Market Summary: Year-to-Date Return Settles at 15.85%

The NSEASI advanced by 1.22% following the price advancements witnessed on 42 counters, led by DIAMONDBNK (+9.85%). Also, the price shedding witnessed on only 12 stocks, caused the market breadth to close positive at 3.50x. Consequently, market cap gained NGN190.96bn to close at NGN15.88trn at the sound of the closing bell.

Leading Sectors

Industrial Goods Sector: Sector Outperforms the Market

Although the sector’s most capitalized stock, DANGCEM, witnessed more offers than bids at some point during trades, the counter advanced by 3.04% to close at NGN268.00. In addition, investors were also bullish on some medium and large cap stocks such as; WAPCO (+0.67%) and CCNN (+0.56%) which advanced to NGN52.35 and NGN18.00 respectively. As a result, theNSEIND index advanced by 1.73%, with a Year-to-Date return of 17.77%.

Banking Sector: Bullish Sentiments Persist

The sector sustained the positive momentum witnessed at the end of the previous week. As a result, impressive gains were recorded on DIAMONDBNK (+9.85%), which closed as the overall top gainer in the market. Other tier-2 banks like FIDELITYBK(+9.60%), SKYEBANK (+9.38%) and WEMABANK (+7.02%) also featured on the market’s top 10 gainers’ list.

Finally, positive sentiments were witnessed in the insurance (+0.56%) and oil and gas sectors (+0.28%), as indicated by the uptick witnessed in both sector indices. In contrast, the consumer goods sector index, NSEFBT10, closed in the negative territory following losses recorded on medium and bellwether stocks like NB (-1.19%), GUINNESS (-1.79%), FLOURMILLS(-1.59%) and DANGSUGAR (-4.56%).

Based on our analysis, we attribute the positive close to bargain hunting activities on stocks that initially shed value, particularly in the banking sector. We also note the impact of the price advancement on DANGCEM to the overall market performance.

Following the implementation of the NSE’s new pricing methodology, four stocks which include ABCTRANS, ROYALEX, PRESTIGE and LASACO fell below NGN0.50 to close at NGN0.48.

Why Nigeria Stock Exchange is recording growth in 2018

Nigerian Stock Exchange Trading floor [Photo:]

Oscar Onyeama, the Chief Executive Officer of the NSE, made this known at the Exchange’s 2017 Market Recap and Outlook for 2018 programme held at the exchange in Lagos.

Mr. Onyeama argued that about 12 per cent growth recorded by the market so far in 2018 was due to the emergence of the Nigerian bourse as the third best performing market in the world in 2017.

Mr. Onyema, who maintained that the news made more investors to embrace the nation’s bourse, added that it also boosted the confidence of players in the market.

The NSE boss noted that many people have identified that the market is still relatively cheap and this contributed to the price rally in the market.

On market performance in 2017, the NSE boss said that market recovered from the macroeconomic overhang of the commodity down cycle to become the third best performing market in 2017 globally, with a 42 per cent return in the NSE All-Share Index.

Market capitalisation rose by 47 per cent in 2017 to N13.62 trillion against N9.26 trillion posted in 2016, he said, adding that CBN policies increased liquidity in the foreign exchange market.

Commenting further, he explained that the equity market activity rose from 2016 levels, as market turnover increased by 121 per cent to N1.27 trillion from N0.58 trillion.

“New bond issuances increased over the previous year, while bond yields gradually moderated from 2016 levels amidst easing inflation and greater foreign exchange stability.

“Yields across various tenors declined between 0.4 per cent and 1.5 per cent, and market turnover declined by 24 per cent in 2017, as investors sought higher returns in alternative product classes.

“Supplementary issuances by the federal government saw bond market capitalisation increase by 34 per cent year-on-year”, he said.

Commenting on the bourse’s projection for 2018, Mr. Onyema said that political activities and currency movements would affect the market growth.

“Indeed, to some extent, political activities and currency movements will have some effect on the market, but we expect that such impacts will be short lived and the performance of the underlying business activities will ultimately determine market performance,’’ he explained.

Beware of foreign portfolio investments-driven growth, Nigerian experts warn

by Femi Adekoya

Nigerian Stock Exchange

Economic experts have warned Nigeria not to be carried away by the influx of foreign portfolio investment dominating the Nigerian Stock Exchange (NSE), noting that a combination of highly mobile portfolio investments and unreliable crude earnings could unravel without warning, and cause external reserves to decline, as experienced from April to November 2008.Besides, they urged the Federal Government to strengthen the non-oil export sector rather than depend solely on rising oil prices. One of them, a financial expert and Chief Consultant, B. Adedipe Associates Limited, Dr. Biodun Adedipe, said as Nigeria approaches the 2019 elections, it is likely that most foreigners would leave the country, and most likely take their investment along due to uncertainty of macro-economic policies.“We need to do at least 50 per cent of what we did yesterday to get to the historical peak the stock market in Nigeria ever reached, and that was in 2008,” he said He noted that the euphoria over the seeming foreign exchange liquidity is gradually pushing Nigeria to another worrisome strait, adding that the economy could tailspin into trouble if more attention is not paid to strengthening the non-oil sector to truly diversify foreign earnings, and drive down reliance on consumption imports.

Adedipe, during a round table session organised by the Chartered Institute of Bankers of Nigeria (CIBN), tagged the 4th Economic Outlook: “Implication for businesses in Nigeria in 2018,” noting that although Nigeria’s economic recovery is still fragile, expressed hope as most economic agents remain upbeat and optimistic. Meanwhile, the President/Chairman of Council, CIBN, Prof. Segun Ajibola, tasked economic managers to urgently address issues such as the current high unemployment rate, which rose exponentially from 14.2 per cent to 18.8 per cent in 2017.

He maintained that efforts need to be further intensified to ensure that the steps being taken to improve electricity generation and distribution across the country yield the desired result.

“It would not be misplaced to categorically state that a state of emergency should be declared across the country on security, particularly between farmers and the Fulani Herdsmen in order not to scare away foreign investors from prominent economic hubs of the nation,” he advised. Delivering his keynote address, the Chief Executive Officer, Nigerian Economic Summit Group (NESG), Laoye Jaiyeola, said for Nigeria to achieve an all inclusive growth economy, it must prioritise development objectives towards running a knowledge-based economy, increase investments in technology, and improve the quality of lives of its people.

According to him, sectors that would drive growth in 2018 include agriculture, oil and gas; cement and trade, but stressed that oil refining would weigh down growth due to its high operational costs and frequent maintenance of the nation’s refineries, which would persist in 2018, and affect output of refined products.He noted that the weak relationship between growth and employment calls for concern, stressing that despite the economic growth experienced in 2017, unemployment and underemployment rates rose to 40 per cent as at Q3 2017. He also advised that government policies and interventions must focus on “value-addition” sectors that have the potential to create jobs on a large scale.

The CIBN boss however commended efforts made so far by the present administration, saying the launch of the Economic Recovery and Growth Plan (ERGP) in April 2017, was a step in repositioning the country’s economic fortunes with the banking and finance sector also recording major developments.

In his words,” It is not far-fetched to declare 2017 a progressive year for the Nigerian economy considering especially the enviable manner the country was able to weather the prevailing economic storms at the beginning of the year. After five consecutive quarters of contraction, the country rebounded from recession with approximately 0.6 per cent growth recorded in the second quarter of 2017 inflation dropped from its peak of 18.72 per cent in January 2017 to the current value of 15.98 per cent, the lowest rate in 16 months.”

Outlook 2018 – On Thin Ice; Charting a Course to Solid Grounds

Investment Précis Thursday, January 18, 2018 /10:48AM 

Continuing its path of a gradual recovery, global growth strengthened steadily in 2017 on the back of increased trading activities across countries as well as central banks’ interventions. Improved consumer spending and business investments in the US and Euro area and firmer net export and production in China were the major drivers of global growth. In the UK, however, the economy continues to weather the Brexit storm in the face of declining consumption and real wage growth. 

With business investment and net trade growing faster than envisaged in Britain, the Bank of England hiked rate for the first time in 10 years. This is expected to mitigate Brexit-related constraints on investment and labour supply and also to diminish the obvious slowdown in the economy.  The US Fed also implemented its rate hikes in the year, as expected, alongside launching its balance normalization strategy, to ensure that interest rate remain a viable tool to be employed in the economy.  

Asides the growth in China and its expected contribution to global growth, Other emerging Asian countries witnessed growth in 2017 which stemmed from improvement in investment, manufacturing and trade. While we witnessed strong growth in domestic demand, similar growth was also witnessed in net exports, owing to the growth in high-tech sectors. Consequently, Bangladesh and India are expected to be amongst the top growing emerging Asia economies 

In Sub-Saharan Africa, improved commodity prices anchored growth in 2017 and are expected to continue to do so in 2018. Increased global oil demand from the OECD region and the OPEC output cut were the major drivers of the increase in oil price witnessed in H2:2017, which significantly benefitted major oil exporting countries.   

The growth expectation for emerging markets (specifically African countries) has been the major driver of investments to these countries. According to the IMF, growth in Sub-Saharan Africa is expected to rebound to 2.50% in 2017 from 1.40% recorded in 2016, similarly Foreign Direct Investment (FDI) to the region improved significantly over the same period. Based on growth expectations, strengths, weaknesses and size, countries like Angola, South African, Kenya, Mauritius, Cote d’Ivoire, Tunisia, Rwanda, Botswana and Nigeria have been identified as possible top FDI destinations in 2018.  

In a bid to continue to attract foreign investments and foster economic growth, the Nigerian government has put in place several policies and taken steps to address pressing issues in the economy, like the Economic Recovery and Growth Plan (ERGP), Voluntary Assets and Income Declaration Scheme (VAID), Appropriation Bill, Debt restructuring etc. Given the uncertainties that still lie ahead, we believe the economy is still on thin ice but it is charting a course to solid grounds. 

In November 2017, the 2018 appropriation bill, which was an improvement over the 2017 bill, was presented, and we have mixed opinions on the feasibility of stated underlying assumptions. While we believe that targets like USD47.00pb oil price are attainable and quite realistic, we do not repose same faith in some others like the 12.42% average inflation rate and NGN305/USD exchange rate as we consider then being stretched on the optimistic side considering the uncertainties surrounding them.  

While the Presidency expects a GDP growth rate of 3.5%, we forecast a real GDP growth of 1.77% in 2018. We expect the improved oil production and price, which triggered the end of the 2016/2017 recession, and the subsisting policies on agriculture as well as the strength of government expenditure to be the major drivers of growth in 2018.  

On the inflation side, despite the inflationary pressures prevalent in 2017, the introduction of the I&E FX window (which moderated external cost pressures), coupled with the high base effect, were a few of the factors responsible for the downward trend witnessed. Given our expectations of an expansionary fiscal policy, a relaxation of the hawkish monetary stance as early as the first quarter of this year, and campaign spending ahead of the 2019 General Elections, we do not expect a significant drop in inflation rate. 

While keeping inflation rate in check remains one of the major objectives of the Monetary Policy Committee (MPC), supporting growth and ensuring economic stability are also important objectives of the committee. To support foreign inflows and ease the pressure on the currency, the committee maintained the MPR at 14% all through 2017, even as the CBN also made several modifications to the FX system. This saw exchange rate stable at NGN363/USD at the I&E FX window and parallel market. 

Furthermore, the CBN reinforced its ban on importation of 42 items, which led to the increased production of some basic agricultural produce in the country. Rice is one of the most important food items in Nigeria and a favorite staple in all regions of the country. Given this demand, and the estimated supply shortfall of 2.5MMT, we see legitimate avenue for investors to make profit in rice cultivation. Similarly, oil palm processing has also been identified as a viable sector for investment.  

A major investment hub for 2017 was the Nigerian Equities market, as the NSEASI gained 42.30% at the end of the year, representing the highest return recorded since 2013. The increased buying pressures witnessed may be attributed to the introduction of the I&E FX window by the CBN, the MSCI’s decision to retain and increase the weighting of Nigerian stocks in its Frontier Market Indexes and the impressive financial scorecards churned out by the listed companies. 

In 2018, we envisage a continuation of the current upward trend albeit at a much slower pace. Whilst we expect sectors such as the consumer goods and industrial goods sectors to consolidate on the gains from the economic recovery, we posit that the banking sector will post a moderate return on the back of our modest earnings growth expectations for the sector’s heavyweights. 

Also, we don’t expect the insurance and the oil and gas sectors to be left out on the recovery. Using the fundamental and neural network methodologies, we arrived at an expected 2018 return of 14% for the market. 

In the Fixed income space also, investors benefitted from the stable FX and high yield environment, resulting in significant participation in the market. Following the government’s intent to substitute high-rates short-term domestic debt with long-term foreign loans, we had more Eurobond auctions in 2017. Similarly, there was a further deepening of the debt market, as the government introduced the FGN Savings bond, Diaspora bond and the Sukuk, which were all oversubscribed. 

Despite our expectation of a plausible rate cut in 2018, we do not expect a significant moderation in yields because of this. Nonetheless, we still expect market yields to gradually trend downwards, as market participants re-price assets in the light of the cut in policy rate. 

Also, we expect some periods of declines, depending on the conditions in the OMO market and the settlement of maturing T-bills with foreign loan.  

Given our outlook on several economic variables, we provide a guide for our investors to earn alpha, even as the economy charts its course to solid grounds. 















































































Accommodation details:
A 5 bedroom detached house (guest room d/stairs en-suite)

All rooms upstairs are en-suite
A 4 bedroom boys quarter
A security post by the gate.

A measured area of approximately 1860 sq.m 



Guinness, Redstar others lift NSE’s indices by N71b

By Helen Oji

Guinness Nigeria topped the gainers chart with 10.24 per cent to close at N87.39 per share, while Redstar Express followed with 9.82 per cent to close at N4.81 per share. Air Service gained 4.93 per cent to close at N5.96 per share.

Following price gains recorded by most blue chip companies, during transactions on the trading floor, the Nigerian Stock Exchange (NSE) closed in an upbeat yesterday, as market capitalisation appreciated by N71billion.

Yesterday, Guinness Nigeria topped the gainers chart with 10.24 per cent to close at N87.39 per share, while Redstar Express followed with 9.82 per cent to close at N4.81 per share. Air Service gained 4.93 per cent to close at N5.96 per share.

AG Leventis gained 4.62 per cent to close at N0.68 per share. Diamond Bank added 4.42 per cent to close at N1.18 per share. Cutix garnered 4.00 per cent to close at N2.60 per share. Seplat gained 3.44 per cent to close at N482.00 per share.

Zenith Bank added 2.86 per cent to close at N23.76 per share. Caverton garnered 2.68 per cent to close at N1.15 per share. Honeywell Flour Mills also gained 1.99 per cent to close at N2.05 per share.

However, PZ Cussons emerged the day’s highest price loser with 4.98 per cent to close at N25.94 per share, while Morison followed with 4.88 per cent to close at N0.78 per share.

Linkage Assurance lost 4.48 per cent to close at N0.64 per share, First Aluminum depreciated by 3.57 per cent to close at N0.54 per share, and AIICO dropped 3.51 per cent to close at N0.55 per share.

Nigerian Aviation Handling Company shed 2.90 per cent to close at N3.01 per share, Sterling Bank dropped 2.93 per cent to close at N1.03 per share, and Custodian and Allied Insurance lost 2.78 per cent to close at N3.50 per share.

WAPCO shed 2.90 per cent to close at N52.80 per share, while TransNational Corporation also depreciated by 2.26 per cent to close at N1.30 per share.

Consequently, the market capitalisation of listed equities rose by N71billion or 0.6 per cent from N12.202 trillion recorded on Tuesday to N12.273 trillion.

Also, the All-share index appreciated by 205.15 points and rose from 35,403.92 to 35,609.07. The banking subsector remains the most active in volume terms with 180 million shares traded in 1,213 deals.

Trading in the sector was driven by activities in the shares of Guaranty Trust Bank with 68 million units in 233 deals, followed by Access Bank with 56 million shares in 244 deals. In all, investors exchanged 281 million shares in 4,065 deals.

Unilever Nigeria Applies to Raise N58.9bn Via Rights Issue

Unilever Nigeria Plc has formally applied to the Nigerian Stock Exchange (NSE) to raise about N58.851billion fresh capital through Rights Issue. In the application made through its stockbrokers, Stanbic IBTC Stockbrokers Limited, Unilever will be issuing 1,961,709,167 ordinary shares of 50 kobo each at N30.00 per share to shareholders on the basis of 14 new shares for every ordinary shares held.

If successfully raised, it will amount to N58.85 billion, which is lower than the N63 billion approved by the shareholders at the last annual general meeting (AGM) in Lagos.

The directors had proposed to shareholders at the AGM to approved that the authorised share capital of the company be increased to N5 billion (from N3.03 billion) by the creation of additional 3.95 billion new ordinary shares of 50 kobo and to raise up to N63 billion by way of Rights Issue, subject to obtaining regulatory approval.

The funds would be used to finance short term bank borrowings and enhance its operations among other reasons. Unilever Nigeria had increased its revenue by 17.8 per cent from N59 billion recorded in 2015 to N69 billion while Profit After Tax (PAT) jumped by 157 per cent from N1.19 billion in 2015 to N3.07 billion in 2016.

Addressing shareholders at the 92nd AGM, the Chairman of Unilever Nigeria, His Majesty Nnaemeka Achebe, theObi of Onitsha said that the company has once again demonstrated business resilience under very difficult circumstances. He asserted that the company’s performance showed its commitment to grant shareholders returns on their investments

“The company’s performance for the year ended 31 December 2016 showed sustained growth and resilience even under depressed economic conditions. Although Unilever Nigeria has not been insulated from the tough economic environment, we have remained focused on our short and long term growth ambitions with strong emphasis on operational intensity, cost efficiencies, growing market share across key categories as well as reinvesting behind our iconic brands,” he said.

He noted that even in this period of economic downturn, Unilever Nigeria is dogged about ensuring sustained and steady growth in the company’s operations to achieve improved returns on investments.

List of Dividends announced so far in 2017 (Updated July 24, 2017)

List of Dividends announced so far in 2017 (Updated July 24, 2017)
DPS Date Announced Bonus Closure of Register AGM Date Payment Date
Company DPS Date Announced Bonus Closure of Register AGM Date Payment Date
Stanbic IBTC Holdings Plc (2015 financial year) 5 Kobo January 3rd 2017 Nil 3rd January 2017 7th March 2017 9th March 2017
Neimeth Int’l Pharmaceuticals Plc Nil January 3rd 2017 1 for 10 31st January 2017 7th February 2017 N/A
Vitafoam Plc 12 Kobo January 3rd 2017 Nil 13th – 17thFebruary 2017 2nd March 2017 9th March 2017
Greif Nigeria Plc 60 Kobo January 31 2017 Nil 22nd – 24th March 2017 21st April 2017 5th May 2017
United Capital 50 kobo February 17 2017 Nil 3rd – 6th March 2017 17th March 2017 22nd March 2017
Nigerian Breweries 258 kobo February 20 2017 Nil 9th – 15th March 2017 3rd May 2017 4th May 2017
Transcorp Hotels Plc 40 kobo February 21 2017 Nil 8th March 2017 15th March 2017 16th March 2017
Africa Prudential 30 kobo February 23 2017 Nil 6th- 10th March 2016 28th March 2017 28th March 2017
Zenith Bank 177 Kobo Februar 27 2017 Nil 13th March 2017 22nd March 2017 23rd March 2017
Dangote Cement 850 kobo February 28 2017 Nil 15th – 19th May 2017 24th May 2017 26th May 2017
Nestle Nigeria 1000 kobo March 02 2017 Nil 8th – 12th May 2017 23rd May 2017 24th May 2017
Access Bank 40 kobo March 06 2017 Nil 14th March 2017 29th March 2017 29th March 2017
Guranty Trust Bank 175 kobo March 09 2017 Nil 29th March 2017 7th April 2017 7th April 2017?
Total Nigeria Plc 700 kobo March 17 2017 Nil 17th – 21st April 2017 9th June 2017 12th June 2017
Lafarge Africa Plc 105 kobo March 23 2017 Nil 23rd – 29th May 2017 ?7th June 2017 ?7th June 2017?
Custodian and Allied Plc 18 kobo March 27 2017 Nil 18th – 21st April 2017 3rd May 2017 3rd May 2017
MRS Oil Nigeria Plc 173 Kobo March 27 2017 Nil 26th – 30th June 2017 25th July 2017 26th July 2017
United Bank for Africa Plc 55 Kobo March 27 2017 Nil 3rd April 2017 7th April 2017 10th April 2017
GlaxoSmithKline Consumer Nig. Plc 30 Kobo March 29 2017 Nil 13th – 19th April 2017 28th April 2017 2nd May 2017
Unilever Nigeria Plc 10 Kobo March 29 2017 Nil 17th – 21st April 2017 11th May 2017 12th May 2017
FCMB Group Plc 10 Kobo March 29 2017 Nil 13th – 19th April 2017 28th April 2017 2nd May 2017
Dangote Sugar Refinery Plc 60 kobo April 6 2017 Nil 10th – 12th April 2017 27th April 2017 28th April 2017 – E-Dividend 2nd May 2017 – Dividend warrant
Stanbic IBTC Holdings Plc 5 kobo April 6 2017 Nil 4th April 2017 To be Adv?ised To be Advised
Pharma-Deko Plc 5 kobo April 6 2017 Nil 18th April 2017 4th May 2017 5th May 2017
UACN Plc 100 kobo April 6 2017 Nil 16TH – 19th May 2017 14th June 2017 15th June 2017
AIICO Insurance Plc 2 Kobo April 6 2017 Nil 8TH – 11th May 2017 18th May 2017 19th May 2017
Chemical and Allied Products Plc 220 Kobo April 6 2017 Nil 30th May – 5thJune 2017 13th June 2016 13th June 2017
Trans-Nationwide Express Plc 5 Kobo April 6 2017 Nil 3rd – 7th July 2017 13th July 2017 14th July 2017
AXA Mansard Insurance Plc 5 Kobo April 6 2017 Nil 3rd May 2017 19th May 2017 19th May 2017
Mobil Oil Nigeria Plc 800 kobo April 6 2017 Nil 28th April – 1stMay 2017 24th May 2017 31st May 2017
Beta Glass Plc 98 Kobo April 6 2017 Nil 12th  – 16th June 2017 To be Advised 30th June 2017
Infinity Trust Mortgage Bank Plc 3 Kobo April 6 2017 Nil 28th April 2017 8th May 2017 10th May 2017
NASCON Allied Industries Plc 70 Kobo April 6 2017 Nil 20th – 21st April 2017 4th May 2017 8th May 2017
B.O.C. Gases Plc 5 Kobo April 6 2017 Nil To be Advised To be Advised To be Advised
Learn Africa Plc 10 Kobo April 6 2017 Nil To be Advised To be Advised To be Advised
NEM Insurance Plc 8 Kobo April 6 2017 Nil To be Advised To be Advised To be Advised
Nigerian Aviation Handling Company Plc 22 Kobo April 6 2017 Nil 22nd – 26th May 2017 13th July 2017 13th July 2017
May and Baker 6 Kobo April 8 2017 Nil    24th – 28thApril 2017  1st June 2017 5th June 2017
Med-View Airline 3 Kobo April 7 2017 Nil 2nd – 5th May 2017 May 17th 2017 May 17th 2017
Fidelity Bank 14 Kobo April 10 2017 Nil 18th – 21st April 2017 May 4th 2017 May 4th 2017
Okomu oil 150 Kobo April 10 2017 Nil 16th – 19th May, 2017 23rd JUNE ,2017 27th JUNE ,2017
Regency Alliance 3 Kobo April 21 2017 Nil 24th – 28th April, 2017 25th May, 2017 26th May 2017
Presco Plc 150 Kobo April 21 2017 Nil To be Advised To be Advised To be Advised
Consolidated Hallmark Insurance Plc 2 kobo April 22 2017 Nil 2nd – 5th May 2017 11th May 2017 11th May 2017
Nestle Nigeria Plc 1000 Kobo April 22 2017 Nil 8th – 12th May 2017 23rd May 2017 24th May 2017
Aluminium Extrusion Industries Plc 8.5 Kobo April 28 2017 Nil 26th – 30th June 2017 4th August 2017 7th August 2017
Berger Paints Plc 50 Kobo April 28 2017 Nil 28th April 2017 18th May 2017 23rd May 2017
AIICO Insurance Plc 2 Kobo April 28 2017 Nil 8th May 2017 19TH May 2017 19TH May 2017
FBN Holdings Plc 20 Kobo April 28 2017 Nil 8TH – 12TH May 2017 19TH May 2017 22ND May 2017?
NPF Microfinance Bank 15 Kobo May 2 2017 Nil 12th  – 16th June 2017 7th July 2017 6th July 2017
Newrest ASL Nig 17.7 Kobo May 3 2017 Nil 12th  – 16th June 2017 June 28th 2017 June 29th 2017
UAC of Nigeria Plc 100 Kobo May 4 2017 Nil 16th – 19th May 2017 14th June 2017 15th June 2017
Chemical and Allied Products Plc 220 Kobo May 4 2017 Nil 30th May – 5th June 2017 13th June 2017 13th June 2017
Continental Reinsurance Plc 14 Kobo May 4 2017 Nil 19th – 23rd June 2017 29th June 2017 30th June 2017
Ashaka Cement 15 Kobo May 22 2017 Nil 17th – 18th April 2017 18th May 2017 18th May 2017
Smart Products Nigeria Plc 22.5 Kobo May 22 2017 Nil 28th – 13th July 2017 27th July 2017 12th August 2017?
Lasaco Assurance Plc 3 Kobo June 6 2017 Nil 19th – 23rd June 2017 5th July 2017 14th July 2017
Eterna Plc 30 Kobo June 6 2017 Nil 6th – 8th June 2017 5th July 2017 6th July 2017
The Initiates Plc 3 Kobo June 12 2017 Nil 19th – 23rd June 2017 30th June 2017 3rd July 2017
Vetiva Griffin 30 ETF 15 Kobo June 12 2017 Nil 14th june 2017 N/A 16th June 2017
Fidson Healthcare Plc 5 Kobo June 12 2017 Nil 26th – 30th June 2017 20th July 2017 21st July 2017
eTransanct 10 Kobo June 15 2017 Nil 26th – 30th June 2017 27th July 2017 3rd August 2017
Conoil 310 Kobo June 28 2017 Nil 10th – 14th July 2017 11th August 2017 21st August 2017
UPDC Real Estate Investment Trust 24 Kobo July 7th 2017 Nil 5th – 6th July 2017 20th July 2017 20th July 2017
Redstar Express 40 Kobo July 7th 2017 Nil 2ND – 4TH August 2017 31ST August 2017 7TH September 2017
University Press 10 Kobo July 7th 2017 Nil To be advised To be advised To be advised
Honeywell Flour Mills 6 Kobo July 7th 2017 Nil To be advised To be advised To be advised
Tripple Gee and Company 3 Kobo July 7th 2017 Nil To be advised To be advised To be advised
Flour Mills Nigeria 100 Kobo July 7th 2017 Nil To be advised To be advised To be advised
Stanbic IBTC ETF 30 143 Kobo July 14th 2017 Nil 24th July 2017 N/A 7th August 2017
Stanbic IBTC Pension ETF 40 143 Kobo July 14th 2017 Nil 24th July 2017 N/A 7th August 2017
Rak Unity Petroleum Plc 10 kobo July 24th 2017 Nil 31st July – 4th August 2017 ?23rd August 2017 ?28th August 2017
Redstar Express Plc 40 kobo July 24th 2017 Nil ?2nd – 4th August 2017 ?31st August 2017 ?7th September 2017
SKYE SHELTER FUND 700 kobo July 24th 2017 Nil 15th Sept 2017 N/A 29th Sept 2017