[size=14pt] NSE to change nominal value from 50 Kobo to N1.00 per share [/size]


The Nigerian Stock Exchange (NSE) is making plans to change the nominal value of prices of shares on the Nigerian Capital Market (NCM) from 50 Kobo to N1.00 per share.

Professor (Mrs.) Ndi Okereke-Onyiuke, the Director General/Chief Executive Officer (DG/CEO) of the NSE made this confirmation today Tuesday July 02 2009 in Lagos Nigeria at the town hall meeting with the CEO’s of quoted companies on the Nation’s Stock Exchange.

“We in the Exchange also want to adjust our nominal value to N1.00 instead of 50 Kobo share, it doesn’t make any difference in the money” she said.

Prof. Mrs. Okereke-Onyiuke confirmed that in Nigeria people do not pay in Kobo anymore. “When Nigerians quote prices, we don’t quote Kobo, our currency is in Naira” she affirms.

The DG of The Stock Exchange confirmed that this has been done on the Daily Official List of the NSE; “we no longer say 400 Kobo; but N4.00 when we report prices. So we will do that with the nominal value and it would no longer be 50 Kobo, but N1.00” Prof. Mrs. Okereke-Onyiuke said.

She further affirmed that this change would not be done alone, but in conjunction with The Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC). “We have to carry along SEC and CAC; because when you registered your companies it was at the nominal value of 50 Kobo” she affirmed.

Prof. Mrs. Okereke-Onyiuke assured the quoted companies will not pay any fee to effect this change when amending their registration with the CAC and the NSE. “The NSE will make sure that you are not charged any fees for the amendment in the registration” she said.

“This will take care of reducing the quantities of shares and it will make sense for any company that wants to do share reconstruction” she said.

Proshare


_{With the effect of the market crash(forget bearish trading),this move means the list of penny stocks on the exchange just got longer}

NSE reports only N300 billion margin loan in Capital Market ;-N700 billion in Real Estate


The Nigerian Stock Exchange (NSE) has reported that only N300 billion Margin Loan facilities are with Stockbrokering firms in the Nigerian Capital Market (NCM); and about N700 billion in the hands of real estate developers.

Professor (Mrs.) Ndi Okereke-Onyiuke, the Director General/Chief Executive Officer (DG/CEO) of the NSE made this report today Tuesday July 02 2009 in Lagos Nigeria at the town hall meeting with the CEO’s of quoted companies on the Stock Exchange.

“Those that are telling you that Margin Loans is with Stockbrokers, it is only N300 billion that is with them, the rest of it over N700 billion are not with Stockbrokers” Prof. (Mrs.) Okereke-Onyiuke affirmed.

She further affirmed that the Banks loaned the money to people and institutions that are into Real Estate. “Capital Market money is sitting in Banana Island, all the buildings there were built from money in this Market” she said.

She asserts that people were borrowing money for Real Estate development which was the reason the NSE introduced the Real Estate Investments Trust (REIT) in order to encourage the growth of the Sector.

“Real Estate is a long term gestation period; we request that people borrow money from the long end of the Market, by introducing REIT in the Capital Market, people can get long term funds for building and selling, but they rushed to the Banks and borrowed money” she said.

Prof (Mrs.) Okereke-Onyiuke affirmed that many people where in the middle of the Real Estate development when the global meltdown struck.

The DG of The Stock Exchange confirmed that these people were able to access the Market because the Banks saw share certificates as shareholding and most sacred collateral for lending. “So they asked for your shareholding in Stocks as collateral for lending you money for Real Estate and people borrowed from Banks using their shareholding for other interests” she said.

http://www.proshareng.com/news/singleNews.php?id=7038

Please, can anyone confirm if First bank will be giving bonus this year, whats d ratio and when. thanks for your concern

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Goodluck to you all.

stockbrokers say its not a case of devaluation but that the market has corrected itself

does it mean we should accept the current prices as ok and stop looking forward to increase

Please, can anyone confirm if First bank will be giving bonus this year, whats d ratio and when. thanks for your concern

FIRST BANK declared a dividend of #1.35 and a 1 for 6 bonus.

[size=14pt]Yar’Adua to Name Oteh New SEC DG[/size]

http://www.thisdayonline.com/nview.php?id=148580

jamace:

FIRST BANK declared a dividend of #1.35 and a 1 for 6 bonus.

FirstBank Proposes N1.35 Dividend and 1F6 Bonus.
Details of the corporate results and benefits declared by First Bank of Nigeria Plc;
The Bank reported Gross Earnings of N218.287billion and a Profit Before Tax and exceptional items of N53.799billion, indicating a growth of 40.17 percent and 12.30 percent respectively. However, the Bank wrote off exceptional items worth N26.113billion which reduced the profit before tax to N27.686billion.
[flash=200,200][/flash]
In respect of the March 31, 2009 FYE, the Directors are recommending a dividend of N1.35k per share and a bonus of 1 for 6. The date of closure of register of members is July 20, 2009 to July 24, 2009 while payment date is August 24, 2009.
The company’s AGM is scheduled to hold on August 20, 2009.

stockbrokers say its not a case of devaluation but that the market has corrected itself

does it mean we should accept the current prices as ok and stop looking forward to increase

someone pls advice

Thanks RASPUTI for your info. But please, let me know, the closure date is it 20th or 24th. Thanks.



FirstBank Proposes N1.35 Dividend and 1F6 Bonus.
Details of the corporate results and benefits declared by First Bank of Nigeria Plc;
The Bank reported Gross Earnings of N218.287billion and a Profit Before Tax and exceptional items of N53.799billion, indicating a growth of 40.17 percent and 12.30 percent respectively. However, the Bank wrote off exceptional items worth N26.113billion which reduced the profit before tax to N27.686billion.
[flash=200,200][/flash]
In respect of the March 31, 2009 FYE, the Directors are recommending a dividend of N1.35k per share and a bonus of 1 for 6. The date of closure of register of members is July 20, 2009 to July 24, 2009 while payment date is August 24, 2009.
The company’s AGM is scheduled to hold on August 20, 2009.

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help me!!!

abioke:

Thanks RASPUTI for your info. But please, let me know, the closure date is it 20th or 24th. Thanks.

Erm,make that Rasputinn
Closure date is 24th,but for you it's 20th

Expert calls for industry-based share reconstruction

Following calls by  the Nigerian Stock Exchange (NSE) and other stakeholders in the Nigerian capital market on the need for banks, insurance companies and other quoted companies to reconstruct their shares to manageable level, an expert in the Nigerian capital market, Mr. Tunde Adeyemi, has called on the regulatory authorities to adopt an industry-based capital restructuring approach in this regard.

He also bemoaned the effect the high number of issued shares posed on the earnings of quoted  companies.
According to Adeyemi, who is a Senior Research Fellow, Davids Business Academy and Managing Director, DHTL Capital Management Limited, there is an urgent need for the authorities in the capital market to review their listing and post-listing requirements, pegging the number of issued shares for each sector in the capital market.

He noted that pegging the maximum number of shares to be distributed by quoted companies, will help guide the companies in the reconstruction of their shares and also help increase the value of the companies.

He said, “The NSE’s decision to increase the nominal value of shares to N1, is a step in the right direction, but is not the only step to be taken in ensuring a proper share reconstruction exercise by these companies. There is the need for the authorities to introduce an industry-based capital restructuring, pegging the number of issued shares in each sector. This will guide the companies in undertaking share reconstruction and will help give value to their shares.”
vanguard

Good or bad ?

Dis Guy:

Expert calls for industry-based share reconstruction

Following calls by the Nigerian Stock Exchange (NSE) and other stakeholders in the Nigerian capital market on the need for banks, insurance companies and other quoted companies to reconstruct their shares to manageable level, an expert in the Nigerian capital market, Mr. Tunde Adeyemi, has called on the regulatory authorities to adopt an industry-based capital restructuring approach in this regard.

He also bemoaned the effect the high number of issued shares posed on the earnings of quoted companies.
According to Adeyemi, who is a Senior Research Fellow, Davids Business Academy and Managing Director, DHTL Capital Management Limited, there is an urgent need for the authorities in the capital market to review their listing and post-listing requirements, pegging the number of issued shares for each sector in the capital market.

He noted that pegging the maximum number of shares to be distributed by quoted companies, will help guide the companies in the reconstruction of their shares and also help increase the value of the companies.

He said, “The NSE’s decision to increase the nominal value of shares to N1, is a step in the right direction, but is not the only step to be taken in ensuring a proper share reconstruction exercise by these companies. There is the need for the authorities to introduce an industry-based capital restructuring, pegging the number of issued shares in each sector. This will guide the companies in undertaking share reconstruction and will help give value to their shares.”
vanguard

Good or bad ?

Let them zoom in on the bank stocks

NSE is down for some months now. You need new strategies to make money now,if not you will loose money. some stocks at NSE are not performing at all.

What's happening to the bank stocks,who's buying 'em up

So which bank or company is the best to buy into now?

SHALOM

Okereke-Onyiuke: No Investor Lost Money


Director-General of the Nigerian Stock Exchange (NSE), Prof. Ndi Okereke-Onyiuke, has stated that investors in the Nigerian capital market did not lose money in the face of the crash experienced in the last one year.
She also claimed that the relentless bearish trend of the period was because of the exposure of investors to foreign media of communication through which they followed the unfolding disasters in the United States economy such as bankruptcies and removal of bank executives, thus leading to panic dumping of Nigerian stocks.
Otherwise, she said, the fundamentals of the stock market remained solid and resilient.
Okereke-Onyiuke spoke at the weekend during the capital market stakeholders’ luncheon of the 2009 convention of Association of Nigerian Physicians in America (ANPA) held in Abuja.
She said investors did not lose money on the grounds that most had sold some of the shares when the rates were much higher than their original prices which they used in building houses, cars and other investments, “including marrying more wives”, while they had benefited by way of dividend and bonus shares they had received over the years prior to the burst.
“Distinguished ladies and gentlemen, many of our investors that suffered losses only lost in terms of value,” she told the delegates. “Their holdings are still intact. It must be stated that even those who lost had earlier made huge profits in form of capital appreciation, dividend and bonuses.”
She also remarked that the market had embarked on the steady path to recovery and the Nigerian Diaspora was supposed to take advantage of this rebound.
According to her, at the peak of the global meltdown, the Nigerian market lost only 40 per cent of its value as the total market capitalisation declined from N12 trillion in 2008 to N7.14 trillion in March 2009, but as investor confidence was beginning to rise; the country’s total market capitalisation was equally rising.
“Today, it is hovering above N8 trillion as many of our investors are taking profit regularly following market dynamism,” she said. “Our market is resilient. We did not apply any stimulus.”
The chief executive officer of the NSE said the Nigerian stock market was now second in terms of returns on investment and among the best five in the world as confirmed by Standard and Poor’s as well as International Finance Corporation (IFC), an arm of the World Bank.
She contended that even at that, the rating institutions “cheated” Nigeria because they used dollar terms in calculating the rating of other countries, while that of Nigeria was done using black market rates.
“Until the market meltdown, we have always outperformed many developed markets in the area of return on investment (RoI) in dollar terms as adjudged by the International Finance Corporation (IFC) and Standard and Poor’s, an international rating agency,” she said. “Our market will soon sustain this high performance.”
The DG stated that the Nigerian market shares were now trading below their intrinsic value, making them attractive to local and foreign investors, adding that the NSE had enlarged its Investor Protection Mechanism through enlarged disclosure requirements for the quoted companies and an enhanced risk management strategy.
Aware of the need for investment, Okereke-Onyiuke said, the Federal Government had taken a number of measures, including the amnesty to militants, to restore peace in the Niger Delta, thus sustain Nigeria as an investment destination.
She assured the audience that the Exchange would continue to operate corporate governance in line with global best practices just as she announced that some applications for new issues had been approved this year while many were at the final stages of approval.
“Our market is back to life,” she affirmed. “We shall leverage on our investment in information and Communication Technology (ICT) to remain competitive. Our market is safe and our operating environment is stable as adjudged recently by Fitch Rating Agency.”
However, the CEO of Afri-Invest, who put the event together, Mr. Godwin Obaseki, did not share Okereke-Onyiuke’s optimism, saying the market might take much longer to recover.
“I am not as optimistic as the DG,” he said, although he agreed there were improvements in the economy, like the firming up of the Naira, and asked investors not to panic.
He advised them to always use professional stock brokers and fund managers in investing in the stock market.

[size=14pt]Access to CNN, Internet led to stock market crash’ [color=#006600][/color][/size]

A fresh but curious reason emerged on Friday on why the Nigerian Stock Market crashed. The Director-General, Nigerian Stock Exchange, Prof. Ndi Okereke-Onyiuke, atributed the crash essentially to the exposure of many Nigerian investors to international news channels and the Internet.

Okereke-Onyiuke, who also described the NSE as the second best in the world, mentioned the Cable News Network, the Consumer News and Business Channel (CNBC) and Bloomberg as such news channels.

She explained that Nigerians who had access to the Internet and watched the effects of the global financial meltdown in the developed economies via those news channels she listed, panicked and subsequently dumped their shares.

Proshare

are they crazy?
how can the internet and stuffs be the reason why we lost money?

and whts Okereke saying about Investors not losing money?

e be like say den don dey share ogogoro for dt area

that woman is funny,but guys do u think this period is the best time to buy stocks.

malele:

that woman is funny,but guys do u think this period is the best time to buy stocks.

definitely yes,the prices are too tempting,especially banking stocks.[quote][/quote]

[size=14pt]First Bank Plans Historic N500bn Bond Issue[/size]


The primary segment of the nation’s capital market is set to be ignited as First Bank of Nigeria Plc is poised for a jumbo record issue of N500 billion, THISDAY has gathered.
This move, according to capital market analysts, will attract significant local and foreign investments inflow.
Instead of raising such funds through equity, the newspaper gathered that First Bank opted for corporate bond issuance, which is a debt instrument with a fixed return.
Competent capital market sources told THISDAY yesterday that the leading banking conglomerate had already informed the Nigerian Stock Exchange (NSE) about the planned bond issue, pending a formal application.
A member of staff of First Bank, who could not confirm the news on an official capacity, said: “I am aware the bank is planning something like that. But I cannot give you the details at the moment.”
It was learnt that the bank will raise the money to fund its operations as part of efforts to remain the leading financial institution in Nigeria.
While the Federal Govern-ment and some states have been raising funds from the market, corporate bodies have not taken advantage of the bonds market.
Some stockbrokers, who were excited by the information, said First Bank’s proposed bond would assist in attracting investors to the market and make the primary market active once more.
Although the amount is regarded by some analysts as ambitious, other analysts said given the pedigree of First Bank and the relative safer nature of bonds, the bank would successfully source the funds.
First Bank was the first listed company in Nigeria to make a jumbo offer of N100 billion in 2007. The hybrid offer was subscribed to the tune of 147 per cent. The bank was only allowed to absorb N250 billion out of the N472 billion realised from the offer.
Since then, no other institution has successfully raised such an amount from the stock market. Union Bank of Nigeria Plc had last year planned to raise about N302 billion through a hybrid offer of public offer and right issue.
However, the offer was cancelled due to the global financial crisis that affected stock markets, including Nigeria.
Analysts said that given the competition in the financial industry, First Bank needs not to only expand its operations but also has to further upgrade its information technology and human capital among others.
First Bank recorded gross earnings of N218.3 billion for its year ended March 31, 2009, indicating an increase of 40 per cent over the N155.7 billion in 2008.
Total assets of the bank stood at N2 trillion, an increase of 32 per cent above the N1.5 trillion in 2008.
Deposit liabilities grew by 71 per cent from N700 billion to N1.2 trillion, while loans and advances rose by 59 per cent from N466 billion to N740.4 billion.
However, profit before tax fell by 42 per cent from N47.9 billion to N27.7 billion, while net profit stood at N12.6 billion, depicting a decrease of 66 per cent from N36.7 billion in 2008.
The dip resulted from the N26.1 billion provision made for the decrease in value of the bank’s investments in its asset management and trusteeship business.
Despite the fall in profit, board of the bank has recommended dividend of N34 billion, which translates to N1.35 per share. Besides the dividend, which is 13 per cent above the N1.20 per share paid last year, is being accompanied with a bonus issue of one new share for every six shares already held.
The Group Managing Director of First Bank, Mr. Olabisi Onasanya, said that despite the challenging market conditions, the bank continued to capitalise on its well established value chain in Nigeria’s financial services sector and had achieved another year of strong organic revenue growth.
He said: “Recognition of the bank as one of the strongest and most dependable banks in Nigeria, especially in a time of global downturn has driven considerable growth in our deposit base, with the total group’s deposit liabilities increasing by 71 per cent to N1.2 trillion.
Furthermore, strong year-on-year growth was recorded across all business lines. This is a fantastic achievement and First Bank is well positioned to continue to grow its asset base supported by a sustained robust capital position with a strong capital adequacy ratio of 24.69 per cent and stable funding.”
He added: “Going forward, our growth aspirations will be driven by our commitment to attain the full benefits of scale and scope by accelerating growth and diversification of assets, revenue and profit. At the strategic level, we have identified three pillars that we believe are integral to our objective: they are acceleration of growth by diversification of assets, revenue and profit; service and operational excellence via a single-minded commitment to operational excellence; the design of appropriate institutional processes, systems and capabilities necessary to deliver world class service levels; performance management and people to deliver unmatched results by creating a performance culture with clear individual accountability at all levels as the foundation of all that we shall be doing over the medium-term.
“There is no doubt that the trajectory going forward would encounter pockets of turbulence. Within this prognosis, our challenge at First Bank is to build positive momentum around these three pillars and to build on our progress to date.”

which of these stocks will be a good buy now and also do any body hav an idea of when the register for the ff stocks will be closing.

gt
zenith
oceanic
intercont
stanbic
union bank

Pls guy as a beginner somebody introduce me 2 aimsasset mgt as a portfolio managers how do they operate are they registed,how efficient are they ?Tanks

chineduebu:

Pls guy as a beginner somebody introduce me 2 aimsasset mgt as a portfolio managers how do they operate are they registed,how efficient are they ?Tanks

Depends on what you wanna do with them,of course they're registered,how efficient

Risingdamp

Look at the attached. You can get stock prices on your phone through that.

NSE Council: The New Leadership Emerges

Lagos, Nigeria, August 6, 2009 1340hrs: The Nigerian Stock Exchange successfully held its 48th Annual General Meeting at a well attended event where all the past presidents and distinguished members of the investment community and dealer members showed the clearest indication of their determination to move the market forward.

Dr. Oba Otudeko, OFR, the outgoing President of the council of the stock exchange conducted a flawless meeting which proshare streamed live from the venue - http://www.proshareng.com/newsletter/avp.php

At the end of the day, the following officers were appointed to lead the council of the Nigerian Stock Exchange:

1. Alhaji Aliko Dangote, CON former 1st Vice President now becomes the President

2. Chief Reginald Abbey-Hart,JP, former 2nd Vice President now becomes the 1st Vice President

3. Dr. Erastus B. O. Akingbola, MON, former Chairman of the Lagos/Ibadan Branch/Zone now becomes the 2nd Vice President

At the AGM, the outgoing president commended the role played by the Director General/CEO of the Nigerian Stock Exchange; Prof. (Mrs) Ndi Okereke-Onyiuke, PhD, OON in stabilising the markets during the difficult times it is in.

The new president in his first remarks equally thanked the amazon of the exchange, for her tireless work and the exchanges desire to embrace reforms.

Finally, The subject of de-mutualisation and de-materialisation was equally laid to rest as the exchange confirmed that these two initiatives is still on-going and would be presented to the market once on-going discussions with the Securities & Exchange Commission is concluded.

Today represents a significant day in the annals of the exchange. We however retain a watching brief.

Is there any danger in Dangote becoming the helmsman of the NSE?

Is there any danger in Dangote becoming the helmsman of  the NSE?

I personally don't think so.

AIICO INSURANCE PLC, AUDITED RESULT FOR THE YEAR ENDED 31ST DECEMBER 2008

GROSS WRITTEN PREMIUM 08 N7.474b, 07 N4.675b
BAD DEBTS 08 N612.895m, 07 N190.579m
PROVISION FOR DOUBTFUL INVESTMENTS 08 N389.767m, 07 N504.990m
PBTX & EXCEPTIONAL/EXTRA ORDINARY ITEMS 08 N1.572b, 07 (N186.816m)
TAXATION 08 (N948.072m)07 N491.525m
PROFIT AFTER TAXATION 08 N624.75m, 07 N304.709m
BALANCE SHEET INFORMATION
FIXED ASSETS 08 N1.939b, 07 N1.986b
STOCK 08 N3.000b, 07 N3.910b
TRADE DEBTORS 08 N1.578b, 07 N1.292b
CASH AND BANK BALANCES 08 N1.263b, 07 N758.513m
OTHER DEBIT BALANCES 08 N12.844b, 07 N5.020b
SHORT TERM BORROWINGS 08 N131.712m, 07 N347.863m
OTHER CREDIT BALANCES 08 N7.977b, 07 N6.310b
WORKING CAPITAL 08 N9.096b, 07 N1.523b
NET ASSETS 08 N12.517b, 07 N6.310b
CORPORATE ACTION PROPOSED BONUS ISSUE 1 FOR 4
AGM DATE SEPTEMBER 9 2009
CLOSURE OF REGISTER AUGUST 19TH TO 21 2009
AGM VENUE TRANSCORP HILTON HOTEL ABUJA