Economy
NSE Standstill for Pa Akintola Williams, Beats Closing Gong
By Adedapo Adesanya
Pa Akintola Williams, the doyen of accounting in Nigeria, was honoured at the Nigerian Stock Exchange (NSE) with a closing bell ceremony on Monday, September 30, 2019.
Pa Williams, who clocked a milestone of 100 years old in August, was specially celebrated by the NSE for his contribution to the establishment of the organisation.
The centenarian is the only surviving signatory to the founding of the Nigerian Stock Exchange and was honoured with closing Monday’s trading activity at the exchange.
This coincided with 58th Annual General Meeting (AGM) of the NSE, where the CEO of the Exchange, Mr Oscar Onyema, expressed his gratitude for the presence of Pa Akintola Williams.
“Today is a big day for us at the exchange and it is a day we will cherish for a long time,” he remarked.
Speaking further, he said, “In a country where life expectancy hovers around 55 years, clocking the century mark is indeed a great landmark. For Pa Williams, an even greater achievement is the quality in his 100 years. He has lived a life worthy of emulation, resolutely serving our nation at home and abroad, promoting best practices, deterring limitations, and inspiring everyone in his circle to more responsibilities.
“This celebration presents another opportunity to reflect on his achievements and acknowledge the efforts that have brought him this far. It is my hope that we can continue to draw inspiration from his legacy to solve our pertinent socio-economic challenges”.
On his part, Otunba Abimbola Ogunbanjo said “Pa. Williams played a significant role in the incorporation of NSE. He served as a member of the committee set up by the Federal Government of Nigeria to carry out a feasibility study on the viability of establishing a stock exchange in Nigeria.
“Pa. Williams worked tirelessly and joined with several distinguished Nigerians to assess the promise and challenges associated with a new stock exchange in Nigeria. After six months of extensive research, the committee concluded that the establishment of a stock exchange in Nigeria was feasible, and timely.
“As a member of the National Council of the Exchange, he contributed in no small measure to the growth of its listing portfolio and established rules reducing barriers for companies to list on The Exchange.
“As the NSE continue to lead the advancement of the Nigerian capital market through inclusive products and services, we look back in gratitude to the contributions of visionary and patriotic icons like Pa. Williams.”
Pa Akintola, during his comment, congratulated all the members of the stock exchange for their contributions and called on the exchange to further continue its duties.
“I thank you all for assembling here today to celebrate my centenary. I am indeed happy and proud to see the progress our project of nearly sixty years ago has made, and I look forward to The Nigerian Stock Exchange’s future advancement with a great deal of anticipation and hope,” he said.
The event was also graced by Chris Ogunbanjo, the lawyer who incorporated the Stock Exchange; his son and President of the Exchange’s National Council, Otunba Abimbola Ogunbanjo; Ex-officio and Past President, Mr Aigboje Aig-Imoukhuede; Second Vice President, Mrs Catherine Nwakaego Echeozo; Members of the Council, Erelu Angela Adebayo and Mrs Fatimah Bintah Bello-Ismail, among others.
Pa Akintola Williams was born on August 9, 1919, in Lagos Nigeria. He was born in an affluent family with generations working with white settlers and the government. His grandfather was a prosperous merchant and his father, Thomas Ekundayo Williams was a clerk who worked for the colonial office before setting up his legal firm in Lagos.
By Adedapo Adesanya
Three bellwether stocks lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.62 per cent on Friday, December 12 with the NASD Unlisted Security Index (NSI) jumping by 22.20 points to 3,600.43 points from 3,578.23 points.
In the same vein, the market capitalisation of the trading platform increased by N13.28 billion to close at N2.154 trillion from the previous day’s N2.140 trillion.
During the session, Central Securities Clearing System (CSCS) Plc went up by N2.53 to close at N39.71 per share compared with the previous day’s N37.18 per share, Geo-Fluids Plc added 35 Kobo to its price to finish at N5.00 per unit versus Thursday’s closing price of N4.65 per unit, and FrieslandCampina Wamco Nigeria Plc appreciated by 23 Kobo appreciation to sell at N60.23 per share versus N60.00 per share.
It was observed that yesterday, the price of Golden Capital Plc went down by N1.05 to N9.45 per unit from N10.50 per unit, and UBN Propertiy Plc declined by 21 Kobo to N2.01 per share from the N2.22 per share it was traded a day earlier.
There was a significant improvement in the level of activity for the day, as the volume of transactions increased by 6.2 per cent to 37.4 million units from the previous day’s 35.2 million units, the value of trades went up by 265.1 per cent to N4.9 billion from N1.4 billion, and the number of deals soared by 13.80 per cent to 33 deals from 29 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the last trading day of this week as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, the second spot was taken by Okitipupa Plc with 178.9 million units traded for N9.5 billion, and third space was occupied by a new comer in MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc also finished the session as the most active stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units valued at N420.3 million, and Impresit Bakolori Plc with 537.0 million units sold for N524.9 million.
By Dipo Olowookere
The bullish run on the Nigerian Exchange (NGX) Limited continued on Friday with a further 1.00 per cent growth buoyed by gains recorded by Guinness Nigeria, Champion Breweries, and others.
Data showed that the consumer goods space expanded by 1.53 per cent during the last trading session of the week, as the insurance counter grew by 0.51 per cent, and the industrial goods sector marginally gained 0.01 per cent.
However, the banking index depreciated by 0.54 per cent due to a pocket of profit-taking, and the energy industry shrank by 0.09 per cent, while the commodity sector closed flat.
Guinness Nigeria gained 10.00 per cent to trade at N217.80, Morison Industries rose by 9.84 per cent to N4.69, Champion Breweries jumped by 9.69 per cent to N14.15, Austin Laz grew by 9.66 per cent to N2.27, and C&I Leasing appreciated by 9.62 per cent to N5.70.
Conversely, eTranzact lost 10.00 per cent to finish at N12.60, Chellarams slumped by 9.00 per cent to N13.20, Eunisell depleted by 9.89 per cent to N75.15, Africa Prudential moderated by 9.77 per cent to N12.00, and DAAR Communications decreased by 9.18 per cent to 89 Kobo.
The busiest stock on Friday was Access Holdings with 107.6 million units sold for N2.2 billion, Consolidated Hallmark traded 59.9 million units worth N245.8 million, Zenith Bank transacted 48.2 million units valued at N3.1 billion, Transcorp Power transacted 42.8 million units for N13.1 billion, and Champion Breweries exchanged 36.4 million units valued at N510.2 million.
At the close of business, a total of 602.8 million units worth N30.7 billion exchanged hands in 20,550 deals yesterday, in contrast to the 529.7 million units valued at N12.3 billion traded in 18,159 deals on Thursday, representing a surge in the trading volume, value, and number of deals by 13.80 per cent, 149.59 per cent, and 13.17 per cent apiece.
Business Post reports that the All-Share Index (ASI) soared during the session by 1,485.89 points to 149,436.48 points from 147,950.59 points and the market capitalisation moved up by N945 billion to N95.264 trillion from N94.319 trillion.
By Adedapo Adesanya
An intervention of the Central Bank of Nigeria (CBN) in the foreign exchange (FX) market eased the pressure on the Naira on Friday.
The apex bank sold forex to banks and other authorised dealers in the official window to defend the domestic currency, helping to calm the FX demand pressure, with the Nigerian currency appreciating against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.11 per cent or N1.57 to sell at N1,454.50/$1 compared with Thursday’s closing price of N1,456.07/$1.
Also, the domestic currency improved its value against the Pound Sterling in the official market yesterday by N3.95 to close at N1,946.15/£1 versus the previous day’s N1,950.11/£1 but lost 10 Kobo on the Euro to quote at N1,706.46/€1 compared with the N1,706.36/€1 it was exchanged a day earlier.
At the black market segment, the Nigerian Naira maintained stability against the Dollar during the session at N1,470/$1 and also traded flat at N1,463/$1 at the GTBank forex counter.
Despite the sigh of relief, demand pressures outweighed the robust supply from the CBN and inflow from offshore players looking to participate at the OMO bills auction.
Gross FX reserves increased for the twenty fifth consecutive week, growing by a strong $396.84 million week-on-week to $45.44 billion.
As for the cryptocurrency market, it was down on Friday as pressure remained after Federal Reserve chair Jerome Powell’s speech on Wednesday, which hinted at a possible rate cut pause in January. As a result, markets now expect only two rate cuts in 2026 instead of three.
However, Chicago Federal Reserve President Austan Goolsbee, who was against a December rate cut, said he expects more in 2026 than the current median projection.
Ethereum (ETH) slumped by 5.1 per cent to $3,090.61, Solana (SOL) declined by 4.5 per cent to $132.79, Cardano (ADA) depreciated by 3.8 per cent to $0.4103, and Dogecoin (DOGE) dropped 2.5 per cent to trade at $0.1373.
In addition, Bitcoin (BTC) lost 2.4 per cent to sell at $90,342.74, Litecoin (LTC) tumbled by 1.9 per cent to $81.86, Binance Coin (BNB) fell by 0.6 per cent to $886.93, and Ripple (XRP) slipped by 0.5 per cent to $2.02, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn