Why foreign investors are leaving Nigeria Stock Exchange

The Nigeria Stock Exchange (NSE) recently experience sharp decline in market capitalization due to  foreign investors exit from the market  in apprehension of the impact of the decline in price of crude oil on the naira exchange rate.

Commenting on this development, some shareholders who spoke to Investors Forum described the foreign investors as casino players, who want to make money at the detriment of the economy, others attribute their action to fears of the outcome of the forthcoming election. Excerpts:

Alhaji Gbadebo Olatokunbo, shareholder activist: I will describe the foreign investors as casino players. I have been a stock market player for more than

Finland’s Huhtamaki buys Positive Packaging for $336 million

Finnish packaging company Huhtamaki, known for making paper cups for McDonald’s , said on Tuesday it will buy Indian firm Positive Packaging for $336 million to increase its access to Indian and Middle Eastern markets.

The acquisition, according to a Huhtamaki spokeswoman , does not include Positive Packaging’s operations in Nigeria.

In a statement on it website, Huhtamaki said the acquisition furthers its forays into the growing markets in Africa and Middle East.

“I am extremely pleased to announce this acquisition,” says Jukka Moisio, CEO of Huhtamäki Oyj. “It further enhances our position in India and provides us with much improved access to the

Forte Oil joins high priced stocks on NSE

The inclusion followed a review of the prices of stocks by the exchange, undertaken as part of measures to improve liquidity and deepen the market.

With the development, Forte Oil Plc has become the 12th stock on the NSE’s list of High Priced Stock.

Commenting, Head, Market Operations, NSE, Mr. Ade Ewuosho, confirmed that “Way back, to move the price of any stock upwards or downwards, the brokers needed to have a volume of 50,000 shares and above. However, in September 2012, the NSE introduced a

Smart Product Q1 profits surge 30.95 percent as revenue spikes

Smart product Nigeria Plc, a company that processes palm kernel oil said, on Wednesday, its first quarter profits surge 30.95 percent as revenue spikes.

For the first three months of the year, the company’s pretax profits surged by

Top 10 performing stocks

The top 10 performing stocks last week were Learn Africa Plc, University Press Plc, Ashaka Cement Plc, Guinness Nigeria Plc, Costain (West Africa) Plc and International Energy Insurance Plc.

Others were Cutix Plc, Total Nigeria Plc, Sterling Bank Plc and UPDC Real Estate Investment Trust.

Learn Africa gained 19.87 percent or N0.31 to lead the top gainers chart. It opened the week at N1.57 and closed at N1.87 per share. Two years ago, the two majority shareholders – Pearson Education Limited and Longman Group (Overseas Holdings) Limited -divested their combined 51 percent holdings in Learn Africa Plc. (formally Longman Nigeria Plc by way of gift to the minority shareholders. According to the deal, which was executed on a pro-rata basis, the donees were not