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Market Ends Q1’17 Bearish as NSE Lists FGN Savings Bonds Series 1- Mar ’17 SSS Report

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Thursday, April 06, 2017, 1.16 PM / research@proshareng.com 

Nigeria’s Stock Market recorded +0.74% gain to close the month of March green as against -2.72% loss recorded in the month of February 2017. This put a halt to the two months downtrend as the NSE ASI YTD performance stands at -5.05% at the end of March 2017 to end Q1 negative. 

On market development and regulations, the Nigerian Stock Exchange (NSE) witnessed the listing of the Series 1 of the FGN Savings Bond which will mature in March 2019. The FGN Savings Bond was open to the investing public by way of offer for subscription and raised from the retail market at 13.01 percent coupon. This 2017 FGN Savings Bond is the first of its kind and considered risk-free by market analyst. 

Furthermore, NSE members at the last Extra-ordinary General Meetings (EGM) approved the NSE demutualization process. This approval signifies that the NSE national council and Management can go ahead with the demutualization process in line with applicable laws and regulations. 

The Securities and Exchange Commission (SEC), in the course of the month, proposed a new rule on fixed income primary market issuances fees and equity primary issuance fees. This proposed review is expected to help activate more primary activities in both the fixed income and the equities markets. 

The FMDQ OTC markets in its March 2017 spotlight highlighted that the ninth Naira-settled OTC FX Futures Contract Matures and Settles on FMDQ with a notional amount of $354mm approximately on Wednesday, March 22, 2016. Other activities around the FMDQ OTC market are the listing of the first ever Eurobond and the pioneer listing of an ETF Bond on the FMDQ platform - The Vetiva S&P Nigerian Sovereign Bond ETF. 

In this edition of The Nigerian Capital Market Service Report, we continue the updates of our data section with latest figures on Economic indicators & Upcoming Events in the market and economy. This is to ensure that we deliver a comprehensive capital market service report that helps cover and track innovations, developments as well as service issues in the market effectively. 

In all, the March 2017 SSS Quality Report is a snapshot and aide memoire of developments in our market - tracking milestones that the investing public should be aware of. Do feel free to share your opinions/observations and feedback with us vide research@proshareng.com 

Thank you.                                                                                 

For: Analyst Editorial Board 

Reshu BAGGA 

CEO, The Analyst 

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