Glaxosmithkline Consumer Nigeria Plc has completed the divestment of its drinks bottling and distribution business to Suntory Beverage & Food Nigeria Limited (SBFN). The company said the completion of the divestment followed approvals from the shareholders and the Nigeria Securities & Exchange Commission (SEC).
Following this approval, GSK has transferred ownership of the drinks business in Nigeria to SBFN effective October 1, 2016. Consequently, GSK Consumer Healthcare Company (retained business) now consists of the consumer healthcare wellness, oral healthcare and nutrition categories and pharmaceutical business.
Suntory Beverage of Japan had in 2013 bought British drinks brands Lucozade and Ribena from GSK for 1.35 billion pounds ($2.1 billion at the time). Since then, the company has outsourced production and sales of the drinks in Nigeria to GSK Nigeria.
The management of the company had said the divestment of its drinks bottling and distribution business would not affect its financial fortunes.
GSK Regional Head for Asia, Middle East & Africa, Mr. Zubair Ahmed had told THISDAY that the divestment was strategic.
“It is not a question of economic decision that the business was not making money. It did not fit into our global portfolio. Nigeria was the only exception in the beverage market. Our focus globally is that GSK globally compete in five categories, which is pains, respiratory, skin, oral healthcare, and digestive. These are the five categories that we compete globally. Nigeria was a bit of an aberration. What we have done has brought the portfolio synergized. We will not be getting into functional beverages. We stick to these categories for now,” he said.
According to Ahmed, the divestment was part of the company’s overall strategic plan that have been in place for quite some time now. “As you look at what we call the construct of what we called the GSK Company. What has changed is that we have a joint venture with Novatis, and the entire positioning of the new company is one of the world’s biggest over-the-counter (OTC ) and healthcare companies. So in keeping with that focus globally, for Nigeria, for strategic reason to bring that focus on the global portfolio, we took that decision of divestiture, ” he said.
The equities market, on Tuesday, recorded a loss of N21bn led by Caverton Offshore Support Group Plc, Wema Bank Plc, NEM Insurance Company Nigeria Plc, ETranzact International Plc and United Bank for Africa Plc.
Market breadth remained negative with 10 advances and 19 declines.
The Nigerian Stock Exchange market capitalisation closed at N9.712tn from N9.733tn on Monday, while the NSE All-Share Index dropped to 28,277.93 basis points from 28,335.40 recorded on Friday last week.
A total of 198.104 million shares valued at N1.317bn exchanged hands in 2,806 deals.
The highest index point attained in the course of trading was 28,335.40 basis points, while the lowest and average index points stood at 28,236.23 and 28,269.20 basis points, respectively.
Coming from a one-session break amid national holiday, the Nigerian stock market kicked off the fourth quarter of 2016 on a slightly negative note, down 18 basis points following mixed closes across weighty sectors.
Having led market advances in the previous session, the consumer goods sector swung to the negative due to 3.74 per cent and 2.77 per cent losses in the share prices of Flour Mills Nigeria Plc and Nigerian Breweries Plc, respectively.
The financial services sector reversed the previous position to gain 1.4 per cent due largely to a 4.12 per cent gain in the share price of Guaranty trust Bank Plc and 2.37 per cent gain in the shares price of Zenith Bank Plc.
The oil and gas sector stretched gains by 0.13 per cent as 1.3 per cent advances in Oando Plc outweighed 8.31 per cent losses in Conoil Plc. The industrials goods sector closed flat.
On what will shape the next trading session, analysts at Vetiva Capital Management Limited said, “We observe a handful of mid-to-large caps split across the bid and offer carts at the close of the session. This could yield further mixed performances across key sectors in the session ahead.”
On the global front, European markets advanced amidst turnaround in Germany’s Deutsche Bank (slumped to record low last Friday) and a rally across British exporters after updates on United Kingdom’s withdrawal from the European Union pulled the Pound to a three-decade low.
European stocks were sharply lower on Friday, as ongoing concerts over the European banking sector weighed and as investors remained cautious ahead of a report on euro zone inflation due later in the session.
During European morning trade, the EURO STOXX 50 plummeted 2.01 per cent, France’s CAC 40 tumbled 2.03 per cent, while Germany’s DAX 30 lost 1.77 per cent.
European equities were rattled by ongoing concerns over the health of Deutsche Bank (DE:DBKGn) following reports trading clients had withdrawn excess cash and positions held in the largest German lender due to recent sanctions Financial stocks were broadly lower, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) plunged 3.38 per cent and 3.94 per cent, while Germany’s Deutsche Bank and Commerzbank (DE:CBKG) lost 0.40 and 4.38 per cent.
Commerzbank said on Thursday that it will be cutting thousands of jobs. Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) dove 3.44 per cent and 4.27 per cent respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) plummeted 3.97 per cent and 4.05 per cent. Elsewhere, France’s AXA SA (PA:AXAF) lost 3.07 per cent and Germany’s Allianz (DE:ALVG) tumbled 1.58 per cent as the two companies continued talks regarding a deal with Standard Chartered (LON:STAN) that would allow the insurance firms to sell their products through the bank’s Asian branches.
Telefonica (MC:TEF) added to losses, as shares plunged 4.29 per cent after saying it had cancelled the planned listing of its Telxius business due to weak investor demand. In London, FTSE 100 lost 1.19 per cent, as U.K. lenders tracked their European counterparts sharply lower.
Shares in HSBC Holdings (LON:HSBA) tumbled 1.59 per cent and Lloyds Banking (LON:LLOY) plummeted 2.32 per cent, while the Royal Bank of Scotland (LON:RBS) and Barclays (LON:BARC) sank 3.08 per cent and 3.36 per cent respectively.
In the mining sector, stocks were mixed on the commodity-heavy index. Rio Tinto (LON:RIO) declined 1.77 per cent and Glencore (LON:GLEN) plunged 2.59 per cent, while rivals Randgold Resources (LON:RRS) and Fresnillo (LON:FRES) gained 0.82 per cent and 1.05 per cent respectively.
Meanwhile, Burberry Group PLC (LON:BRBY) rose 0.22 per cent after analysts at RBC raised their price target on the stock. In the U.S., equity markets pointed to a lower open.
The Dow Jones Industrial Average futures pointed to a 0.44 per cent decline, S&P 500 futures showed a 0.44 per cent loss, while the Nasdaq 100 futures indicated a 0.45 per cent drop.
Asian stocks followed Wall Street lower in early trade on Friday, while oil prices held close to the highest level in almost a month on optimism over an OPEC plan to curb output.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5 percent, on track for a 0.4 percent drop for the week. It is poised for a 2.2 percent gain in September, and a 9.5 per cent jump in the third quarter.
Japan’s Nikkei retreated 1.5 percent after sluggish consumption data. It is down 1.7 percent for the month, but set to end the quarter 5.7 percent higher.
Some Bank of Japan board members doubted whether the central bank’s overhaul of its massive stimulus programme, announced last week would enhance flexibility of monetary policy, a summary of opinions at the central bank’s September rate review showed on Friday. Japanese consumer prices in August fell 0.5 percent from a year earlier, missing expectations. Consumer prices in the Tokyo area in September dropped 0.5 percent, the fastest year-on-year drop since 2013. Japanese industrial output rose 1.5 percent, beating expectations for a 0.5 percent rise.
South Korea’s KOSPI slipped 0.8 percent after manufacturing activity contracted for a second month in September to hit a 14-month low, and August industrial output posted the biggest decline in 19 months. On Thursday, Wall Street lost about one percent as Deutsche Bank shares slumped to a record low after a report that trading clients had withdrawn excess cash and positions held in the largest German lender.
The bank’s US shares closed down 6.7 percent at USD11.48 after earlier falling to as low as USD11.185. The immediate cause of Deutsche’s crisis is a fine, disputed by Deutsche, of up to USD14 billion by the U.S. Department of Justice over its sale of mortgage-backed securities.
Deutsche’s woes, alongside a grilling of Wells Fargo’s chief executive by U.S. lawmakers amid a call for the bank to be broken down due to a scandal over its opening of client accounts without agreement, helped push the S&P bank index down 1.6 percent.
Oil prices extended gains, rising more than 1 percent on Thursday, on optimism over an agreement by OPEC to cut output, but the rally was limited by doubts the reduction would make a substantial dent in the global crude glut. US crude futures added 1.7 percent to USD 47.83, after climbing to as high as USD48.32, the highest level in almost five weeks. They were little changed on Friday.
Brent crude rose 1.1 percent to USD 49.24 on Thursday, after earlier touching a three-week high of USD49.24. The US dollar was little changed at 101.09 yen, heading for a flat end to the week, but down 2.2 percent for September, and 2 percent for the quarter.
While the yen is headed for its third straight quarter of gains, speculation that Japanese investors may buy more foreign assets in their new business half-year starting from Oct. 1 could stem the Japanese currency’s gains in the near term.
The euro was also steady at USD1.12165, on track for a 0.1 percent decline for the month, but up 1 percent for the quarter. The Indian rupee posted its biggest drop since June on Thursday, after Indian officials said elite troops crossed into Pakistan-ruled Kashmir and killed suspected militants preparing to infiltrate and carry out attacks on major cities, in a surprise raid that raised tensions between the nuclear-armed rivals.
The value of banking (financial services) industry stocks crashed by N5.2bn last week.
At the end of last trading of the week on the floor of the Nigerian Stock Exchange on Friday, the financial services industry (measured by volume) had 970.503 million shares on the activity chart, valued at N4.540bn and traded in 8,298 deals; thus contributing 75.41 per cent and 48.80 per cent to the total equity turnover volume and value, respectively.
But, in the penultimate week, the financial services industry had 4.177 billion shares valued at N9.788bn traded in 9,805 deals; thus contributing 96.45 per cent and 58.25 per cent to the total equity turnover volume and value, respectively.
Last week, 1.287 billion shares worth N9.303bn in 15,258 deals were traded by investors on the floor of the Exchange in contrast to a total of 4.331 billion shares valued at N16.803bn that exchanged hands in 16,797 deals the penultimate week.
Last week, the agriculture industry followed in terms of volumes traded with 109.788 million shares worth N155.716m in 269 deals. The third place was occupied by the consumer goods industry with a turnover of 82.938 million shares worth N2.774bn in 2,884 deals.
Trading in the top-three equities namely: Continental Reinsurance Plc, FCMB Group Plc and Livestock Feeds Plc (measured by volume) accounted for 463.640 million shares worth N516.306m in 770 deals, contributing 36.03 per cent and 5.55 per cent to the total equity turnover volume and value, respectively.
Emerging equities rose 0.8 per cent on Monday, buoyed by robust factory activity data in Europe and Asia, and reports that a fine imposed on Germany’s Deutsche Bank may be smaller than initially feared.
The benchmark emerging equity index rose off 10-day lows hit on Friday, tracking developed market gains after a report said Deutsche Bank and the United States Department of Justice were close to agreeing a settlement of $5.4bn, well below the initial $14bn demand, according to Reuters.
The threat of a fresh European banking crisis had pushed Deutsche Bank shares to record lows last week, dragging on European and emerging market sentiment.
Robust manufacturing activity data across emerging markets also lifted investor sentiment, with Hungary, Poland, China, Indonesia and Taiwan performing strongly.
“Overall this goes with our view that emerging markets are doing fairly well – the tide has to some extent turned,” said Jakob Christensen, head of emerging markets research at Danske Bank in Copenhagen.
Mainland China was closed for a week-long holiday but Hong Kong gained 1.2 per cent and Indonesia shares rose 1.7 per cent after export orders touched a four-year high.
Taiwan shares also rose 0.7 per cent after September factory activity hit a two-year high.
The strong Asian performance was echoed across emerging Europe, where Budapest shares rose 0.7 per cent after factory activity touched its highest September figure since 1995, although this survey tends to be volatile.
The forint weakened slightly against the euro, however, following a referendum on Sunday in which a majority rejected the European Union’s migrant quotas, although low turnout made the poll invalid.
Polish stocks rose 0.5 per cent, with factory activity expanding at the fastest pace in six months , while Russian dollar-denominated shares rose almost 1.2 per cent after Russian manufacturing was boosted by the sharpest rise in output in nearly two years.
“Clearly the fairly strong macro economic management, together with higher oil prices, is bringing some results (for Russia) and we are looking for positive growth possibly in Q4 and definitely in 2017,” said Christensen.
The Russian rouble firmed 0.8 per cent against the dollar, helped by a rise in oil prices of almost one percent to above $50 a barrel.
The Kazakh tenge also firmed 0.3 per cent before an interest rate review that could cut rates by 50 basis points to 12.5 per cent. The central bank has cut rates twice this year by 200 basis points each time.
South African telecoms stock MTN fell one percent and its 2024 Eurobond was down 0.9 cents to the lowest since end-June following a downgrade by Standard & Poor’s on Friday to BB+ from BBB-.
The company has denied allegations it illegally repatriated $13.92bn from Nigeria, its biggest market, where it also faces a fine in a dispute over unregistered SIM cards.
Overall South African shares slipped 0.2 per cent but the rand firmed 0.7 per cent against the dollar.
Turkish stocks rallied 1.2 per cent but the lira slipped 0.23 per cent after consumer and producer prices rose less than expected.
Tim Ash, an analyst at Nomura, said the data would help the central bank justify its rate-cutting stance and perhaps also lay the way for further easing.
“The (central bank) likely will continue cutting rates and selling this as ‘simplification’ until it unifies its main policy rates.”
Colombian dollar bonds fell around one cent across the curve after voters rejected a peace deal with Marxist FARC guerrillas, plunging the nation into uncertainty.
Analysts in the country’s capital market foresee a stable equities and fixed income markets this week given last week’s market activities.
The Nigerian Stock Exchange All-Share Index would have closed lower last week but for the surge in Nigerian Breweries Plc’s stocks late in Friday’s session.
Analysts at Vetiva Capital Management Limited said, “We believe there could be a reversal after the Independence holiday on Monday even as market breath turned widely negative.”
On the fixed income market, they said considering the bearish close to the week amid tight system liquidity, “we anticipate a relatively tepid trading session after the Independence Day holiday.”
However, given the dearth of dollar supply amid high dollar demand, the analysts expect the naira to shed more weight across markets this week.
The Nigerian bourse traded sideways in the past week with the NSE ASI hovering round the flat-line for most part of last week following mixed performances across key sectors.
However, the NSE ASI closed 31 basis points higher on Friday, buoyed by advances in a number of bellwether stocks.
Overall, the ASI posted week-on-week gains of 0.31 per cent and year-to-date loss pared to 1.07 per cent.
The fixed income market traded mixed in the previous week amid consistent liquidity mop-up by the Central Bank of Nigeria. Overall, yields in the Treasury bills and bonds space advanced 167 basis points and 40 basis points, respectively.
At the parallel market, the naira dipped to new lows fuelled by dollar scarcity amid rising dollar demand.
To this end, analysts at Meristem Securities Limited said, “Last week resumed with profit taking activities on counters that rallied in the penultimate week. However, OPEC members’ decision on output freeze swayed market sentiment to the positive direction during the last trading days of last week. We anticipate this seesaw movement to persist in the absence of any market-moving information this week.”
For the agriculture stocks, the analysts said, “We attribute the sector’s performance to persistent profit taking activities on Presco Plc last week. In the coming week, we do not expect significant activities, considering the dearth of news inflow to drive momentous price changes.”
The depressed mood in the banking sector, they noted, was primarily due to profit taking activities on sector heavyweights.
“While we anticipate mixed investors’ sentiments this week, we expect the sector to record a moderate week-on-week gain, hinged on bargain hunting activities.”
For consumer goods stocks, while bargain hunting activities were sustained last week, the analysts observed some investors took profit on a couple of stocks that rallied in previous weeks.
“This week, we expect profit taking to prevail amid varied sentiments,” they added.
For healthcare sector stocks, they said, “As expected, healthcare stocks continued their seesaw trend last week, as certain stocks which recorded price appreciation earlier in that week witnessed some shedding towards the tail end of the week, and vice versa. Barring any significant news inflow, they expect the trend to be sustained till the quarter three 2016 results start streaming in.
The industrial goods sector’s performance was driven by a mix of bargain-hunting and profit-taking on the sector’s large cap stocks.
Considering the macroeconomic shift towards fostering inclusive growth in the country through increased capital expenditures, the Meristem analysts expect investors to consistently take positions on the sector counters as events unfold.
They expect insurance sector’s performance this week to be dictated by the general market mood, in the absence of any market moving news flow – although they see some possibilities of bargain hunting on some of the sector’s stocks this week.
For oil and gas stocks, they said, “The sector resumed last week on a negative note, on the back of profit taking on most counters that rallied in previous weeks. However the late news on OPEC’s proposed output freeze, swayed market directions to the positive wing on the last trading days of last week. We expect investors to continue to react to this news even this week.”
The naira plunged further against the United States dollar to a new record low of 480 on Thursday, down from 472 it recorded on Wednesday.
The currency had continued its two-week free fall on Monday, closing at 445 to the dollar after tumbling to 439 on Friday.
On Tuesday, the currency closed at 452 to the greenback. Also on Tuesday, the external reserves hit an 11-year low of $24.61bn.
“Dollar is very scarce in the market right now because many people don’t know how low it will fall in the near term, so people are holding on to their hard currencies in order to watch the direction of the market,” one dealer said.
The President, Association of Bureau De Change Operators, Aminu Gwadabe, told Reuters that forex traders from neighbouring countries and some importers had also been moving in recently, mopping up dollars and putting pressure on the naira in a possible speculative bid.
Chronic dollar shortage plunged the local currency to a wave of depreciation, which economic and financial analysts have linked to speculative attack on the naira and increased demand from companies and individuals.
After trading between 423 and 425 for several weeks, the naira plunged to 428 last Wednesday. This came a day after the Central Bank of Nigeria’s Monetary Policy Committee retained the lending rate at 14 per cent contrary to calls by the fiscal authority, economists and stakeholders.
Analysts have dismissed that recent declines had links to the MPC decision to retain the lending rate at the current rate.
However, at the interbank market on Thursday, the naira closed at 305.31 to the dollar, up from 312.99 on Wednesday.
Gwadabe said that the planned commencement of distribution of forex by Travelex could not hold due to some bottlenecks.
Travelex, an international money transfer organisation, ought to have begun the distribution forex to the BDC operators on Monday.
Its intervention was postponed to Wednesday, but again, it could not hold.
The ABCON leader had said the sale of forex to the BDC operators by Travelex would help to stem the tide of volatility in the exchange rate and subsequently close the huge gap between the official and parallel market rates.
He could not tell when Travelex would commence the sale of forex to the BDCs.
According to him, Travelex has the technology to sell forex to about 1,000 BDCs in a couple of hours, which is a major advantage.
He said the latest decline in the naira value was as a result of the activities of speculators.
A currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, said, “The rising exchange rates we are seeing at the parallel market now are not realistic. They have to do with the activities of speculators.
“However, we cannot rule out the fact that there is an acute and chronic shortage of FX; there is a genuine demand that the supply cannot match simply because inflows have dropped significantly.”
Gwadabe said, “Several sharp practices have been going on in the forex market and these elements want to continue making profits from the status quo. This is why they are speculating against the naira.
“They are attacking the naira. This is why the fall in the value of the naira is partly caused by the activities of speculators.”
To boost government revenue, the House of Representatives has resolved to probe oil marketers who are indebted to the Petroleum Product Marketing Company (PPMC) by over N500 billion. Adopting a motion under matter of urgent public importance sponsored by Jarigbe Agom Jarigbe (Ogoja: PDP: Cross River), the House presided over by Speaker Yakubu Dogara resolved to set up an ad hoc committee to investigate the huge debt and the alleged act of sabotage by the oil marketers in connivance with the management of the PPMC. The committee is to report back to the House within two weeks.
Moving the motion, Jarigbe alleged compromise by functionaries of the PPMC to leave government funds in the hands of marketers, thereby putting the country in dire financial straits.
“The complacency of the management of PPMC might compromise the interest of government and deprive the country of an opportunity of getting back funds that are arbitrarily in custody of a few individuals who intend to sabotage government and criminally convert the money that should rightly accrue to the Consolidated Revenue Fund. This act of criminality should be vehemently resisted.” He listed the marketers indebted to the PPMC as Oando, Forte Oil, NIPCO, Total Oil, Coniol, Mobil Oil, Masters Energy Oil and Gas, Heyden Petroleum, Rahamaniya Petroleum, Amicable Petroleum, Aieteo Petroleum, Honeywell Oil, Capital Oil, Felande Petroleum, Sharon Oil and Zamson Petroleum.
The lawmakers also called on the authorities to expedite action to rehabilitate the Internally Displaced Persons (IDPs) and rebuild the north east zone worst hit by the nefarious activities of the Boko Haram terror group.
While adopting a motion sponsored by Mohammed Nur Sherrif (Bama: APC: Borno), the lawmakers also enjoined the Committee on the North East Rehabilitation led by Gen. Theophilus Yakubu Danjuma (rtd) to make public those that pledged to assist, with the aim of getting them to redeem their pledges.
Also yesterday, members of the Committee on Public Accounts resolved to compel the appearance of the National Environmental Standard and Regulation Enforcement Agency (NESREA) and Nigerian Export-Import Bank (NEXIM) over allegations levelled against them by the Office of the Auditor General of the Federation. It was learnt that the two agencies had ignored the invitation of the lawmakers thrice without any explanation.
The office periodically audits accounts of agencies of government and refer those alleged to be involved in deceitful spending to the National Assembly for questioning.Chairman of the committee, Kingsley Chinda said leaders of the agencies risked being arrested, as the only option left is for them to ensure that they account for their budgetary spending in the last administration.
“We cannot continue to allow government institutions to take us for granted because we represent the collective interest of Nigerians. Since we have invited them three times as required by the law and they have ignored us, we will mandate the clerk of the committee to write to the clerk of the National Assembly to issue warrants of arrest on them,” Chinda threatened.
The committee also condemned the Federal Ministry of Youth Development, which it alleged unilaterally diverted N104.863 million meant for developing the four National Youth Centres in Nigeria for other uses. The panel asked the Permanent Secretary in the ministry, Mr. Christian Ohaa, who stood for the minister to ensure the refund of the money appropriated for the purpose in the 2010 budget to the treasury.
The ministry’s invitation by the committee followed a query made to it by the use of the Office of the Auditor General of the Federation in accusing the ministry of failing to seek virement to use the sum for other purposes. The permanent secretary defended that the ministry took the decision due to the exigencies of the time.
The committee asked the ministry to return to the Federal Government, based on recommendations of the auditor-general’s office, the sum of N62. 504 million it claimed to have used in 2009 for clearing of site for establishing a youth development centre in Oyo State. Members of the committee said the amount was outrageous, especially as the contractor had been fully mobilised when the job was yet to be completed. Meanwhile, six months after it rejected the “Gender Parity and Prohibition of Violence against Women” bill, the Senate yesterday reconsidered the proposal. The bill sponsored by Senator Abiodun Olujimi (PDP, Ekiti South) passed second reading.
On March 15, 2016, the Senate blocked the bill over claims that it was in conflict with the provisions of the 1999 Constitution. Olujimi had, among other things, advocated that if the bill was passed, a widow in Nigeria would automatically become the custodian of her children in the event of the death of her husband and would also inherit his property.
Stockbrokers have said the federal government should sell its assets through the capital so more Nigerians can benefit from the exercise. The federal government is considering selling some of its assets to raise funds as part of efforts to come out of the economic recession.
Speaking on behalf of the stockbrokers on Wednesday in Lagos, the Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Mr. Emeka Madubuike said: “If the government wants to sell any of its assets as being contemplated, it should do so through the capital market so that Nigerian investors can become part owners of the assets.”
Some financial analysts have advised the government to borrow, sell assets to get funds that would be invested in infrastructure to move the economy out of recession. Although the government said it was yet to take a final decision on the sale of assets, the Senate has voted against the move. However, Madubuike said should the government final decides to dispose of any assets, that should be done through the market.
Similarly, the President of Chartered Institute of Stockbrokers (CIS), Mr. Oluwaseyi Abe said nothing was wrong in selling national assets that are under performing to save the economy.
“I believe there is nothing wrong if the government plans to sell assets that are not performing optimally. But caution should be applied in taking this decision. The country will surely come out of the recession if actions and measures being taken by the government are properly executed. I see us coming out of recession latest from the first quarter of next year,” Abe said.
The CIS boss had said the nation’s capital market can provide the needed capital that can take the country out of the current economic recession.
“The capital market can provide funds for the government and corporates. It has been doing so in the past and I believe the market has the potential to provide what funding needs of government and corporate bodies. What we need is products that will attract the capital from investors both domestically and foreign,” Abe said.
Meanwhile, the Nigerian Stock Exchange (NSE) All Share Index (NSE ASI) appreciated marginally by 0.04 per cent to close at 28,247.56 points. The appreciation recorded in the share prices of Unilever, Nestle, Forte Oil, Seplat and Oando were responsible for the gain.
