Contrary to expectations that the gains recovery witnessed in the market the previous week would be sustained last week, the equities slipped back into the bears’ territory on weak investor sentiments.
The over-the-counter (OTC) bond prices climbed last week amid boost in liquidity. Specifically, the 20-year, 10% FGN JUL 2030 paper, the 10year, 16.39% FGN JAN 2022 debt, the 7-year, 16.00% FGN JUN 2019 and the 5-year, 14.50% FGN JUL 2021 debt appreciated by N0.66, N0.63, N0.70 and N0.67 respectively.
Union Bank has announced that the subscription for its N50 billion Rights Issue will commence on Wednesday, September 20 and close on Monday, October 30, 2017.
The federal government through the Department of Petroleum Resources (DPR) has set the guidelines for the marginal oil field bid round scheduled to take place later this year or early 2018 and could potentially see scores of investors jostling to acquire 46 oil acreages during the exercise.
The 2018 Appropriation Bill will be submitted to the National Assembly in October, the Special Adviser to President Muhammadu Buhari on National Assembly Matters (Senate), Ita Enang, has said.
The Petroleum and Natural Gas Senior Staff Association of Nigeria has alleged that oil marketers may have concluded plans to sack their workers if the Federal Government fails to settle the N720bn debt owed the marketers.
The Central Bank of Nigeria has urged Nigerians to take advantage of the sovereign sukuk being offered by the Federal Government in order to support the country’s infrastructural development while making money.
The inability of investment firms and stockbrokers to access amenable funds is threatening efficient settlement at the Nigerian equities market.
The Africa Finance Corporation (AFC) has said Nigeria needs $3 trillion to fix huge infrastructure deficit in the country over the next three decades.
The interbank money market will this week experience outflow of N241 billion through treasury bills (TBs) and FGN Sukuk Bond auctions, prompting uncertainty over the direction of movement in cost of funds.
With the recent flooding in some parts of the country, coupled with increased awareness by insurance consumers in Nigeria, insurance claims have grown by over N5.9 billion in the first half of 2017, H1’17.
The FMDQ OTC Securities Exchange has approved the registration and listing of Wema Bank’s N50 billion Commercial Paper (CP) programme on its platform.