A big congratulations to Gospel singer, EnoDan, on her new deal signed under the management of TSLNigeria; one of the biggest branding and digital agencies in the country.

On the 22nd of February, the singer was welcomed into the family and she assured the brand of her commitment as well as a positive representation of the brand’s image.

EnoDan Ayenor Daniel Edun (nee Dorsu) is a Gospel recording artiste and singer/songwriter. Although she hails from Delta State, EnoDan grew up in Edo State. She started her musical carrier as a chorister, at the age of 7.

She is happily married with three lovely children. Some of EnoDan’s songs include; ‘Spirit Move’, ‘My God’ and many more.

TSLNigeria, is duly committed to working with and developing EnoDAn into a well-sought after brand, through diverse branding strategies.

The Central Bank of Nigeria (CBN) disclosed its plans to sell N722 billion worth of Treasury Bills (TBs) in the third quarter this year.
This development was made known by the apex bank last weekend, in its Nigeria Treasury Bills Issue Programme for Q3’21.

The Treasury Bills (TBs), are used by the Central Bank to control the supply of money in the nation, as well as the regulation of the economy.

The Central Bank of Nigeria stated that the TBs would be issued in tranches with the first tranche rolled out on June 3, 2021, while the last tranche is scheduled for August 28, 2021.

During the stated period, CBN is set to issue TBs worth N41.35 billion on 91 days tenor, N151.13 billion on 182 days and N529.68 billion on 364 days.

In the month of June, CBN plans to sell N106.1 billion worth of TBs, comprising N7.26 billion worth of 91 days bills, N9.52 billion worth of 182 days bills, and N89.32 billion worth of 364 days bills.

July’s target by CBN includes the sale of N407.34 billion worth of TBs comprising N22.53 billion worth of 91 days bills, N92.84 billion worth of 182 bills and N291.97 billion worth of 364 days bills.

For the month of August, CBN plans to sell N208.68 billion worth of TBs comprising N11.55 billion worth of 91 days bills, N48.76 billion worth of 182 bills and N148.37 billion worth of 364 days bills.

Trading activities on the Nigerian Exchange rebounded on Wednesday, with a gain of 0.15 per cent due to interest in MTN Nigeria Communications (MTNN).

Specifically, the All-Share Index increased by 57.41points or 0.15 per cent to close at 38,564.70 from 38,507.29 achieved on Tuesday.

Consequently, the month-to-date return increased to 0.3 per cent, while the year-to-date loss moderated to 4.2 per cent.

Similarly, the market capitalisation rose by N30 billion or 0.15 per cent to close at N20.099 trillion against N20.069 trillion posted on Tuesday.

The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are: Seplat, MTNN, Africa Prudential, Unilever and United Bank for Africa.

As measured by market breadth, market sentiment turned positive with 27 gainers against 21 losers.

Cornerstone Insurance dominated the gainers’ chart in percentage terms with 10 per cent to close at 55k per share.

Morison Industries followed with 9.68 per cent to close at N1.36 and Learn Africa rose by 6.52 per cent to close at 98k per share.

Africa Prudential appreciated by 5.79 per cent to close at N6.40, while Courteville Business Solutions garnered five per cent to close at 21k per share.

On the other hand, Abbey Mortgage Bank led the laggards’ chart in percentage terms with 9.52 per cent to close at 95k per share.

Consolidated Hallmark Insurance trailed with 9.46 per cent to close at 67k, while CWG shed 7.26 per cent to close at N1.15 per share.

Wapic Insurance dropped 7.02 per cent to close at 53k, while Regency Alliance Insurance depreciated by 6.25 per cent to close at 45k per share.

Also, the total volume of shares traded increased by 1.81 per cent to 302.72 million shares valued at N2.81 billion exchanged in 4,387 deals.

This was in contrast with 297.35 million shares worth N3.65 billion transacted in 4,402 deals on Tuesday.

Transactions in the shares of Sterling Bank topped the activity chart with 37.47 million shares valued at N57.83 million.

Ecobank Transnational Incorporated followed with 27.39 million shares worth N142.47 million, while Wema Bank traded 27.15 million shares valued at N15.002 million.

Guaranty Trust Bank sold 26.49 million shares worth N745.34 million, while Japaul Gold and Ventures transacted 22.14 million shares valued at N11.04 million.

The Securities and Exchange Commission, SEC, has commenced moves to ensure  that Nigeria and Nigerians benefit from the fast growing global social bonds market currently estimated  at $85 billion.

Social bonds are types of debt issues which proceeds are exclusively deployed to finance or refinance projects aimed at addressing or mitigating a specific social issue and/or seek to achieve positive social outcomes for a target population, usually people living below the poverty line.

Consequently, the Commission yesterday proposed new rules that would guide intending issuers of the bonds.

Among other things, the new rules stated that qualifying projects must promote either affordable basic infrastructure, including clean drinking water, sewers, sanitation, transport, and energy among others.

The projects should also promote access to basic services (health, education and vocational training, healthcare), affordable housing, job creation including through the potential effect of small and medium-sized enterprises financing and microfinance as well as food security and socioeconomic advancement and empowerment.

The proposed rules also stated that  eligible projects should also target people living below the poverty line, excluded and/or marginalised populations and/or communities, vulnerable groups, and with disabilities.

Other beneficiaries, according to the rules include migrants and/or displaced persons, undereducated population and underserved population due to lack of access to essential goods and services.

The Commission said: “The volume of social bonds issued in 2020 has increased eight times from a year ago, as interest in ethical investment rises and more governments and agencies see them as a key funding tool for specific projects. “Issuance of social bonds has surged to $85 billion this year so far, compared with $10.6 billion in the same period of 2019.

The popularity of social bonds has increased as the COVID-19 crisis has led investors to place more emphasis on the “social” component of environmental, social and governance-driven (ESG) investing.

“Governments, people and businesses have suffered a serious financial crunch as a result of the COVID-19 Pandemic. In Nigeria, funding of social projects was affected as resources were diverted to unexpected areas of expenditure which ordinarily could have been financed by issuance of social bonds.”

The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange (forex) market rose sharply by 132 per cent month-on-month (MoM) to $2.6 billion in May, 2021 from $1.12 billion in the preceding month of April.

Financial Vanguard analysis of daily transactions in the window as published by FMDQ showed that on a weekly basis, the turnover stood at $467.97 million in the first week of May. 

In the second week turnover fell by 29 per cent to $334.36 million from where it rose by 53 per cent to $511.37 million in the third week. 

The upward trend continued in the fourth week  as turnover rose sharply by 142 per cent to $1.24 billion despite   the official devaluation of the naira in the Nigerian Autonomous Foreign   Exchange (NAFEX) to N410 per dollar from N376 per dollar by the Central Bank of Nigeria, CBN, during the week.

However, turnover stood at  $100.77 million on the last day of the fifth week.

Meanwhile, the naira depreciated by N2 in the I&E window in May as the indicative exchange rate for the window rose to N412 per dollar on May 31st from N410 per dollar on 4th of May.

On the other hand, the nation’s external reserves fell by $639 million in May. Data from the CBN showed that the reserves fell to $34.242 billion on May 31st from $34.881 billion at the end of April 30th. Overall, the reserves have fallen by $950 million since the beginning of the year.

Acccording to Investment analysts, bears dominance in the domestic equities market, will continue this week even as Guaranty Trust Bank, BUA Cement Plc and Flour Mills of Nigeria Plc, drove the 0.18 percent loss recorded last week.

They posited that the market lacks a positive development at the moment to pull it out of the red zone after the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retained interest rate at 11.5 percent.

Meanwhile, the bears had last week continued to dictate the mood in the local bourse as the market suffered its second consecutive weekly loss.

With the exception of the last trading day, the local bourse recorded losses in all of the week’s trading sessions.

Specifically, the benchmark All Share Index (ASI) fell by 0.18 percent to 38,256.95 points following 5.1 percent, 4.3 percent and 3.0 percent decline in Flour Mills of Nigeria Plc, GTBank Plc and BUA Cement Plc respectively.

The market capitalisation of all listed equities declined by the same margin to close at N19.940 trillion.

Sectoral performance was mixed as three of the five sectors recorded losses, while two appreciated.

The banking sector led the losers, dropping by 1.8 percent, following by the industrial goods sector (-0.4%), and consumer goods sector (-0.1%).

Investment analysts at Cordros Capital, said “We still expect a choppy theme in the week with the bears dominating proceedings in the absence of positive triggers to spur a bullish performance.”

They advised investors to invest in fundamentally sound stocks considering the fragility of the macroeconomic environment.

For analysts at Cowry Asset Management, the domestic equities market will trade sideways “as investors rebalance their portfolio in favour of high dividend paying stocks with good fundamentals.”

On the flip side, the insurance and the oil and gas sectors rose by 1.0 percent apiece.