₦airaland Forum

debenzd:
Thanks Fof2 for your advice. PZ paid out and NBC has done well so far(just waiting for end of year). Because of the oppourtunities available now, I am about to get a facility for to invest in the following:

Intercontinental ( To sell after results are annouced. Expected in June)
More  Zenith (To sell after results are announced. Expected in July)
More Diamond( To sell after results are announced. Expected August)
More FCMB(To Sell after results are announced. Expected in August)
More First bank( To sell after results are announced. Expected in July)
More Access(To sell after results are announced. Expected in July)

Total sale from these will be moved to UBA, PHB, and any other allowable fundamental stock on their list for CICO.
I want to use this portfolio for just CICO( time frame may be between 0-3mths. Any reasonable profit will be taken out and put back to the protfolio) for the next 1yr and see how it pans out. What do you think?

You can reach me at this addy debenzd@yahoo.com

kayodus:
NSE denies knowledge of Afroil, Capital Oil suspension
By Obinna Chima
Published: Friday, 21 Mar 2008

The Nigerian Stock Exchange has said it is not aware of the indefinite suspension placed on trading in the shares of Afroil Plc and Capital Oil Plc by the Securities and Exchange Commission.


The Principal Manager, Corporate Affairs, NSE, Mr. Shola Oni, said on Thursday that the NSE was yet to receive any information from SEC on the suspension of the shares of the two oil companies.

Oni said, “We read the story on the pages of the newspapers just like every other person and I think that will not be the best for the system. The relationship between the stock exchange and SEC has always been cordial, but there should always be due process.”

SEC had, on Wednesday, announced an indefinite suspension of trading in the shares of Afroil and Capital Oil on the NSE. The commission said the decision was a fallout of an investigation into the activities of six companies, announced on February 15, 2008.

According to the commission, the two companies were involved in insider dealings.

The commission had declared that the basis for the continued trading and rise in the prices of the shares on the exchange, no longer existed, adding that the decision was to protect stock market investors.

Prior to the commencement of the investigation, the Director-General, NSE, Prof. Ndi Okereke-Onyiuke, had flayed SEC for not informing the Exchange about the activity.

Our correspondent gathered that, despite the suspension, there was still trading in the shares of the companies.

Some stock brokers said that the shares of the companies were, largely, in offer on Thursday as investors were apprehensive over the announcement.

The stock brokers, who spoke on the condition of anonymity, berated SEC for not informing the NSE before carrying out any activity on the Exchange.

According to them, the perceived unhealthy relationship between both organisations can create tension in the capital market.

“We all agree that SEC is the regulator of the capital market, but there should be due process in everything. The commission has to understand that the NSE, to an extent, is also a regulatory body.

Without the stock exchange, I don’t think there will be anything for SEC to regulate,” a stockbroker said.

At the end of trading on Thursday, Afroil, which sold at N24.13, traded 4,424,117million shares, valued at N106.754m in 342 deals.

For capital oil, 3.414 million shares worth N55.006m were traded in 144 transactions. It sold at N16.11

dollyp1cute:
Oceanic leading the pack?!

http://www.guardian.co.uk/feedarticle?id=7323661

samstone4:
@Nairalanders

Here's the latest from Proshare:

"The Nigerian Stock Exchange has today placed the price of African Petroleum Plc on technical suspension following the receipt of an application for offer for subscription of 199,070,721 units at N250 per share and rights issue of 262,929,279 units at N230 per share."

Explains the extraordinary rise in the price of AP. Talk about price manipulation!

Samstone4

samstone4 link=topic=31554.msg1976829#msg1976829 date=1203516188:
@Nairalanders

Here's the latest from Proshare:

"The Nigerian Stock Exchange has today placed the price of African Petroleum Plc on technical suspension following the receipt of an application for offer for subscription of 199,070,721 units at N250 per share and rights issue of 262,929,279 units at N230 per share."

Explains the extraordinary rise in the price of AP. Talk about price manipulation!

Samstone4

And they say there is no price manipulation in the nse? this stock has been a supernova since taking off from 47 less than a year ago. I am sure some insiders new there was going to be a po at 250 thats why the stock did not slow down till it crossed that N250 do you all remember what Oga Napoleon said about these kinds for shady manipulations?.
Where is the toothless tiger(sec) thats suposed to protect the market from all these shenanigans