Morning Beats

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Emefiele enforces OTC forex order
CBN boss says no one should buy USD above N360 The Governor of the Central Bank of Nigeria (CBN),  Godwin Emefiele, yesterday paid unscheduled visits to three commercial banks in Abuja to monitor compliance with the Over The Counter (OTC) sales order of forex to qualified buyers.The Nation
Fed Govt saves N125b reducing official allowances
The Minister of Finance, Mrs. Kemi Adeosun, says the ministry has reduced travel and stationery allowances by N125 billion in 2016 and 2017.The Nation
Ibeto Cement to get $850m Milost funding
Ibeto Cement Co. Ltd., a privately owned Nigerian producer of the building material, signed a deal to get $850 million in financing from Milost Global Inc, according to the New York- based private equity firm.The Nation
Ladol mulls listing on NSE
Ladol, a logistics hub for the offshore oil industry in Lagos, Nigeria, is mulling a stock-market listing and corporate bonds to expand its facilities and get more business from major production companies.The Nation
MTN gears up for IPO

MTN Group yesterday said it was perfecting the details of its proposed Nigeria Initial Public Offering (IPO), the News Agency of Nigeria (NAN) reports.The Nation
CBN funds 704,928 electricity meters, 500 transformers
The Central Bank of Nigeria has provided funds to power distribution companies for the purchase of 704,928 meters and for the acquisition and installation of over 500 transformers.Punch
FCMB, 32 others drag stock market lower
The stock market extended its decline on Monday as 33 companies led by FCMB Group Plc recorded losses at the close of trading on the Nigerian Stock Exchange.The Nation

Non-oil exporters await promissory notes as EEG backlog hits N350 billion
Prolonged approvals from the National Assembly for non-oil export incentives under the revised Export Expansion Grant (EEG) scheme, also known as the Export Credit Certificate has further increased the backlog of unpaid incentives to at least N350 billion.Guardian
Why stock market declined in first quarter, by experts
Capital market experts have linked the unprecedented lull witnessed in the nation’s stock market in the first quarter (Q1) to shift in the demand for equities for fixed income securities by Foreign Portfolio Investors, FPIsGuardian
NSE’s indices sustain sliding profile, down by N107 billion
The Nigerian equities market sustained sliding profile at the reopening of transactions yesterday, as most blue-chip stocks constituted the losers’ chart, causing market capitalisation dip further by N107 billion.Guardian







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Nigerian Stock Exchange This Week

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The Market returned to its five days trading after the sallah break of last week. It wasn't a great week for the Market even as it climax the end of trading for the month of August.  The Market opened on a negative notes on Monday, however, made a bold return on Tuesday but to frizzle out for the rest of the week with a three days consecutive losses.  The All Share index lost in what seems to be the bear dominated week. The index was down  1.63% to close the week at 34,848.45. This brought the year to date return of the ASI to (8.88%) on the negative side of the number line. The bull had a larger share of the Market though, with a breadth of 3 in favour of the Bulls. However this is little to little to reflect on the overall Market as highly capitalized stocks shed weight.  EQUITY A total turnover of 1.533 billion shares worth N23.026 billion in 17,009 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 968.947 million shares
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