Economy
NSE Lists 800m Shares of Global Spectrum Energy Services
By Dipo Olowookere
A new firm was on Monday, November 27, 2017, listed on the trading platform of the Nigerian Stock Exchange (NSE).
The company, Global Spectrum Energy Services Plc, is an integrated oil & gas offshore support vessel services firm with operations in West Africa.
About 800 million ordinary shares of 50 kobo each at N5 per share were listed on the NSE yesterday, adding N4 billion to the capital market value.
Speaking at the listing on Monday, CEO of the NSE, Mr Oscar Onyema, stated that, “This step indicates the firm’s belief that our platform remains a veritable avenue for raising capital and enabling sustainable national growth. I commend Global Spectrum for this bold and strategic step.”
He thanked the management of Global Spectrum Energy Services Plc for taking the strategic step to join the Main Board of the NSE and the prestigious club of quoted companies in Nigeria.
“Today’s listing is a promising development in the country’s downstream sector and we encourage more local players to explore the different opportunities in the capital markets for raising long term capital.
“We believe that increased participation of domestic energy companies in the capital markets will increase investors’ confidence (both local and international) and entrench good corporate governance, transparency and sustainability in the downstream sector,” he said further.
On his part, Managing Director of Global Spectrum Energy Services Plc, Mr Colm Doyle, stated that the company plans to increase its profit over a five-year period from N847.87 million in 2018 to N2.62 billion by 2022.
According to him, as the company continues to implement its expansion plan that will ensure year-on-year increase in profit, the firmhas decided to give out minimum of 30 percent of its profit as dividend to its shareholders.
A five-year review of the company’s performance showed that turnover declined from N986.45 million in 2013 to N934.62 million in 2017 while profit before tax grew from N165.31 million in 2013 to N347.13 million by October 2017.
The company financial projection in the next five years showed that turnover is expected to grow from N3.88 billion in 2018 to N8.1 billion in 2022 while net operating income will grow from N2.04 billion to N4.43 billion in 2022.
Also operating expenses will move from N1.19 billion to N1.8 billion, Profit before tax to increase from N847.87 million to N2.62 billion in the next five years while company’s asset base will grow to N14.09 billion by 2022 from N5.46 billion in 2018.
By Adedapo Adesanya
FrieslandCampina Wamco Nigeria Plc led two others to evict the bears from the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, July 8.
According to data, the unlisted securities exchange rebounded by 6.84 per cent during the session, thanks to the gains recorded by FrieslandCampina, Food Concepts Plc, and Geo-Fluids Plc.
During the trading day, FrieslandCampina recouped N12.57 to trade at N151.98 per unit versus Tuesday’s closing price of N139.41 per unit, Food Concepts Plc improved by 25 Kobo to N2.76 per share from N2.51 per share, and Geo-Fluids Plc expanded by 18 Kobo to N2.55 per unit from N2.37 per unit.
As a result of these accumulations, the market capitalisation added N163.34 billion to close at N2.551 trillion compared with the preceding session’s N2.387 trillion, and the NASD Security Index (NSI) increased by 272.13 points to 4,250.20 points from 3,978.07 points.
The midweek trading data showed that the volume of securities dipped by 50.9 per cent to 158,933 units from 323,780 units, and the value of securities slipped by 31.9 per cent to N10.9 million from the preceding session’s N15.9 million, while the number of deals increased by 6.9 per cent to 31 deals from the previous session’s 29 deals.
When trading activities on the platform ended for the day, Great Nigeria Insurance (GNI) Plc was the most active stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.
By Adedapo Adesanya
It was a bad day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Wednesday, July 8, as its value further slipped against the United States Dollar.
In the black market window, it lost N5 against the US Dollar during the session to trade at N1,400/$1 compared with Tuesday’s closing rate of N1,395/$1, but closed flat at the GTBank forex counter at N1,381/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the domestic currency depreciated against the greenback yesterday by N3.32 or 0.24 per cent to N1,379.07/$1, in contrast to the previous day’s N1,375.75/$1.
But the Naira appreciated against the Pound Sterling in the official market at midweek by 93 Kobo to 1,840.64/£1 from N1,841.57/£1, and gained N1.31 on the Euro to sell at N1,561.38/€1 compared with Tuesday’s N1,562.69/€1.
The market was liquidity-heavy, but increased demand for foreign payments dragged the exchange rate at the official window,
Traders reported that interbank FX turnover spiked by about 399 per cent on the day to $208.094 million, from $41.736 million the previous day. Also, the number of deals in the interbank market increased sharply to 150 from 47 deals.
FX analysts maintained positive expectations on the Naira outlook in the second half of 2026 despite the absence of interventions from the Central Bank of Nigeria (CBN) to support liquidity.
As for the cryptocurrency market, prices rose as Bitcoin (BTC) held above $62,000, chalking up 0.3 per cent to sell at $$62,754.96, after the US military completed another round of strikes against Iran and both sides raised the prospect of closing the Strait of Hormuz.
The escalation reignited inflation concerns and pulled forward rate expectations. Markets are increasingly treating war-related shocks as interest-rate events, with BTC now tracking front-end Treasury yields more closely than traditional hedges like crude or gold.
Dogecoin (DOGE) improved its value by 1.2 per cent to $0.0728, Binance Coin (BNB) soared by 1.1 per cent to $573.56, Ripple (XRP) appreciated by 0.9 per cent to $1.09, TRON (TRX) expanded by 0.6 per cent to $0.3309, Solana (SOL) grew by 0.2 per cent to $78.34 and Ethereum (ETH) jumped by 0.1 per cent to $1,751.22.
However, Cardano (ADA) decreased by 0.1 per cent to $0.1690, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Dipo Olowookere
The bullish run seen lately in the Nigerian equities market continued on Wednesday after it closed the session with a 2.27 per cent growth.
This was influenced by renewed interest in domestic stocks by investors, who are locking funds in some shares with sound fundamentals like Airtel Africa, Aradel Holdings, Dangote Cement, and others.
Data showed that Airtel Africa and Trans-Nationwide Express gained 10.00 per cent to sell for N5,801.40 and N2.97, respectively. Fidelity Bank appreciated by 9.97 per cent to N19.85, Thomas Wyatt advanced by 9.89 per cent to N3.00, and UPDC REIT improved by 9.47 per cent to N10.40.
Conversely, Haldane McCall lost 9.95 per cent to trade at N3.53, McNichols declined by 8.89 per cent to N6.15, Transcorp slid by 5.65 per cent to N40.05, CWG went down by 5.24 per cent to N19.00, and VFD Group crashed by 5.19 per cent to N28.12.
The market breadth index remained positive after the Nigerian Exchange (NGX) Limited ended the day with 32 appreciating stocks and 24 depreciating stocks, indicating strong investor sentiment.
Business Post reports that the insurance sector was under pressure yesterday, resulting in a 0.20 per cent loss, which did not affect the outcome of the market.
The energy space gained 3.85 per cent, the industrial goods segment chalked up 1.89 per cent, the banking index rose by 1.07 per cent, and the consumer goods counter soared by 0.31 per cent.
As a result, the All-Share Index (ASI) added 5,378.70 points to finish at 242,459.98 points compared with the previous day’s 237,083.28 points, and the market capitalisation went up by N3.450 trillion to N155.586 trillion from N152.136 trillion.
The busiest equity during the trading session was Lasaco Assurance, with a turnover of 56.6 million units valued at N104.8 million. Fidelity Bank traded 47.5 million units worth N911.9 million, Linkage Assurance transacted 33.9 million units for N51.2 million, Zenith Bank sold 32.0 million units valued at N3.4 billion, and Sterling Holdings exchanged 30.5 million units worth N233.3 million.
At the close of transactions, 518.4 million shares worth N22.8 billion exchanged hands in 48,495 deals versus the 493.7 million shares valued at N28.0 billion traded in 49,969 deals a day earlier. This implied that the trading volume was up by 5.00 per cent, the trading value was down by 18.57 per cent, and the number of deals decreased by 2.95 per cent.
