It is no longer news that the Nigeria Stock market has been choppy in 2016 with investors scrambling to uncover hidden opportunities. Of the 10 major market indices in Nigeria, four have recorded positive returns YTD as at the end of Q3. The NSE Allshare index boasts of a negative 1.7% return so far this year. Compared to similar period in 2015, this performance is actually an improvement. By the end of Q3 2015, all the major indices, but two, were in the red with the All share index at -9.92%.
There seems to be an asset class that has not done so badly in the first nine months of 2016. That asset class is Nigerian Mutual Funds. Going by data released by the Security and Exchange Commission and analyzed by Quantitative Financial Analytics, mutual funds in Nigeria made an estimated N3 billion profit on a YTD basis by the end of Q3 2016.
Continue reading Nigerian Mutual Funds Gain N3 billion in Nine Months of 2016…See Analysis
Despite closing in the red in two of the four days trading, the Nigerian equities market maintained its positive run last week to close the week in the green.
The performance was boosted by the announcement that the MSCI will retain Nigeria in its benchmark frontier market index.
Also, some quoted companies released better-than-expected first quarter results, a development, which excited the market.
Notably, Nestle Nigeria Plc released its first quarter result showing improved performance, result analysts termed, “resilience in turbulent times.”
At the close of trades, the NSE All-Share Index and market capitalisation appreciated by 2.55 per cent to close the week at 25,701.60 and N8.841 trillion respectively.
Similarly, all other Indices finished higher during the week, with the exception of the NSE Insurance Index, that declined by 0.78 per cent.
Continue reading Equities Market Rises 2.5% as Investors Swoop on MSCI Listed Stocks | THISDAY
LAGOS, NIGERIA, 11 March 2016:
The continuing deterioration in Nigeria’s macro-economic conditions has resulted in Diamond Bank Plc recognising higher than expected impairment charges on loans made to the Energy and Commercial Business sectors. In light of these deteriorating conditions,and subsequent review of Diamond Bank Plc’s management accounts for the financial year ended December 31, 2015, preliminary indications are that earnings will be lower than in 2014.
Detailed financial statements for the year ended December 31, 2015 are expected to be released on or before March 31,2016.
For further information please contact:
Ifeatu O. Onwuasoanya–Head, Investor Relations
+2341 448 9866
Investor Relations team