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Economy

Selloffs on NGX Floor Moderates All-Share Index by 0.52%

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NSE All-Share Index

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited witnessed a 0.52 per cent contraction on Thursday for the first time this week following sell-off activities in the insurance sector.

This moderated the All-Share Index (ASI) by 234.60 points to 44,625.18 points from 44,859.78 points and eased the market capitalisation by N128 billion to N24.306 trillion from N24.434 trillion.

The market breadth ended positive yesterday despite the bearish outcome, as there were 12 price gainers and nine price losers, indicating a strong investor sentiment.

Analysis of the sectorial performance showed that the insurance index was the black sheep during the session, as it went down by 0.98 per cent.

The banking sector had a good outing yesterday as it appreciated by 1.11 per cent, while the consumer goods index closed marginally higher by 0.01 per cent. The energy and industrial goods counters closed flat at the close of trade yesterday.

Pharma-Deko was the worst-performing equity on Thursday as its value went down by 9.76 per cent to N1.85. Linkage Assurance depreciated by 9.30 per cent to 39 Kobo, Coronation Insurance shrank by 8.33 per cent to 33 Kobo, ABC Transport retreated by 7.41 per cent to 27 Kobo, as AIICO Insurance receded by 3.45 per cent to 56 Kobo.

On the flip side, Regency Assurance ended the trading session as the best-performing stock as its price appreciated by 8.70 per cent to 25 Kobo, Sovereign Trust Insurance rose by 8.00 per cent to 27 Kobo, Japaul grew by 7.41 per cent to 29 Kobo, Cornerstone Insurance chalked up 4.17 per cent to trade at 50 Kobo, and UAC Nigeria increased by 4.07 per cent to N8.95.

Business Post reports that Mutual Benefits finished the trading day as the busiest stock after trading 47.9 million units of its equities. Pharma-Deko sold 22.6 million shares, Transcorp exchanged 9.0 million stocks, Fidelity Bank transacted 7.9 million equities, and Access Holdings traded 7.0 million shares.

Data revealed that yesterday, traders transacted 151.0 million equities worth N1.6 billion in 2,998 deals as against the 93.5 million shares worth N3.4 billion traded in 3,187 deals on Wednesday, signifying an increase in the trading volume by 61.44 per cent, a decline in the trading value by 54.07 per cent, and a fall in the number of deals by 5.93 per cent.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Economy

South Korea Pledges Mpox Vaccine Supplies

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Monkeypox mpox

By Kestér Kenn Klomegâh

Sadly, African health authorities for several months have pursued vaccines for curing mpox and its further spread mostly in vain as worldwide outbreaks were reported during this year. But there is some light at the end of the tunnel as some considerable assistance might come from the Republic of South Korea.

The Africa Centers for Disease Control and Prevention said some few thousand doses being the first consignment of mpox vaccines as a donation, would arrive shortly and be used for health workers and people living with the disease in the hardest-hit areas in Africa.

The continent this year has recorded 202 deaths from mpox, formerly known as monkeypox, with a fatality rate of 19.3% across 13 countries. African health authorities for months have made feverish efforts in search for curbing the disease’s spread.

According to the Acting CDC director, Ahmed Ogwell, more than 50 new mpox cases in Congo were recorded this month and said Ghana and Nigeria are the other most affected countries. A surge in mpox infections was particularly reported last May outside West and Central Africa.

“Let us get vaccines onto the continent,” CDC Acting Head, Ahmed Ogwell, said in a weekly media briefing pointing to another instance of 1.3 billion people on the continent without access to a vaccine, as in the Covid-19 pandemic.

“The solutions need to be global in nature. If we’re not safe, the rest of the world is not safe,” he warned.

The World Health Organisation (WHO) has, however, warned against discrimination. “A failure to act will have grave consequences for global health,” Lawrence Gostin, Director of the WHO Collaborating Center on National and Global Health Law, said on Twitter.

Health officials have emphasized that mpox can infect anyone in close contact with a patient or their contaminated clothing or bedsheets. Researchers are still exploring to establish how it spreads but believe it’s mainly through close, skin-to-skin contact and through contact with bedding and clothing that touched an infected person’s rash or body fluids.

It generally causes mild to moderate symptoms, including fever, fatigue and painful skin lesions that resolve within a few weeks.

Reports, however, said that the mpox had been established in parts of Central and West Africa for decades; it was not known to spark large outbreaks beyond the continent or to spread widely among people until May when authorities detected dozens of epidemics in Europe, North America and elsewhere.

In Africa, mpox mainly spreads to people by infected wild animals like rodents in limited outbreaks that typically have not crossed borders. In Europe, North America and elsewhere, the mpox is spreading among people with no links to animals or recent travel to Africa. In the U.S. and Europe, the vast majority of infections occur among men who have sex with men, though health officials have stressed that anyone can contract the virus.

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Economy

Access Holdings Merges Sigma, FGPL for Formidable PFA Business

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Sigma Pensions

By Aduragbemi Omiyale

To create a formidable pension funds administration (PFA) business in Nigeria, Access Holdings Plc has merged its subsidiary, First Guarantee Pension Limited (FGPL), with Sigma Pensions Limited.

The marriage between the two PFAs was made possible after Access Holdings acquired an indirect equity stake in Sigma.

Recall that in October, the company announced that it was buying a stake in Sigma to revolutionise the PFA sector.

On Thursday, a court approved the merger between the firm and FGPL, giving room for the organisations to become one and offer innovative products to customers.

A notice signed by the group company secretary of Access Holdings, Mr Sunday Ekwochi, confirmed the development.

“Sequel to our announcement on October 25, 2022, Access Holdings Plc, trading as Access Corporation, today announces the completion of its acquisition of an indirect equity stake in Sigma and the merger of its subsidiary, FGPL, with Sigma.

“Following the sanction of the scheme of merger between Sigma and FGPL by the Federal High Court on December 1, 2022, FGPL has been dissolved without winding up, leaving Sigma as the surviving entity,” a part of the statement dated Friday, December 2, 2022.

“Following the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business,” the group chief executive of Access Holdings, Mr Herbert Wigwe, stated.

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Economy

FrieslandCampina Buoys Unlisted Securities Market by 1.11%

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FrieslandCampina

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive zone on Friday, December 2, as it appreciated by 1.11 per cent at the close of business.

This was driven by a gain in the stock price of FrieslandCampina Wamco Nigeria Plc. The company appreciated by N5.29 price to close at N66.63 per share versus the previous day’s price of N61.34 per share.

This outweighed the 1 Kobo loss recorded by UBN Property Plc during the session as the price of the property investment company went down to 91 Kobo per unit from the preceding session’s 92 Kobo.

When the market closed for the day, the total value of the unlisted securities market increased by N10.27 billion to N933.71 billion from N923.44 billion.

In the same vein, the NASD Unlisted Securities Index (NSI) stretched by 7.82 basis points to 710.58 basis points from the 702.76 basis points in the previous session.

During the session, there was a surge in the volume of securities by 140,993.7 per cent as investors exchanged 2.2 million units, in contrast to the previous day’s 14,508 units.

Likewise, the value of shares traded at the session ballooned by 1,526.6 per cent to N10.7 million from the N657,534.75 recorded a day earlier, while the number of deals improved by 400 per cent to 20 deals from four deals.

When the market closed for the day, AG Mortgage Bank Plc was the most traded stock by volume (year-to-date) with 2.3 billion units valued at N1.2 billion, Central Securities Clearing System (CSCS) Plc occupied second place with 687.8 million units worth N14.3 billion, while Lighthouse Financials Services Plc was in third place with 224.7 million units valued at N112.3 million.

Also, CSCS Plc ended the day as the most traded stock by value (year-to-date) by trading 687.8 million units worth N14.3 billion, VFD Group Plc was in second place with 29.1 billion units valued at N7.7 billion, and FrieslandCampina WAMCO Plc was in third place after selling 16.8 million units worth N1.9 billion.

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