Economy
NSE, Others Celebrate Aigboje Aig-Imoukhuede
By Aduragbemi Omiyale
The former Group Managing Director of Access Bank Plc, Mr Aigboje Aig-Imoukhuede, could not hide his excitement when he was celebrated at the Nigerian Stock Exchange (NSE) on Wednesday, March 31, 2021.
The respected banker was hosted to a digital closing gong ceremony today in celebration of his years of meritorious service and contributions to the growth of the exchange.
He retired as the ex-officio of the National Council of the NSE. He was the president of the council between 2014 and 2017 when he exited the position. However, he remained in the council as an ex-officio.
“It is my deep pleasure to celebrate Mr Aig-Imoukhuede today for his exemplary stewardship as first vice president, president and ex-officio of the national council for over seven years.
“The transformational groundwork he laid made it easier to succeed him as Council President and avidly pursue the vision to build a world-class exchange.
“Furthermore, I would like to thank him for his wise and valuable counsel to the NSE over the years which were instrumental in the attainment of demutualisation and will continue to guide the entire group in this new era.
“I speak on behalf of the management and staff of the NGX Group Plc and its subsidiaries in commending him for his exceptional service and wishing him well in his future endeavours,” the chairman of the Nigerian Exchange Group (NGX Group) Plc, Mr Abimbola Ogunbanjo, stated.
On his part, the Group CEO of the NGX Group, Mr Oscar Onyema, thanked Mr Aig-Imoukhuede for the hands-on experience and business expertise with which he has contributed to the growth of the NSE over the years.
“During his time as president of the national council, he provided unique insights that saw to the development of the exchange despite the harsh economic and policy environments that often characterised his tenure.
“As ex-officio, Mr Aig-Imoukhuede continued to provide invaluable support to the exchange. We are honoured to celebrate his achievements and are excited that he did indeed enter the ‘promised land’ with us as he said he would when he retired as president of the national council in 2017,” he said.
The stockbroking community, speaking through their representative, Mr Rasheed Yusuf, applauded the founder of Coronation Merchant Bank for his contribution to the capital market and wished him success in his future endeavours.
In his remarks, Mr Aig-Imoukhuede said, “It has been a wonderful journey over the past seven years as first vice-president, president and ex-officio of the national council of the NSE.
“Serving in this prestigious role will always be a highlight in my career and I feel greatly privileged to have worked with amazing colleagues at the national council, the executive committee and staff of the exchange.
“I must also thank the dealing member community, issuers, the investing public, regulatory bodies and all other stakeholders who contributed in one way or the other to our progress over the years, particularly our aspiration to demutualise.
“I also thank my wife (Mrs Ofovwe Aig-Imoukhuede) for her support, especially during the demutualisation process. She was with me even when my spirit was down. I also thank God for his mercies over me.
“Let me assure you that the boards and management of the NGX Group and its subsidiaries remain committed to the course of action and will leave no stone unturned in ensuring that we achieve even more notable feats in this new era.”
By Adedapo Adesanya
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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