Investors in the Federal Government bond once again showed strong preference for the longer termed 30-year bond that was introduced in April, the Debt Management Office (DMO) has said.
This was disclosed in a statement the DMO issued on Wednesday in Abuja, after the May bond auction where it offered three instruments for five, 10 and 30-year tenors to the investing public, at a total amount of 100 billion naira.
“As with the April auction when the 30-year bond was first offered to the market, investors showed a stronger demand for it with subscription of over N100 billion compared to the N30 billion offered.
“This clearly indicates that the DMO understands the needs and preferences of investors in terms of tenor, which informed its introduction of the 30-year bond.”
The auction result circular obtained from the DMO website said N48.93 billion was finally allotted for the 30-year instrument at 14.49 per cent.
It said the five and 10-year instruments were equally oversubscribed, compared to the 35 billion naira offered for each of them.
The five year bond had a total subscription of N45.98 billion, but N27.38 billion was allotted at 14.11 per cent, while the 10-year instrument had a total subscription of N124.22 billion, but 35 billion naira was allotted at 14.24 per cent.
“In addition to the strong demand, interest rates demanded by investors also significantly declined for all the instruments compared to the April auction,” the statement added.
The News Agency of Nigeria reports that Ms Patience Oniha, the Director-General, DMO, had at a news conference on May 16, said the 30-year bond that was introduced in April was for the benefit of the Federal Government.
This, she said, was because it would help in managing liabilities and financing infrastructure.
She also said that it would help in the management of risks associated with the debt stock to mitigate debt service costs.
Edited by Julius Toba-Jegede
Investors showing more confidence in Thai economic recovery: Thai Capital Market Org
The Federation of Thai Capital Market Organizations (FETCO) on Tuesday said that the Investor Confidence Index (ICI) in the next three months have risen by 21 percent on perceptions that the Thai economy will recover after the government had eased most business restrictions.
Paiboon said the Stock Exchange of Thailand had in March bottomed out and is now taking steam.
He said he expects the Stock Exchange of Thailand to reach 1,400 points after the government eases more business lockdowns.
Ariya Tiranaprakij, senior executive vice-president of the Thai Bond Market Association however, said the Monetary Policy Committee was likely to maintain the policy rate at 0.5 percent this month on the possibility of economic decline, lower global interest rates and capital outflows.
Investors gain N233bn on NSE, as market capitalisation crosses N13trn mark
Investors net worth appreciated by N233 billion on the Nigerian Stock Exchange (NSE) on Friday, following gains achieved by some blue chips.
The News Agency of Nigeria reports that the market capitalisation which opened trading at N12.902 trillion rose by N233 billion to close at N13.135 trillion.
Similarly, the All-Share Index increased by 446.36 points or 1.80 per cent to close at 25,204.75 against 24,758.39 achieved on Thursday.
An analysis of the price movement table indicated that Mobil led the gainers’ table, increasing by N19.40 to close at N213.90 per share.
Nigerian Breweries rose by N2 to close at N39.50 , while Conoil increased by N1.90 to close at N21per share.
On the other hand, Stanbic IBTC topped the laggards’ chart, shedding 30k to close at N32.55 per share.
Caverton trailed with a loss of 29k to close at N2.61, while Guaranty Trust Bank dipped 25k to close at N23.75 per share.
FBN Holdings lost 15k to close at N5.20, while May & Baker depreciated by 9k to close at N3.06 per share.
The banking stocks dominated activity chart with United Bank for Africa exchanging 49.17 million shares valued at N330.88 billion.
Zenith Bank came second, accounting for 44.96 million shares worth N756.58 million, while FBN Holdings sold 30.07 million shares valued N156.79 million.
Guaranty Trust Bank sold 11.83 million shares worth 281.78 million, while Lafarge Wapco exchanged 11.63 million shares valued N131.54 million.
In all, the volume of shares traded closed lower as investors bought and sold 259.58 million shares valued N2.88 billion in 5,605 deals.
This was against a turnover of 350.77 million shares worth N3.71 billion transacted in 5,239 deals on Thursday.
Edited By: Chioma Ugboma/Oluwole Sogunle (NAN)
Investors urged to take up housing financing opportunities in Africa
Financing of affordable houses in Africa’s urban areas is one of the biggest opportunities for investors because of the ballooning population and high demand, head of a pan African housing financier has said.
Andrew Chimphondah, CEO of Shelter Afrique told Xinhua that Africa is urbanizing at rates the region has never experienced before, thus making the delivery of quality affordable housing a mammoth challenge.
“With African cities estimated to add over 40,000 people every day, this has pushed the current housing deficits in Africa to more than 56 million housing units,” Chimphondah told Xinhua in an interview on Thursday.
In Sub-Saharan Africa, for instance, over 60 percent of the urban population are estimated to live in areas categorized as slums and informal settlements and therefore need improvement to better housing units, according to Chimphondah.
Speaking in Nairobi, Chimphondah said it is important for governments and other related public and private stakeholders involved in affordable housing delivery and urban development to adopt more pragmatic, innovative and sustainable solutions to the related urbanization challenges facing the region.
He said investors from across the world should take advantage of the shortage of financing in Africa to cover the gap and benefit from the high demand for affordable housing across the continent.
“The lack of financial capacity of the African governments has resulted in an increasing deficit in affordable housing delivery in the region,” said the head of the agency with offices in Nairobi, Abuja in Nigeria and Abidjan in Cote d’Ivoire.
Shelter Afrique, which is a partnership of 44 African governments, the African Development Bank (AfDB) and the Africa Reinsurance Company has delivered 17,562 housing units, worth cumulative loan approvals of 124.44 billion shillings (1.17 billion U.S. dollars) up to December 2019. The agency is using this period of COVID-19 pandemic to build and strengthen referral partnerships.
Delta Investments Dev. Agency promises to attract more investors
The Chairman, Delta State Investments Development Agency (DIDA), Mr Paul Nmah, says the agency will continue to attract more Foreign Direct Investments (FDIs) as well as Domestic Direct Investments to the state.
Nmah gave the assurance when he led the management team of the agency to the site of the recently-demolished Abraka market in Asaba, Oshimili South Local Government Area of the state on Tuesday.
He recalled that Gov. Ifeanyi Okowa, immediately after inspecting this site, directed that DIDA should facilitate the best suitable investment for the place.
“It is on the strength of this directive that we have come here to assess the site with a view to ascertaining its viability and marketability.
“Delta State is an investment hub in Nigeria where many investors are jostling to come to invest.
”The state is blessed with both human and natural resources which have made it the preferred investors’ haven,” he said.
Nmah noted that already numerous investors had started indicating interest, saying that DIDA would collate proposals that would be received and due diligence conducted.
“In DIDA, once investment proposals are received we would have to interface with the investors and conduct due diligence on their claims.
”This will enable us to have a grasp of their technical and financial capabilities and thereafter advise the governor appropriately,” he said.
Nmah further said that DIDA was currently championing the drive for investments away from oil.
”We have taken cognisance of so many yardsticks and this will guide us in the aspect of taking an informed decision on the most suitable investments that will suit the site.
“Therefore, considerations have been made to drive investments that will cater for the well-being of the people of the state,” he added.
Edited By: Kamal Tayo Oropo/Adeleye Ajayi (NAN)
Foreign investors can apply for 5-year residency in Iran soon: official
Foreign investors would soon be able to apply for a five-year residency in Iran based on regulations approved by the government last summer, Press TV reported quoting the Iranian deputy interior minister as saying on Wednesday.
Application forms would be available in three languages through platforms run by the Iranian Foreign Ministry, the Interior Ministry, Iran’s department on foreign investment, and the Central Bank of Iran, said Babak Dinparast.
The Iranian government has allowed foreigners to settle in the country for five years if they make an investment of more than 250,000 euros or its equivalent in other foreign currencies.
Investments that were eligible for the residency permit were not limited to manufacturing activities, but making bank deposits or investments in bonds or housing sector would also be regarded for the residency opportunity.
The Iranian decision seeks to facilitate Foreign Direct Investment amid the mounting sanction pressures by the United States.
Nigeria assures investors of forex repatriation amid dwindling oil revenues
Nigeria on Sunday assured investors of the safety of their investments in the country despite dwindling revenues from the sale of crude oil globally.
Godwin Emefiele, governor of the Central Bank of Nigeria, who gave the assurance in Abuja, the nation’s capital, said the bank had put in place policies to ensure an orderly exit for those that might be interested in doing so.
The apex bank governor said investors interested in repatriating their funds from the country are guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.
Emefiele urged investors to be patient as such repatriations are being processed, owing to the bank’s policy of orderly exit of investments.
Recalling a similar situation back in 2015 over declining revenue, the governor said the central bank is able to settle all commitments in an orderly manner.
Forex repatriation: Emefiele assures investors in spite dwindling oil prices
The CBN’s Director, Corporate Communications Department, Mr Isaac Okorafor, in a statement on Sunday, said Emefiele gave the assurance in Abuja.
The apex bank governor said investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.
He noted that the bank had put in place policies to ensure an orderly exit for those that might be interested in doing so.
Emefiele, however, urged investors to be patient as such repatriations were being processed, owing to the Bank’s policy of orderly exit of investments.
Recalling a similar situation that occurred in 2015 over declining revenue, the governor said that the CBN was able to settle all commitments in an orderly manner.
Meanwhile, Emefiele also stated the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, was committed to galvanizing the manufacturing sector in a bid to reset the economy.
Emefiele said the COVID-19 presented Nigeria with an opportunity to reset the economy and as such there was need for the country to prepare itself to get the manufacturing sector to work, while the banking sector supports the economy.
The governor added that with the revenue drop from crude, Nigeria had no choice but to diversify its economic base, adding that the time had come for Nigerians to produce what could be produced and consume what is produced in the country.
Edited By: Wale Ojetimi (NAN)
COVID-19: SEC urges investors to explore opportunities in capital market
A statement by Mrs Efe Ebelo, the Head, Corporate Communication of SEC, quoted Ms Mary Uduk, the Acting Director-General of the commission as making the call in Abuja on Tuesday.
Uduk said the commission was aware of the economic implications of the pandemic and had ensured that the market remained open for trading.
She noted that before the partial relaxation of the lockdown, both SEC and stakeholders in the market had been working remotely in a bid to ensure there was no shut down.
”We must continue to make the best we can of the situation.
”As a regulator, we have put measures in place to ensure our market does not shut down, trade is presently going on at the various exchanges that make up our market.
”The Nigerian Stock Exchange is continuing with trading, the FMDQ and all the Exchanges are actually continuing and everything is going well.
“We are leveraging on technology to continue our activities,” she said.
Uduk expressed satisfaction with the way the market was going during these challenging times and urged investors to continue to invest stressing that the market was safe.
On investor’s confidence in the period of the pandemic, she said the commission had put measures in place to improve market confidence.
The acting director-general described investor’s protection as one of the mandates of the commission bearing in mind that investors would not come into the market in the absence of adequate protection.
Edited By: Edith Bolokor/Felix Ajide (NAN)
NSE maintain bullish trend, investors networth rallied by N191bn
The Nigerian Stock Exchange (NSE) sustained bullish trend on Friday with the market capitalisation rising further by N191 billion due to Nestle gain.
Speficially, the market capitalisation which opened at N11.754 trillion rose by N191 billion to close at N11.945 trillion.
Also, the All-Share Index which opened at 22,554.84 grew by 366.75 points or 1.63 per cent to close at 22,921.59.
Market watchers attributed the persistent four-day rally to activities of institutional investors who were taking advantage of low price of stocks to increase their stake in the market.
Nestle Nigeria dominated the gainers’ table with a gain of N53.80 to close at N967 per share.
Nigerian Breweries trailed with N2.90 to close at N32.35, while BUA Cement garnered N2.45 to close at N31.85 per share.
Conoil appreciated by N1.55 to close at N17.40, while NASCON improved by 85k to close at N9.35 per share.
Conversely, Ardova topped the losers’ chart with a loss of N1.10 to close at N10.10 per share.
Cadbury came second with 70k to close at N6.30, while Lafarge Africa dipped 40k to close at N11.60 per share.
Flour Mills was down by 30k to close at N21.20, while Oando dipped 26k to close at N2.62 per share.
In spite of the growth by market indicators, volume of shares traded by investors closed lower.
Consequently, investors bought and sold 231.61 million shares valued at N2.61 billion transacted in 4,521 deals.
This was in contrast with 379.11 million shares valued at N4.33 billion traded in 5,985 deals on Thursday.
The banking stocks remained the toast of investors with FBN Holdings emerging the most active, exchanging 47.69 million shares worth N219.71 million.
United Bank for Africa followed with 36.53 million shares valued at N220.47 million, while Guaranty Trust Bank accounted for 32.85 million shares worth N686.88 million.
Zenith Bank sold 29.89 million shares valued at N445.81 million, while Fidelity Bank accounted for 16.28 million shares worth N33.29 million.
Edited By: Ali Baba-Inuwa (NAN)
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