Investors on NGX Gain N111.6bn to Erase Previous Day Loss

Investors on stock market of the Nigerian Exchange Limited (NGX) yesterday gained N116.1 billion as the market reversed from losing position amid bargain hunting on shares of Airtel Africa and 17 others.

In summary, the overall market capitalisation value gained N112 billion to close at N22.672 trillion from N22.560 trillion the market opened for trading yesterday.

Consequently, the NGX All-Share Index (ASI) rise by 213.86 basis points, representing a increase of 0.49 per cent, to close at 43,444.20 points from 43,230.34 basis points.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel Africa, Cutix, FBN Holdings (FBNH), United Bank for Africa (UBA) and University Press.

Meanwhile, the FMDQ Securities Exchange Limited (FMDQ Exchange) has approved the listing of the MTN Nigeria Communications Plc N110billion Series 1 Senior Unsecured Fixed Rate Bond under its N200 billion Bond Issuance Programme on its platform.

The Chief Executive Officer, MTN Nigeria, Mr. Karl Toriola said in a statement said: “we are very proud of this landmark transaction, which is the first-ever telecommunication bond issued in Nigeria and the largest corporate bond issuance in 2021.

“The Nigerian debt capital market has given us the opportunity to diversify our funding sources further and enabled us to extend the maturities of our debt portfolio to match infrastructure investments. Investors’ strong support for this transaction, given the challenging economic environment, is a reflection of their confidence in MTN Nigeria’s long-term strategy, the management team, the depth of the market, and the overall growth in the telecommunications industry, and we do appreciate the support”.

Speaking on the successful bond issuance, the sponsor of the bond and a Registration Member (Listings) of the Exchange, Chapel Hill Denham Advisory Limited, represented by the Chief Executive Officer, Mr. Bolaji Balogun, said: “the firm is honoured to have led the successful Series 1 bond issuance of N110.00 billion working with the six joint Issuing Houses.

“The Series 1 bond was oversubscribed and strongly supported by robust demand from over 200 investors, which included Pension Funds & Asset Managers, Banks, Family Offices and High Net worth Individuals.”

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