Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday commenced the week on a negative note as all-share index (ASI) dipped 0.04 percent to close at 24,423.37 basis points, while market capitalisation fell by N3.14 billion to N8.39 trillion.

Cordros daily market update reported that the day’s loss brought the Month-to-date (M-t-D) gain to 2.12 percent and the Year-to-Date (Y-t-D) loss to 14.73 percent coming on the heels of declines in key Banking and Consumer Goods stocks.

According to the update, two (2) of the five (5) sector indices shed weight, it further affirmed that price declines in the shares of Nigeria’s top tier lender, Guaranty Trust Bank Plc by 0.01 percent and beer producer, Nigerian Breweries Plc losing 0.99 percent respectively dragged lower the Banking and Consumer Goods indices by 0.51 percent and 0.18 percent respectively.

On the contrary, the Cordros report says the Oil & Gas index appreciated by 1.20 percent following gains in the shares of first dual listed Nigerian Oil and Gas firm, Seplat Petroleum Development Company Plc by 5.13 percent

Similarly, the Industrial Goods and Insurance sectors gained by 0.20 percent and 0.17 percent respectively and boosted by gains in the shares of cement manufacturer, Lafarge Wapco Cement Nigeria Plc and NEM Insurance Plc by 0.63 percent and 4.11 percent each.

At the close of Monday’s trading on the Nigerian bourse, market breadth posted a negative outlook, with 17 gainers and 19 losers reported, according to the NSE’s daily market statistics. Educational publishing company, Learn Africa Plc emerged the top gainer with a gain of 0.08 kobo per share; while registrar, African Prudential Registrars Plc lost by 0.12 kobo per share to close the day.

In terms of turnover, total volume traded on the Nigerian equities market at the close of the session surged significantly by 1,902.92 percent on the back of a major cross in the shares of Fast Consumer Moving Goods (FCMG) Tiger Branded Consumer Goods Plc (3.26 billion) which accounted for 95.16 percent of total volume traded to 3.45 billion shares valued at N5.99 billion in 2,432 deals.

“We expect market activities to remain guided by profit-taking activities,” the Cordros update affirmed.

The post NSE Opens Week Negative, Index Dip 0.04% on Blue-Chip Losses appeared first on Investadvocate.

By InvestAdvocate

Lagos (INVESTADVOCATE) – First listed Registrar on the Nigerian Bourse, African Prudential Registrars (APR) Monday announced its acquisition of UAC Registrars.

Both firms notified the Nigerian Stock Exchange (NSE) that they have executed a Share Sale and Purchase Agreement (‘’SSPA’’) in respect of Africa Prudential’s planned acquisition of 100 percent (100%) of the Shares of UAC Registrars Limited, a subsidiary of UACN.

According to the two companies, completion of the transaction is subject to the fulfillment of all conditions precedent outlined in the SSPA including approval by the Securities & Exchange Commission (SEC).

Earlier in January 2013, UBA Capital Plc and African Prudential Registrars Plc listed shares worth N6.3 billion on the Daily Official List (DOL) of the NSE.

UBA Capital Plc listed a total quantity of 4,000,000,000 Ordinary Shares of 50k each at N1.16 while African Prudential listed a total of 1,000,000,000 Ordinary Shares of 50k each at N1.59.

The post African Prudential Acquires UAC Registrars appeared first on Investadvocate.

By Our Correspondent

Lagos (INVESTADVOCATE)-Newly listed Africa Prudential Registrars Plc Friday said it has reconstituted its Board by the appointment of Elumelu Peter and Rasheed Olaoluwa as Non-Executive Directors.

This is contained in a Notice from the Company to the Nigerian Stock Exchange (NSE) and made available to www.investadvocateng.com in Lagos Nigeria.

According to the Company, the reconstitution is one among other steps aimed at ensuring improved corporate governance, going by their new status of a listed company on the NSE.

African Prudential said the new appointments of Directors were passed by the Board at its meeting of February 14, 2013.

However, Irene Yinka-Abiodun was appointed Retired Non-Executive Director.

Elumelu, Peter graduated from Federal University of Technology (FUTO), Owerri with B.Sc. (Business Administration) and M.Sc. in Financial Management Technology from Rivers State University of Science & Technology, Port Harcourt. He started his working career as an Executive Officer (Accounts) with Federal Ministry of Works & Housing in 1982 up to 1991.

He was the Chairman Board of Directors, Delta State Urban Water Board, Asaba between 2006 and 2007. He was the founding Chairman/Managing Director & Chief Executive of PET Jibson & Company Limited, Port Harcourt from 1991 till date.

On his part, Rasheed Olaoluwa graduated from Obafemi Awolowo in 1986 with B.Sc. Civil Engineering (First Class). He qualified as a Chartered Accountant with prize in November 1990. He had his Executive MBA at Int’l Graduate School of Management (IESE), Barcelona in 1998.

He started his career with Arthur Andersen (now KMPG Professional Services) as Senior, Audit & Financial Consulting Division in 1987. He joined FSB International Bank Plc as Assistant Manager in 1991 where he moved to GTB in 1993 as Deputy Manager and rose to the position of an Executive Director, Business Development in 1999. He moved to Ecobank Nigeria Plc as Deputy General Manager/Group Head, Commercial Banking in 1999.

Mr. Olaoluwa became Acting Managing Director of Universal Trust Bank Plc in 2003. He joined UBA Plc as Director, Strategy and Business Transformation in 2006 and was at various times Director, Corporate and Investment Bank, Regional Head, Ikeja Bank and Executive Director/CEO, UBA Africa in 2008 and in 2011 he became Executive Director, UBA Nigeria South.

He is an effective and self-motivated professional that sees the BIG PICTURE, thrives on challenging assignments. He has attended several training programmes within and outside the country. Among them are; US Exim Bank Seminar, Abuja, Private Banking Seminar, Euromoney, New York. Advanced Structural Trade Finance and Bank Risk Management for Directors, Euromoney, London.

The post Africa Prudential Registrars Appoints Elumelu, Rasheed Non-Executive Directors appeared first on Investadvocate.