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


Thursday, April 06, 2017, 1.16 PM / 

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 

Thank you.                                                                                 

For: Analyst Editorial Board 

Reshu BAGGA 

CEO, The Analyst 

Related News

1.   NSE Witnesses Second New Listing in 2017; Market Sustains Downtrend - Feb '17 SSS Report

2.    Market Sustains Negative Sentiment in November; Proshare Migrates WebTV to its Main Hub -Nov '16 SSS

3.   Proshare Collaborates with FMDQ; Completes Financial Market Coverage - Oct '16 SSS Report

4.   Stock Market Retracts to Close Positive; Proshare Economy is Launched - Sep -16 SSS Report

5.      Stock Market Closes July Downtick; Retracts by -5.36% - July '16 SSS Report

6.   Market Braces Up for Improved Liquidity in African Financial Markets - April '16 SSS Report

7.      Market Maintains Positive stance in March 2016; MERIFX Diversifies Market - March ’16 SSS Report

8.     NSEASI Records Marginal Improvement in February 2016; Proshare Launches a New and Robust Website - Feb ’16 SSS Report

9.      Market Sustains Negative Sentiment Amidst Continuous Sell-Off as Outlooks Project Bleak 2016– Jan’16 SSS Report

10.  Year-end Review: NSEASI Closes Year 2015 with -17.36% Loss – Dec’15 SSS Report


Related News