Economy
NGX Will Make Capital Market Attractive to Retail Investors—Mahmoud
By Dipo Olowookere
The Chairman of the Nigerian Exchange (NGX) Limited, Mr A.B. Mahmoud, has disclosed that the exchange has all it takes to make the capital market attractive to retail investors, especially through technology.
Speaking at the listing of the shares of Access Holdings Plc on the bourse last Thursday, he said the NGX boasts of products that will interest retail investors, especially the youths.
“The exchange is better positioned to lead government advocacy efforts for listed companies, promote technology advancement and digital innovation for the capital market and increase retail investor participation in the capital market aimed at building a market for the future and addressing the prevailing challenge of financial inclusion,” he stated.
He welcomed “Access Holdings Plc to a renewed NGX and look forward to deepening our collaboration to develop and push for disruptive, out of the box ideas financial products that will dimension the next curve for the capital market.”
Mr Mahmoud congratulated the board of directors and executive management of Access Holdings and the parties to the transaction, Chapel Hill Denham Advisory Limited, Coronation Securities Limited, Aluko & Oyebode, and Africa Law Practice NG & Company.
On his part, the Chief Executive Officer of NGX, Mr Temi Popoola, commended the financial institution for its contribution to the Nigerian growth story and emphasized NGX’s commitment to collaborating with institutions driving growth in the Nigerian economy.
The CEO further noted that the exchange was proud to be part of the progress that Access Holdings has successfully achieved over the past 20 years while assuring that the company will find a worthy partner in the bourse as it commences its new journey.
Delivering his remarks, Chairman of Access Holdings Plc, Mr Bababode Osunkoya, said, “The significance of this event as our first external engagement as Access Holdings Plc is not lost on us.
“Access Holdings Plc is an evolutionary expression for us which signifies our moving away from what was known as Access Bank into a financial institution.
“We acknowledge the impact of our collaboration with The Exchange over the years and we look forward to continuing this mutually beneficial partnership to take Nigeria and Africa to the world.”
The Group Chief Managing Director/Chief Executive Officer of Access Holdings, Mr Herbert Wigwe, while speaking at the event, thanked the exchange for its remarkable contribution to the company’s story.
“In 2004, following the Central Bank of Nigeria (CBN)-mandated recapitalisation initiative, Access Bank came to the exchange on its maiden journey to raise capital. NGX created the platform through which we raised capital and quickly consummated one of the largest mergers in the history of this country.
“Today’s event marks a major milestone for us as we evolve from a traditional banking institution into a full-fledged financial services provider that would create an ecosystem of financial services for all Nigerians to benefit from. This is the exchange that made Access Bank and we thank the exchange for its continued support over the years,” he stated.
Precisely on Thursday, April 28, 2022, a closing gong ceremony was hosted by the NGX to commemorate the Access Holdings’ successful restructuring into a holding company structure and the listing of 35,545,225,622 ordinary shares of the company on its trading platform.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited came under pressure on Friday, staggering by 0.21 per cent at the close of trading activities.
Investors embarked on profit-taking yesterday, particularly in the energy and industrial goods sectors, which closed lower by 0.43 per cent and 0.06 per cent, respectively.
The gains reported by the others could not extend the stay of Customs Street in the positive territory yesterday.
Data showed that the insurance counter closed higher by 2.07 per cent, and the banking space improved by 0.55 per cent, while the consumer goods and commodity indices closed flat.
When the closing gong was struck by 2:30 pm, the All-Share Index (ASI) was down by 224.91 points to 104,563.34 points from 104,788.25 points and the market capitalisation contracted by N141 billion to N65.707 trillion from N65.848 trillion.
Deap Capital lost 9.71 per cent to trade at 93 Kobo, Royal Exchange crumbled by 9.09 per cent to 80 Kobo, Sovereign Trust Insurance fell by 7.61 per cent to 85 Kobo, Guinea Insurance depreciated by 7.35 per cent to 63 Kobo, and Oando dwindled by 5.57 per cent to N39.00.
Conversely, Caverton jumped by 9.96 per cent to N2.54, VFD Group surged by 9.90 per cent to N87.70, Abbey Mortgage Bank gained 9.86 per cent to close at N6.13, FTN Cocoa advanced by 9.83 per cent to N1.90, and Regency Alliance rose by 9.43 per cent to 58 Kobo.
On Friday, investors traded 380.0 million equities worth N10.1 billion in 10,791 deals versus the 432.6 million equities valued at N9.7 billion transacted in 12,027 deals in the previous trading session, indicating an uptick in the value of transactions by 4.12 per cent and contractions in the volume of trades and the number of deals by 12.16 per cent and 10.28 per cent apiece.
Access Holdings retained its position as the most active equity with 73.2 million units sold for N1.5 billion, Zenith Bank exchanged 33.4 million units worth N1.7 billion, Cutix transacted 29.7 million units valued at N63.0 million, GTCO traded 25.7 million units worth N1.7 billion, and Fidelity Bank transacted 19.7 million units valued at N374.2 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange went down by 0.31 per cent on Friday, April 10, with the Unlisted Security Index (NSI) depreciating by 1038 points to 3,277.57 points from the previous session’s 3,287.85 points.
Similarly, the market capitalisation of the bourse depleted by N6.02 billion to close at N1.919 trillion from the N1.925 trillion it ended on Thursday.
FrieslandCampina Wamco Nigeria Plc gave away N2.95 to close at N35.55 per unit versus the previous day’s N38.50 per unit and Acorn Petroleum Plc lost 13 Kobo to end at N1.17 per share from the previous closing value of N1.30 per share.
During the session, there was a 750.8 per cent surge in the volume of securities transacted to 152.3 million units from the 18.1 million units transacted in the previous trading day, the value of transactions grew by 2,268.9 per cent to N4.6 billion from N192.9 million, and the number of deals went down by 20 per cent to 16 deals from 20 deals.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, followed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
However, Okitipupa Plc became the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 14.6 million units worth N562.7 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.
By Adedapo Adesanya
The Naira closed the last trading session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on a positive note on Friday, April 11 with a gain of 1.2 per cent or N18.86 against the United States Dollar.
During the trading day, it was exchanged at the official forex market at N1,611.08/$1, in contrast to the N1,629.94/1 it was traded a day earlier.
The local currency strengthened yesterday at the currency market after the Dollar weakened in the international scene, making currencies like the Naira have a sigh of relief.
Also supporting this is efforts by the Central Bank of Nigeria (CBN) to prop the market with the necessary liquidity.
However, the domestic currency depreciated against the British Pound Sterling at the spot market during the session by N5.57 to settle at N2,090.58/£1 compared with Thursday’s closing price of N2,085.01/£1 and lost N10.18 against the Euro to sell for N1,815.82/€1, in contrast to the preceding day’s N1,805.64/€1.
At the parallel market, the Nigerian Naira traded flat against the greenback on Friday, remaining unchanged at N1,620/$1.
As for the cryptocurrency market, it was bullish after the US Dollar fell to a 3-year low and Producer Price Index (PPI) inflation dropped sharply.
The drop in the greenback made it possible for investors and traders to buy more while the index came in at 2.7 per cent versus the anticipated 3.3 per cent while the core PPI print also surprised to the downside.
Solana (SOL) appreciated by 5.4 per cent to $123.31, Dogecoin (DOGE) rose by 4.3 per cent to $0.1638, Bitcoin (BTC) increased by 3.2 per cent to $83,697.39, and (XRP) added 2.4 per cent to quote at $2.04, and Binance Coin (BNB) soared by 1.4 per cent to $587.41.
In addition, Ethereum (ETH) improved by 1.2 per cent to $1,573.75, Cardano grew by 0.3 per cent to $0.6234, Litecoin (LTC) also went up by 0.3 per cent to $76.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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