Economy
NSE Appoints Experts to Recommend Capital Market Products
By Modupe Gbadeyanka
Some renowned professionals with expertise, experience and footprint in local and global financial markets have been appointed to the new product advisory committees created by the Nigerian Stock Exchange (NSE).
The appointees will advise the exchange on emerging trends in the areas of product development and market structure across different product lines like Equities, Fixed Income, Exchange Traded Funds (ETFs) and Derivatives.
Members of the teams will be tasked with the responsibility of recommending strategic initiatives that will boost market liquidity, deepen and develop the Nigerian capital market and will serve for a two-year term.
According to a statement from the NSE, for the Fixed Income, members are Mrs Hajara Adeola, MD/CEO of Lotus Capital Limited (Chairperson); Ms Patience Oniha, DG of the Debt Management Office; Mrs Titi Ogungbesan, the CEO of Stanbic IBTC Stockbrokers Limited; Mr Oluseye Olusoga, MD of Parthian Partners Limited; Mrs Nkoli Edoka, MD/CEO of Cowry Securities Limited; Ms Esohe Denise Odaro, Head of Investor Relations at International Finance Corporation (IFC); Mrs Iyobosa Sorae, the Group Head of Securities Dealing at Coronation Merchant Bank; and Mr Akin Adigun, Senior Investment Officer at African Development Bank (AfDB).
For the Equities team, they are Mr Wale Agbeyangi, MD of Cordros Capital Limited (Chairperson); Dr Farouk Aminu, Head of Investment Supervision at National Pension Commission (PENCOM); Mr Dave Uduanu, CEO of Sigma Pensions; Mr Akeem Oyewale, CEO of Stanbic Nominees; Mrs Lilian Olubi, MD of EFG Hermes Nigeria Limited; Mr Roy Zimmerhansl, the Practice Lead of Pierpoint Financial Consulting; Mr Ziv Okun, Head of African Sales at Investec; Mr Thomas Brown, CEO of J. Streicher & Co. L.L.C; and Mrs Odiri Oginni, MD of United Capital Asset Managers Limited.
For the ETFs committee, they are Mr Cliff Weber, CEO of Financial Products Consulting Group (Chairperson); Mr Effiok E. Effiok, Head of Investment Management, Securities Exchange Commission (SEC); Ms Debbie Fuhr, Partner at ETFGI; Mr John Adu, the Head Business Development, Europe, the Middle East and Africa (EMEA) at JP Morgan Asset Management; Mr Damilola Ajayi, MD of Vetiva Fund Managers Limited; Ms Helena Conradie, CEO of Satrix; Mr Shuaib Audu, an Executive Director at Stanbic Asset Management Limited; Ms Nerina Visser, the Director & Co-owner of etfSA Portfolio Management Company, South Africa; Mr Akikunmi Majaro, MD of Absa Securities Nigeria Limited; and Mr Deji Tunde-Anjous, MD of AXAMansard Investments.
For the last committee, Derivatives, they are Mr Charlie Rubin, a Derivatives Consultant from the United States of America (USA) (Chairperson); Mr Michael Okon, Head of Structuring, West Africa, Rand Merchant Bank (RMB); Mrs Laura Fisayo-Kolawole, Senior Vice President at FBNQuest Asset Management; Mr Temi Popoola, CEO of Renaissance Capital; Dr Peter M. Werner, Senior Council at International Swaps and Derivatives Association (ISDA), United Kingdom; and Mr Yemi Akisanya, Head of Diversity & Inclusion at OCC, USA.
Commenting on the appointments, the CEO of NSE, Mr Oscar Onyema, noted that, “The exchange is resolute in its ambition to become Africa’s preferred multi-asset securities exchange.
“We have, therefore, constituted these Product Advisory Committees to leverage the vast experience, diverse viewpoints and extensive networks of financial market technocrats to further strengthen and deepen our market.
“We are confident that the committees will discharge their duties excellently to help us meet the needs of both local and international stakeholders while making The Exchange globally competitive.”
By Dipo Olowookere
The local stock market firmed up by 1.13 per cent on Friday as appetite for Nigerian stocks remained strong.
Investors reacted well to the 2026 budget presentation of President Bola Tinubu to the National Assembly yesterday, especially because of the more realistic crude oil benchmark of $64 per barrel compared with the ambitious $75 per barrel for 2025. This year, prices have been between $60 and $65 per barrel.
Business Post observed profit-taking in the commodity and energy sectors as they respectively shed 0.14 per cent and 0.03 per cent.
But, bargain-hunting in the others sustained the positive run, with the consumer goods index up by 3.82 per cent.
Further, the industrial goods space appreciated by 1.46 per cent, the banking counter improved by 0.08 per cent, and the insurance industry gained 0.04 per cent.
As a result, the All-Share Index (ASI) increased by 1,694.33 points to 152,057.38 points from 150,363.05 points and the market capitalisation chalked up N1.080 trillion to finish at N96.937 trillion compared with Thursday’s closing value of N95.857 trillion.
A total of 34 shares ended on the advancers’ chart, while 24 were on the laggards’ log, representing a positive market breadth index and bullish investor sentiment.
Austin Laz gained 10.00 per cent to close at N2.42, Union Dicon also jumped 10.00 per cent to N6.60, Tantalizers increased by 9.80 per cent to N2.69, Aluminium Extrusion improved by 9.78 per cent to N12.35, and Champion Breweries grew by 9.71 per cent to N16.95.
Conversely, Sovereign Trust Insurance dipped by 7.42 per cent to N3.87, Royal Exchange lost 6.84 per cent to trade at N1.77, Omatek slipped by 6.84 per cent to N1.09, Eunisell depreciated by 5.88 per cent to N80.00, and Eterna dropped 5.63 per cent to close at N28.50.
Yesterday, traders transacted 1.5 billion units worth N21.8 billion in 25,667 deals compared with the 839.8 million units sold for N32.8 billion in 23,211 deals in the preceding session, showing a surge in the trading volume by 76.61 per cent, an uptick in the number of deals by 10.58 per cent, and a shrink in the trading value by 33.54 per cent.
By Adedapo Adesanya
Three stocks stretched the bearish run of the NASD Over-the-Counter (OTC) Securities Exchange by 1.21 per cent on Friday, December 19, with the market capitalisation giving up N26.01 billion to close at N2.121 billion compared with the N2.147 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropping 43.47 points to 3,546.41 points from 3,589.88 points.
The trio of FrieslandCampina Wamco Nigeria Plc, Central Securities Clearing System (CSCS) Plc, and NASD Plc overpowered the gains printed by four other securities.
FrieslandCampina Wamco Nigeria Plc lost N6.00 to sell at N54.00 per unit versus N60.00 per unit, NASD Plc shrank by N3.50 to N58.50 per share from N55.00 per share, and CSCS Plc depleted by N2.91 to N33.87 per unit from N36.78 per unit.
On the flip side, Air Liquide Plc gained N1.01 to close at N13.00 per share versus N11.99 per share, Golden Capital Plc appreciated by 70 Kobo to N7.68 per unit from N6.98 per unit, Geo-Fluids Plc added 39 Kobo to sell at N5.50 per share versus N5.11 per share, and IPWA Plc rose by 8 Kobo to 85 Kobo per unit from 77 Kobo per unit.
During the trading day, market participants traded 1.9 million securities versus the previous day’s 30.5 million securities showing a decline of 49.3 per cent. The value of trades went down by 64.3 per cent to N80.3 million from N225.1 million, but the number of deals jumped by 32.1 per cent to 37 deals from 28 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc finished the session as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units traded for N4.9 billion.
The most active stock by volume on a year-to-date basis was still InfraCredit Plc with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Adedapo Adesanya
It was not a good day for the Nigerian Naira at the two major foreign exchange (FX) market on Friday as it suffered a heavy loss against the United States Dollar at the close of transactions.
In the black market segment, the Naira weakened against its American counterpart yesterday by N10 to quote at N1,485/$1, in contrast to the N1,475/$1 it was traded a day earlier, and at the GTBank forex counter, it depreciated by N2 to settle at N1,467/$1 versus Thursday’s closing price of N1,465/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, which is also the official market, the nation’s legal tender crashed against the greenback by N6.65 or 0.46 per cent to close at N1,464.49/$1 compared with the preceding session’s rate of N1,457.84/$1.
In the same vein, the local currency tumbled against the Euro in the spot market by N2.25 to sell for N1,714.63/€1 compared with the previous day’s N1,712.38/€1, but appreciated against the Pound Sterling by 73 Kobo to finish at N1,957.30/£1 compared with the N1,958.03/£1 it was traded in the preceding session.
The market continues to face seasonal pressure even as the Central Bank of Nigeria (CBN) is still conducting FX intervention sales, which have significantly reduced but not remove pressure from the Naira. Also, there seems to be reduced supply from exporters, foreign portfolio investors and non-bank corporate inflows.
President Bola Tinubu on Friday presented the government’s N58.47 trillion budget plan aimed at consolidating economic reforms and boosting growth.
The budget is based on a projected crude oil price of $64.85 a barrel and includes a target oil output of 1.84 million barrels a day. It also projects an exchange rate of N1,400 to the Dollar.
President Tinubu said inflation had plunged to an annual rate of 14.45 per cent in November from 24.23 per cent in March, while foreign reserves had surged to a seven-year high of $47 billion.
Meanwhile, the cryptocurrency market was dominated by the bulls but it continues to face increased pressure after million in liquidations in previous session over accelerating declines, with Dogecoin (DOGE) recovering 4.2 per cent to trade at $0.1309.
Further, Ripple (XRP) appreciated by 3.9 per cent to $1.90, Cardano (ADA) rose by 3.5 per cent to $0.3728, Solana (SOL) jumped by 3.4 per cent to $126.23, Ethereum (ETH) climbed by 2.9 per cent to $2,982.42, Binance Coin (BNB) gained 2.0 per cent to sell for $853.06, Bitcoin (BTC) improved by 1.7 per cent to $88,281.21, and Litecoin (LTC) soared by 1.2 per cent to $76.50, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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