TRADING on the Nigerian Stock Exchange, NSE, closed on a positive note on Friday as the All share Index of appreciated by 0.14 per cent to close at 30,165.22 points after five previous negative trading sessions recorded. This is against the 0.06 per cent lost yesterday to close at 30,123.20 points.
Market Capitalization similarly gained N14.443 billion to close at N10.367 trillion against N6.140 billion lost previously to close at N10.352 trillion.
Seven of the eleven sectoral indices likewise appreciated in today’s transactions, with the Banking Index leading with a 0.9 per cent gain to close at 313.21 points while NSE Consumer Goods Index led three sectoral index losers with a decline of 0.31 per cent to close at 780.37 points. The NSE ASEM Index remained flat.
Unity Bank Plc, topped 22 equity gainers with an 8.00 per cent or 12 kobo gain to close at N1.62 per share followed by AIICO Insurance Plc which added 4.71 per cent or 4 kobo to close at 89 kobo per share while N.E.M Plc increased 4.48 per cent or 3 kobo to close at 70 kobo per share.
Neimeth Pharmaceuticals Plc appreciated 4.12 per cent or 4 kobo to close at N1.01 per share while A.G Leventis Plc increased 3.00 per cent or 3 kobo to close at N1.03 per share.
Conversely, FCMB Plc led 14 equity losers as it decreased 7.11 per cent or 16 kobo to close at N2.09 per share followed by Cement Company of North Nigeria Plc which depreciated 4.93 per cent or 41 kobo to close at N7.91 per share, while Evans Medical Plc declined 4.76 per cent or 3 kobo to close at 60 kobo per share.
Mutual Benefit Plc lost 3.85 per cent or 2 kobo to close at 50 kobo per share, while Africa Prudential Plc dropped 2.99 per cent or 8 kobo to close at N2.60 per share.
A total of 188.039 million shares valued at N1.331 billion were exchanged by investors on the Nigerian Stock Exchange in 2,500 deals compared to 219.553 million shares valued at N1.911 billion exchanged in 3,126 deals.
The Nigeria Mortgage Refinance Company took a bold step recently when a milestone achievement in the development of the Nigerian debt capital market was recorded when FMDQ OTC PLC (FMDQ) listed 8,000,000,000 Series 1, 15-Year 14.9 per cent Fixed Rate Bond by the company under a 140,000,000,000.00 Medium-Term Note Programme on its platform.
“The mandate of NMRC is to promote home ownership in Nigeria and part of our objective is to provide liquidity and also develop the secondary mortgage market. The listing of our bond is part of the process of bringing bonds
“In order to be able create mortgages for Nigerians we need to have a sustainable way of raising money and the capital market provides that sustainable way. Listing our bonds in the market also add to that because it allows our bonds to be traded”, that was the comment of Prof Charles Inyangete, Managing Director of the Nigeria at the listing of N8 billion bond on the platform of FMDQ OTC Plc recently.
When the Nigeria Mortgage Refinance Company, NMRC, a special purpose private sector driven company with the purpose of developing the primary and secondary mortgage markets was launched by former President, Goodluck Jonathan, the then Managing Director, Mr. Soni Ayere, announced that the new company will be approaching the capital market to raise long-term funds.
As a follow up to the announcement, NMRC listed 8,000,000,000 Series 1, 15-Year 14.9 per cent Fixed Rate Bond by the company under a 140,000,000,000.00 Medium-Term Note Programme on the FMDQ OTC Plc platform.
At the brief ceremony, the issuer, represented by the MD/CEO NMRC, Prof. Charles Inyangete and the Registration Member (Listings)/sponsor of the bond on FMDQ, represented by the MD, Dunn Loren Merrifield Advisory Partners Ltd., Mr. Chinua Azubike, were full of confidence that the new listing will drive the desired goal of creating mortgages for desirous Nigerians who intend to build or buy their own houses.
Managing Director of FMDQ, Mr. Bola Onadele Koko, at the event, noted that the issuance of this bond by NMRC and subsequent listing on FMDQ, marked essential steps towards development of not only the corporate bond market in Nigeria, but also the Nigerian housing market through the creation of long term funding for mortgage financing.
His words: “Listing of NMRC bonds on FMDQ will help create liquidity for these instruments, price formation for the issuance of new bonds, price discovery for investors in these securities and foster market transparency. FMDQ will provide the necessary secondary market platform for the bonds to thrive and by extension ensuring success of the Nigerian primary and secondary mortgage markets”.
Managing Director of NMRC, Prof. Charles Inyangete, said: “the successful completion of the bond issuance and the investor interest generated by the issue underscores the confidence reposed in the underlying principle and operational model of the NMRC.
The market has bought into NMRC’s objective of intermediating long term funds from the capital market to the development of the mortgage industry and ultimately bridging Nigeria’s housing deficit by providing affordable housing finance. NMRC is committed to transmitting the full benefit of the pricing efficiency achieved in its funding cost to home borrowers through the participating primary mortgage lenders, thereby driving activities that will deepen the mortgage market”.
Also speaking at the ceremony, Mr. Azubike noted that the successful debut of this landmark bond issue has engendered market confidence in the credit standing of NMRC as a bond issuing entity, allowing NMRC to connect the Nigerian mortgage market to the capital markets, particularly the pension fund investors which account for 78 per cent of the bond investors, adding that this will unlock the potential for increased mortgage volumes and sustainable housing market supply.
Ms. Tumi Sekoni, the Head, Business Development Group at FMDQ, during the welcome address, stated that FMDQ, in partnership with NMRC and other key stakeholders, will engage in relevant initiatives and campaigns to educate the market on mortgage-related debt instruments, like Mortgage-Backed Securities, Real Estate Investment Trusts, Sukuk, among others, in readiness for the ensuing housing revolution the Nigerian market is positioned to experience.
The securities exchange shall provide continuous information disclosure on bonds listed on the platform to include price/value data and detailed issuers’/issue information to stakeholders via the ‘Listings & Quotations’ page on FMDQ website. The NMRC Bond shall be included on the FMDQ-Bloomberg E-Bond Trading System, E-Bond, and also on the FMDQ website, providing issuers, investors, dealers, regulators and the general public with the relevant information for improved price discovery and transparency.

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