Connect with us

Economy

Transactions Close Flat at NASD Exchange Thursday

Published

on

NASD Exchange bullish

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed in the flat territory for the third consecutive on Thursday, May 21.

At the close of transactions yesterday, the major performance barometers retained their previous points just as prices of securities at the market retained their previous rates.

After the close of business on Thursday, the total market value and the index still remained at the same levels it closed on Tuesday and Wednesday

The market capitalisation and the NASD Unlisted Security Index (NSI) both closed at N505.76 billion and 688.51 points respectively.

At yesterday’s session, market participants executed a single deal at the bourse, lower than the two deals recorded at the previous trading day.

The deal was carried out by FrieslandCampina WAMCO Nigeria Plc, which sold 2,123 units of its shares at the bourse yesterday. This was 7.6 percent higher than the 1,973 units of securities transacted on Wednesday.

However, the total value of the transaction reduced by 37 percent to N254,760 from the N404,116 transacted during the previous session at the NASD Exchange.

Insurance company, ARM Life Plc, ended the day as the most active stock (year-to-date) with 7.4 billion units of its shares sold for N4.6 billion. It was followed by Food Concept Plc, which has traded 110 million units worth N77 million, and Lighthouse Financial Services Plc, which has transacted 48 million units of its shares valued at N24 million.

In terms of the most active stock by value (year-to-date), ARM Life Plc also remained on top of the chart for trading 7.4 billion units of its shares worth N4.7 billion. It was trailed by Niger Delta Exploration and Production (NDEP) Plc, which has transacted 6.9 million units worth N2.13 billion, and FrieslandCampina WAMCO Nigeria Plc, which has exchanged 2.4 million units of its securities for N293 million.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Economy

FG Pledges Single-Digit Loans for Small Businesses

Published

on

external loan

By Adedapo Adesanya

The federal government has pledged to support Micro, Small and Medium Enterprises (MSMEs) with single-digit loans so as to boost their businesses.

This was disclosed by the Minister of State for Industry, Trade and Investment, Mrs Maryam Katagum, on Friday when members of the Nigerian Association of Small and Medium Enterprises (NASME) visited her in Abuja.

According to her, there is a lot of commendation at the recent retreat President Muhammadu Buhari had with the ministers for the MSMEs.

“In his closing speech, Mr President specifically said that every support will be given to ensure that MSMEs have access to credits.

“That is what we always preach and we will give every support to the MSMEs as the engine of economic growth to have access to credits at single digits,” Mrs Katagum said.

The Minister, who pointed out the critical role MSMEs play in growing the economy, said this role was further heightened during the COVID-19 lockdown.

“Even the woman selling groundnut or `akara’ couldn’t come out to practice her passion. Everybody felt the effect of the lockdown.

“We have to appreciate President Muhammadu Buhari for interventions that were provided for MSMEs during the lockdown.

“And once it was identified to put in some mechanism to stop the economy from going under, our ministry is one of the ministries asked to make submissions to see how to keep the economy going and ensure free flow of goods and services across the country.

“Our proposal was very easily accepted and the sum of N75 billion was allocated and we made a lot of progress.

“Average Nigerians appreciated the efforts and we have seen them giving their testimonies and right now we are on the last track which is the guaranteed off-take scheme,” the Minister said.

She appealed to the association to identify innovative ways that the Federal Government can assist MSMEs.

“As partners, your association has to start thinking of new innovative ways that we can assist MSMEs, it’s not just the finance.

“So, when you give them the money, they don’t know what to do with the money so you need to intensify the capacity building and sharing of information to know what is happening and where,” she said.

On his part, the President and Chairman of the governing council of NASME, Mr Abdulrashid Yerima, expressed the association’s commitment to deepening the relationship with the ministry.

Mr Yerima appreciated the ministry for including NASME in various committees set up by the government to support the development of MSMEs in Nigeria.

He, however, sought the appointment of members of the association to the boards of parastatals under the ministry and solicited the ministry’s support for inputs into human capital development for the association.

“Our association serving in the board of revenant agencies under the ministry will help us to make informed inputs into the policies of the agencies that impact MSME growth and development in Nigeria.

“Also support for capital development for our association is crucial for the development of skills and manpower to upscale MSMEs especially NASME,” Mr Yerima said.

Continue Reading

Economy

IGR: Osinbajo Expresses Worry Over Governors’ ‘Laziness’

Published

on

yemi osinbajo RCCG Pastor

By Adedapo Adesanya

Vice President Yemi Osinbajo seems to be worried about the inability of state governors to be innovative in boosting their respective Internally Generated Revenue (IGR).

The number 2 man, speaking at the maiden edition of Ekiti State’s investment forum in Ado-Ekiti, has, therefore, tasked them to think out of the box and act like a sovereign state so as to make them challenge countries of the world.

“Thinking differently, there is a need for a sub-national to think like a sovereign state. You have a bigger GDP (gross domestic product) and even more revenues than many nations.

“There is a different mindset when you are sure of a monthly allocation of cash at least enough to pay salaries, whether you generate income or not. This is the challenge. The so-called Dutch disease, one becomes complacent,” he said.

“But what if you had to take responsibility for all those who reside within your borders, pay all salaries, from internally generated revenue?” he queried.

Drawing a parallel, he said that Lagos State improved its IGR from N600 million monthly in 1999/2000 to about N45 billion today, adding that the illegal seizure of the allocations to the state by the then federal government was the shock that forced the state to rethink.

Speaking further, Mr Osinbajo noted that although a state within a federation is not a nation, it must behave like one, to further boost its economic development.

“The economy of the sub-national is a peculiar animal. The state within the federation is not a nation, but it must behave like one, it derives some resources from the federal pool, and generates some income, the overall sum will provide infrastructure and services to the community.

“The size of the sum and the quantum of opportunity available to provide livelihoods for the populace will depend on how the state enables local and external investors, small and large to put their resources into business and commercial activity business in the State.

“The funded portion of the state’s budget is after all a mere fraction of the sum total of economic activity or income-generating activity, formal or informal within the state. So, the attractiveness of a state to commerce is a radical issue,” Mr Osinbajo said.

He asserted that “the very lives and livelihoods of the people within the borders of the State, whether the people will live prosperous and happy lives, be educated, have access to affordable medical care, depends on it.”

He then encouraged them to key into the benefit from a private-sector led economy, noting that the model is the right way to go, as the business is the standpoint of the private sector, while governments should as much as possible facilitate, or at best, collaborate.

Continue Reading

Economy

NGX Group Finally Lists 1.964 billion Shares, Trades at N17.75

Published

on

NGX Group lists 1.964 billion Shares

By Aduragbemi Omiyale

A total of 1,964,115,918 shares, representing the issued share capital of the Nigerian Exchange (NGX) Group Plc, were successfully listed on the trading platform of NGX Limited on Friday, October 15, 2021.

Business Post reports that the stocks were listed on the exchange today by introduction at a unit price of N17.75, higher than the N14.68 per unit it last traded on the NASD Securities Exchange on Friday, October 8, 2021, it the shares used to be traded.

This newspaper gathered that at the exchange today, investors traded about 3.6 million units of the company’s equities worth N63.2 million in 31 deals and closed flat at N17.75.

It was listed on the main board of the NGX having satisfied the listing requirements of the exchange and obtained relevant regulatory approvals.

The company is on the bourse in the financial services and capital market infrastructure sector, with the ticker NGXGROUP.

The top members of staff of the company were honoured today with the closing gong ceremony and the Chairman, Mr Abimbola Ogunbanjo, in his speech, stated that, “Today’s listing of NGX Group on NGX is another milestone attained pursuant to the group’s 2018 – 2021 corporate strategy.

“Our shareholder base has more than doubled since our demutualisation in March 2021 and our valued shareholders will benefit from the enhanced liquidity that listing on the exchange will facilitate.

“This listing will also enable a much wider universe of potential investors and market participants to share in our growth journey.

“As a board, we embrace the letter and spirit of the listing requirements and we are committed to transparent disclosure, proactive stakeholder engagement and exemplary corporate governance.”

Also speaking, the Group Managing Director/Chief Executive Officer of NGX Group, Mr Oscar Onyema, disclosed that, “Today’s listing of NGX Group on the nation’s premier exchange will enable institutional investors globally as well as the Nigerian public to invest in Nigerian Exchange Group Plc.

“With strengthening market dynamics, serving the largest economy in Africa, NGX Group’s listing allows us to expand in key capital market infrastructure verticals and look beyond Nigeria’s borders, as we deliver on our growth plans to become Africa’s leading capital market infrastructure group.”

As for the CEO of NGX, Mr Temi Popoola, he described the listing as a milestone, expressing his excitement about the development.

“We congratulate the board and management first on a successful demutualisation and on its subsequent listing. This move is particularly exciting, as it will position NGX Group to provide liquidity to members while stimulating the capital market ecosystem to grow at the same pace as the economy.

“Today, we reiterate our commitment to being a trusted partner to NGX Group and other listed companies as we continue to build a platform that allows our listed companies, investors and other stakeholders to maximise value in our market,” he said.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: