Capital market crash: NSE defends tight regulation

In a bid to prevent another crash of the Nigerian capital market, the Nigerian Stock Exchange, NSE, weekend said the regulators introduced tight regulatory regime which had led to increased investor confidence and recovery of some money lost by investors during the global financial meltdown.

The Chief Executive Officer, NSE, Mr. Oscar Onyema, who spoke against the recent decline in the share prices of companies quoted on the NSE said “ Following the 2008 global financial crisis, the Federal Government of Nigeria, in conjunction with The NSE and its regulator, the Securities and Exchange Commission of Nigeria, SEC as well as the Central Bank of Nigeria (CBN), embarked upon several key initiatives to ensure the Nigerian capital market and the financial market emerged stronger and more resilient.

The focus of this transformation was to

Share index shed 1.74 percent, as oil stocks tumble

The Nigerian Stock Exchange (NSE) share index fell 1.74 percent on Monday, dragged lower by oil stocks Oando and Seplat, trailing tumbling global oil prices.

The index had fallen to 33,941 points by 1255 GMT. Oando fell almost 10 percent while Seplat lost 5.9 percent.

Brent crude oil fell to a five-year low below $68 on Monday before

Stock index falls for the third straight day

The Nigeria Stock Exchange (NSE) main share index fell for the third straight day on Thursday, shedding more than 3 percent in volatile trading as investors sold off relatively liquid consumer and oil stocks, dealers said.

The index was down 1,091 points to 33,054 by 1021 GMT. Top decliners included Flour Mills of Nigeria and Nestle, both down more than 9 percent, while Oando lost 8.1 percent.

Dangote Cement, which accounts

Access Bank falls 8.2 percent after stock freeze lifted

Shares in Nigeria’s Access Bank fell 8.2 percent on Thursday after the Nigerian Stock Exchange (NSE) lifted a week old price freeze on the stocks, pending a proposed shareholder vote on its N68 billion rights issue on October 13.

The Nigerian Stock Exchange froze the bank’s shares last week after it said it planned to raise fresh capital of about 68 billion nigerian naira ($415.95 million) in a rights issue, but Access applied to have the freeze lifted because the information on the issue was

Shoe maker Jimmy Choo to step out on London market

Jimmy Choo set out plans on Tuesday to join the London Stock Exchange next month in a deal that could value the upmarket shoe maker at more than 700 million pounds ($1.2 billion), seeking to woo investors with the prospect of expansion in Asia.

Its owner JAB Luxury, the investment arm of the billionaire German Reimann family, plans to sell at least 25 percent of the company in the listing.

Jimmy Choo will market itself as a chance to gain exposure to the upper end of the shoe market, one of the fastest growing areas in the luxury goods industry.

Its flotation, however, comes at a challenging moment, with slowing growth in the industry overall and investor worries about conflicts in Ukraine and the Middle East which could affect future sales and expansion plans.

The brand, famous for its rock chic style and perilously high heels, is seeking to grow its business by opening new stores in Asia and elsewhere, although

Transcorp Hotels Plc’s Offer Opens Wednesday

The initial public offering (IPO)  by Transcorp Hotels Plc (THP) to raise about N8 billion from the investing public will open  tomorrow, Wednesday, September 24, 2014.

This follows the completion boarding of the company  held in Lagos  last Friday, where the directors of THP and other parties to the IPO signed the   pact for the offer.

The board of THP approved that the company issues 800 million shares of 50 kobo at N10 per share via the IPO and the listing of the shares of the company on the  Nigerian Stock Exchange (NSE) after the IPO.

The proceeds of the offer will be used to part-finance its expansion projects specifically the construction of two new flagship hotels in Ikoyi, Lagos and Port Harcourt  as part of its broader expansion plans.

THP, formerly known as Transnational Hotels and Tourism Services Limited, is the