Transcorp Hotels to issue N8 billion in IPO

Transcorp Hotels, part of the Transcorp Plc conglomerate, has filed for an N8 billion ($49.3 million) initial public offering of 800 million ordinary shares of 50kobo.

The company made the disclosure through a notice to the Nigerian Stock Exchange (NSE).

Transcorp Hotels, whose flagship hotel is managed by the Hilton group in Nigeria’s capital city Abuja, is 88 percent-owned by the conglomerate, with the balance held by the Nigerian government.

The conglomerate, with interest in power generation, agribusiness and oil and gas has

Qatar National Bank Mulls Increased Investment in Africa

Doha-based Qatar National Bank (QNB) has expressed its preparedness to be the largest financial institution in Africa as well as the Middle East by 2017.

This followed its acquisition of 12.5 per cent stake in Ecobank Transnational Incorporated (ETI) last week.

QNB acquired a total of 1,767,612,630 ordinary shares and 732,277,056 preference shares in of ETI.

QNB bought the shares from the Asset Management Corporation of Nigeria (AMCON), through a deal on the floor of the Nigerian Stock Exchange (NSE).

The investment was QNB’s first acquisition in ETI and marked the bank’s first entry into Africa.

The acquisition of the ordinary shares was expected to

Stanbic, GTBank, FCMB pull bulk of banking stock gains

In the eight months to September 4, 2014, investors in Stanbic IBTC Holdings plc achieved the largest chunk of share price growth ahead of other banking stocks, followed by Guaranty Trust Bank plc, FCMB Group plc, and Ecobank Transnational Incorporated plc, BusinessDay trend watch can disclose.

Between January 3 and September 4, Stanbic IBTC plc led the basket of banking stocks after its share price rose by N8, from N21.6 to N30.40; followed by Guaranty Trust Bank plc which rallied by N0.43, from N28.88 to N29.31. FCMB plc appreciated from N3.9 to N4.24, adding N0.34; while Ecobank Transnational Incorporated plc gained N0.01, from N17 to N17.01.

While narrowing risk spectrum in the fixed income securities is said to contribute in making equities unattractive to investors, investment analysts continue to

10 stockbroking firms net N15.20bn transaction in one week

Out of the 321 stockbroking firms operating in the Nigerian capital market accounted for N15.203 billion of total transactions value carried out in the market for the week ended August 22, 2014, data from the Nigerian Stock Exchange, NSE, has shown.

According to the data obtained by Vanguard, their contribution represented 61.59 percent of total value traded within the period.

Breakdown of their individual contributions indicate that Rencap Securities (Nig.) Limited pooled the highest transaction, posting N4.74 billion total transaction or 19.20 percent of value traded in the market.

CSL Stockbrokers followed with

Govts, companies raise N53.48bn from NSE bonds market

Some state governments and quoted companies raised N53.48 billion from the bonds market of the Nigerian capital market in the first seven months of 2014.

Analysis of bonds transactions between January and July in Lagos showed that N15.08 billion was raised through corporate bonds, while N38.4 billion was by government bonds.

An analysis of the bond further showed that Dana Group of Companies during the period under review raised N4.5 billion through a

Investors may lose N74bn as NSE moves to delist 21 firms

Not less than N74.855 billion will be lost by investors in the Nigerian capital market when the Nigerian Stock Exchange, NSE, finally delists about 21 quoted companies from its Daily Official List in the next two months.

If all the 21 companies are finally delisted, they will bring the total number of companies delisted from the NSE due to regulatory action to 38 in four years (2010 – 2014), and would have resulted in massive depletion in the market capitalisation.

Meanwhile, shareholders of the companies marked for delisting have kicked against the move, saying that non-submission of quarterly or yearly financial accounts by quoted companies could be a ploy by those that want to exit the market to force the NSE to delist them on its own, thereby escaping the rigours of delisting process, which they claim is cumbersome.

The Exchange had late last month revealed

Lafarge plans liquidity-boosting IPO

Lafarge Cement WAPCO Nigeria plc, which yesterday got shareholders’ approval to consolidate its Nigeria and South Africa businesses, is considering raising additional equity through a public offer.

Analysts say if market conditions permit, the move will guarantee market liquidity of the stock as well as encourage participation by other investors.

Shareholders of Lafarge Cement WAPCO yesterday approved the creation of Lafarge Africa, a Nigerian-listed holding company that will consolidate all Lafarge’s Nigerian and South African assets.

Consequent to the issuance of new shares by Lafarge Cement WAPCO as a result of the transaction approved by shareholders and the public offer, the company will be

FBN Insurance to launch takeover bid for Oasis

FBN Insurance will launch a bid next week to buy out the 28.8 percent minority stake in Oasis Insurance that it does not already own, in a deal valued at N1.03 billion ($6.34 million).

FBN Insurance, jointly owned by Nigeria’s FBN Holdings (65 %)  and South Africa’s Sanlam (35%), acquired a 71.2 percent stake in the motor and fire insurer in February.

It will offer

Skye Bank, Wema Bank exit NSE’s market indices

Skye Bank and Wema Bank Plc have been eased out of the Nigerian Stock Exchange, NSE’s market indices following the biannual rebalancing undertaken by the Index Committee.

On biannual basis, the NSE reviews itsNSE 30, NSE Lotus Islamic Index (NSE LII) and the five Sectoral Indices, which include: the NSE Banking, the NSE Consumer Goods, the NSE Oil & Gas, the NSE Industrial and the NSE Insurance.

The composition of the indices is expected to take effect today (Tuesday July 1, 2014)

‘Rebasing negatively affected NSE’s market capitalisation to GDP ratio’ - Oscar Onyema

The recent rebasing of the nation’s Gross Domestic Products, GDP, undertaken by the Federal Government has negatively impacted the contribution of the Nigerian Stock Exchange, NSE’s market capitalisation to the GDP, says Oscar Onyema, the Chief Executive Officer of the NSE.

While speaking at the second quarter Capital Market Committee, CMC meeting held in Lagos, he pointed out that the market capitalisation GDP ratio has dropped to below 20 percent.

According to him,