Cordros Research Paper

Cordros Research and Strategy division provides unique, deep insights and analysis for clients in the equity, fixed income, currency and money markets. Our research reports feature a wide range of countries and regions, notably Nigeria, wherein we proactively track the issues and trends that affect economies as well as industries and markets. We have a team dedicated to each of the areas we cover and they demonstrate an incomparable ability to generate original insight that can help clients make better investment decisions.

Equity Research
Cordros Research is a recognized leader in providing in-depth analysis and insights on companies quoted on the Nigerian Stock Exchange. We aim to ensure our clients are well informed through well-researched reports, expert recommendations and market commentary. Our team of sector focused analysts makes recommendations based on exhaustive financial analysis, combined with our localized insight. We cover majority of stocks on the widely tracked NSE 30 index, with particular focus on companies in these sectors: Industrial Goods, Financial Services, Agriculture and Consumer Goods.

Fixed Income Research
Cordros Fixed Income Research publishes timely, in-depth analysis into Nigerian government treasuries and money markets. Fixed Income Research analysts leverage on their deep knowledge of the wide range of variables that influence investment in these markets, and are able to provide market views, forecasts and recommendations for both trading and long terms investment opportunities.

Macro Research
Cordros Macro Research features a wide range of countries and regions. Economic Research analysts provide timely, insightful publications on Nigeria, Europe, Asia, Latin America and Africa. On Nigeria, our research reports are proactive, helping investors better understand the issues and trends that affect the economy as well as its industries and markets.

Sunday, May 24, 2015 2:32 PM / NASD OTC

Trading Shares of Unlisted Companies

The process for trading securities of unlisted public companies has been further simplified by the recent SEC Rule which makes it mandatory for all transfers of such securities to be carried out on a SEC registered trading platform. NASD OTC Market is licensed by the Securities and Exchange Commission to cater for dealings in the securities of unlisted public companies.

There are currently 21 securities being traded on NASD OTC Market as a result of the securities being introduced by Participating Institutions (Stockbroking firms). However, all other unlisted public companies which are currently not on the list are also eligible to be traded by following the steps below:

•             Holders of the securities should approach any of the Participating Institutions registered with NASD OTC market. Follow this link for the list .

•             Participating Institution completes NASD form 3 to introduce the security. Follow this link to download the form

•             NASD will thereafter create a trading code for the security, announce the code to entire market participants then trading commences.

Corporate Information

•             The 21st Annual General Meeting of Central Securities Clearing System PLC holds on Tuesday, 9 June 2015 at 11.00am at the 20th Floor, The Nigerian Stock Exchange Building, 2/4 Customs Street, Lagos. 

•             The 27th Annual General Meeting of Capital Bancorp PLC holds on Tuesday, 25 June 2015 at 12.00pm at Lagos Resource Centre (Valerian), 9, Anifowoshe Street, Victoria Island, Lagos. 

•             Friesland Campina Wamco Nigeria Plc one of the admitted securities on the NASD OTC market recently released its audited results for the year ended 31 December 2014 showing a 5% increase in turnover to ₦126.43billion from ₦120.26 billion recorded in 2013.

The Company’s Profit Before Tax (PBT) fell by 15% to ₦16.50 billion from ₦19.31 billion recorded in 2013. Profit After Tax (PAT) also declined by 18% to ₦10.73 billion from ₦13.07 billion achieved in the previous year.

At the Company’s AGM held on Tuesday, 19 May 2015, the shareholders approved the final dividend of ₦4.33 kobo payable on 19 May 2015. This brings the total dividend declared for the year 2014 to ₦8.24 kobo (including an interim dividend of ₦3.91 paid earlier to the shareholders in November 2014).

Friesland Campina Wamco Nigeria Plc FY 2014 Result

Its market price closed at ₦295 today,



See below leaders’ board for the week ending 22 May 2015. Cordros Capital Limited takes OTC market lead.

* Not in the table previously
Active broker/dealers: 84
Inactive broker/dealers: 8
Total broker/dealers: 92





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