CAPITAL MARKET Seplat to buy ExxonMobil’s Nigerian shallow water business Seplat Energy Plc has confirmed that it is in ‘’competitive discussions’’ with a partner to acquire ExxonMobil’s Nigerian shallow water business. The firm disclosed this via a filing with the Nigerian Exchange Limited (NGX) on Monday, adding that it is aware of rumours and confirmed…
CAPITAL MARKET FMN, Honeywell Merger Rekindles Shareholders Interest The proposed merger between Flour Mills of Nigeria Plc (FMN) and Honeywell Flour Mills (HFMP) rekindled investors’ interest in both companies’ stock prices on the Nigerian Exchange Limited (NGX) last week. Specifically, the stock price of HFMP appreciated by 0.57 per cent to close at N3.96 last…
CAPITAL MARKET Flour Mills, Honeywell’s market capitalisation jumps by 34% Two of Nigeria’s largest flour milling companies, Flour Mills of Nigeria Plc and Honeywell Flour Mills Plc, have recorded a combined increase of N39bn (33.53 per cent) in their market capitalisation so far this year, data collated from the Nigerian Exchange Limited have shown. Flour…
CAPITAL MARKET No court order restraining acquisition, say Flour Mills, Honeywell Flour Mills Nigeria Plc and Honeywell Flour Mills Plc have said the proposed acquisition of significant interest in HFMP by FMN is not in breach of any court order. FMN, in a statement obtained from the Nigerian Exchange Limited on Wednesday and signed by…
CAPITAL MARKET MTN Nigeria secures SEC approval for public offer MTN Nigeria has announced that it has secured approval from the Securities and Exchange Commission (SEC) to launch an equity book-build to qualified investors ahead of its planned sales of 575 million ordinary shares of the company to the public. The telecom company had disclosed…
CAPITAL MARKET Fitch Upgrades Seplat Energy to ‘B’ on Stable Outlook, Company’s Resilience Seplat Energy Plc has been upgraded to ‘B’ from ‘B-‘ by Fitch Ratings on its Long-Term Issuer Default Rating (IDR), confirming the company’s outlook to be ‘Stable’ and upgraded the company’s senior unsecured rating for $650 million senior notes due 2026 to…
CAPITAL MARKET Ardova issues N25.3bn bond to expand operations Ardova Plc has announced the completion of its N25.3bn bond issue under its N60bn debt issuance programme to expand and diversify its operations and increase its footprint across the country. The integrated energy company said in a statement that the fixed-rate senior unsecured bond was 143…
CAPITAL MARKET Fidelity Bank PBT rises to N28.10bn in 9 months Fidelity Bank Plc has posted a profit before tax (PBT) of N28.10 billion for the nine months ended September 30, 2021. Its Chief Executive Officer, Mrs Nneka Onyeali-Ikpe, said this in an unaudited financial statement posted on the website of the Nigerian Exchange (NGX)…
CAPITAL MARKET Large-cap stocks drag market lower, investors lose N11.83bn The Nigerian equities market started the week on a negative note as declines in some large-cap stocks saw the market closing lower by N11.83bn at the end of trading. The Nigerian Exchange Limited’s All-Share Index fell by 0.05 per cent to close at N22.56tn from…
CAPITAL MARKET Conoil Reiterates Commitment to Sustain Higher Values for Shareholders Conoil Plc has reiterated its resolve to maintain its leadership position in the downstream petroleum sector by building a stronger financial position and creating higher values for its shareholders. At its 51st Annual General Meeting held in Lagos, the company assured its shareholders that…