Home Latest News NGX Upgrades Skyway Aviation to Medium-Price Stock Level – Business Post Nigeria

NGX Upgrades Skyway Aviation to Medium-Price Stock Level – Business Post Nigeria

Ads

Published
on
By
By Dipo Olowookere
The price group of Skyway Aviation Handling Company Plc has been upgraded to the medium-price stock level from a low-price stock category by the Nigerian Exchange (NGX) Limited.
A circular issued last week by the bourse confirmed this development, which was due to the trading of the company’s shares at the N5 band for more than four months.
The exchange operates a pricing methodology framework, which allows the reclassification of stocks if the share price stays within a certain level for at least four months of the last six months.
The equity value of Skyway Aviation had been in the low-priced stock group but because it had traded above the N5 price level between January and May 2022, it was moved higher to the next category.
According to the notice from the NGX, a review of the stock price of Skyway Aviation and trade activities over the most recent six-month period “provides the basis for reclassifying the security from the low-priced stock group to the medium-priced stock group.”
“This reclassification also necessitates the attendant change in the tick size change from N0.01 kobo to N0.05 kobo – in line with Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Trading License Holders’ Rules).
“Skyway Aviation Handling Company Plc stock price appreciated above the N5 price level on January 4, 2022, and traded above N5 up till closing of business on May 25, 2022.
“This indicates that Skyway Aviation Handling Company Plc stock price has traded above N5 in at least 4 months out of the last 6 months.
“Resultantly, Skyway Aviation Handling Company Plc has been reclassified from the low-priced stock group to the medium-priced stock group with effect from Tuesday, June 14, 2022,” the disclosure declared.
The Nigerian exchange classifies shares of firms on its platform into three stock price groups or categories; high-priced, medium-priced, and low-priced stocks, based on their market price.
In this regard, securities must have traded for at least four out of the most recent six-month period within a stock price group’s specified price band to be classified into the category.
CBN Killing Naira Value With Inhibitive Policies—ABCON
Nigerian Bourse Records Low Turnover as Appetite for Stocks Wanes
Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng
British Airways Picks SAHCO as Ground Handling Services Provider
SAHCO IPO Records 65% Subscription, Raises N1.2bn
SAHCOL Kicks Off N1.89b Initial Public Offering
Skyway Aviation Hopes to Rake N1.9b from IPO
SAHCOL Gets Regulatory Approval to List Shares on NSE Via IPO
Pingback: NGX Upgrades Skyway Aviation to Medium-Price Stock Level – eNaira Online News
Published
on
By
By Adedapo Adesanya
Oil prices rose on Monday as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand going forward.
Brent crude futures traded higher by $1.01 or 0.9 per cent to $114.13 a barrel as the US West Texas Intermediate crude (WTI) grew by 61 cents or 0.56 per cent to $110.17 per barrel due to the Juneteenth US holiday.
This is a slight recovery for the commodity after the global benchmark tumbled over 7 per cent last week for its first weekly fall in five weeks while the US benchmark price slumped 9.2 per cent last week for the first decline in eight weeks.
Global economic worries are seemingly offset by prospects for higher US and China demand in the near term amid tight prompt supplies.
Supply concerns buoyed the market as Western sanctions on Russian oil hit harder and worries remain over how Russian output might fall due to sanctions on equipment needed for production.
Oil from Russia, the world’s second-largest exporter, remains out of reach to most countries because of the embargoes over the war in Ukraine since February.
The impact has been partly mitigated by the release of strategic petroleum reserves, led by the United States, and a ramp-up of production from the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, but with further disruption due to inability to meet targets, the problems remain.
In Libya, an OPEC member, oil production remained volatile following blockades by groups in the country’s east.
The Libyan Oil Minister, Mr Mohamed Oun, said that the country’s total production is at about 700,000 barrels per day, coming after its output fell between 100,000 and 150,000 barrels per day last week.
Oil products exports from China, once a major exporter, continued to decline, keeping global supplies tight. The country’s fuel exports in May fell more than 45 per cent from a year earlier and diesel exports plunged more than 90 per cent despite stalling domestic demand.
Meanwhile, analysts remain positive that supplies will remain tight with Brent to hold the $120 per barrel mark.
Analysts and investors said they believe a recession is more likely after the US Federal Reserve approved last Wednesday the largest interest rate increase in more than 27 years to contain a surge in inflation.
Also, central banks in Britain, Switzerland, and Hungary did the same.
Prospects are dwindling for Iranian sanctions relief that could result in a meaningful increase in the country’s crude exports.
Published
on
By
By Dipo Olowookere
Investors on the floor of the Nigerian Exchange (NGX) Limited embarked on a selling spree in panic on Monday amid the declines seen in the ecosystem lately.
Yesterday, the panic selling further battered the exchange by 1.97 per cent as stocks like Dangote Cement, GTCO, Lafarge Africa and 28 others closed in the red territory.
Only seven equities appreciated in price during the session as the risk appetite of traders continues to moderate amid stability in the fixed-income space, especially in terms of its interest rates.
On Monday, the Debt Management Office (DMO) sold FGN bonds at the primary market and it was observed that some investors liquidated their shares to purchase the government securities, which cleared at 13.15 per cent.
According to data from the bourse, the volume of equities transacted yesterday rose by 43.04 per cent to 345.0 million units from 241.2 million, the number of trades increased by 0.63 per cent to 5,075 deals from 5,043 deals, while the value of the transactions reduced by 16.15 per cent to N3.1 billion from N3.7 billion.
FCMB, which had an off-market deal of 148.7 million units consummated by CSL Stockbrokers, was the most traded stock after it sold 177.6 million units valued at N669.0 million.
UBA transacted 29.5 million shares worth N221.2 million, Access Holdings exchanged 22.0 million equities worth N206.4 million, FBN Holdings sold 12.6 million stocks for N114.0 million, while Transcorp traded 11.6 million shares for N14.3 million.
Union Bank and Dangote Cement finished the session as the worst-performing stocks as they lost 10.00 per cent each to trade at N5.40 and N249.30 respectively. Livestock Feeds depreciated by 9.77 per cent to N1.20, International Breweries fell by 9.60 per cent to N5.65, while Flour Mills declined by 8.57 per cent to N32.00.
The best-performing stock for the day was Jaiz Bank as its value went up by 5.32 per cent to 99 kobo, Regency Assurance gained 3.70 per cent to 28 kobo, Japaul appreciated by 3.33 per cent to 31 kobo, Zenith Bank rose by 2.80 per cent to N22.00, while NAHCO grew by 2.63 per cent to N7.80.
On the first trading session of the week, despite the sell-offs, the banking sector closed higher by 0.35 per cent and finished as the only gainer as the industrial goods, consumer goods, insurance and energy counters depreciated by 5.27 per cent, 1.16 per cent, 0.94 per cent and 0.23 per cent respectively.
Consequently, the All Share Index (ASI) retreated by 1,021.34 points to 50,756.74 points from 51,778.08 points, while the market capitalisation fell by N550 billion to N27.364 trillion from N27.914 trillion.
Published
on
By
By Aduragbemi Omiyale
The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has submitted that it would be impossible for Nigeria to achieve the 95 per cent financial inclusion target if an enabling environment is not created.
According to him, financial inclusion is achieved when individuals and businesses have access to useful and affordable financial products and services, which he said must meet the needs of individuals and businesses and must be delivered sustainably and responsibly.
Speaking at the inaugural conference of Oriental News Nigeria held in Lagos with the theme, Engaging with critical groups to develop effective financial inclusion initiatives, the SEC boss reiterated the commitment of the agency to ensure every segment of the society is covered in the ongoing financial inclusion initiative of the federal government.
Mr Yuguda, who was represented at the event by the Head Financial Inclusion Division, Market Development Department at SEC, Sa’adatu Faruk, stated that the commission was committed to ensuring that more Nigerians are captured in the digitalisation of the economy through the financial inclusion policy.
“Achieving financial inclusion involves the coming together of multiple stakeholders, from the federal government, policymakers, and regulators to private industries, including employers, educational systems, communities and individuals. There is a global recognition and acceptance for the achievement of financial inclusion through a focus on digital technology.
“In order to reach the 95 per cent financial inclusion target, we must first and foremost recognise the imperative for prioritising financial literacy at all levels, the importance of innovation and the need to create an enabling environment to promote financial inclusion,” he stated.
The DG assured that with the help of the fast-growing fintech penetration in the economy and financial systems, more Nigerians will be captured and be more protected to effectively navigate the nation’s financial systems, through the enabling channels, including the capital market, insurance and savings.
Mr Yuguda disclosed that the commission has created new standards and rules for the registration and operations of fintech firms in the market to ensure compliance with global standards and adequate protection of investments.
He reassured that the licenced fintech companies will further speed up the financial inclusion policy of the federal government, as well as ensure adequate protection for their financial/ investment transactions, noting that SEC will continue to partner with the Central Bank of Nigeria (CBN) and other stakeholders to initiative awareness and literacy programmes.
“Some efforts the commission is making in this regard is the issuance of non-interest instruments to increase the availability of affordable and acceptable products for investing public, the introduction of direct cash settlement to enhance payment process to investors, the introduction of e-dividend to reduce unclaimed dividend and increase investor confidence as well as the infusion of capital market studies into basic senior and secondary school’s curriculum among others,” he added.
Copyright © 2022 BusinessPost

source

Ads
Previous articleMogul Make Partnerships to Accelerate NFT Adoption in Entertainment – CryptoNewsZ
Next articleGalaxy S23 codename reveal brings bad news for Samsung's 2022 foldable lineup – PhoneArena
He is well known among his circle for his incredible attraction towards smartphones and tablets. Charles is a python programmer and also a part-time Android App developer.