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Markets

NSE Fixed Income Market capitalization hits N17 trillion

The market capitalization of fixed income securities  appreciated to over N17 trillion as at October 2020.

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NSE prepares to launch West Africa’s first Exchange-traded derivatives

Despite the impact of the pandemic on businesses and incomes, the market capitalization of fixed income securities  appreciated to over N17 trillion as at October 2020.

This was revealed by the Divisional Head, Listing Business at the Nigerian Stock Exchange Market, Mr. Olumide Bolumole, in a webinar hosted by the Exchange in collaboration with Oduá Chambers of Commerce and Industry on Wednesday 11 November, 2020.

The webinar, themed “Capital Raising in a pandemic,” elucidated the traditional role of the Nigerian Stock Exchange (NSE) as an enabler of capital flow from areas of surplus to deficit.

This holds good promise for businesses, as access to capital is the prime challenge faced by companies active in various sectors of the economy.

What they are saying

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Commenting on the recent development, Mr. Olumide said:

The Nigerian Stock Exchange as a platform for capital formation has products and services to support capital raising across economic sectors. For instance, despite the impact of COVID 19, the NSE has facilitated needed financing with about ₦1Trillion in capital raised by governments and corporates between January and October across various asset classes.

“With the All Share Index as at the 9th of November appreciating by over 20% since the start of the year and the Fixed Income market capitalisation currently over ₦17Tn, the market has depth to accommodate required capital.”

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Commenting on the role of the NSE Growth Board in raising alternative funds, especially for SMEs, the Head of Department, Branch Network, NSE, Mr. Adeyemi Osoba, stated:

The Growth Board was launched in January 2020 as part of the NSE’s initiatives to elevate the Nigerian Capital market and meet the needs of businesses at every phase of their lifecycle.

“It provides a platform for fast-growing companies to access cost-effective, long-term capital while enjoying relaxed entry criteria, reduced post-listing obligations and a wide range of value- added services.”

Why it matters

The webinar became imperative owing to the remarkable decline in major sources of revenue for key sectors of the economy due to the pandemic.

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It revealed various alternative sources of funding available in the Nigerian Capital Market to optimize business growth, and of which the fixed income securities is part of.

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What you should know

Some of the keynote speakers in the event include:

Dele Oye, Esq, the National Vice President, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Mr Femi Ademola, Executive Director, Cordros Capital; Mr Azeez Oluwole, Managing Director, Farmkonnect Nigeria; Chief Kola Akoshile, President, Odu’a Chambers of Commerce & Industry and Mr. Owolabi of Capital Asset Ltd; with Dr. Sam Ikoku, Executive Chairman, Blackstone Private Equity Limited serving as moderator.

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Stock Market

Fidelity Bank’s Regional Head purchases additional 1 million shares

Fidelity Bank Nigeria Plc has announced the purchase of additional 1 million units of the Bank’s shares by one of its managers.

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Fidelity Bank non-Executive Director purchases 3.1 million shares

Fidelity Bank Nigeria Plc has announced that one of its General Manager/Regional Head, Mr. Kenneth Opara, has purchased additional 1 million units of the Bank’s shares worth approximately N2.8 million.

In a disclosure, signed by the Bank’s Secretary, Ezinwa Unuigboje, the transaction occurred in two tranches with an average share price of N2.78 per unit.

What you should know

Further checks by Nairametrics revealed that the shares purchased in two tranches were transacted at different prices.

  • In the first tranche, 6,000 units were purchased at the price of N2.78 per unit, totalling N16,680.
  • In the second tranche, 994,000 units were bought at N2.79, amounting to N2,773,260
  • The transaction occurred on the 25th of November, 2020 and was reported inline with the rules of the Nigerian Stock Exchange.
  • Nairametrics earlier reported that another Fidelity Bank Non-Executive Director had purchased additional 1 million units of the Bank’s share.

What this means

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The recent purchase by top insiders of the bank could portray an optimistic outlook on the bank’s profit in the near future.

Also, the surge might also be attributed to a recent disclosure by the bank that it will close the window for internal purchase of its shares by December 1, 2020, until 24 hours after the release of its audited financials.

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Cryptocurrency

$385 million worth of Bitcoin moved by unknown identity

As Bitcoin’s price trades above $15,800, an unknown Bitcoin whale moved more than $105 million worth of cryptos.

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3 BTC whales move 140 million worth of Bitcoins from Binance

Large entities are taking the center stage at the fast-changing financial market, amid strengthened price volatility seen at the flagship crypto’s market.

What we know

Data retrieved from, advanced crypto tracker, Bitcoin Block Bot, revealed that someone moved 22,816 BTC ($386M) in block 658,953 some hours ago.

 

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As Bitcoin’s price trades above $15,800, an unknown Bitcoin whale moved more than $105 million worth of cryptos.

At the time of writing, Bitcoin was trading at $17,048.47 with a daily trading volume of $28,874,917,829.

It’s critical to observe that recent price action in the flagship crypto market indicates that a significant number of buyers have been aggressively buying at the $16,000 price support level which is marked by large entities.

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This further illustrates that the demand for bitcoin is relatively high, as bitcoin whales curb broader pullback, at least in the near term.

Nairametrics, predicts the increased buying pressures by such large entities are partly responsible for the relative rebound seen in the bitcoin market.

Although it’s often difficult to predict movements in the crypto market, taking into account high volatility. BTC whales have shown historically that they often determine the BTC trend.

What this means from a macro level is that the increase in the number of these large entities can be considered bullish.

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Cryptocurrency

Ripple on steroids, up 11%

Ripple recorded its highest percentage gain since November 24, gaining up to 10.61%.

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Crypto owners robbed of 1,150,000 XRP, Ripple owners say XRP will be worth $100, XRP losing steam as BTC & ETH gain investors' funds

Popularly known crypto asset, XRP, is recording significant appreciation in its price amid increased buying from global investors.

What we know

Ripple recorded its highest percentage gain since November 24. At the time of writing, it had gained 10.61%.

  • The move pushed Ripple’s market value to around $24.09 billion, or 4.83% of the total cryptocurrency market capitalization.
  • Also, the third most valuable crypto asset has been trading from $0.50451 to $0.58549 for some hours now.
  • At such prevailing price, Ripple has plunged by 83.68% from its all-time high of $3.29 set on January 4, 2018.

XRP was designed by Ripple mainly to perform speedy, less costly, and more scalable alternative transactions for both crypto assets and existing monetary payment platforms like SWIFT.

Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.

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It plays a dual role as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.

Unlike its major crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks such as Standard Chartered, and Barclays for international transactions worldwide.

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