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16 public offers worth N980b approved in 2007 — SEC
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In his new year message to members of staff, a copy of which was made available to the News Agency of Nigeria (NAN) yesterday in Abuja, Al-Faki said the capital market recorded a robust performance.
He said 11 other offers totaling 801 billion units of shares valued at N239 billion were rights issues in the primary market.
Al-Faki said 51 applications were approved last year as against 49 in 2006.
“The year also recorded six private placements of eight million units of shares valued at N2.6 billion and nine supplementary offers of 1.9 billion units of shares worth N2.4 billion,’’ he said.
According to the director general, two conversions of loans to equity of 4 billion units of shares valued at N46 billion were also recorded.
“Twenty four bonus issues of 22 billion units of shares worth N36 billion and five existing securities of 22 billion units of shares valued at N11 billion were registered,’’ he said.
In the secondary market, Al-Faki said there was a turn-over of 128.5 billion units of shares worth N1.92 trillion between January and November.
“This represented a 250 per cent increase over the 33 billion shares turn over worth N427 billion achieved in 2006.
“The all-share index also recorded an increase of 21,025.98 points or 36.4 per cent. Opening at 33,163 points in January, it closed at 54,189.92 points as at November 30 2007,’’ he said.
Al-Faki said the market capitalisation of listed securities (equity only) which stood at N4.22 trillion in January 2007 rose to N9.11 trillion as at the end of November, representing an increase of 116 percent.
He said the remarkable increase in the market was attributable to price appreciation recorded by the “high-fly in capitalised stocks’’.
“Twenty new listings, comprising equities and bonds were recorded in the outgoing year.
There were 60 supplementary listings while six were delisted,’’ Al-Faki said.
On collective investment schemes, he said five were still being processed adding that the number of approved existing venture capital companies stood at 10 throughout the year.
“Out of this number only four managing a total of N5 billion remained active as at the end of 2007,’’ he said.
Al-Faki pointed out that a new dimension to public issues was witnessed in 2007 with the introduction of the Global Depository Receipts (GDR).
According to him, GDR allows Nigerian companies to be quoted in stock markets outside the country.
“A total of seven GDRs were issued in the course of the year, out of these five were valued at 1.9 billion dollars while two were worth 404.3 million dollars,’’ he said.
To further deepen the market, the DG said the commission would focus on stimulating activities in the bond market, particularly the corporatebonds.
He said 11 other offers totaling 801 billion units of shares valued at N239 billion were rights issues in the primary market.
Al-Faki said 51 applications were approved last year as against 49 in 2006.
“The year also recorded six private placements of eight million units of shares valued at N2.6 billion and nine supplementary offers of 1.9 billion units of shares worth N2.4 billion,’’ he said.
According to the director general, two conversions of loans to equity of 4 billion units of shares valued at N46 billion were also recorded.
“Twenty four bonus issues of 22 billion units of shares worth N36 billion and five existing securities of 22 billion units of shares valued at N11 billion were registered,’’ he said.
In the secondary market, Al-Faki said there was a turn-over of 128.5 billion units of shares worth N1.92 trillion between January and November.
“This represented a 250 per cent increase over the 33 billion shares turn over worth N427 billion achieved in 2006.
“The all-share index also recorded an increase of 21,025.98 points or 36.4 per cent. Opening at 33,163 points in January, it closed at 54,189.92 points as at November 30 2007,’’ he said.
Al-Faki said the market capitalisation of listed securities (equity only) which stood at N4.22 trillion in January 2007 rose to N9.11 trillion as at the end of November, representing an increase of 116 percent.
He said the remarkable increase in the market was attributable to price appreciation recorded by the “high-fly in capitalised stocks’’.
“Twenty new listings, comprising equities and bonds were recorded in the outgoing year.
There were 60 supplementary listings while six were delisted,’’ Al-Faki said.
On collective investment schemes, he said five were still being processed adding that the number of approved existing venture capital companies stood at 10 throughout the year.
“Out of this number only four managing a total of N5 billion remained active as at the end of 2007,’’ he said.
Al-Faki pointed out that a new dimension to public issues was witnessed in 2007 with the introduction of the Global Depository Receipts (GDR).
According to him, GDR allows Nigerian companies to be quoted in stock markets outside the country.
“A total of seven GDRs were issued in the course of the year, out of these five were valued at 1.9 billion dollars while two were worth 404.3 million dollars,’’ he said.
To further deepen the market, the DG said the commission would focus on stimulating activities in the bond market, particularly the corporatebonds.
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