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Economy

Stock Exchange Closes Flat as Market Cap Remains at N24.112trn

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Customs Street Nigerian Stock Exchange

By Dipo Olowookere

The domestic stock exchange closed flat on Monday, with the key performance indicators remaining intact, including the All-Share Index (ASI) and the market capitalisation, which finished at 44,269.43 points and N24.112 trillion, respectively.

The stalemate occurred amid a decline in the level of activity as the trading volume, value and number of deals depreciated by 85.37 per cent, 53.45 per cent, and 7.66 per cent apiece.

During the session, investors bought and sold 103.3 million stocks worth N2.1 billion in 3,206 deals compared with the 705.9 million stocks worth N4.6 billion transacted in 3,472 deals last Friday.

Zenith Bank ended the trading session as the busiest stock as it sold 15.1 million units. Geregu traded 11.1 million units, GTCO exchanged 8.9 million units, FBN Holdings traded 7.4 million units, and Access Holdings transacted 5.8 million units.

Business Post reports that the performance of the sectors was mixed on the first trading day of the week, with the banking space growing by 0.48 per cent, and the industrial goods sector appreciating by 0.01 per cent.

However, the insurance index depreciated by 0.81 per cent, the energy counter lost 0.74 per cent, and the consumer goods sector decreased by 0.04 per cent.

The market breadth finished negative yesterday as there were 18 price losers and 11 price gainers, indicating a weak investor sentiment.

The highest price gainer was Royal Exchange, which improved by 9.72 per cent to 79 Kobo, trailed by Cutix, which grew by 6.83 per cent to N2.19. United Capital appreciated by 5.73 per cent to N12.00, Linkage Assurance increased its value by 2.56 per cent to 40 Kobo, and Trans Nationwide Express gained 2.50 per cent to sell at 82 Kobo.

The heaviest price loser for the session was Learn Africa, which depleted by 9.52 per cent to N1.52, followed by RT Briscoe, which shed 9.09 per cent to close at 30 Kobo. Cornerstone Insurance also went down by 9.09 per cent to 40 Kobo, FTN Cocoa decreased by 8.82 per cent to 31 Kobo, and Caverton lost 8.05 per cent to finish at 80 Kobo.

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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