Economy
Access Bank, Dangote Cement, Others Declare Closed Periods
By Modupe Gbadeyanka
As the market enters earnings season this month, some companies trading their shares on the Nigerian Stock Exchange (NSE) have announced their closed periods.
Business Post reports that a closed period is the time frame between the completion of financial statements of a company listed on the stock exchange and the release of these results to the investing public.
The period normally lasts about two months and according to the market rules, insiders, who are majorly people with sensitive information about the firm that could trigger the price of the stock at the market, are prevented from trading on the company’s share.
The reason for this is to stop any insider from using the vital information in his possession to affect the price of the stock, especially to his advantage.
On September 30, 2018, most firms listed on the NSE ended their third quarter and by the NSE rules, they should release their results on or before October 31, 2018 to the investing public.
Last week, some companies announced their closed periods as well as meeting of their boards to consider the Q3 results before releasing them to the exchange.
However, some of them will first get approvals from regulators of their various sectors, especially for banks and insurance companies, before releasing them to the NSE and the general public.
Last Friday, Access Bank informed the NSE that its board would meet on Tuesday, October 30, 2018, to consider and approve the lender’s Unaudited Financial Statements.
The financial institution also declared a “closed period in respect of transaction on its securities from October 6, 2018 to such date as will be subsequently announced in compliance with Rule 17.2 of the Amendment to the Listing Rules of the NSE.”
“Accordingly, no director, employee, person discharging managerial responsibility, adviser of the company and their connected persons may directly or indirectly, deal in the securities of the company in any manner during the closed period,” the notice said.
Also last week, Dangote Cement, another firm trading its equities on the NSE, disclosed that it has entered a closed trading period from October 4, 2018 until 24 hours after the release of its financial statements for the period ended September 30, 2018.
Dangote Cement explained that the closed period was “application to directors, senior manager and other interested parties may at any time possess sensitive information that may materially affect the price of the securities of the company.”
On its part, Berger Paints said its Board of Directors would be meeting on Thursday, October 25, 2018, to consider the company’s 2018 Q3 Unaudited Financial Statements (Accounts) and consequently declared “a closed period from Wednesday, October 10, 2018 till October 26, 2018, being 24 hours after the Accounts are to be filed with the Nigerian Stock Exchange (NSE), in line with Rules 17.17 & 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015).”
For Chemical and Allied Products (CAP) Plc, a meeting of its board has been fixed for Friday, October 19, 2018 to consider and approve the financial results for the third quarter ended September 30, 2018.
The firm announced a closed period from October 4 to 31, 2018 and barred any of its employees, directors and others from trading on its shares at the stock market until “24 hours after the release of the unaudited financial results for the period ended September 30, 2018 to the NSE.”
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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