By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian stocks on Thursday extended its gain for the third consecutive day as all-share index (ASI) climbed up 0.50 percent to close at 24,909.88 points, while market capitalisation rose by N42.97 billion to N8.57 trillion.

“Today’s performance further pared the Month-to-Date and Year-to-Date losses to 1.57 percent and 13.03 percent respectively,” the Cordros daily market update affirmed.

The update says investors were broadly bullish across major sectors. The Banking and Insurance sectors grew 1.47 percent and 0.63 percent apiece benefitting from price appreciations in the shares of Nigeria’s top tier lender, Zenith Bank Plc, financial HoldCo, FBN Holdings Plc by 2.80 percent and 0.30 percent each. While insurers, AIICO Insurance Plc and Axa Mansard Insurance Plc gained by 4.17 percent and 2.86 percent respectively.

In the same vein, the Consumer and industrial Goods indices appreciated 0.66 percent and 0.04 percent each following respective gains recorded in the shares of beermaker, Nigerian Breweries Plc by 1.82 percent and cement producer, Cement Company of Northern Nigeria Plc by 4.96 percent.

Similarly, Cordros reported that positive investor interest in the shares of oil marketing firm, Oando Plc and Mobil Nigeria Plc by 4.65 percent and 3.36 percent, also, first Nigerian dual listed oil and gas upstream firm, Seplat Petroleum Development Company Plc gained 0.30 percent equally led to the Oil & Gas index to close in green by 0.71 percent.

At the close of trading on the Nigerian bourse, market breadth remained positive, with 26 gainers and 17 losers posted, according to the Nigerian Stock Exchange (NSE) daily market statistics. Tiger Branded Consumer Goods Plc emerged the top gainer with a gain of 0.26 kobo per share; while primary mortgage firm, Union Homes Savings & Loans Plc topped the losers chart with a loss of 0.41 kobo per share.

In terms of turnover, total volume traded climbed by 12.26 percent to 178.78 million shares, worth N1.18 billion, and traded in 3,223 deals.

“Despite persisting macroeconomic challenges, we expect current sentiments to persist in tomorrow’s session, as investor confidence appears strengthened,” the Cordros update added.

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By InvestAdvocate

Lagos (INVESTADVOCATE)-First dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc (SEPLAT) on Tuesday it has the intention to pay a final dividend of four (4) cent per share in its 2015 audited year end.

The company says in its corporate action with the Nigerian Stock Exchange (NSE) that the default currency for the dividend will depend on whether the shareholder has a Nigerian Certificate for Capital Importation (CCI).

Seplat says that shareholders holding their shares on the NSE and do not hold a valid CCI will be paid their dividend in Naira.

Also, investors holding their shares on the NSE with a valid CCI will be paid their dividend in US dollars as the default currency. “However, those shareholders may instead elect to receive their entire dividend payment in naira and partial elections are not permissible,” the company said.

According to the company, shareholders holding their shares through depository interests on the London Stock Exchange (LSE) will be paid their dividend in US dollars as the default currency. “However, those shareholders may instead elect to receive their entire dividend payment in pounds sterling. Partial elections are not permissible,” the first dual listed Nigerian oil and gas upstream firm affirmed

“The exchange rate for the naira or pounds sterling amounts payable will be determined by reference to the relevant exchange rates applicable to the US dollar on May 19, 2016 and will be communicated by the company on May 20, 2016.

Seplat further affirmed that the shareholders who have the option to elect to be paid their dividends in a currency other than their default currency must make the election to the company’s registrars by May 25, 2016, otherwise the dividend will be paid in the default currency.

It announced the election form will be sent out to the relevant shareholders and can also be found on the company website at http://seplatpetroleum.com/investor-centre/corporate-governance/circulars/.

First dual listed Nigerian oil and gas upstream firm, advised shareholders holding their shares on the NSE and hold a valid CCI should notify Seplat’s Nigerian registrars, DataMax Registrars Limited of that fact.

“The 2015 final dividend of 4 US cents per share is subject to shareholder approval at the Annual General Meeting to be held in Lagos, Nigeria on June 1, 2016. If approved, the final dividend is to be paid on or shortly after June 9, 2016 to shareholders on the register as of May 19, 2016.

Seplat noted the Nigerian shareholder register will be temporarily closed on May 20, 2016 to enable it’s registrar to prepare for the payment of the final dividend.

“Seplat shareholders who are yet to provide their account details for the direct credit of the 2015 final dividend payment should please provide the necessary information to DataMax. Holders of shares through depositary interests on the London Stock Exchange should please provide their account details to the Company’s UK depositary, Computershare,” the company said in its corporate action with the NSE.

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April 8, 2016/Cordros

MSCI Inc. (“MSCI”), released a statement this morning, wherein it mentioned that as a result of the deterioration of foreign exchange market liquidity in Nigeria, it was closely monitoring the situation in the country with regards to market accessibility ahead of its upcoming Semi-Annual Index Review in May 2016.

The Nigerian All Share Index (ASI) is currently classified under MSCI Frontier Market index (MSCI FM) – an equities index which tracks large-mid cap stocks across 23 frontier market countries. Given Nigeria’s weighting in the index (11.77% as of March 31, 2016), a substantial amount of funds (est. US$1.5 billion/N295.5 billion) should be tracking local equities, however, given the quantum — US$561.47 million (N110.61 billion) — of net foreign portfolio outflows from the NSE since the CBN began limiting forex accessibility  since February 2015; we estimate that only a fraction of those funds are left in the domestic bourse.

Whilst we expect  sell-offs in the advent of Nigeria’s exclusion, we believe the impact will be muted as investor capacity to repatriate those funds is limited by the ongoing dollar liquidity challenges.

MSCI will announce its decision on the treatment of the MSCI Nigeria Indexes and other related indexes on or before April 29, 2016.

Nigerian equities composition  in  MSCI FM: 

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