Economy
NGX Group Shares to Begin Trading on NGX Trading Platform
By Dipo Olowookere
Shares of Nigerian Exchange (NGX) Group Plc will soon be available for trading on the floor of the NGX Limited, Business Post has gathered.
The group, which currently trades its stocks on the NASD over-the-counter (OTC) Securities Exchange, would be listed on the country’s main exchange through listing by introduction.
A total of 1,964,115,918 equities of the company would be admitted to the main board of the bourse and would be assigned the ticker NGXGROUP.
At the moment, the Securities and Exchange Commission (SEC) has approved the listing of the organisation’s shares on the NGX trading platform.
After the demutualisation and restructuring of the Nigerian Stock Exchange (NSE), the NGX Group was birthed as a parent firm for three other subsidiaries, including NGX Limited.
“I am pleased to confirm that The Group intends to move ahead with its Listing by Introduction on the main board of NGX Limited.
“Together with many other listed companies, NGX Group will take advantage of the strategic opportunities open to quoted companies in Nigeria.
“As a listed entity, The Group will have access to the widest range of new investors, including the growing pool of institutional investors.
“Demutualisation has created many new possibilities for the group and our listing is just one more step in our evolution,” the Group Managing Director/Chief Executive Officer of NGX Group, Mr Oscar Onyema, said.
On his part, the Group Chairman of NGX Group, Mr Abimbola Ogunbanjo, stated that the listing is expected “to bring significant benefits to its business and its stakeholders.
“NGX Group will enhance its strategic flexibility by creating new financing opportunities and partnership possibilities while diversifying its shareholder base.
“This milestone will open up the group’s capital to new investors within the Nigerian investing public as well as international institutions thereby reinforcing NGX Group’s presence in international capital markets, and for its current long-term shareholders it will create the possibility to realise value.”
The stockbrokers to the listing of NGX Group are Chapel Hill Denham Securities Limited, and RMB Nigeria Stockbrokers Limited, while the Issuing House(s)/financial adviser(s) are Chapel Hill Denham Advisory Limited and Rand Merchant Bank Nigeria Limited.
Business Post reports that at the close of business yesterday, NGX Group shares appreciated by 82 kobo or 5.6 per cent to close at N14.68 per unit as against the previous N13.86 per unit.
By Adedapo Adesanya
The duo of Okitipupa Plc and Central Securities Clearing System (CSCS) Plc spurred the NASD Over-the-Counter (OTC) Securities Exchange to a 1.11 per cent growth on Tuesday, August 19.
During the session, Okitipupa Plc gained N16.80 to trade at N239.50 per unit versus N227.70 per unit, and CSCS Plc appreciated by N3.20 to close at N48.20 per share compared with the previous day’s N45.00 per share.
However, the price of Industrial and General Insurance (IGI) Plc depreciated by 3 Kobo yesterday to 56 Kobo per unit from the previous session’s 59 Kobo per unit.
At the close of business, the market capitalisation chalked up N23.94 million on Tuesday to quote at N2.171 trillion compared with the preceding day’s N2.147 trillion and the NASD Unlisted Security Index (NSI) increased by 40.00 points to 3,629.09 points from Monday’s 3,589.09 points.
Data showed that the volume of securities contracted by 80.5 per cent to 11.04 million units from 56.7 million units, the value of securities decreased by 56.3 per cent to N77.1 million from N176.3 million, and the number of deals dipped by 54.6 per cent to 15 deals from 33 deals.
Okitipupa Plc ended the day as the most active stock by value on a year-to-date basis with 158.7 million units transacted for N5.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 44.0 million units valued at N1.9 billion.
Also, IGI Plc maintained its position as the most traded stock by volume on a year-to-date basis with 1.2 billion units worth N402.1 million, trailed by Impresit Bakolori Plc with 536.9 million units sold for N524.8 million, and Air Liquide Plc with 507.2 million units valued at N4.2 billion.
By Adedapo Adesanya
The Naira moved in different directions at the foreign exchange (FX) market on Tuesday as the Central Bank of Nigeria (CBN) has held back its direct interventions aimed to defend the local currency.
Yesterday, the Nigerian Naira appreciated against the United States Dollar in the black market by N5 to quote at N1,545/$1, in contrast to Monday’s exchange rate of N1,550/$1.
But, at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the domestic currency depreciated against the greenback by N1.16 or 0.08 per cent to close at N1,534.93/$1 compared with the preceding day’s N1,533.77/$1.
However, the Naira appreciated against the Pound Sterling in the official market by N3.20 to close at N2,073.69/£1 versus the preceding session’s N2,076.89/£1 and declined by 68 Kobo to finish at N1,792.04/€1 versus N1,791.36/€1.
According to market analysts, the decision of the CBN to halt its forex sales to authorised dealers is likely because the Nigerian currency is trading within the expected range.
Updated data showed that the gross balance in the nation’s external reserves climbed to $40.962 billion on Monday.
As for the cryptocurrency market, profit-taking plunged the landscape into chaos as investors are turning cautious that the US Federal Reserve Chairman Jerome Powell’s speech set for Friday at Jackson Hold may come with a hawkish surprise.
Investors, who previously expected a September interest rate cut by the Federal Reserve, are now weighing the odds that Mr Powell might argue for holding rates steady during his Friday keynote address at the central bank’s Economic Symposium in Kansas City.
Despite recent signs of a weakening job market and slowing economy, last week’s PPI report reignited concerns of inflation reaccelerating in the US.
Cardano (ADA) slumped by 7.6 per cent to $0.8522, Ripple (XRP) declined by 3.8 per cent to $2.89, Litecoin (LTC) fell by 2.1 per cent to $114.23, Dogecoin (DOGE) slid by 1.8 per cent to $0.2132, Binance Coin (BNB) dropped 1.2 per cent to sell for $834.25, Ethereum (ETH) went down by 1.2 per cent to $4,183.29, and Bitcoin (BTC) depreciated by 1.1 per cent to $113,703.16.
However, Solana (SOL) appreciated by 0.6 per cent to $181.05, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
The growth recorded by the Nigerian Exchange (NGX) Limited on Monday was reversed on Tuesday by 1.46 per cent due to renewed selling pressure.
During the session, profit-taking was dominant, with the industrial goods index down by 4.37 per cent. Further, the insurance space retreated by 3.86 per cent, the banking sector went down by 2.06 per cent, and the energy counter shrank by 0.68 per cent, while the consumer goods industry appreciated by 0.57 per cent.
As a result, the All-Share Index (ASI) contracted by 2,109.00 points to 142,613.47 points from 144,722.47 points and the market capitalisation moderated by N1.334 trillion to N90.227 trillion from the N91.561 trillion it ended on Monday.
From analysis of the NGX data, the market breadth index was negative yesterday as the bourse finished with 39 price losers and 26 price gainers, implying weak investor sentiment.
Royal Exchange topped the losers’ chart after it lost 10.00 per cent to trade at N2.52, Dangote Cement depreciated by 9.88 per cent to N520.00, RT Briscoe shrank by 9.87 per cent to N3.56, Jaiz Bank slipped by 9.87 per cent to N4.32, and Lasaco Assurance slumped by 9.77 per cent to N3.60.
On top of the gainers’ table was Nigerian Enamelware with a price appreciation of 9.95 per cent to trade at N35.90, DAAR Communications grew by 9.82 per cent to N1.23, Deap Capital expanded by 9.60 per cent to N1.94, Academy Press improved by 8.43 per cent to N9.00, and International Breweries gained 6.95 per cent to settle at N13.85.
The most active equity yesterday was Universal Insurance with the sale of 130.2 million units valued at N173.7 million, AIICO Insurance traded 100.1 million units worth N437.6 million, Mutual Benefits transacted 68.5 million units for N310.7 million, Prestige Assurance sold 66.9 million units for N135.4 million, and Regency Alliance exchanged 46.1 million units worth N69.3 million.
At the close of trades, a total of 1.0 billion stocks valued at N17.7 billion exchanged hands in 34,352 deals on Tuesday compared with the 1.2 billion stocks worth N16.2 billion traded in 38,160 deals on Monday, representing a decline in the trading volume and number of deals by 16.67 per cent and 9.98 per cent apiece and a rise in the trading value by 9.26 per cent.
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