Investors on the Nigerian Exchange Limited (NGX) stock market gained N116.1 billion yesterday as the market reversed from a losing position due to bargain hunting on shares of Airtel Africa and 17 others
In summary, the overall market capitalisation value increased by N112 billion to N22.672 trillion at the close, up from N22.560 trillion when the market opened for trading yesterday.
As a result, the NGX All-Share Index (ASI) rose by 213.86 basis points, or 0.49 percent, to close at 43,444.20 points, up from 43,230.34 basis points.
Price increases in large and medium-capitalized stocks such as Airtel Africa, Cutix, FBN Holdings (FBNH), United Bank for Africa (UBA), and University Press drove the market’s positive performance.
Meanwhile, the FMDQ Securities Exchange Limited (FMDQ Exchange) has approved the listing of the N110 billion Series 1 Senior Unsecured Fixed Rate Bond issued by MTN Nigeria Communications Plc on its platform as part of its N200 billion Bond Issuance Programme.
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According to Mr. Karl Toriola, Chief Executive Officer of MTN Nigeria, “we are very proud of this landmark transaction, which is the first-ever telecommunication bond issued in Nigeria and the largest corporate bond issuance in 2021.
“The Nigerian debt capital market has allowed us to diversify our funding sources even further and extend the maturities of our debt portfolio to match infrastructure investments.” Given the challenging economic environment, investors’ strong support for this transaction reflects their confidence in MTN Nigeria’s long-term strategy, management team, market depth, and overall growth in the telecommunications industry, and we appreciate the support.”
Speaking on the successful bond issuance, Chapel Hill Denham Advisory Limited, the bond’s sponsor and a Registration Member (Listings) of the Exchange, represented by the Chief Executive Officer, Mr. Bolaji Balogun, stated: “the firm is honoured to have led the successful Series 1 bond issuance of N110.00 billion working with the six joint Issuing Houses.”
“The Series 1 bond was oversubscribed and backed by strong demand from over 200 investors, including Pension Funds & Asset Managers, Banks, Family Offices, and High Net Worth Individuals.”
