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Nigeria Starts Stock Lending With 20.8 Million Shares Available
LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange started lending and borrowing of shares as it seeks to reignite liquidity in Africa’s third-biggest bourse by listings.
A combined 20.8 million shares are available, with Guaranty Trust Bank Plc, the nation’s biggest lender, providing 8.4 million, according to a statement on the Lagos-based NSE’s website.
Nigeria’s Securities and Exchange Commission last year announced plans for securities lending, short-selling and hedging to attract inflows. Trading volumes on the 155-member main-board index declined 21% in 2019, according to the NSE.
Presco Plc proposed lending 4 million shares, while MTN Nigeria Communications Plc, the local unit of the Johannesburg-based wireless carrier, is offering borrowers 2.4 million shares. Dangote Cement Plc wants to lend 1.7 million shares, according to the exchange.
Source: Bloomberg Business News