Governor – where the guidelines for the operation of the flexible exchange rate were released- the Nigerian Equities market closed in the red today. Despite the increasing expectation of foreign investors’ return to the market, profit taking thrived as investors sold off on stocks that gained significantly in the previous week. As…

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Nigerian Equity Markets | 31 May 2016: Stocks Tumble on Panic Selling …NSE-ASI down 4.3%

Nigerian Equity Markets | 31 May 2016: Stocks Tumble on Panic Selling …NSE-ASI down 4.3%

LAGOS, Nigeria, Capital Markets in Africa: The Bullish trend in the Nigerian equities market was reversed as the All Share Index plunged 4.3% amid profit taking and FX uncertainty following the Democracy Day Speech. After touching a year high of 28,902.25 points on Friday, the benchmark index tumbled to 27,671.08 points today, sending YTD return (-3.4%) back to the negative region. Market capitalization also shrank N425.6bn settling at N9.5tn. Today’s sharp decline was broadly driven…

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