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HomeBusinessFlour Mills lists N86 bln Commercial Paper on FMDQ as equities fall...

Flour Mills lists N86 bln Commercial Paper on FMDQ as equities fall 1.1%

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… Development Bank to raise N23 bln bonds

… naira gains at parallel, I&E window

By Samuel Bankole

FMDQ Exchange has approved the quotation of Flour Mills of Nigeria PLC’s N55 billion series 3 and N31 billion series 4 commercial papers under the company’s N200 billion commercial paper issuance program on its platform.

This came as the Development Bank of Nigeria (DBN) plans to issue a N23 billion 5-year bond at 14.40 percent under the N100 billion medium-term notes (MTN) program focused on funding MSMEs.

The Credit Rating Agency (a subsidiary of Moody’s) has assigned an AAA (NG)’ rating to the bond issuance.

DLM Advisory will be the leading Issuing House, followed by Standard Chartered Bank in partnership with other bank lenders like Access Bank, Zenith Bank, and FCMB.

Meanwhile, Nigeria’s equities market closed on a negative trend on Monday, shedding 1.10 percent as shares of Dangote Sugar, Ecobank, and Guinness Nigeria declined.

Dangote Sugar shares and Ecobank dropped by 10 percent each, while Guinness Nigeria shed 9.98 percent, Sterling Bank declined by 5.71 percent, and United Capital fell 3.83 percent.

READ ALSO: N1 trl savings from fuel subsidy to benefit Nigerian citizens, says Tinubu

On the flip side, the shares of FCMB, International Breweries, and Fidelity Bank declined by 3.64 percent, 2.35 percent, and 1.18 percent, respectively.

The All Share Index decreased by 1.10 percent to close at 64,337.52. The market cap of equities listed on the NGX decreased to N35.011 trillion from N35.403 trillion at the previous close.

The total volume traded closed with an exchange of 673.425 million units valued at N6.47 billion traded in 9,788 deals. The market breadth was negative, with 19 gainers as against 49 losers.

The NGX 30 Index decreased by 1.10 percent to close at 2,344.01 points as against 2,369.99 points at the previous close.

Market turnover closed with a traded volume of 277.10 million units. FCMB and International Breweries were the key gainers, while Dangote Sugar and Ecobank were the key losers.

Nigeria’s naira strengthened on both the parallel market and the official I&E foreign exchange market.

The local currency appreciated as the dollar was quoted at N756.94 against the previous close of N775.76 while it appreciated to N865 to the dollar compared with N870 a dollar it closed on Friday

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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