The Nigerian Stock exchange has listed two new mutual funds belonging to United Capital Plc.
Executive Director, Capital Markets of the NSE, Haruna Jalo-Waziri, on behalf of the CEO of the Exchange, Oscar O Onyema OON, sounded the gong signifying the exchange’s acceptance of the new funds for listing.
The funds; The United Capital Nigerian Eurobond Fund and the United Capital Wealth for Women Fund which was launched in January, is aimed at meeting the diversified investment portfolio needs of indigenous and global clients.
According to United Capital Plc, the funds are “designed to deliver significant high returns than what is obtainable from the average domiciliary accounts in Nigerian banks”.
It added that “after the public offer of the funds which ended on March 16, 2017, the funds achieved subscription level 50.75 % with over 67 units holders and remains open for subscription due to its open ended structure.”
The fund manager, United Capital Asset Management which has assets under management in excess of 40 billion with expertise in portfolio fund management, mutual funds, wealth management, and investment advisory services and is registered and licensed by Securities and Exchange Commission SEC to act as investment adviser portfolio and asset managers.
UBA Plc Global Investors’ Services acted as the custodian, Midstream Trustees and Asset Management Company acted as Trustees, Africa credential registrars’ limited acted as the Registrar and United capital acted as Investment bank issuing house.
The Eurobond goes for 100 dollars per units and 1 naira per unit for the wealth for women fund.
Speaking to journalists after the listing, the MD of United Capital Plc, Jude Chiemeka said the “United Capital Wealth for Women Fund, is to foster women inclusion and encourage investment culture in women, provide an avenue for women to be financially independent and to create a sustainable foundation for women’s financial empowerment and development in Nigeria.”
Chiemeka said a “maximum of 80% of the Fund’s assets will be invested primarily in Naira denominated fixed income and high yielding instruments and 20% will be invested in carefully selected quoted stocks from the Nigerian Stock Exchange.”
The MD however said that this “fund is not only for women but for all those, that is, both male and female, interested in long term returns as there is an expected yearly estimated returns of 18 to 19 per cent annually” .
Meanwhile, the exchange closed today’s activities with a 0.96 per cent gain.
The market capitalization closed at 11,804 trillion Naira to gain 112 billion Naira when compared to Friday’s close of 11,692 trillion Naira.
The All Share Index on the other hand which had a previous closing of 33,810.56 basis points closed today at 34,135.10 basis points, gaining 324.54 basis points.
A total of 4.8 million shares worth 5.7 billion were traded in 5,771 deals.
28 stocks appreciated, 19 depreciated, while other remained unchanged.
Top three gainers for today’s market activities are;
CEMENT CO. OF NORTH.NIG. PLC which had a previous closing of #8.85 per share, closed today at #9.75 per share, gaining 0.90 kobo or 10.17 per cent.
MAY & BAKER NIGERIA PLC. Had a previous closing price of # 4.56 per share, to close today at # 5.01 per share, gaining 0.45 kobo or 9.87 per cent.
INTERNATIONAL BREWERIES PLC had a previous closing price of #26.05 per share, however closed today at #28.35 per share, gaining #2.30 or 8.83 per cent.
CAP PLC which had a previous closing price of #37.80 per share, closed today at #34.20 per share, falling by #3.60 or 9.52 per cent.
MOBIL OIL NIG PLC. Which had a previous closing price of #264.10 per share, closed today at #250.90 per share, falling by #13.20 or 5.00 per cent.
FORTE OIL PLC. Which had a previous closing price of #55.58 per share, closed today at #52.81 per share, falling by #2.77 or 4.98 per cent.