CAPITAL MARKET
Equities re-open negative as index falls by 0.27 per cent
Following losses suffered by most high capital stocks, transactions on the trading floor of the Nigerian Stock Exchange (NSE), reopened on a downturn yesterday, causing the All-share index to fall by 0.27 per cent. Yesterday, the All Share Index (ASI) shed 67.17 absolute points, a 0.27 per cent loss to close at 25,132.67 points. Accordingly, investors lost N35 billion in value as market capitalisation slipped to N13.111 trillion. The downturn was impacted by losses recorded in medium and large value stocks, including Dangote Cement, Vitafoam Nigeria, UAC of Nigeria (UACN), International Breweries, and United Capital. The Guardian
May & Baker pays N517. 6 million dividends to shareholders
Shareholders of May & Baker Nigeria Plc have approved N517.6 million dividends translating to 30 kobo for every 50 kobo shares due to every investor of the company held for the 2020 financial year. At the 70th yearly general meeting held in Lagos at the weekend, the company’s Chairman, Senator Daisy Danjuma said despite the challenging operating environment, the firm achieved improved performance in both turnover and profit. The Guardian
BANKING
Ecobank seeks to raise $300m from debt markets
Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has said it is seeking to raise $300m from the international debt capital markets. ETI said in a statement on Monday that the money would be raised through the issuance of tier-2 qualifying sustainability notes pursuant to the United States Securities and Exchange Commission Rule 144A and Regulations.It said, “An equivalent amount of the net proceeds of the notes will be used to finance or re-finance, in part or in full, new or existing eligible assets in accordance with ETI’s Sustainable Finance Framework. Punch
ECONOMY
PenCom stop charges on artisans’ savings below N5m
The National Pension Commission has ordered Pension Fund Administrators to stop charging any fee on micro pension funds under their management that are below N5m. It disclosed this on Monday in a circular signed by the Head, Surveillance Department, PenCom, Ehimeme Ohioma, to all licensed PFAs titled ‘Circular on fee structure for the micro pension fund’.It said, “In order to mitigate the concern of depletion of the MPF, the following additional conditions shall be followed: No fee shall be charged with the fund until management reach a threshold of N5m. Punch
Twitter ban’ll increase goods production cost, says CSJ
As more reactions trail the Federal Government’s ban of Twitter operations in Nigeria, the Centre for Social Justice on Monday said that the development will trigger an increase in the cost of production of goods across the country. It also said that foreign investors would now classify Nigeria as an undemocratic nation, as the ease of doing business would be retarded. The Lead Director, CSJ, Eze Onyekpere, told our correspondent that the ban on Twitter at a time of great economic and social crisis had many downsides without any evident upside. Punch
The federal government has defended its resolve to obtain $6.1billion foreign loan, stating that the move was in the interest of Nigerians, most especially tax payers. The Senior Special Assistant to the President on Niger Delta Affairs, Senator Ita Enang clarified the move during by the Chartered Institute of Nigeria (CITN) fellow conferment ceremony held in Lagos, recently. He noted in particular that the option of borrowing would save taxpayers the burden of sudden tax increment. This Day
