SEC approves first naira-denominated private debt fund

The Securities and Exchange Commission (SEC) has approved Nigeria’s first naira-denominated Private Debt Fund in the name of FCMB-TLG Private Debt Fund.

Established in May 2024 and managed by FCMB Asset Management Limited with support from TLG Capital Investments Limited, the Fund seeks to raise N10 billion under Series 1 of its N100 billion programme.

Targeting qualified institutional investors and high-net-worth individuals, the fund focuses on sectors aligned with the UN Sustainable Development Goals (SDGs), offering competitive risk-adjusted returns while driving sustainable economic growth.

The Nigerian equities market reopened the week on a positive note, as investors renewed interest in oil and gas stocks lifted the overall capitalisation by N324 billion.

At the close of transactions yesterday, the All-Share Index rose by 572.57 per cent, representing a gain of 0.58 per cent, to close at 99,793.71 points. Similarly, the overall market capitalisation value gained N324 billion to close at N56.452 trillion.

The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks which are; Seplat Energy, TotalEnergies Marketing Nigeria, Julius Berger, Transcorp Hotel and Flour Mills of Nigeria.

Analysts at Futureview Financial Services said: “We anticipate a mixed sentiment in the equities market, primarily due to the enduring allure of the fixed-income market among investors.

“This interest is fueled by expectations of increased rates in the NTB auction and the impending release of the inflation rate. However, amidst these factors, there remains an opportunity for sustainable growth, particularly in fundamentally strong stocks that currently find themselves in the oversold region. We foresee a selective pursuit of bargains, particularly in dividend-paying stocks, driven by the nearing corporate qualification and payment.”

Vetiva Dealings and Brokerage said: “Given the upbeat start to the week, we are cautiously optimistic that the bullish sentiment will filter into Tuesday’s session ahead of the public holiday on Wednesday.”

Market breadth also closed positive, as 30 stocks gained relative to 10 losers. Flour Mills recorded the highest price gain of 10 per cent to close at N41.80, per share. TotalEnergies Marketing Nigeria followed with a gain of 9.98 per cent to close at N353.60.

Access Holdings up by 9.86 per cent to close at N18.95, per share. Chams Holding Company appreciated by 9.74 per cent to close at N1.69 per cent while Veritas Kapital Assurance gained 9.52 per cent to close at 69 kobo.

On the other hand, eTranzact International led the losers’ chart by 9.9 per cent to close at N4.55 kobo while DAAR Communications followed with a decline of 9.52 per cent to close at 57 kobo.

Champion Breweries and Unity Bank lost 6.67 per cent each to close at N2.80 kobo and N1.12 kobo respectively, while Wapic Insurance shed 2.86 per cent to close at 68 kobo.

The total volume traded increased by 148.33 per cent to 963.541 million units, valued at N13.498 billion, and exchanged in 8,657 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 605.257 million shares valued at N6.025 billion. Access Holdings followed with 93.067 million shares worth N1.744 billion, while United Bank for Africa (UBA) traded 58.726 million shares valued at N1.261 billion.

Nigerian Breweries traded 45.256 million shares valued at N1.267 billion, while Zenith Bank transacted 16.079 million shares worth N539.552 million.