While stocks in the Nigerian Stock Exchange (NSE) All-Share Index slid by 2.4% this week, and trading was halted in shares of the five banks that saw their CEOs unceremoniously sacked late last week, there may ultimately be attractive values forming among sound companies. For instance, Renaissance Capital, a Moscow-based investment bank, gave a ‘buy’ rating to Skye Bank last month and named it the ‘fastest growing tier-two Nigerian bank’. Of note, analysts remarked on the bank’s leading role in retail public sector collections for federal and state governments and tax authorities, as well as utilities, customs agencies, commercial subscriptions, regulatory institutions and examination bodies. Moreover, as noted earlier this year by RTC Capital, it is a “dominant player in Lagos state, Nigeria’s largest revenue collecting state. [And] with increased focus on diversifying revenue away from

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According to BGL Securities, an investment bank, the Nigeria’s NSE All-Share index is still “fundamentally strong” and “sound,” and that the recent rally was “a result of renewed confidence and thrust by both local and foreign investors.”  Specifically, per Henry Laraiyetan, BGL Capital Management’s executive director, liquidity easing helped to bring to light not only the value-investment potentials of under-priced stocks, but it also preceded a reduction in interest rates and the monetary policy rate (MPR) from 9.75% to 8%, and lead to strong corporate performance by listed companies and a renewal of investors’ confidence in the market.  Said Laraiyetan: “It is instructive that despite the downturn in 2008, the Nigerian Stock Exchange remained four times more valuable than it was 10 years ago. In the immediate term, we expect further bouts of price upswings, which will open trading losses.  The large price slides also present unique

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Good to see IPO's resurface after so long. br /br /Afromedia Plc, a pioneer and leading out-of-home media company is finally set to list on the Nigerian Stock Exchange. The company began as part of the UACN group in 1929. It is one of the most experienced out- of- home advertising agencies in Nigeria. The board has its Chairman as Onaolapo Soleye, former Minister of Finance.br /br /The company would be listing 4,035,497,307 Ordinary Shares of 50 Kobo each at N2.92 per share on Monday May 18 2009.div class="blogger-post-footer"img width='1' height='1' src='http://res1.blogblog.com/tracker/3742382075154765669-206393375076050207?l=danfonds.blogspot.com'//div

After several rebuffs by the shareholders of Acen Insurance Plc, the acquisition by Sovereign Trust Insurance Plc is set to go ahead. The agreed terms are 1 Sovereign Trust share for 85 shares in Acen Insurance. br /br /Acen Insurance Plc was de-listed from the Nigerian Stock Exchange for falling short of certain listing requirements, in a clean up exercise by the Exchange two months ago. Hopefully, Sovereign Trust knows what it is letting itself in for.