…As FG begins sale of 2, 3 year savings bonds at 10.301%, 11.301% for August***
The Nigerian Stock Exchange (NSE) crucial market indices resumed trading for the week on Monday with a growth of 0.14 per cent, and a market capitalisation surge which increased by N19 billion, to close at N13.483 trillion against N13.464 trillion on Friday.
Also, the All-Share Index which opened at 27,630.46 rose by 38.92 per cent to close at 27, 669.38 achieved on Friday.
An analysis of the price movement shows that Dangote Flour led the gainers’ table, growing by N1.85 to close at N20.35 per share.
MTN Nigeria Communication followed with a gain of N1.25 to close at N128.25, while Cement Company of Northern Nigeria added 65k to close at N13 per share.
On the other hand, Ecobank Transnational topped the losers’ chart, dropping by 80k to close at N7.20 per share.
Dangote Sugar Refinery trailed with a loss of 20k to close at N9.80, while FBN Holdings was also down by 20k to close at N5.40 per share.
NPF Micro Finance Bank declined by 11k to close at N1.18, while Lafarge Africa dropped by 10k to close at N14.30 per share.
Further analysis of the activity chart indicates that investors traded 280.69 million shares worth N1.41 billion transacted in 3,314 deals.
This was against the 161.65 million shares valued at N4.80 billion exchanged in 3,088 deals on Friday.
Sterling Bank was the most active stock during the day, exchanging 198.68 million shares worth N436.74 million.
Zenith International Bank followed with an account of 19.41 million shares worth N353.94 million, while Dangote Flour Nigeria sold a total of 7.51 million shares valued at N153.23 million.
Ecobank Transnational Incorporated traded 7.16 million shares valued at N51.91 million, while FBNHoldings sold six million shares worth N32.98 million.
In another development, the Federal Government on Monday offered for subscription two-year savings bond at 10.301 per cent and three-year savings bond at 11.301 per cent per annum.
The Debt Management Office (DMO) which indicated this in a circular obtained from the DMO website, stated that the two-year bond will be due in August 2021, while the three-year bond will be due in August 2022.
It, however, did not state how much was offered, but added that the maximum subscription was N50 million at N1,000 per unit, subject to minimum subscription of N5,000 and in multiples of N1,000.
The DMO said that the bond was fully backed by the full faith and credit of the Federal Government, with quarterly coupon payments to bondholders.
The savings bond issuance is expected to help finance the nation’s budget deficit.
It is also part of the Federal Government’s programme targeted at the lower income earners to encourage savings and also earn more income (interest), compared to their savings accounts with banks.
The circular also said that the offer would close on Friday.