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NGX removes BLS compliance indicator placed on Transcorp Hotels



The Nigerian Exchange Limited (NGX) has removed the Compliance Status Indicator (CSI) of BLS (Below Listing Standard) placed on Transcorp Hotels Plc.

This was contained in a compliance report issued by the company and obtained by Nigerian NewsDirect.

According to the statement signed by the Company Secretary, Stanley Chikwendu, Transcorp notified the investing public that further to the Company achieving compliance with Nigerian Exchange Limited’s (NGX) free float requirement for companies listed on its Main Board, the NGX has removed the Compliance Status Indicator (CSI) of BLS (Below Listing Standard) placed beside the Company’s name across NGX’s platform.

The company noted that the removal was a sequel to the NGX RegCo’s monitoring of the Company’s free float compliance status for three (3) months.

“As of 21st September 2023, Transcorp Hotel’s free float stood at 12.78 per cent with a value (market capitalisation) of N58, 788,278,971.52. The Company is committed to remaining compliant with its post-listing obligations, while consistently delivering value to its investors and stakeholders,” the statement noted.

It should be noted that Companies listed on NGX are required to maintain a minimum free float for the set standards under which they are listed to ensure that there is an orderly and liquid market for their securities.

According to the NGX, the free float requirements for companies listed on the various Boards of NGX includes: For Growth Board, a minimum of 10  per cent   of the issued and fully paid-up shares or the value of its free float is equal to or above N50 million, for the entry segment.

For the Growth Board, a minimum of 15  per cent  of the issued and fully paid-up shares or the value of its free float is equal to or above N50 million, for the standard segment.

For ASeM5, a minimum of 15  per cent  of issued and fully paid-up shares or the value of its free float is equal to or above N50 million.

For the Main Board, a minimum of 20  per cent  of the issued and fully paid-up shares or the value of its free float is equal to or above N20 billion.

For Premium Board, a minimum of 20  per cent of issued and fully paid-up shares or the value of its free float is equal to or above N40 billion.

HY’2023 financials

Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group achieved a significant increase in revenue, soaring to N18.98 billion in Half-year 2023 from N14.99 billion recorded in the same period of the previous year, showcasing a remarkable growth of over 27 per cent.

The company’s profit before tax also witnessed an impressive upturn, reaching N3.53 billion compared to N2.37 billion in H1 2022, marking a substantial growth of 49  per cent.

capital market

IATF2023 records $43.8bn closed deals



The African Export-Import Bank has disclosed that the third Intra-African Trade Fair (IATF2023) held in Cairo from 9 to 15 November witnessed the conclusion of business deals and transactions valued at US$43.8 billion.

In the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Executive Vice President (Intra-African Trade Bank) at Afreximbank, Mrs Kanayo Awani, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors and 28,282 participants who attended physically and through the IATF virtual platform.

One of the notable transactions included the Export Agriculture for Food Security Framework executed by several African countries (as Origin Countries) and ARISE Integrated Industrial Platforms, Arise IIP (as Anchor Investor) to which Afreximbank committed US$2 billion to boost production, processing, and intra-African trade in agricultural products and to provide African farmers and agribusinesses with opportunities to access larger markets across the continent.

Mrs Awani also said that the IATF had successfully established itself as the premier trade and investment event in Africa, with the unique capacity to increase intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Area (AfCFTA) Agreement.

“Building on the successes of IATF2018 and IATF2021, I am proud to say that the buzz and energy generated by IATF2023 will be felt across Africa and beyond for many years to come. Together, we have explored new possibilities and opened new doors for a brighter future for our continent,” she added.

IATF2023 kicked off on 9 November and included an official opening ceremony, a Presidential Summit which was addressed by President Abdel Fattah Al Sisi of the Arab Republic of Egypt, a Trade and Investment Forum, the Creative Africa Nexus (CANEX), an African Auto Forum, AU Youth Entrepreneurship Programme, a Sub-Sovereigns Conference, a Diaspora Summit, an African Industrialization Week and an African Tourism Sustainability and Investment Forum. A series of side events were also held as part of the trade fair.

The next edition of the IATF will be hosted in 2025 by Algeria.

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capital market

Investors record positive gains, as NGXASI advance by 0.43%



Investors yesterday recorded positive gains on the Nigerian equities market following Monday’s losses.

According to data obtained from the Nigerian Exchange Limited (NGX) website, the NGX Market CAP recorded a gain of N165.99 billion in Naira terms.

The NGX All-Share Index (NGXASI) also advanced by 0.43 percent, closing at 71,250.17 basis points, compared to the previous day’s loss of 0.66 percent, which closed at 70,946.83 basis points. With the growth, the NGXASI now stands at 39.02 percent.

The total volume traded also advanced by 20.93 percent to close at N433.57 million, valued at N11.11 billion and traded in 7,016 deals.

The Gate Index closed flat at 183.36, while the Toni index advanced by 0.27 percent to close at 375.28 basis points.

At the close of trading, the market recorded 40 gainers, 15 losers, and 64 unchanged. NSLTECH topped the gainers list, while ABBEYBDS topped the list of losers.

UACN was the most traded stock by volume with N61.71 million, while NIDF was the most traded stock by value with N2.22 billion units traded.

UACN also had the highest volume contribution with 14.23 percent, while UBA and GTCO followed closely.

According to the value chart, NIDF is at the top with a 20.0 percent contribution. AIRTELAFRI and MTNN followed closely behind.

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capital market

SEC DG calls for multifaceted approach to enhance capital market growth



The Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has called for a multi-faceted approach to enhance the growth of Nigeria’s capital market.

The SEC DG made this known while addressing journalists at the 2023 conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos at the weekend.

According to Yuguda who was represented by the Executive Commissioner Operations, SEC, Mr Dayo Obisan, “Effectively harnessing the capital market for national development entails a multi-faceted approach, these include deploying more infrastructure, fostering more public-private partnerships, establishing specialised entities like special purpose vehicles (SPVs), listing state-owned enterprises, issuing green bonds to support sustainable projects, and bolstering small and medium enterprises among others.”

According to him, the revised capital market master plan underscored SEC’s commitment to deepening and. repositioning the financial market as a key driver of sustainable economic growth.

“The master plan which represents collective aspirations of the capital market community is focused on driving initiatives geared towards growing and deepening the market with the ultimate goal of accelerating the emergence of our dear country in the top 20 economies by the year 2025,” Yuguda said.

The SEC DG added that synergy holds the potential of unleashing capital market prowess and paving the way for a prosperous future.

According to him, achieving the objective necessitates an increased utilisation of market mechanisms and instruments to raise funds and stimulate economic advancement.

He pointed out that the commission would continue to introduce new ideas and policies that would support the development and regulation of a capital market that is dynamic, fair, transparent, and efficient to contribute to the nation’s economic development, noting that investors protection plays a crucial role in the development and integrity of the capital market.

Also speaking at the event, the Deputy Director, SEC Lagos Zonal office, Mr John Briggs, urged the government to create infrastructure financing instruments that would facilitate easy servicing of obligations.

“We have encouraged a lot of infrastructure funds like sukuk, and green bonds and we are even talking about blue bonds to develop the market.”

“The capital market has created the conducive environment to ensure a transparent and dynamic market which would continue to attract investment,” he said.

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