Economy
NSE Hosts Real Estate Investment Trust Summit
By Modupe Gbadeyanka
On Tuesday, May 23, 2017, the Nigerian Stock Exchange (NSE) will host the maiden edition of its Real Estate Investment (REIT) Conference at the NSE Event Centre, Stock Exchange House in Lagos.
Executive Director, Capital Markets of the NSE, Mr Haruna Jalo-Waziri, noted that the REIT Conference is an important meeting of stakeholders to dimension the current state of the real estate sector and to be acquainted with relevant emerging trends, strategies and policies.
The conference themed ‘Real Estate Investment Trust in sub-Sahara Africa: The role of The Capital Market’ will bring together key decision-makers, policy-makers, government officials, private sector players, property developers, asset managers, dealing members, investors and thought leaders to share experiences and explore growth potentials and opportunities inherent in the REITs market in Nigeria and Sub–Sahara Africa.
According to Mr Jalo-Waziri, “One of our aims with the conference is to discuss topical and regulatory issues affecting the REITs within the capital markets and real estate ecosystem as well as proffer strategic solutions for follow up implementation by the NSE in its capital market advocacy role.
“The thought provoking agenda to be discussed at the conference will give participants greater insights and information to the latest industry and global best practices trends in Real Estate investment and its value chain.”
The conference will provide participants an opportunity to listen and engage key industry experts, key regulators, renowned international and local market operators and thought leaders in the real estate sector.
The format will consist of keynote addresses, panel discussions and select topical presentations by industry experts.
The guest speakers and panel discussants include Mr Mounir Haliru Gwarzo, Director General of SEC; Mr Babatunde Fowler, Executive Chairman, Federal Inland Revenue Service (FIRS); Professor Charles Inyangete, CEO, Nigerian Mortgage Refinancing Company; Ahmed Lawan Kuru, Managing Director, AMCON; and Haruna Jalo – Waziri, Executive Director, Capital Markets, NSE.
Others are Tinuade Awe, General Counsel & Head Regulation, NSE; Ehimeme Ohioma, Head Investment Supervision, PENCOM; Kenneth Masika Chief Executive Officer STANLIB Fahari I-REIT, Nairobi, Kenya; Olumayowa Ogunwemimo, Managing Director, FSDH Asset Management; Adeniyi Adeleye Head, Real Estate Finance (West Africa) for the Standard Bank; Taiwo Oyedele Partner, PwC West Africa Tax Leader; and Yinka Edu, Partner, Udo Udoma & Belo-Osagie.
Also expected are Tolu Sokenu, Investment Principal, Actis; Mr Hakeem Ogunniran, Managing Director/Chief Executive, UPDC PLC; Aishetu Dozie, Head Investment Banking Division, Rand Merchant Bank Nigeria; Mr Kola Ashiru-Balogun, Managing Director, MIXTA Nigeria; and Tola Akinhanmi, Real Estate Debt Structuring and Advisory Stanbic IBTC Capital.
In 2007, SEC issued the first set of guidelines for the registration and issuance of requirements for the operation of REITs in Nigeria as detailed in the Investment and Securities Act (ISA).
This has led to the listing of three REITs companies with a market capitalization of about 40 billion naira as May 10, 2017.
Currently one REITs offer is about to be concluded and should be listed on the NSE this year.
REITs are investment vehicles that can be traded on a stock exchange and are primarily involved in investing and owning income-generating real estate assets.
They allow both small and large investors to invest in portfolios of large-scale properties without actually having to go through the rigors of buying or financing property.
The 2017 REITs conference is sponsored by Stanbic IBTC Holdings Plc, FSDH Asset Management Limited, PricewaterhouseCoopers (PWC), United Property Development Company (UPDC) Plc, Rand Merchant Bank (RMB) Nigeria Limited, Udo Udoma & Belo-Osagie and Mixta Nigeria.
Interested participants can register online for this non-fee paying conference at http://www.nse.com.ng/NSE-REITs-Conference.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, August 5, as the market witnessed weaker trading activity with only two deals executed.
In the midweek session, the volume of securities exchanged by investors dropped 99.9 per cent to 802 units from the 1.6 million units recorded on Tuesday. The value of securities further decreased by 99.6 per cent to N208,240 from the preceding session’s N47.6 million, and the number of deals significantly went down by 93.9 per cent to two deals from the 33 deals recorded a day earlier.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 76.9 million units transacted for N5.5 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
There were no price gainers or losers yesterday.
As a result, the market capitalisation stood unmoving at N2.739 trillion, while the NASD Security Index (NSI) remained unchanged at 4,563.96 points.
By Adedapo Adesanya
The Naira slid against the US Dollar by N2.28 or 0.17 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, August 5, to N1,363.85/$1 from N1,362.55/$1.
The local currency also declined against the Pound Sterling in the official market during the session by N5.97 to close at N1,837.38/£1 compared with Tuesday’s closing rate of N1,831.41/£1, and against the Euro, it crashed by N6.54 to quote at N1,575.25/€1 versus the preceding session’s N1,568.71/€1.
But at the black market, the Nigerian Naira traded flat against the greenback yesterday at N1,400/$1, and also remained unchanged at the GTBank FX desk at N1,373/$1.
The Central Bank of Nigeria (CBN) says rates have narrowed to below two per cent, while the country’s external reserves have risen above $52.5 billion, reflecting the impact of its ongoing monetary and foreign exchange reforms.
CBN Governor Yemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, disclosed this on Tuesday during the CBN Fair in Gombe. He noted that reforms introduced since 2023 had significantly reduced the disparity between the official FX market and the parallel market.
“The Naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said, adding that reserves at $52.5 billion were supported by sustained inflows and renewed investor confidence in the economy.
Interbank FX transactions slid as weaker market activities dropped total Dollar volume exchanged to $75.35 million, a 51.8 per cent decline from $156.23 million in turnover quoted at the previous close.
The deals at the NFEM window also fell as data from the central bank put Wednesday’s quote at 82 from 139.
In the cryptocurrency market, major were down as global risk sentiment softened as a key world equity index slipped and chipmakers fell.
The MSCI All Country World Index snapped a five-day run to fall 0.2 per cent as chipmakers retreated on both sides of the Pacific. South Korea’s Kospi, a bellwether for the AI trade, dropped 4.4 per cent.
Ripple (XRP) depleted by 1.7 per cent to $1.05, Binance Coin (BNB) decreased by 1.0 per cent to $594.87, Cardano (ADA) depreciated by 0.9 per cent to $0.1884, TRON (TRX) shrank by 0.2 per cent to $0.3261, Solana (SOL) crumbled by 0.1 per cent to $74.00, and Dogecoin (DOGE) went down by 0.1 per cent to $0.0697.
On the flip side, Ethereum (ETH) gained 2.3 per cent to trade at $1,911.41, and Bitcoin (BTC) rose by 0.8 per cent to $64,759.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Dipo Olowookere
The domestic stock exchange rebounded by 0.05 per cent on Wednesday on the back of renewed bargain-hunting by investors, though the level of activity waned.
After bleeding for a few days, the Nigerian Exchange (NGX) Limited heaved a sigh of relief yesterday, as the All-Share Index (ASI) gained 109.41 points to close at 244,912.24 points compared with the previous day’s 244,802.83 points, and the market capitalisation garnered N71 billion to settle at N158.087 trillion versus Tuesday’s N158.016 trillion.
Business Post reports that despite the rebound recorded by Customs Street at midweek, the market breadth index remained negative, as there were 20 price advancers and 29 price decliners, implying bearish investor sentiment.
Linkage Assurance appreciated by 9.94 per cent to N1.77, AVA Capital rose by 9.55 per cent to N10.90, Fortis Global Insurance advanced by 7.69 per cent to N2.80, McNichols gained 7.34 per cent to finish at N5.85, and Coronation Insurance surged by 5.51 per cent to N2.49.
Conversely, Honeywell Flour depreciated by 9.94 per cent to N16.30, PZ Cussons gave up 9.94 per cent to trade at N74.75, Zichis crashed by 9.74 per cent to N20.76, Learn Africa slipped by 9.62 per cent to N9.40, and Neimeth tumbled by 8.33 per cent to N8.25.
The busiest equity was FCMB, with a turnover of 369.2 million units valued at N4.1 billion. Chams transacted 46.7 million units worth N201.8 million, First Holdco transacted 43.5 million units for N5.7 billion, Access Holdings sold 29.8 million units worth N778.0 million, and Linkage Assurance exchanged 19.6 million units valued at N33.5 million.
At the close of transactions, market participants bought and sold 824.1 million units worth N25.5 billion in 48,114 deals, in contrast to the 1.6 billion units sold for N28.7 billion in 54,160 deals a day earlier, showing a shortfall in the trading volume, value, and number of deals by 48.49 per cent, 11.15 per cent, and 11.16 per cent, respectively.
