Market Alert on Spring Bank and ETI

Category: Daily & Weekly Market Updates

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Today at the Stock market:

Market ANNOUNCEMENT

The Nigerian Stock Exchange today placed Spring Bank Plc on full suspension pending the outcome of the post-merger adjustment of shares of Legacy Bank, the new addition to Spring Bank Plc. This implies that there will neither be movement in the share price nor trading on the stock until the full suspension is lifted.

Also, today, the technical suspension on Ecobank Transnational Incorporation (ETI) was lifted following the conclusion of the capital restructuring. This implies that trading can now commence on the stock.

Cost of TRANSACTION

Effective 19th February, 2007, NSE fees on sell side transaction has been reviewed downward from 0.65% to 0.50% which brings the total transaction charge on sell side to 2.13%.

Kindly find below the breakdown of the transaction charges:

	BUYING
	KEY	NEW	OLD @ 050107	OLD @ 2006
1	Stamp Duty	0.075% of Consideration	0.075% of Consideration	0.075% of Consideration
2	VAT on Broker\'s Commission	5% of Broker\'s Commission	5% of Broker\'s Commission	5% of Broker\'s Commission
		(or 0.05% of Consideration)	(or 0.1375% of Consideration)	(or 0.1375% of Consideration)
3	SEC Fee	1% of Consideration	1% of Consideration	1% of Consideration
4	CSCS Fee	0.1% of Consideration	0.1% of Consideration	0.1% of Consideration
5	VAT ON CSCS	5% of CSCS fee	5% of CSCS fee	N/A
		(or 0.005% of consideration)	(or 0.005% of consideration)
6	Brokeage Fee	1% of Consideration	1% of Consideration	1% of Consideration
	TOTAL	2.230%	2.318%	2.313%

	SELLING
	KEY	NEW	OLD @ 050107	OLD @ 2006
1	Stamp Duty	0.075% of Consideration	0.075% of Consideration	0.075% of Consideration
2	VAT on Broker\'s Commission	5% of Broker\'s Commission	5% of Broker\'s Commission	5% of Broker\'s Commission
		(or 0.05% of Consideration)	(or 0.1375% of Consideration)	(or 0.1375% of Consideration)
3	CSCS Fee	0.45% of Consideration	0.45% of Consideration	0.45% of Consideration
4	VAT ON CSCS	5% of CSCS fee	5% of CSCS fee	N/A
		(or 0.0225% of consideration)	(or 0.0225% of consideration)
5	NSE Fee	0.50% of Consideration	0.65% of Consideration	0.65% of Consideration
6	VAT on NSE Fee	5% of NSE fee	5% of NSE fee	N/A
		(or 0.0325% of consideration)	(or 0.0325% of consideration)
7	Brokeage Fee	1% of Consideration	1% of Consideration	1% of Consideration
	TOTAL	2.130%	2.368%	2.313%