The Nigerian Stock Exchange (NSE) has disclosed that its newly refurbished and ultra-modern trading floor will be  commissioned on 8th November, 2007.

President Yar' Adua

Speaking shortly before the induction of 49 stockbrokers in Lagos last week, the Director-General of the NSE, Professor (Mrs.) Ndi-Okereke Onyiuke stated that the floor will be commissioned by president Musa Yar’Adua who has shown his commitment by naming it the cosmopolitan floor.

She further disclosed that the NSE and president Yar’Adua have been invited to London to receive an award for the fastest emerging market in the world. She stated that the award is an indication of the growth recorded in the nation’s capital market, especially as it relates to return on investment and increased confidence of both local and foreign investors.   Speaking on the induction, she urged the new stockbrokers to imbibe the culture of discipline and honesty which is a central tenet in the profession.

She promised to deal ruthlessly with any stockbroker and dealing house found going contrary to the rules guiding the capital market and called on the stockbrokers to engage in activities that will create awareness for the market.

Meanwhile, trading on the Over-the-Counter Bond market of the NSE appreciated last week by 26.26 per cent. Specifically, a turnover of 82.34 million units valued at N84.14 billion was recorded in 412 deals in contrast to penultimate week’s turnover of 65.2 million units valued at N68.4 billion in 452 deals. The Fourth Federal Government of Nigeria Bond 2012 Series 10 recorded the highest patronage, accounting for 23.56 per cent of the market turnover with 19.4 million units valued at N19.64 billion in 137 deals.
There were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.

A number of companies submitted their financial scorecards to the NSE last week, among which is Bank PHB Plc, who posted a gross earnings of N36.2 billion in its audited results for the year ended 31st March 2007 financial report, compared to a gross earnings of N13.3 billion in 2006, its Profit after tax and minority interest stood at N7.75 billion compared with N2.44 billion in 2006. It is recommending a N0.70 per share and a bonus of one ordinary share for every four ordinary shares held.

Berger Paints Nigeria Plc in its unaudited results for the half year ended 30th June 2007 shows a turnover of N1.1 billion as against N1.0 billion in the comparable period of 2006, its profit after tax stood at N63.5 million compared with N45.7 million in 2006.

In its unaudited results for the half year ended 30th June 2007, Glaxo SmithKline Consumer Plc recorded a turnover of N4.4 billion compared with N5.13 billion recorded in the comparable period of 2006, its profit after tax dropped to N334.75 million from N596.3 million in 2006.