…As FG set to auction N115 billion bonds on Nov. 21***

The crucial market indices of the Nigerian Stock Exchange (NSE) on Tuesday posted marginal growth of 0.03 per cent.

Specifically, the All-Share Index rose by 9.49 points or 0.03 per cent to close at 32,152.90 compared with 32,143.41 posted on Monday.

Also, the market capitalisation which opened at N11.734 trillion, grew by N4 billion or 0.03 per cent to close at N11.738 trillion.

Lafarge Africa recorded the highest gain to lead the gainers’ table with N1.30 to close at N16.30 per share.

GlaxosmithKline followed with N1.05 to close at N12.05, while Stanbic IBTC appreciated by N1 to close at N48 per share.

Flour Mills gained 35k to close at N16.85, while Unilever added 25k to close at N39.50 per share.

On the other hand, Nestle topped the losers’ table with a loss of N10 to close at N1,450 per share.

Okomu Oil Palm was down by N4.05 to close at N75.75, while Julius Berger shed 35k to close at N21.35 per share.

Forte Oil depreciated by N1.35 to close at N20.60, while Seplat lost 35k to close at N668 per share.

Similarly, the volume of shares traded closed higher as investors bought and sold 399.76 million shares valued at N2.24 billion in 2,880 deals.

This was in contrast with 142.11 million shares worth N1.56 billion transacted in 2,772 deals on Monday.

Ikeja Hotel was the most active equity, exchanging 279.10 million shares valued at N572.16 million.

FBN Holdings followed with an account of 19.55 million shares worth N145.59 million, while Diamond Bank traded 15.67 million shares valued at N16.55 million.

FCMB Group sold 13.09 million shares worth N20.77 million and United Bank for Africa exchanged 9.01 million shares valued at N71.89 million.

Meanwhile, the Debt Management Office (DMO) says the  Federal Government is to auction by subscription N115 billion worth of bonds on Nov. 21.

The DMO said in a circular on its website on Tuesday in Abuja, that the five-year bonds of N35 billion to mature in April 2023 was offered at 12.75 per cent.

The seven-year bonds, also of N35 billion, is to mature in March 2025 and would be auctioned at 13.53 per cent.

The circular added that the 10-year bonds of N45 billion, which would be due in February 2028, would be auctioned at 13.98 per cent.

According to the DMO, units of sale is N1,000 per unit, subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter.

The News Agency of Nigeria (NAN) that the bonds are backed by the full faith and credit of the Nigerian Government, with interest payable semi-annually to bondholders, while bullet repayment will be made on maturity date.

Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.