Economy
FMDQ Re-Echoes Commitment to Deepen Nigerian Financial Markets
By Dipo Olowookere
Vice President of Capital Markets Directorate at FMDQ, Ms Tumi Sekoni, has reiterated the OTC Exchange’s commitment to support and deepen the Nigerian financial markets by steadfastly availing its platform for the efficient registration, listing, quotation and trading of securities.
Ms Sekoni gave this assurance on Monday at a ceremony held to celebrate the listing of the Stanbic IBTC Dollar, Money Market and Bond Funds (SIAML Funds) on the FMDQ trading platform.
The SIAML Funds, which are open-ended Funds, are set to enable investors achieve competitive returns on their assets while safeguarding capital, by investing in low risk short-term securities, high quality government bonds and dollar denominated securities domiciled in Nigeria.
This is part of FMDQ’s vision of being a debt-capital focused securities exchange, championing and supporting market-driven initiatives aimed at providing liquidity and facilitating growth and development in the Nigerian financial markets.
Speaking further, Ms Sekoni commended the Fund Manager on the strong and consistent performance of the Funds and on taking the prudent and strategic decision to list the Funds on FMDQ’s platform.
In FMDQ’s typically unique and impressive fashion, the ceremony was marked by memorable highlights which included, amongst other activities, the signing of the FMDQ Fund Listing Register by the Fund Manager, sponsor of the Funds on the OTC Exchange and FMDQ; the unveiling of the FMDQ Scrolls in favour of the Fund Manager and sponsor; and the special autograph impression by the Fund Manager.
On her part, Mrs Bunmi Dayo-Olagunju, Chief Executive, Stanbic IBTC Asset Management Limited, during the Fund Manager’s special address, said, “Considering the volatility in the equities and commodity markets, it is imperative for investors to diversify their portfolios by investing in Mutual Funds and other investment vehicles.”
The attractiveness of Mutual Funds or collective schemes, she said, “is derived from the numerous benefits they offer over other investment vehicles, such as flexibility, liquidity, steady returns, professional management and risk reduction, among others”
Speaking on behalf of the FMDQ Registration Member (Listings) and sponsor of the Funds on FMDQ, Mr Kobby Bentsi-Enchill, during his remarks, noted that Stanbic IBTC Capital Limited had sponsored many listings on FMDQ’s platform. He commented that Stanbic IBTC was excited with the remarkable growth of the fixed income market as this was vital to the creation of liquidity and pledged that the organisation will continue to work with regulators and operators to establish a world-class capital market in Nigeria.
“As a Registration Member (Listings) of FMDQ, Stanbic IBTC Capital Limited is also pleased to have supported the listing of the Stanbic IBTC Bond Fund, Stanbic IBTC Dollar Fund and of course, the Stanbic IBTC Money Market Fund which is the largest open-ended mutual Fund in Nigeria,” he said.
Mr Bola Onadele, Managing Director/CEO of FMDQ, commenting on the SIAML Funds, applauded the Fund Manager for its impressive performance in the market and stated that FMDQ remained unflinchingly committed to developing the Nigerian financial markets through its highly efficient platform, promoting unrivalled world-class standards to drive transparency, governance and liquidity, among others, in the markets.
He commented that the Funds, among which was the largest open-ended mutual Fund in the nation, having availed on FMDQ’s world-class listing service, would benefit from improved credibility, as continuous disclosure of all relevant information to do with the Funds was made available to a wide range of investors.
The benefits availed the Funds listed on FMDQ, would also, by extension accrue to the Fund Manager.
Also present at the event were Stanbic IBTC Asset Management Limited, represented by its Chief Executive, Mrs Bunmi Dayo-Olagunju; key representatives from Stanbic IBTC Nominees Limited and investors to the Funds – South Atlantic Petroleum Limited, YOA Insurance Brokers, Nigerian Agip Closed PFA Limited, Chevron Closed PFA Limited, amongst others.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited remained in the green territory on Wednesday after it rallied by 0.31 per cent on the back of sustained bargain-hunting activities by investors.
Business Post reports that all the key sectors of the market closed higher at midweek as a result of the renewed interest in local equities.
Data showed that the energy index appreciated by 2.59 per cent, the insurance space grew by 2.34 per cent, the industrial goods sector improved by 0.15 per cent, the banking counter expanded by 0.06 per cent, and the consumer goods industry rose by 0.04 per cent.
At the close of business, the All-Share Index (ASI) gained 302.71 points to settle at 98,509.68 points compared with Tuesday’s closing value of 98,206.97 points and the market capitalisation added N183 billion to close at N59.715 trillion versus the preceding day’s N59.532 trillion.
It was observed that the level of activity yesterday waned as the trading volume, value and number of deals decreased by 65.93 per cent, 49.22 per cent, and 12.70 per cent, respectively.
On Wednesday, a total of 320.1 million stocks valued at N6.5 billion were transacted in 7,943 deals, in contrast to the 939.4 million stocks worth N12.8 billion traded in 9,098 deals.
The busiest equity at midweek was eTranzact, which transacted 70.3 million units for N474.2 million, Universal Insurance traded 23.8 million units worth 8.1 million, Zenith Bank exchanged 21.2 million units valued at N933.5 million, FBN Holdings sold 18.6 million units worth N491.2 million, and UBA traded 14.0 million units valued at N465.8 million.
At the close of transactions, 34 shares ended on the gainers’ log and 17 shares finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.
Africa Prudential gained 10.00 per cent to quote at N14.30, Conoil also improved by 10.00 per cent to N352.00, and RT Briscoe expanded by 10.00 per cent to N2.42, as Golden Guinea Breweries jumped by 9.95 per cent to N7.18, while NEM Insurance grew by 9.74 per cent to N10.70.
However, Julius Berger lost 10.00 per cent to close at N155.25, Secure Electronic Technology shed 9.52 per cent to trade at 57 Kobo, Multiverse declined by 7.63 per cent to N5.45, Haldane McCall tumbled by 6.07 per cent to N4.95, and Honeywell Flour crashed by 5.62 per cent to N4.70.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN