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Gains on FCMB, GTCO drive Nigeria’s equity up by 0.19% as Dangote Cement opens bids for N50 bln bonds

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By Samuel Bankole

The Nigerian equity market closed on a positive note on Friday with the All Share Index increased by 0.19 per cent at the close of transactions.

The index closed the week at 46,631.46 points in the north, unlike on Thursday when the ASI fell to 46,543.51 points

The market capitalisation of equities listed on the NGX increased to N25.139 trillion from N25.092 trillion as of the previous close.

The total volume traded closed with an exchange of 154.123 million units valued at N1.75 billion traded in 4,515 deals.

The market breadth was positive with 28 gainers as against 16 losers.

The NGX 30 Index increased by 0.29 per cent to close at 1,776.45 points as against 1,771.32 points at the previous close.

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Market turnover closed with a traded volume of 83.34 million units. FCMB and Guaranty were the key gainers, while UBN and Sterling were the key losers.

Shares in FCMB rose 7.1 per cent, that of GTCO increased by 2.45 per cent, United Capital was 1.55 per cent while United Bank for Africa gained 1.24 per cent.

On the downward slope are Union Bank was down by 1.64 per cent, Sterling Bank declined 1.34 per cent and Flour Mills Nigeria fell 0.16 per cent.

Meanwhile, Dangote Cement PLC has started an offer of series 2, Tranche A (5-year), B (7-year), and C (10-year) fixed-rate senior unsecured bonds with a target size of up to N50 billion across all tranches under its N300 billion debt issuance programme.

The book-building which started on April 7, is expected to close on April 11. The proceeds of the issue will be used to fund expansion projects, refinance existing short-term debt, and for general corporate purposes.

The price guidance range for the series 2 bonds are 11.35 – 11.85 per cent, 11.85 – 12.35 per cent, and 12.50 – 13.00 per cent per annum for the Tranche A, B, and C bonds, respectively.

Dangote Cement is assigned a AAA long-term rating by GCR and Aa3.ng long-term rating by Moody’s. The bonds will be listed on FMDQ Securities Exchange Limited and/or the Nigerian Exchange.

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