Written by Goddy Egene
The FMDQ Securities Exchange has registered the Parthian Partners Limited N20 billion commercial paper (CP) program on its platform as part of its efforts to help corporations access debt capital market funds (DCM).
DCM continues to witness significant activities among companies looking for a sustainable way to raise capital to meet their financing needs.
According to FMDQ, CP program registration strategically positions Parthian Partners Limited to collect short-term funding from DCM at a time when it determines it is appropriate, through CP issues within the limits of the CP program.
Parthian Partners provides competitive wholesale brokerage services in the wholesale African markets (OTC) and trades bonds and treasury bills of the Federal Government of Nigeria (FGN), government bonds, local contractor bonds, corporate bonds and Eurobonds, providing regular market updates and networking regulators in African markets to ensure independent research of the African fixed income market.
FMDQ said that by supporting the growth and revitalization of the Nigerian economy, it advocates the resuscitation of the CP market to give corporate and commercial companies the opportunity to meet their short-term financing needs, while building their profiles within Nigerian DCM.
“In addition to its laudable and efficient registration process, FMDQ Exchange, through its listing service, will provide credible and real-time market stakeholders as part of the stock exchange’s commitment to facilitating transparency in the fixed income market,” he said.
Meanwhile, stock market trading closed green yesterday after buying interest on Zenith Bank Plc (+4.8 percent), Flour Mills of Nigeria Plc (+6.2 percent) and Guaranty Trust Bank Plc (+0.8 percent) ). As a result, the stock index (ASI) of the Nigerian Stock Exchange (NSE) appreciated by 0.03 percent and closed at 40,164.86.
Zenith Bank Plc announced yesterday its revised results for the year ended December 31, 2020, announcing a pre-tax (PBT) profit of N243.294 billion, compared to N255.861 billion. Profit after tax (PAT) rose 10.4 percent to N230.565 billion from N208.843 billion in 2019.
Trading activity improved with an increase in volume and value by 16.8% and 7.6% to 338.0 million shares, or N3.8 billion. The most traded shares by volume were FBN Holdings Plc (64.6 million shares), Zenith Bank (52.7 million shares) and Transcorp (42.0 million shares).