Specifically, at the close of transactions yesterday, the market capitalisation of listed equities appreciated by N2 billion to close at N11.59trillion from N11.592 trillion achieved on Wednesday.Also, the All-share index, which measures the performance of quoted companies, gained 0.01 per cent from 30,829.45 to 30,833.50.

Analysts at Afrinvest Limited said: “Despite yesterday’s mild uptick in performance, we maintain a conservative outlook for today’s trading session as investor sentiment remains weak. However, we opine that the lingering bearish sentiment will continue to present attractive opportunities for investors to take position.”

The Chief Research Officer of Invest data Consulting Limited, Ambrose Omodion said; “The ongoing volatility will continue as investors and fund managers rebalance their portfolios, with eyes fixed on political space and ongoing full year company earnings position and post-election market dynamics.

‘Investors should review their positions in line with their investment goals, strength of the company numbers and act as events unfold in the global and domestic environment.
However, we would like to reiterate our advice that investors should go for equities with intrinsic value.”

Presco led the gainers’ chart with N6.00 to close at N68.00 per share while National Salt Company of Nigeria followed with N1.80 to close at N20.00 per share. Guaranty Trust Bank added N0.9 kobo to close at N36.90 per share. Cand I Leasing appreciated by N0.72 kobo to close at N7.99 per share. UACN added N0.2 kobo to close at N8.00 per share.

However, Cement Company of Northern Nigeria emerged the day’s highest price loser with N1.00 to close at N19.00 per share while Dangote Flour followed with N0.5 kobo to close at N10.5 per share. PZ Cussons and Union Bank also loss N0.5 kobo to close at N9.5 and N6.6 per share respectively.

Cadbury also shed N0.3 kobo to close at N10.9 per share.On the activity chart, Wema Bank dominated in volume with 1.7 billion shares worth N1.27 billion, while Chams followed with 99 million units valued at N19 million. United Bank for Africa traded 17 million shares worth N133 billion. Sterling Bank accounted for 13 million units valued at N31 million. Zenith Bank exchanged N9 million shares worth N207 million.On the whole, investors exchanged 1.9billion shares valued at N2.8 billion in 2,807 deals.

Specifically, at the close of transactions yesterday, the All-Share Index (NSE-ASI) was down by 17.33 absolute points, representing a dip of 0.06 per cent, closing at 31,125.39 points. Similarly, the market capitalisation decreased by N7 billion, closing at N11.607 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Ikeja Hotel, Cutix, NEM Insurance, Union Bank of Nigeria and Zenith Bank.

On the outlook for the market this week, analysts at United Capital Plc said: “Considering the overly bearish theme that was witnessed last week (Relative Strength Index: 48.6), the market may likely see a rebound this week as investors take advantage of badly beaten stocks on the exchange.”

Market breadth closed negative, with 10 gainers versus 20 losers. Dangote Flour Mills recorded the highest price gain of 7.35 per cent, to close at N10.95, per share.

Union Diagnostic & Clinical Services gained 7.14 per cent to close at 30 kobo, while McNichols appreciated by 5.26 per cent to close at 60 kobo per share.

Caverton Offshore Support Group appreciated by 3.69 per cent to close at N2.25, while United Capital gained 1.79 per cent to close at N2.85, per share.

On the other hand, Ikeja Hotel led the losers’ chart by 9.66 per cent, to close at N1.87, per share. Cutix shed 8.89 per cent to close at N2.05, while Sovereign Trust Insurance depreciated by eight per cent to close at 23 kobo, per share.

Wema Bank declined by 7.79 per cent to close at 71 kobo and Linkage Assurance shed 6.78 per cent to close at 55 kobo, per share.

The total volume traded declined by 1.86 per cent to 205.73 million shares, worth N1.93 billion, and traded in 3,821 deals. Transactions in the shares of Access Bank topped the activity chart with 56.02 million shares valued at N328.4 million.

Zenith Bank followed with 27.58 million shares worth N603.65 million, while United Bank for Africa (UBA) traded 22.62 million shares valued at N170.7 million.

FCMB Groups traded 13.67 million shares valued at N24.72 million, while Guaranty Trust Bank transacted 12.65 million shares worth N446.41 million.

A statement from the Exchange yesterday, said the listing is in line with the Federal Government’s drive to re-balance Nigeria’s debt portfolio, following the Debt Management Office (DMO’s) issuance of five Eurobonds in 2018 – the dual tranche, which was issued in February, and subsequently the triple tranche Eurobonds released in November 2018, respectively.

These Eurobond issuances are expected to spur private sector participation in the Nigerian capital markets, as domestic investors stand to gain increased access to instruments in the secondary markets, and a widened opportunity for portfolio diversification, as this listing will bring FGN Eurobonds listed on the bourse to a total of eight.

It will also facilitate the inflow of foreign investment from international fund managers seeking to diversify their portfolios from both asset class and geographical perspectives, augments the domestic savings base, and ultimately is expected to lead to more sustainable growth and development of the economy.

This five-tranche listing of the FGN Eurobonds comes on the trail of recent Federal Government bond listed on the Exchange, that include N10.69billion, five-year, Federal Government Sovereign Green Bond at coupon rate of 13.48% in July 2018, and the N100billion, seven-year, Federal Government Ijarah Sukuk with a rental rate of 16.47% on Tuesday, April 10, 2018.

At the close of transactions yesterday, the All-Share Index (ASI) declined by 51.92 absolute points, representing 0.16 per cent, to close at 32,121.74 points. Similarly, market capitalisation shed N19 billion, to close at N11.979 trillion.

Yesterday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which are, Seplat Petroleum Development Company, Cement Company Northern Nigeria (CCNN), GlaxoSmithKline Consumer Nigeria, Ecobank Transnational Inc (ETI) and eTranzact International.

Analysts attributed the drop in indices to profit taking by investors on the exchange. According to them, investors leveraged the marginal price appreciation recorded in the past few days to recoup their investment.

Despite the decline, analysts expressed optimism that the benchmark index will post a positive close for the week.

Specifically, analysts at APT Securities and Funds Limited noted that yesterday’s negative outing is expected for correction. “However we expect to see more activities and bumpy outing to be driven by bargain hunters’ activities.”

Market breadth closed negative with eight gainers against 20 losers. Consolidated
Hallmark Insurance recorded the highest price gain of 7.69 per cent, to close at 28 kobo, per share.

Jaiz Bank followed with a gain of five per cent, to close at 63 kobo, while Access Bank rose by 1.67 per cent to close at N6.10, per share. United Capital appreciated by 1.54 per cent to close at N3.30, while Guaranty Trust Bank went up by 0.93 per cent to close at N37.95, per share.

On the other hand, NC Nichols led the losers’ chart by 10 per cent, to close at 54 kobo, per share. eTranzact followed with a decline 9.90 per cent to close at N2.64, while CCNN declined by five per cent to close at N19, per share.

Sovereign Trust Insurance declined by 3.85 per cent to close at 25 kobo, while Africa Prudential down by 3.70 per cent, to close at N4.69, per share.

Total volume traded went down marginally by 47.96 per cent to 208.6 million units, valued at N2.78 billion, and exchanged in 3,246 deals. Zenith Bank traded with 45.37 million shares valued at N1.11 billion.

Guaranty Trust Bank followed with 23.08 million shares worth N872.94 million, while Fidelity Bank traded 20.17 million shares valued at N46.46 million.

Access Bank traded 15.61 million shares valued at N94.18 million, while Transnational Corporation of Nigeria (Transcorp) transacted 13.86 million shares worth N17.54 million.

Since Wednesday when umpire, the Independent National Electoral Commission (INEC) announced the presidential election results, the market has sustained negative sentiment despite improved corporate result churned out by some listed firms in the 2018 financials.

Specifically, the market capitalization which stood at N12.109 trillion as at Tuesday, depreciated by N280 billion or 2.4 per cent to close at N11.829 trillion yesterday.

Also, the All-Share Index suffered the same fate as it plunged by 752.06 points from 32,473.82 to 31,721.76.

Yesterday, the downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Nigerian Breweries, Guaranty Trust Bank, Stanbic IBTC Holding and Dangote Flour Mills.

Analysts at Afrinvest Limited said: “In our view, the current bearish sentiments in the market are based on sell-offs triggered by foreign portfolio investors. We however note that these pressures present buying opportunities in fundamentally sound stocks, nonetheless, we expect a bearish close today as investor sentiment remains weak.”

The Chief Research Officer of Investdata Consulting, Ambrose Omodion said: “The increasing volume of transactions with MFI looking down, signals exit of funds from the market. The Presidential election outcome has in one way or the other triggered this pullback having deviated from what smart money and other players expected, especially as the slant of the incumbent government is already well known.”

Market breadth closed negative, recording nine gainers as against 30 losers. Livestock Feeds recorded the highest price gain of 7.94 per cent, to close at 68 kobo, per share. Union Diagnostic & Clinical Services gained 7.14 per cent to close at 30 kobo, while UACN Property Development Company appreciated by 4.95 per cent to close at N1.91 per share.

Veritas Kapital Assurance appreciated by 4.35 per cent to close at 24 kobo, while GlaxoSmithKline Consumer Nigeria went up by three per cent to close at N12, per share.

On the other hand, Oando led the losers’ chart by 9.92 per cent, to close at N5.90, per share. FCMB Group followed with a decline of 9.78 per cent to close at N2.03, while Dangote Flour shed 8.79 to close at N10.90, per share.

Japaul Oil & Maritime Services was down by 8.33 per cent to close at 22 kobo, while Diamond Bank shed 7.76 per cent to close at N2.26 per share.

The total volume traded depreciated by 9.73 per cent to 411.69 million shares, worth N5.27 billion, and traded in 5,320 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 44.62 million shares valued at N1.64 billion.

Sunu Assurance followed with 38.52 million shares worth N7.7 million, while Access Bank traded 29.71 million shares valued at N177.64 million.

Union Bank of Nigeria (UBN) traded 27.58 million shares valued at N193.02 million, while Diamond Bank transacted 25.76 million shares worth N61.1 million.

Specifically, the All Share Index (ASI) gained 207.88 absolute points, representing a growth of 0.64 per cent, to close at 32,614.05 points. Similarly, market capitalisation grew by N78 billion to close at N12.162 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Mobil Nigeria, UAC of Nigeria, Dangote Flour Mills, and Zenith Bank.

Analysts at Afrinvest Limited stated, “following two consecutive sessions of positive performance, we do not rule out the possibility of profit-taking in subsequent sessions this week.”Market breadth remained positive, recorded 26 gainers against 16 losers. Nigerian Breweries recorded the highest price gain of 10 per cent to close at N82.50 per share. Caverton Offshore Support Group followed with a gain of 9.25 per cent to close at N2.48, while Jaiz Bank rose by 8.93 per cent to close at 61 kobo, per share.

Prestige Assurance appreciated by eight per cent to close at 54 kobo, while Law Union & Rock Insurance up by 7.84 per cent to close at 55 kobo, per share. On the other hand, Goldlink Insurance led the losers’ chart by 9.43 per cent to close at 48 kobo, per share. Custodian Investment followed with a decline of 6.87 per cent to close at N6.10, while Africa Prudential lost 4.58 per cent to close at N4.17, per share.

Unity Bank shed 3.88 per cent to close at 99 kobo, while GlaxoSmithKline Consumer Nigeria depreciated by 3.75 per cent to close at N11.55, per share.Total volume of trade increased by 22.4 per cent to 443.78 million units, valued at N5.64 billion and exchanged in 4,697 deals. Transactions in the shares of Sterling Bank topped the activity chart with 105.75 million shares valued at N253.75 million. Guaranty

Trust Bank followed with 37.43 million shares worth N1.42 billion, while United Bank for Africa (UBA) traded 33.03 million shares valued at N266.17 million.Access Bank traded 29.39 million shares valued at N187.79 million, while Transnational Corporation of Nigeria (Transcorp) transacted 25.48 million shares worth N37.56 million.

The Securities and Exchange Commission (SEC), has urged stakeholders in the Nigerian capital market to join in the task of attracting and retaining local and foreign investments as well as developing critical infrastructure needed to stimulate economic growth.

Speaking at the formal book launch, ‘Riding the Eagle’ authored by Mrs Toyin Sanni, in Lagos, the Acting Director-General, SEC, Mary Uduk, said in making decision, investors want to be sure of the rational basis of their investment decisions before transferring resources, which is why quality information is necessary. 


Continuing, she said: “Providing information to investors will enhance transparency in the Nigerian markets and improve our global reputation in the investment community. “Riding the Eagle meets this imperative by providing comprehensive and up-to-date information on investing in the Nigerian markets through a roadmap and guide for foreign, domestic, institutional and individual investors alike.

“It also examines the challenges faced by the Nigerian economy across sectors, past and recent success stories, and solutions to some of the nation’s economic and development challenges. 
She said the book delves into details on key sectors that drive performance in the Nigerian economy, and investment opportunities available for interested investors and motivated entrepreneurs. 

 
Uduk therefore commended the author, Sanni, for putting at the disposal of the industry, the value of over one decade in the money market and another two decades in the capital market. 

 
“The book serves investor interests through this comprehensive and authoritative work on investment opportunities in the Nigerian economy.
 
“It is imperative therefore that we all as stakeholders continue to take positive steps to attract and retain both local and foreign investments to stimulate economic growth and develop critical infrastructure necessary for our country’s development,” she added. 


In her remarks, Vice Chairman FAMFA Oil Limited, Mrs Folorunsho Alakija, described the book as a most appropriate and timely information guide for all stakeholders in the investment sector in Africa’s most populous and resource rich country (Nigeria).

The author, Mrs Sanni, said the book will help make Nigeria a sustainable preferred destination by providing detailed and concise information for investors.

She said the book discusses Nigeria’s current economic challenges and proffers solution to some of them. “Riding the Eagle is a guide for local and international investors seeking to exploit the unique opportunities in the Nigerian Economy,” she added.The event was also attended by Mrs Patience Oniha, Director-General, Debt Management Office (DMO); and Oscar Onyema, Chief Executive of the Nigerian Stock Exchange (NSE).

The Securities and Exchange Commission (SEC), has sealed the premises of Dantata Success and Profitable Company, Kano, for engaging in illegal capital market activities.

A statement by the Commission said the company was shut down for carrying out investment operations that falls within fund management without registration with the apex regulator.

The statement read in part: “They do not have registration with the SEC, and the Commission has powers according to Section 13 of ISA 2007, to shut down any company carrying out capital market activities without due registration. Nigerian laws provide that business activities in the country has to be regulated, in this case SEC is supposed to regulate them.”

The strategy of the company is to solicit for funds from members of the public by enticing them with returns of monthly interest on investment of between 25 to 50 percent depending on the nature and investment type. 

They also indicated a registration period of 5th to 15th February, in one of their numerous notices directing all prospective customers to make deposits into their bank accounts.

The company sells its forms to prospective investors according to their investment plans ranging from N1,000 to N3,000. The minimum amount investable is N50,000, while the maximum is N5,000,000

The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 12 months, with offer of interest rates on short and medium term basis.

The firm claims to be involved in trading, general merchandise supply, oil and gas, transportation, import, export, and general contract.

The Commission said it established that Dantata Success and Profitable Company’s activities also constituted an infraction of the Investments and Securities Act (ISA), 2007.

The SEC Management said the closure was to end unlawful activities of the company against unsuspecting investors, and therefore urged investors to ensure they only deal with fund managers that are registered with the Commission.

Accordingly, “The account of the company have been frozen, the promoters have been arrested by the Nigeria Police Force, and are undergoing interrogation.

“The Commission wishes to notify the investing public that the company is not licensed to carry out investments business of any type, and as such its operations are illegal.”

SEC therefore advised the public to exercise due diligence and caution in making investment decisions, adding that valid licence of lawful operators could be obtained on its website.

The bulls maintained dominance at the end of yesterday’s transactions on the trading floor of the Nigerian Stock Exchange (NSE), as most blue chip stock appreciated in price, causing the All-share index to rise further by 0.2 per cent for the fourth consecutive session.

Specifically, the All Share Index (ASI) rose by 48.23 absolute points, representing an increase of 0.16 per cent to close at 30,821.80 points. 

Similarly, the market capitalisation increased by N18 billion, closing at N11.494 trillion.

The upturn was impacted by gains recorded among the bellwethers, including; Nestle Nigeria, Guaranty Trust Bank, Flour Mill Nigeria, Berger Paints, and Dangote Flour.

Analysts at Afrinvest Limited, said: “following the positive performance of the market since the start of the week, we anticipate profit taking in stocks that have enjoyed buying interest till the close of the week.”

But Cordros Capital Limited, reiterated its negative outlook for the equities market in the short to medium term, amidst political concerns ahead of the 2019 elections, and the absence of a positive market trigger.

However, it noted that positive macro-economic fundamentals remain supportive of recovery in the long term.

Market breadth remained positive, recorded 19 gainers against 17 losers. Learn Africa recorded the highest price gain of 9.49 per cent to close at N1.50 per share. Regency Alliance Insurance followed with a gain of 9.09 per cent to close at 24 kobo, while McNichols rose by 7.69 per cent to close at 42 kobo per share.
 
Aiico Insurance gained 6.06 per cent to close at 70 kobo, while Berger Paints garnered 5.71 per cent to close at N7.40 per share.
On the other hand, Custodian Investment led the losers’ chart by 8.82 per cent to close at N6.20 per share.  
 
Guinea Insurance followed with a decline of 8.71 per cent to close at 21 kobo, while Consolidated Hallmark Insurance lost 6.45 per cent to close at 29 kobo per share.

Livestock Feeds shed 5.66 per cent to close at 50 kobo, while Sunu Assurance fell 4.76 per cent, to close at 20 kobo per share.  
 
Total volume of trades increased by 88.68 per cent to 359.09 million units, valued at N4.83 billion and exchanged in 3,319 deals.        
 
Transactions in the shares of FBN Holdings topped the activity chart with 88.57 million shares valued at N659.97 million. Zenith Bank followed with 55.74 million shares worth N1.27 billion.
 
Japaul Oil & Maritime Services traded 36.16 million shares valued at N7.23 million.
 
Guaranty Trust Bank traded 20.88 million shares valued at N724.5 million, while Ecobank Transnational Incorporated (ETI) transacted 17.74 million shares worth N248.31 million.

Tokyo stocks closed lower on Thursday despite a stellar performance from telecoms and investment firm Softbank Group, which shot up nearly 18 percent after a huge buyback of its shares. 

After a lacklustre trading day, Japan’s benchmark Nikkei 225 index was down 0.59 percent, or 122.78 points, at 20,751.28, while the broader Topix index fell 0.83 percent, or 13.10 points, to 1,569.03.

“Following falls in US shares, profit-taking led the trade” in Tokyo, Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a note.

US shares ended down after a batch of mixed earnings, with President Donald Trump’s State of the Union address on Tuesday night having little effect on stocks.

Investors were also taking a wait-and-see attitude on concerns over China-US trade talks and the two day US-North Korea summit planned for later this month, analysts said.

The dollar fetched 109.98 yen, against 109.97 yen in New York.

Automakers were the among losers in Tokyo partly because of “concerns over the US-China trade war” and the risk of a wider global economic slowdown, said Masayuki Kubota, chief strategist at Rakuten Securities in a note.

Toyota fell 1.90 percent to 6,575 yen, Honda was off 1.08 percent at 3,002 yen and Nissan finished down 0.23 percent at 928 yen.

Concerns that Japanese carmakers are lagging behind their global competitors in the shift to electric vehicles from hybrid cars is also impacting their stocks, Kubota added.