Equity market sustains bullish trend

Nigerian-Stock-Exchange-300x225*Stanbic IBTC promises to maintain engagement with stakeholders

The equity market recorded another strong day of bargain activities as the ASI closed higher for the second consecutive day even as investors remain cautiously optimistic. Consequently, the ASI gained 102bps to close the day at 30,358.87, bringing year-to-date return to 12.40 per cent.

The day’s performance was predominantly driven by Zenith Bank (8.84 per cent ₦17.85), Nigerian Breweries (2.24 per cent, ₦128.05), Oando (2.15 per cent, ₦11.90), FBNH (1.30 per cent, ₦6.99), Dangote Cement (0.78 per cent, ₦170), and Julius Berger (3.57 per cent, ₦43.50).

Top five net bid positions were: Roads, 3,285,338; Ashaka Cement, 2,083,511; Custodyins, 1,731,532, Smurfit, 1,647,600; Learn Africa, 1,000,000.

Top five net offer positions: Stdinsure, 276,692,042; Lasaco, 196,197,505; Regalins, 173,300,271; MTI, 119,701,813; Aso Savings, 116,055,797.

Meanwhile, Stanbic IBTC Holdings PLC has noted the suspension by the Nigerian Securities and Exchange Commission of its proposed rights issue, pending the resolution of enquiries from certain relevant regulatory bodies. 

A statement made available said that the management of Stanbic IBTC will continue to engage with the relevant regulatory bodies to ensure that these enquiries are addressed in a timeous manner. Stanbic IBTC Bank PLC, the banking subsidiary of Stanbic IBTC Holdings PLC, remains well capitalised and has sufficient liquidity.”

SEC had suspended Stanbic IBTC Holding Plc’s Rights Issue pending conclusion of ongoing investigation. A letter made available by SEC said: This is to inform the investing public (particularly the shareholders of Stanbic IBTC Holding Company Plc) that the proposed rights issue earlier approved by the Commission is hereby put on hold in view of letters received from the National Office for Technology Acquisition and Promotion (NOTAP), the Central Bank of Nigeria (CBN) as well as the Financial Reporting Council (FRC).

“The Securities and Exchange Commission (SEC) has also been notified of an ongoing investigation by the FRC on the financial statements of Stanbic IBTC Holding Plc,” said the statement.

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