Connect with us

Economy

NASD Market Capitalisation Remains at N498bn Friday

Published

on

NASD Market capitalisation

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed the final trading day of the week flat for the second straight day on Friday, December 13, 2019.

Both the market capitalisation and NASD Unlisted Security Index (NSI remained at the same levels they were at the close of the previous trading day on Thursday.

The market capitalisation of unlisted securities on the exchange closed at N498.04 billion, while the index finished at 693.22 points.

However, the volume of the transactions recorded at the final trading session for the week decline for a second consecutive trading session, going down by 82.9 percent or 183,133 units to 37,800 units from 220,933 units.

In the same vein, the value of shares traded during the session on Friday went down by 99.3 percent or N45.1 million to N316,609 from N45.4 million recorded on Thursday.

Also, the total of number of trades executed by investors at the market in the day went down by two deals as a total of seven deals were recorded compared with the nine deals achieved at the previous trading session.

Business Post reports that the NASD OTC Exchange closed the session with no movement in price. All prices of stocks on the platform ended at the same level hey opened the market.

Also, at the close of transactions, Food Concept Plc remained the most active stock by volume (year to date) with 1,158,797,004 units valued at N844 billion, while UBN Properties also remained in second position with 941,319,697 units worth N1.27 billion.

In addition, in terms of the most transacted security by value (year-to-date), Central Securities Clearing System (CSCS) Plc maintained the top spot with 202,272,698 units worth N2.53 billion, while UBN Properties followed on the list with 884,529,600 units of its stocks sold for N1.2 billion.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Continue Reading
Click to comment

Leave a Reply

Economy

Oando Holds AGM December 17 as Former PwC Nigeria Head Joins Board

Published

on

Oando

By Aduragbemi Omiyale

The much-awaited Annual General Meeting (AGM) of Oando Plc will take place on Tuesday, December 17, 2024, at 10 am in Lagos, a statement from the energy company has revealed.

The day would be used to present the audited financial statements of the organisation for the year ended December 31, 2023, to shareholders.

Oando will also seek the approval of investors to appoint Mr Ken Igbokwe and Mr Bashir Bello to the boards of the company with effect from Monday, November 25, 2024.

Mr Igbokwe is a highly experienced management and consulting professional with over 35 years of expertise in various sectors, including oil and gas, financial services and the public sector.

During his distinguished career at PwC Nigeria, he held key leadership roles in Assurance, Tax and Consulting.

His experience spans a wide range of areas such as statutory, financial and process audits and assurance, business valuations, dispute resolution, financial and information systems risk management, corporate strategy development, corporate performance management, and tax planning.

In his role as Country Leader of PwC Nigeria, Mr Igbokwe was responsible for driving strategic thinking and the visioning that underpinned the growth of the firm.

He was in this leadership position for 10 years during which PwC Nigeria’s business recorded tremendous growth with PwC becoming the leading “Big 4” brand. He led the PwC West Africa business into the Africa-wide PwC merger in 2012.

The new appointee contributes to public discourse and debates on public sector transformation in Nigeria and on matters which focus on corporate governance and the strengthening of the investment climate.

Mr Igbokwe holds a B.Sc. (Eng) degree in Mechanical Engineering from Imperial College, London University, which he attended as a Shell Scholar and graduated from, in 1978.

He is a current member of the Institutes of Chartered Accountants in England and Wales and Nigeria. He is also a current member of the Chartered Institute of Taxation of Nigeria.

On his part, Mr Bello is an oil and gas professional with over 32 years of experience in Technical and Executive Management positions across the industry. His expertise spans all sectors, from Downstream (Refining) to Midstream (LNG) and Upstream (Exploration and Production), with a strong focus on Operations, Engineering, Project Management, and Corporate Governance.

He has served as a Board Member for Shell Petroleum Development Company of Nigeria Limited, Bonny Gas Transport Company, NLNG Ship Manning Company Limited, and various Board Committees of Nigeria LNG.

With a proven ability in Interface and Stakeholder Management, he is skilled at delivering business value in Joint Ventures with diverse shareholder agendas, managing projects with complex interfaces and stakeholder expectations, and overseeing operations with diverse functional requirements and limited resources.

Mr Bello holds a Bachelor of Engineering (B.Eng.) in Mechanical Engineering from Bayero University Kano, Nigeria. He is a Fellow of the Nigeria Society of Engineers (NSE), and a Registered Engineer with the Council for the Regulation of Engineering in Nigeria (COREN).

Continue Reading

Economy

CBN Hikes Interest Rates for Sixth Time to 27.5%

Published

on

interest rate hike

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has raised the monetary policy rate by 25 basis points to 27.50 per cent to further tackle rising inflation in Nigeria.

This was disclosed by the Governor of the apex bank, Mr Yemi Cardoso, at the end of the 298th Monetary Policy Committee (MPC) meeting in Abuja.

This is the sixth time that the country has hiked interest rate this year after it announced a 50-basis-point that brought the previous rate to 27.25 per cent in September 2024.

The rationale for increasing interest rates is that higher interest rates increase the cost of borrowing for individuals and businesses. This creates a ripple effect that reduces loans spent on items like homes, cars, and investments and curbs overall spending in the economy.

Normally, low interest rates can lead to excessive borrowing and investments in assets that will then inflate their prices.

Also, increased interest rates make saving more attractive as depositors earn more on their savings. It is widely accepted that saving reduces the demand for goods and services and thus helps to stabilise prices.

Mr Cardoso also used the opportunity to reiterate that the CBN will continue to employ necessary means to bring down inflation.

He projected that Nigeria’s high inflation should moderate by the end of the first quarter of  2025.

The inflation rate continued its upward trend in October 2024, impacted by rises in the price of food, electricity, and fuels, as it came in at 33.88 per cent, relative to the September 2024 headline inflation rate of 32.70 per cent.

Continue Reading

Economy

Unlisted Securities Exchange Falls 0.37%

Published

on

NASD Unlisted Securities Index

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange dropped by 0.37 per cent to open the week on a negative foot on Monday, November 25.

The NASD OTC market capitalisation lost N3.95  billion during the trading day to settle at N1.050 trillion compared with the previous trading day’s N1.054 trillion and the Unlisted Security Index (NSI) decreased by 11.26 points to wrap the session at 2,997.68 points compared with 3,008.94 points recorded in the previous session.

This happened as there was no gainer or loser on record during the session, according to daily trading data.

However, there was a rise in the volume of securities traded during the opening session of the week as investors exchanged 1.7 million units compared with last Friday’s 157,791 units, indicating an increase of 948 per cent.

Also, the value of shares traded yesterday grew by 4.8 per cent to N6.5 million from the N6.2 million recorded in the preceding trading day.

The number of deals carried out in the trading session remained unchanged at 20 deals.

Geo-Fluids Plc remained as the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, Okitipupa Plc came next with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc followed with 297.3 million units worth N5.3 billion.

Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, Okitipupa Plc came next with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc was in third with 297.3 million units sold for N5.3 billion.

Continue Reading

Trending