Economy
Buhari Applauds Stock Exchange for Stimulating Economic Growth
By Dipo Olowookere
The nation’s stock exchange, the Nigerian Exchange (NGX) Group Plc, has been applauded by President Muhammadu Buhari for providing a platform that stimulates economic growth.
The President gave this commendation on Tuesday when he was hosted virtually by the NGX at the unveiling of its campaign called The Stock Africa Is Made Of.
Business Post reports that the event featured several key speeches and goodwill messages from industry veterans across the public and private sectors including the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed; the Minister of Trade and Investment, Mr Adeniyi Adebayo; the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda; the Chairman of Dangote Group, Mr Aliko Dangote; and the Chairman of Zenith Bank Plc, Mr Jim Ovia.
Others were the President of Toronto Raptors, Mr Masai Ujiri; the Chairman of United Bank for Africa (UBA), Mr Tony Elumelu; the CEO of the London Stock Exchange, Mr David Swchimmer; the CEO of Luxembourg Stock Exchange, Ms Julie Becker; the Chairman of Global Reporting Initiative, Mr Eric Hespenheide; and the Deputy British High Commission Lagos, Mr Ben Llewellyn-Jones.
In his speech, President Buhari, prior to sounding the closing gong and bringing the day’s trading to a close, stated that, “It is my pleasure to join you all at this important event organised to amplify the positive narrative about Africa and its great potentials.
“Let me start by congratulating Nigerian Exchange Group Plc on its recently concluded demutualisation, which is the first in the country.
“I recall signing the Demutualisation Bill in August 2018, paving the way for the long-awaited demutualisation of the then Nigerian Stock Exchange.”
“It is also important for me to highlight that the history of NGX Group is tied to that of the nation itself founded 61 years ago at a pivotal time when Nigeria gained her independence.
“The exchange continues to play its part in nation building by stimulating economic growth and providing a platform for businesses and individual to save and raise capital through innovation, diversified products and services, enabling regulatory environment and much more.
“The occasion of the demutualisation of the Nigerian Stock Exchange is yet a proud moment for all of us, and indeed all Nigerians deserve congratulations for this feat as it is the beginning of a new era for the capital market,” Mr Buhari added.
In his remarks, the Chairman of NGX Group Plc, Mr Abimbola Ogunbanjo, said, “The exchange has come a long way, through different leadership regimes – civilian and military – that have overseen multiple booms and bust economic dispensations within the Nigerian economy, to emerge as a leading integrated market infrastructure in Africa and the engine of growth for Africa’s largest economy.
“Our story is one birthed from resilience, collaboration, determination and continued focus on our vision; a true Africa story. With demutualisation, NGX Group is well-positioned to enable strong economic growth and contribute its quota to the development of the Nigerian capital market and the African continent.”
On his part, the Group Managing Director/Chief Executive Officer, NGX Group Plc, Mr Oscar Onyema, noted that, “At Nigerian Exchange Group Plc, we have the vision to be the premier exchange hub for Nigerian businesses and for the wider African economy building on the strong reputation and corporate governance the NSE has established over the years.
“As we march bravely into the NGX era, we look forward to impacting creating partnerships that will unlock value for our stakeholders, whilst improving the state of the Nigerian economy. It is a period to reinforce on the global stage, our great African pedigree and the Stock Africa Is Made of.”
The unveiling event culminated in a closing gong ceremony where the CEO of the NGX Limited, Mr Temi Popoola, stated, “I am delighted to have hosted President Muhammadu Buhari.
“Today’s epochal closing gong ceremony could not have been possible without Mr President’s support. The NGX era is indeed very exciting for us and we will continue to champion the growth of the African capital market through trade and investments that will facilitate Africa’s economic recovery and reposition the continent for sustainable economic development.
“Partnerships are a critical element of our strategy and we will continue to engage our stakeholders whose support is essential to the achievement of our aspirations in this NGX era.”
In her closing remarks, the CEO of NGX Regulation Limited, Ms Tinuade Awe, stated, “My deepest gratitude goes to President Buhari for gracing us with his presence and honouring our invitation to close the market on the official launch day of the NGX era. This has truly been an inspiring event and we have our amazing line-up of speakers to thank for that.
“I must also thank our regulators, the entire capital market ecosystem and the management and staff of NGX Group for the hard work and diligence that has set us firmly on the path of success.
“It has been an exciting journey to date, and I am confident that we will all work well together to achieve even greater heights in the NGX era.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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