Economy
Global Spectrum Energy Services Quits Stock Exchange After Five Years
By Dipo Olowookere
An integrated oil & gas offshore support vessel services company, Global Spectrum Energy Services Plc, has decided to call it quits with the Nigerian Exchange (NGX) Limited.
In November 2017, the firm joined the local stock exchange by listing 800 million ordinary shares of 50 Kobo each at N5 per share on the NGX’s trading platform, boosting the value of the market by N4 billion.
But after five years of being in the kitchen, it could no longer withstand the heat and has opted to leave the scene for others.
In a regulatory document, it was observed that Global Spectrum Energy Services exited the stock market of its volition.
Its application to voluntarily delist its entire 800 million ordinary shares from the daily official list of the Nigerian bourse was approved on December 29, 2022.
Business Post reports that the request for the company to part ways with the Nigerian exchange was filed by its stockbroker, Compass Investments and Securities Limited.
Five years ago, when it joined the exchange, its Managing Director, Mr Colm Doyle, stated that the company planned to increase its profit over a five-year period from N847.87 million in 2018 to N2.62 billion by 2022.
According to him, as the company continues to implement its expansion plan that will ensure a year-on-year increase in profit, the firm has decided to give out a minimum of 30 per cent of its profit as dividends to its shareholders.
A look at the performance of the company on the stock market showed that as of January 5, 2023, when it recorded the last transactions, its share price closed flat at N2.48 per unit, which is 50.4 per cent or N2.52 lower than its listing price of N5.00.
The audited results of Global Spectrum Energy Services for 2021 showed that revenue went down by 11.96 per cent to N1.954 billion from N2.220 billion, as profit-after-tax dropped 39.46 per cent to N127.0 million from N209.8 million.
In the first quarter of 2022, the firm grew its revenue to N670.8 million from N346.4 million, while the net profit jumped to N89.9 million from N15.2 million.
In the second quarter of the year, this feat was repeated as revenue rose to N699.2 million from N445.7 million, leaving the half-year earnings at N1.4 billion versus N786.3 million in H1 of 2021, while the post-tax profit dropped to N56.5 million in Q2 from N65.7 million in Q2 of 2021, though the HY of 2022 jumped to N146.4 million from N90.9 million in HY of 2021.
In the third quarter of last year, its earnings rose to N861.2 million from N506.1 million, with the nine months at N2.2 billion versus N1.3 billion in the corresponding period of the preceding year, while the net profit from July to September 2022 stood at N54.4 million, in contrast to N37.5 million in the same months of 2021, leaving the nine-month profit at N200.7 million versus N128.3 million.
In 2017, the organisation made a projection that by 2022, its turnover was expected to grow from N3.88 billion in 2018 to N8.1 billion.
A five-year review of the company’s performance before joining the bourse showed that turnover declined from N986.45 million in 2013 to N934.62 million in 2017, while profit before tax grew from N165.31 million in 2013 to N347.13 million by October 2017.
By Adedapo Adesanya
UBN Property Plc further sank the NASD Over-the-Counter (OTC) Securities Exchange in the red territory by 0.48 per cent on Wednesday, April 23.
The property investment company lost 7 Kobo of its share value to settle at N2.10 per unit compared with the preceding day’s price of N2.17 per unit.
As a result, the market capitalisation of the bourse went down by N9.19 billion to N1.908 trillion from N1.917 trillion and the NASD Unlisted Security Index (NSI) slumped by 105.70 points to 3,259.08 points from the previous session’s 3,274.78 points.
There was a 500.5 per cent rise in the volume of securities transacted in the midweek session to 1.05 million units from the 174,634 units traded in the previous trading day.
However, the value of transactions decreased by 9.1 per cent to N2.6 million from N2.86 million and the number of deals dropped by 31.3 per cent to 11 deals from 16 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, trailed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.8 million units for N572.0 million, and Impresit Bakolori Plc with a turnover of 533.9 million units worth N520.9 million.
By Aduragbemi Omiyale
Between April and June 2025, the federal government intends to sell bonds between N900 billion and N1.2 trillion to investors.
This information was revealed by the Debt Management Office (DMO) in its Bond Issuance Calendar for Q2 2025
The sales will take place once in a month, precisely on April 28, May 26, and June 23, according to the data released by the DMO.
It was stated that the debt office will offer the debt instrument in two maturities, with N300 billion and N400 billion offered for sale at each auction.
In April and May, the DMO will reopen the 19.30 per cent FGN APR 2029 and 19.89 per cent FGN MAY 2033 bonds, and in June, it will introduce the FGN JAN 2030 and FGN JAN 2032 and five and seven-year, respectively.
In April, the APR 2029 bond will have a remaining tenor of four years, while the MAY 2033 bond will have six years and one month left.
By May, those terms shorten to three years and eleven months, and six years, respectively. Both bonds retain their original coupon rates of 19.30 per cent and 19.89 per cent.
The DMO has also released details for its April auction. The Federal Government plans to raise N350bn through the reopening of the APR 2029 and MAY 2033 bonds.
According to the circular, N200bn will be offered in the APR 2029 and N150bn in the MAY 2033. The auction will be held on Monday, April 28, with settlement on Wednesday, April 30.
By Adedapo Adesanya
The Naira marginally depleted against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, April 23.
During the session, it lost 35 Kobo or 0.02 per cent against the greenback to sell for N1,603.51/$1 compared with the previous day’s value of N1,603.16/$1.
Also, in the same official FX market, the value of the local currency depreciated against the Pound Sterling yesterday by N17.31 to quote at N2,137.55/£1 versus Tuesday’s closing price of N2,120.24/£1 and tumbled against the Euro by N19.89 to close at N1,837.58/€1 compared with the preceding session’s N1,817.69/€1.
However, in the parallel market segment, the domestic currency appreciated against the Dollar during the trading day by N5 to trade at N1,605/$1 versus the previous day’s N1,610/$1.
The Nigerian Naira has been under pressure lately after a recent ease in concerns about the country’s FX reserves, which have been been dropping.
A look at the digital currency market showed that it was bearish at midweek due to profit-taking amid declining US Dollar index, which is largely tied to mixed signals out of the world’s largest economy.
Earlier this week, President Donald Trump said he had no intention to fire US Federal Reserve Chair, Mr Jerome Powell, and that a deal with China (which is facing tariffs as high as 245 per cent on some items) would significantly reduce some of its levies.
The mixed signals and frequent tone shift are worrying traders, however, who continue to monitor comments for further cues on positioning, with market analysts noting that trade frictions, geopolitical jitters, and regulatory issues continue to cast long shadows on assets like crypto.
Dogecoin (DOGE) dipped by 4.9 per cent to sell at $0.1730, Ripple (XRP) fell by 3.9 per cent to $2.17, Litecoin (LTC) declined by 2.3 per cent to $82.23, and Binance Coin (BNB) depreciated by 2.2 per cent to $604.59.
In addition, Cardano (ADA) slumped by 1.9 per cent to $0.6837, Solana (SOL) also lost 1.9 per cent to close at $148.13. Bitcoin (BTC) slid by 1.3 per cent to $92,479.80, and Ethereum (ETH) crashed by 1.1 per cent to $1,770.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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