Aig-Imoukhuede Becomes NSE President

The Council of the Nigerian Stock Exchange (NSE) yesterday appointed former Group Managing Director/Chief Executive Officer of Access Bank Plc, Mr.  Aigboje Aig-Imoukhuede, the president of  the exchange. His appointed made after the 53rd annual general meeting (AGM) of NSE in Lagos, followed the decision of Alhaji Aliko Dangote to step down as the president of the Nigerian bourse.

Although Dangote’s tenure ought to expire next year, he decided to step down to pursue his business expansion across Nigeria and Africa.

Consequently, Aig-Imoukhuede, who was the first vice-president was elected to take over the leadership of the exchange. Mr. Abimbola Ogunbanjo and Mr. Abubakar Mamoud were also elected first vice and second vice presidents respectively.

Speaking on the future of the NSE without him on the council, Dangote said

Nigeria stocks, bonds fall on naira, oil price worries

Nigerian stocks fell to a four-month closing low of 40,537 points on Tuesday, as a weaker naira hurt by falling global oil prices dampened appetite for equities, dealers said.

The index shed 1.1 percent on the day to its lowest closing level since May 28, dragged down by heavyweight banking and cement stocks.

Shares in Dangote Cement, Nigeria’s most capitalised stock, shed 1.73 percent to 221 naira, while Zenith Bank fell 3.64 percent to 23.80 naira.

Bond yields also rose as offshore funds sold naira assets, dealers said.

“It was a red day for the Nigerian bourse. We think the current negative market sentiment will persist into tomorrow’s session,” Vetiva Capital wrote in a note.

Dutch electronics giant Philips plans to split business

Dutch electronics giant Philips has said it is planning to split the company in two, separating its lighting business from its healthcare division.

Both companies will continue to be based in the Netherlands and use the Philips name, it said in a statement.

Philips has been streamlining its business by selling off underperforming parts of the business in recent years.

Chief executive Frans van Houten said the move was meant to prepare the company for "the next century".

"I do appreciate the magnitude of the decision we are taking, but the time is right to take the next strategic step for Philips, as we continue on our transformation," he said.

"Both companies will be able to make the appropriate investments to boost growth and drive profitability, ultimately generating significantly more value for our customers, employees and shareholders".

Philips, which began as a lighting company back in 1891, said the separation would make it easier for the lighting business to enter new markets.

It also said it would

Foreign portfolio investors pull N426.37bn out of stock market

In the seven months to July 2014, offshore portfolio investors pulled out N426.37billion from the stock market through sales transactions or outright liquidation of their portfolio investments, BusinessDay investigations reveal.

This amount represents 55.98% of foreign portfolio transactions, valued at N761.57billion made within same period. Inflows, which include purchase transactions on the Nigerian Stock Exchange (equities only), accounted for the balance at N335.2 billion.

Foreign investors are major buyers of Nigerian equities but recent trends, including the country’s rising socio-political risks, as well as low returns, are among reasons for the ceding of the greater percentage of their equities holdings to domestic equity buyers.

Some analysts said yesterday that the action was capable of