Economy
Ade Bajomo, Jalo-Waziri Resign as NSE Directors
By Dipo Olowookere
Executive Director, Market Operations and Technology at the Nigerian Stock Exchange (NSE), Mr Ade Bajomo; as well as his counterpart in charge of Capital Markets at the NSE, Mr Haruna Jalo-Waziri, have resigned from the stock market regulator.
Mr Jalo-Waziri resigned from the NSE effective October 31, 2017 to assume his new role as the Chief Executive Officer of CSCS Plc.
On the part of Mr Bajomo, he is leaving the NSE from December 31, 2017 to pursue other challenges.
During his time at the NSE, Mr Jalo-Waziri made significant contributions to NSE’s revenue growth and had responsibility for several key projects and initiatives.
Some of his signature assignments were launch of the premium board, Federal Government Savings bond, Eurobond, Sovereign Green bond development, Exchange traded funds, and incorporation of NG Clear Limited.
He was also the sponsor for the Derivatives Project, which is set to launch imminently. For the wider capital market, he chairs the CAMMIC sub-committee on attraction of new listings.
For Mr Bajomo, he was behind the digital revolution of trading at the Exchange with the launch of XGEN, XNET, introduction of trading app called Trade Smart, organization of the first NSE Market Data Workshop, and phenomenal growth of the market data business to name a few.
For the wider capital market, he served on the board of NASD Plc and chaired the Infrastructure and Technology sub-committee of the Nigerian Capital Market Committee.
Chief executive of the NSE, Mr Oscar Onyema, while commenting on the development, thanked both men for their immense contributions to the stock market.
“We thank Ade and Haruna for their immense contributions to the transformation of The Exchange and the Nigerian capital markets over the past few years.
“They led various significant projects and initiatives to improve efficiency and drive sustainable growth of the market. We wish them success in their personal and professional future. We shall miss them,” he said.
On the part of President of the National Council of the NSE, Mr Abimbola Ogunbanjo, he commended both gentlemen for “their meritorious stewardship characterized by their innovative ideas and most importantly, fully executing on the NSE’s strategic growth plans.”
“Ade and Haruna are consummate and dedicated professionals and I am confident that they will both excel in their future endeavours and on behalf of the National Council I wish to thank them for their dedication and accomplishments during their term in office,” he added.
Mr Jalo-Waziri, while commenting on his resignation, stated that, “I consider myself privileged to have served The Nigerian Stock Exchange as the Executive Director in charge of Capital Markets for over five years.
“I am honoured to have worked with the CEO, Oscar Onyema, management and staff of the Exchange and a vast majority of exemplary people within the capital market ecosystem over the years.
“As I move to the next phase of my career, I look forward to continue contributing to the development of the capital market through my stewardship at CSCS”.
On his part, Mr Bajomo said, “It has been my personal privilege and professional honour to have worked and served the Nigerian Stock Exchange in the capacity of Executive Director, Market Operations and Technology.
“In my over six years with the Exchange, I have worked with a highly talented pool of individuals within the exchange and the wider capital market that supported our work and delivery of market wide initiatives and I will sorely miss them all.
“I am also honoured to have worked with the previous and current council presidents and members. I am confident that the market will continue its growth trajectory and sustain market leadership”.
By Dipo Olowookere
About 0.04 per cent was recovered on Friday from the loss recorded by the Nigerian Exchange (NGX) the previous due to profit-taking.
Yesterday, investors were in the market with renewed vigour, mopping up stocks trading at relatively cheaper prices.
According to data, the insurance counter gained 0.41 per cent, the banking sector appreciated by 0.38 per cent, and the consumer goods index grew by 0.14 per cent.
The gains achieved by these three sectors were enough to lift Customs Street at the close of business despite the 0.26 per cent decline printed by the industrial goods segment and the 0.14 per cent loss suffered by the energy industry. The commodity counter was flat during the session.
A total of 43 equities gained weight on the last trading day of this week, while 26 equities shed weight, indicating a positive market breadth index and strong investor sentiment.
Red Star Express increased its share price by 10.00 per cent to N13.20, NCR Nigeria grew by 9.97 per cent to N128.55, SCOA Nigeria inflated by 9.96 per cent to N14.90, Omatek appreciated by 9.94 per cent to N1.77, and Deap Capital expanded by 9.85 per cent to N4.46.
On the flip side, McNichols decreased by 8.81 per cent to N6.00, Legend Internet crumbled by 7.56 per cent to N5.50, Cornerstone Insurance crashed by 6.48 per cent to N6.35, C&I Leasing contracted by 6.29 per cent to N8.20, and Austin Laz slipped by 5.78 per cent to N3.75.
Yesterday, 539.9 million shares valued at N16.7 billion were transacted in 48,023 deals versus the 1.0 billion shares worth N31.6 billion executed in 51,227 deals in the preceding day, implying a shrink in the trading volume, value, and number of deals by 46.01 per cent, 47.15 per cent, and 6.26 per cent apiece.
Zenith Bank was the most active for the day with 54.6 million stocks sold for N3.8 billion, Jaiz Bank traded 41.5 million units worth N359.4 million, Secure Electronic Technology transacted 37.7 million units valued at N39.2 million, Access Holdings exchanged 30.5 million units for N699.2 million, and Lasaco Assurance transacted 27.2 million units worth N68.3 million.
When the market closed for the day, the All-Share Index (ASI) went up by 72.21 points to 166,129.50 points from 166,057.29 points and the market capitalisation gained N31 billion to N106.354 trillion from N106.323 trillion.
By Adedapo Adesanya
It was a positive ending for the Naira this week after it further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 16 by N1.33 or 0.09 per cent to sell for N1,417.95/$1 compared with the previous day’s N1,419.28/$1.
The domestic currency also gained N2.41 against the Euro in the official market to close at N1,647.51/€1 versus the preceding session’s closing price of N1,649.92/€1, however, it suffered a N7.97 loss against the Pound Sterling in the same market window to trade at N1,901.32/£1, in contrast to Thursday’s closing price of N1,893.35/£1.
In the same vein, the Nigerian Naira depleted against the Dollar at the GTBank FX counter by N2 to quote at N1,427/$1 compared with the previous day’s N1,425/$1, but strengthened against the greenback at the black market yesterday by N5 to settle at N1,485/$1 versus the N1,490/$1 it was exchanged a day earlier.
Improved supply conditions helped keep the market within range as exporters’ and importers’ inflows in addition to non-bank corporate supply enhanced liquidity as the Central Bank of Nigeria (CBN) made no visible intervention.
Stronger external inflows from foreign portfolio investors (FPIs) and improving current account dynamics, continue to align with structural support in the wider economy.
Nigeria has seen projections of a stronger economic or gross domestic product (GDP) growth and lower inflation in 2026, with these forecasts citing improved macroeconomic fundamentals and reform impacts.
As for the cryptocurrency market, it was mixed following selloff in precious metals and lower US stocks appeared to be denting crypto sentiment.
Gold and silver, both of which also enjoyed big rallies earlier this week, tumbled 1.2 per cent and 5 per cent, respectively while key US stock indexes — the Nasdaq, S&P 500 and Dow Jones Industrial Average — all reversed from early gains to modest losses in Friday trade.
Dogecoin (DOGE) shrank by 2.2 per cent to $0.1370, Ripple (XRP) slipped by 0.8 per cent to $2.05, Ethereum (ETH) went down by 0.7 per cent to $3,228.56, and Bitcoin (BTC) slumped by 0.6 per cent to $95,086.80.
Conversely, Litecoin (LTC) appreciated by 3.2 per cent to $74.48, Solana (SOL) rose by 0.4 per cent to $143.70, Cardano (ADA) jumped by 0.2 per cent to $0.3942, and Binance Coin (BNB) increased by 0.1 per cent to $935.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher amid lingering worries about a possible US military strike against Iran, a decision that may still occur over the weekend.
Brent crude settled at $64.13 a barrel after going up by 37 cents or 0.58 per cent and the US West Texas Intermediate (WTI) crude finished at $59.44 a barrel after it gained 25 cents or 0.42 per cent.
The US Navy’s aircraft carrier USS Abraham Lincoln was expected to arrive in the Persian Gulf next week after operating in the South China Sea.
Market analysts noted that it doesn’t seem likely anything will happen soon. However, the weekends have become the perfect time for actions so as not offset the markets.
The market had risen after protests flared up in Iran and US President Donald Trump signalled the potential for military strikes, but lost over 4 per cent on Thursday as the American president said Iran’s crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.
Iran produces approximately 3.2 million barrels per day, accounting for roughly 4 per cent of global crude production, so it was not a coincidence that markets rallied sharply through Tuesday and Wednesday as President Trump canceled meetings with Iranian officials and posted that “help is on its way” to Iranian protesters, raising fears of potential US military strikes that sent prices surging toward multi-month highs.
Weighing against those fears are potential supply increases from Venezuela.
The Trump administration is exploring plans to swap heavy Venezuelan crude for US medium sour barrels that can actually go straight into Strategic Petroleum Reserve (SPR) caverns, since not all all oil belongs in the reserve.
According to Reuters, the Department of Energy is considering moving Venezuelan heavy crude into commercial storage at the Louisiana Offshore Oil Port, while US producers deliver medium sour crude into the SPR in exchange.
Analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.
Some investors covered short positions ahead of the three-day Martin Luther King holiday weekend in the US.
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