Economy
NGX Uniquely Positioned to Provide Sustainable Development—Popoola
By Aduragbemi Omiyale
The Nigerian Exchange (NGX) Limited has the capacity to provide sustainable development and combat climate change, the chief executive officer of the organisation, Mr Temi Popoola, has said.
According to him, the trading platform can facilitate the effective and efficient allocation of resources for the purpose of economic growth and development, saying the convening power of securities exchanges also positions these outstanding institutions as a driving force for change.
Speaking via a statement to celebrate World Environment Day, Mr Popoola said, “Amidst the unfortunate loss of lives and the associated economic downturn brought by the COVID-19 pandemic, the global capital market offered some respite through innovative financial solutions such as the COVID-19 bonds that are actively helping the global economic recovery.
“At the peak of the COVID-19 pandemic, we experienced high-level collaborations across the private and public sectors. More so, we saw the birth of innovative financial instruments developed in response to the COVID-19 crisis such as the unprecedented $3 billion impact bond raised by the African Development Bank.”
He explained that, “This year’s World Environment Day creates an opportunity for reflection. We need to reflect on the collective challenges we face in preserving the only place we know as our home and start to make decisions that put social and environmental benefits at the core of our individual activities and business operations.
“We have ‘Only one Earth’ and we all have a part to play in preserving it. The COVID-19 pandemic has shown us that our activities as individuals and businesses have an immediate impact on our loved ones, and on people all around the world. As we continue building back our lives and return business activities to normalcy, it is critical to rethink our model of growth.”
According to the CEO of NGX, “Over the course of my year at the exchange, I have become more convinced of the potential of securities exchanges serving as a force for good.”
“I have a firm belief that securities exchanges have a unique opportunity to advance sustainable development and combat climate change by fostering the growth of long-term sustainable finance in new ways that reflect the times that are characteristic of the world we live in today.
“In recent years, we have seen tremendous growth in green bonds as well as other sustainable financial instruments which are designed to tackle the climate crisis. As a leading securities exchange in Africa, NGX helped develop Africa’s first fully certified green bond, the debut Federal Government Sovereign N10.69 billion Green Bond. This is an area the Exchange has continued to play a leading role and will continue to with the support of all its stakeholders,” he added.
“As part of today’s celebration of the 2022 World Environment Day, we are set to make good our commitment to foster the growth of long-term finance in Nigeria by launching a dedicated platform for sustainable finance instruments,” he emphasised.
By Modupe Gbadeyanka
Nigeria’s First Lady, Mrs Oluremi Tinubu, has given Nigerians business advice that may not involve a lot of money to start.
Speaking with newsmen recently, the wife of President Bola Tinubu said businesses like akara (fried bean cake), kulikuli (a crunchy snack from roasted peanuts or groundnuts) and roasted corn can be set up without breaking the bank.
She disclosed that to support her husband’s Renewed Hope agenda, she has provided funding packages to traders and others to the tune of N3.5 billion.
“To start akara business doesn’t take a lot of money. To start roasting corn and kuli-kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant,” she stated.
She further said, “We’ve encouraged Nigerians as best as we could, what is within our hands, I have given, and I keep giving. Those are the things we’ve done.”
“I remember giving for TB (tuberculosis) when I heard of many TB cases; I gave N2 billion, to breast cancer, I gave N1 billion, and to [tackle] malnutrition, I gave N500 million.
“These are the things we’ve been doing to assist the government. So, we’ve had impact in agriculture, social investment, education (as scholarship and ICT training) and others. We are still open to doing more,” she disclosed.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.70 per cent on Thursday, June 25, after three price gainers overpowered the two price losers recorded at the close of business.
Consequently, the market capitalisation of the trading platform increased by N43.79 billion to N2.618 trillion from N2.574 trillion, and the NASD Security Index (NSI) improved by 72.96 points to close at 4,362.32 points, in contrast to Wednesday’s 4,289.36 points.
Yesterday, the price advancers were led by Nipco Plc, which chalked up N31.79 to close at N349.76 per unit versus the preceding day’s N317.97 per unit. Okitipupa Plc gained N18.00 to end at N298.00 per share versus the previous session’s N280.00 per share, and Central Securities Clearing System (CSCS) Plc went up by N7.11 to N86.79 per unit from N79.68 per unit.
On the flip side, Nitrox Industrial Gases Plc crumbled by 32 Kobo to close at N21.09 per share compared with the N21.41 per share it closed at midweek, and Food Concepts Plc depreciated by 25 Kobo to N2.51 per unit from N2.76 per unit.
During the session, the value of securities traded by investors went down by 86.7 per cent to N10.9 million from the preceding session’s N82.9 million, and the volume of securities dropped 84.9 per cent to 10.9 million units from the previous 82.9 million, while the number of deals grew by 84.2 per cent to 35 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.4 million units exchanged for N4.7 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further suffered a 0.64 per cent decline on Thursday as the bears tightened their grip on the bourse.
For the second straight session, all the key sectors of Customs Street pointed south, with the energy counter down by 5.22 per cent. The insurance index slumped by 2.59 per cent, the banking space depreciated by 0.28 per cent, and the consumer goods segment moderated by 0.06 per cent, while the industrial goods sector was flat, though with a marginal fall.
As a result, the All-Share Index (ASI) contracted by 1,493.71 points to 233,580.83 points from 235,074.54 points, and the market capitalisation retreated by N959 billion to N149.888 trillion from N150.847 trillion.
Investor sentiment remained weak after a negative market breadth index, as there were 21 price gainers and 34 price losers.
Aradel and Deap Capital went down by 10.00 per cent each to N1,575.00 and N4.05, respectively. Trans-Nationwide Express fell by 9.90 per cent to N3.64, Regency Alliance slipped by 9.57 per cent to N85 Kobo, and C&I Leasing dipped by 9.48 per cent to N28.12.
Conversely, Red Star Express grew by 9.60 per cent to N24.55, Legend Internet expanded by 9.09 per cent to N6.00, Neimeth appreciated by 7.10 per cent to N8.30, Abbey Mortgage Bank rose by 5.45 per cent to N8.70, and Ellah Lakes improved by 4.65 per cent to N9.00.
Yesterday, market participants traded 393.7 million equities valued at N19.2 billion in 45,813 deals compared with the 488.1 million equities worth N20.9 billion transacted in 46,239 deals recorded a day earlier, implying a shortfall in the trading volume, value, and number of deals by 19.34 per cent, 8.13 per cent, and 0.92 per cent, respectively.
The most active stock for the session was Access Holdings with a turnover of 39.1 million units worth N896.2 million, Chams traded 24.5 million units valued at N96.5 million, Fidelity Bank sold 24.1 million units for N436.9 million, Sterling Holdings exchanged 23.8 million units valued at N182.2 million, and Zenith Bank transacted 18.9 million units worth N2.1 billion.
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