NGX

Lagos, Feb. 14, 2024: Investors on the stock market of the Nigerian Exchange Ltd. (NGX) on Monday reacted to the death of Dr Herbert Wigwe, Group Chief Executive Officer (Group CEO), Access Holdings, reducing the company’s share price.

Wigwe, his wife, son and Mr Abimbola Ogunbanjo, former Chairman of NGX Group died on Friday in a helicopter crash in Southern California, U.S.

Specifically, shares of Access Holdings, which opened at N24.75 per share, lost 6.26 per cent to close at N23.20 per share.

However, the corporation led the activity chart in volume with 24.90 million shares traded at N575.10 million.

In a reaction, Mr David Adonri, Vice Chairman, Highcap Securities Ltd., said that the capital market is information driven.

According to him, the news of the death of Wigwe is a price sensitive event capable of affecting price on the equity.

Adonri said, Wigwe, who was a big weight in Access Holdings and the Nigerian economy, affected investors trading decision on the stock of the holding.

He explained that investors reacted negatively to Wigwe’s death by reducing their stock on the market.

“However, in my own opinion, there is no cause for alarm because Access Holdings is well structured with good corporate governance and security on ground,” he said.

Meanwhile, the local bourse opened the week with gains , as the All-Share Index closed 0.18 per cent or 183.95 points higher to close at 102,042.32 points, compared to 101,858.37 recorded on Friday.

Similarly, market capitalisation, which opened at N55.735 trillion, gained N101 billion to close at N55.836 trillion.

Consequently, the Year-To-Date (YTD) return rose to 36.47 per cent.

Investors buy interests in BUA Foods, Geregu and Zenith Bank drove the market to a positive terrain.

A total of 242.43 billlion shares valued at N5.13 billion were exchanged in 8,715 deals, compared to 321.89 million shares valued at N7.35 billion in 8,925 deals posted on Friday.

While Access Corporation led the activity log, Veritas Kapital Assurance followed with 24.20 million shares worth N17.45 million per share.

GTCO sold 21.17 million shares worth N841.25 million to lead the log in deals and First Bank Nigeria Holdings(FBNH) traded 17.23 million shares valued at N439.39 million per share.

Also, Transcorp transacted 17.08 million shares worth N229.22 million per share.

On the gainers’ log, NCR Nigeria Plc, Chams and Royal Exchange Assurance led in percentage terms of 10 each to close at N4.40, N2.75 and 77k per share, respectively.

SUNU Assurances followed by 9.50 per cent to close at N1.96 and The Initiative Plc (TIP) gained 9.43 per cent to close at N2.32 per share.

Conversely, Infinity led the losers’ log by 9.90 per cent to close at N7.19 per share.

John Holt trailed closely by 9.88 per cent to close at N2.19, while PZ Cussons lost 9.87 per cent to close at N27.85 per share.

May and Baker Nigeria Plc also lost 9.80 per cent N6.35, and Deap Capital Management and Trust Services shed 7.14 per cent to close at 65k per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 30.31 per cent.

Market breadth closed positive with 30 advancing stocks and 23 declining ones.

Lagos, Jan. 3, 2024: Nigerian Exchange Ltd (NGX) has announced the entry and exit of some companies from its indices on Tuesday.

Mr Clifford Akpolo, Head, Marketing and Corporate Communications, NGX stated this in the results of the NGX half year ended, December 2022, market index review made available in Lagos.

Akpolo said that the indices reviewed included : NGX 30, NGX Lotus Islamic, NGX Pension, NGX Pension Broad Index, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index.

He also identified others to include Meristem Growth Index, Meristem Value Index, and the five Sectoral Indices of The Exchange, NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods and NGX Oil and Gas.

“The review has led to the entry and exit of some companies from several indices which took effect at the open of the market on Jan. 2 2024.

“Designed using the market capitalisation methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July respectively.

“NGX indices are developed to allow investors efficiently track market movements and properly manage investment portfolios,” he said.

According to him, some of the companies which entered the market for trading are : FBN Holdings, Universal Insurance, ZenithBank, United Bank of Africa (UBA), FCMB Group Plc, Guaranty Trust Holding, StanbicIBTC Holding, Universal Insurance Company.

Also, Transcorp Hotel, Fidson Healthcare Plc, Access Bank, Fidelity Bank, WAPCO, MTN Nigeria Communications, Vitafoam Nigeria Plc, AIICO Insurance, Caverton, Julius Berger, among others.

Akpolo listed the companies which exited the Exchange as : Jaiz Bank, Unity Bank, Union Bank, Wema Bank, International Energy Insurance, PZ Cusson Nigeria Plc, Unilever Nigeria Plc, Nestle Nigeria Plc.

Others include Glaxo Smithkline Consumer Nigeria, Dangote Sugar Refinery Plc and FCMB Group, among others.

He noted that NGX continued to blaze the trail on the path to becoming Africa’s foremost securities exchange with innovation and product development.

According to Apolo, this deepens the market and boosts liquidity, therefore connecting Nigeria, Africa and the world.

Lagos, Dec. 15, 2023: Increased buying interest in the shares of some banks, especially Zenith Bank and Access Holdings lifted investors’ worth on the Nigerian Exchange Ltd. (NGX) by N85 billion.

Specifically, the market capitalisation closed at N39.649 trillion as against N39.564 trillion recorded on Wednesday, representing 0.22 per cent increase.

Also, the All-Share Index(ASI) increased by 156.04 points or 0.22 per cent to close at 72,455.83 from 72,299.79 recorded on Tuesday.

Consequently, the Year-to-Date(YtD) rose to 41.37 per cent.

The upturn was also driven by other banking stocks  such as First City Monumental Bank(FCMB) United Bank of Africa(UBA) and Fidelity Bank among others.

Market breadth closed positive with 27 gainers outnumbering 26 laggards.

The gainers’ table was led by Infinity in percentage terms of 9.83 per cent to close at N2.57 per share, while Johnholt followed with a gain of 9.73 per cent to close at N2.03.

Ikeja Hotel grew by 9.20 per cent to close at N4.75 per share, while Daar Communications rose by 7.69 per cent to close at N0.42 and E-Tranzact increased by 7.69 per cent to close at N7 per share.

On the loosers chart, RTBriscoe led in percentage terms by 9.84 per cent to close at 55k per share, while UPDCreit followed by 9.78 per cent to close at N4.15 per share.

Mutual Benefits Assurance lost 9.43 per cent to close at 48k, Omatek shed 7.79 per cent to close at 71k, while Sovereign Trust Insurance declined by 7.69 per cent to close at 36k per share.

Also, the total volume traded declined by 10 per cent to 446.58 million units valued at N7.266 billion and exchanged in 6, 845 deals.

Transactions in the shares of Access Holdings topped the activity chart with 77.26 million shares valued at N1.76 billion.

FCMB followed with 45.24 million shares worth N318.61 million, while Zenith Bank traded 37.29 million shares valued at N1.38 billion.

UBA traded 29.3 million shares valued at N724.07 million, while Fidelity Bank  transacted 27.51 million shares worth N257.28 million.

Lagos, Dec. 7, 2023: The Chief Executive Officer of the Nigerian Exchange Ltd.(NGX), Mr Temi Popoola, on Wednesday, said that the transition to virtual trading, following the incursion of the COVID-19 pandemic, remained a game changer in the capital market.

Popoola stated this while delivering an address at the induction for newly qualified 58 Authorised Dealing Clerks at the Exchange in Lagos.

He noted that brokers could now trade, remotely, from the comfort of their offices and from different locations around the globe.

“Rather than adversely affecting the business of the Exchange, we have witnessed a significant leap in transactions.

“We also witnessed admission of new retail investors into the market either by new listings or IPOs, which attests to the impact of our technology investments and improved capabilities,” he said.

The NGX boss congratulated the inductees, adding that the accomplishment is a testament to their unwavering dedication, resilience, and commitment to excellence.

He said that the induction is the first fully physical induction ceremony since the demutualisation of The Nigerian Stock Exchange, now Nigerian Exchange Group.

“We celebrate the successful Dealing Clerks who have passed through The Exchange’s Automated Trading System (ATS) Brokers’ Certification training faculty.

“The 15-day rigorous training is organised to select seasoned professionals of integrity who have shown a clear understanding of the intricacies of the capital market operations and the Exchange.

“Today’s inductees have secured the required regulatory approval of fit and proper persons to practice as Authorised Clerks of the Exchange,” he said.

According to him, the successful completion of the rigorous qualification process affirms the inductees readiness to embark on a fulfilling career as Authorised Dealing Clerks, poised to navigate the dynamic world of NGX.

Popoola affirmed that the inducted clerks possess the qualifications and merit to operate as a practicing stockbroker eligible to engage in trading on the NGX platform.

According to him, their induction marks the commencement of an enriching professional journey, filled with opportunities to contribute meaningfully to the growth and development of the Nigerian capital market and beyond.

The NGX CEO said: ” the robes you will be adorned with today symbolise a commitment to uphold the ethical standards of the Chartered Institute of Stockbrokers and Rulebook of The Exchange.

“It represents a pledge to be an advocate of integrity and impeccable character, signifying a total commitment to place the interest of the market first.

“We, sincerely, hope that every one of you will abide by the rules and regulations of the Exchange, as well as the ethics of the capital market that build the trust upon which the entire global financial industry rests,” he said.

According to him, the NGX has clear and enforceable rules, with a zero-tolerance policy on all infractions.

Popoola said, to bolster this, the Exchange had a signed Memorandum of Understanding(MoU) with the Economic and Financial Crimes Commission (EFCC).

He noted that the MoU is to increase cooperation and communication in the fight against financial crimes across the capital market.

The NGX CEO said: ” We will provide the support you need to develop your capacity and businesses through our numerous platforms.

“However, the Exchange will not hesitate to throw the book at any Dealing Clerk, who fails to live up to its rules.

“With today’s induction, you are part of the NGX family, and we encourage you to play your part in developing our market to achieve our aspiration to become Africa’s preferred exchange hub.

In his remark, the Doyen of Capital Market, Alhaji Rasheed Yusuf, advised the newly inducted brokers to re-package instruments to sell and raise raise capital for the market for long term financing.

Yusuf stated that the country was transiting into new challenging ways of doing things, as President Bola Tinubu’s led Government  opened up all sectors in the country.

He said that the capital market must respond to the trend by adopting creative instruments to turn around the economy to what the world expect it to be.

“You can achieve this having being equipped with the help and support from the Stock broking community, NGX, CIS and ASHON,” he said.

Commenting, an inducted Clerk, Mr Nwachukwu Chase of ATLAS Portfolio Ltd., commended the NGX for conducting a professional training to certify them as authorised brokers.

Chase expressed optimism that the new clerks would put the training they had received to use and become some of the best hands in the market.

Lagos, Oct. 6, 2023: The first local currency-denominated infrastructure investment trust fund in Nigeria and Sub-Saharan Africa, Nigeria Infrastructure Debt Fund (NIDF) has been listed on Nigerian Exchange Ltd. (NGX).

The listing, which took place on Thursday in Lagos, was commemorated with a Closing Gong Ceremony where the management of the funds engaged market stakeholders with a Facts Behind the Listing presentation at the Exchange.

The Chief Executive Officer(CEO), NGX, Mr Temi Popoola, said that the NIDF is a N200 billion public infrastructure investment fund managed by Chapel Hill Denham.

Popoola explained that the fund was backed by major institutional investors, including the Nigeria Sovereign Investment Authority (NSIA).

He said that the fund had provided long-term financing in Naira for private infrastructure project and had returned 155 per cent since inception.

The NGX CEO added that the NIDF’s 853.82 million units were listed on the main board of NGX at N108.39 per share.

He said, NIDF would remit quarterly dividends to investors by paying out profits from investing in industries like power, transportation, healthcare and education.

Popoola also said that Chapel Hill Denham had been consistent with immense value addition to the Exchange and a key contributor to capital market growth in the last five years.

 “One big innovation in the last three years was the MTN public offer, which included a complete end-to-end digital application process and could not have been possible without Chapel Hill.

“We have been trying to showcase Nigeria as an investment destination, and Chapel Hill has been a strong supporter of that system,” he said.

According to him, the capital market is increasingly becoming a vehicle for solving key governance problems, especially in the aspect of raising debt funding.

Popoola noted that the NIDF  an elegant solution that exist not only in Nigeria but in foreign markets, saying that the retail investor landscape would find it attractive because it sells itself.

The Chief Executive Officer, Chapel Hill Denham, Mr Bolaji Balogun, said that the listing of the fund was a great move for Nigeria’s economy.

Balogun said that it was the first time an infrastructure debt fund was listed on the Exchange.

“NIDF has been existing since 2017 and has distributed successively for 24 quarters.

“We have increased the diversity of the areas we invest into, such as transportation, power, education, telecoms and social infrastructure,” he said.

According to him, the country needs to invest consistently to grow in that area of infrastructure, as an asset class.

On his part, the CEO of NIDF, Mr Anshul Rai, credited the fund’s work since its inception in 2017.

Rai said: “Through the good work of the team, we have been fortunate not to have non-performing loans.

“We have had situations where the price of the funds have been very strong with very significant returns.

Also, Mr Phill Southwell, Chairman NIDF, lauded the listing on the exchange and express NIDF’s optimism to crowd in retail investors.

Southwell stated that the funds investment strategy also has Environmental, Social and Corporate Governance (ESG) integrated into it.