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capital market

Gains in GTCO, 20 others lift capitalisation to N2bn



By Philemon Adedeji

Trading activities on the Nigerian Exchange Limited (NGX) after three consecutive sessions of losses, closed on bullish sentiments yesterday as a result of gains recorded in Guaranty Trust Holding Company (GTCO) (+0.60 per cent), Nigerian Breweries (NB) (+1.10 per cent), and First Bank Holding of Nigeria (FBNH)(+1.46 per cent), drove the market’s recovery outweighing losses in Zenith Bank (-0.91 per cent), WAPCO (-0.21per cent), and ACCESS CORPORATION (-0.56 per cent).

Absolutely, the Nigerian Exchange Limited, All-Share Index (ASI) appreciated by 11.54 basis points or 0.02 per cent to close at 51,138.92 absolute points from 51,127. 38 absolute points it closed for previous trading day.

Consequently, the ASI’s year-to-date (YTD) return increased to 0.22 per cent, while the market capitalisation gained N2 billion to close at N27.852 trillion from N27.850 trillion it closed trade on Monday.

The breakdown of yesterday’s market activities revealed trade turnover closed higher relative to the previous session, with the value of transactions up by 220.17 per cent.

Transnational Corporation led the volume and value charts with 1.601 billion units traded in deals worth N3.091 billion.

The trade volume increased by 703.1 per cent to close at 1,819,959,168 million shares valued at N5.020 billion were exchanged in 4,669 deals.

The market sentiments as measured by market breadth closed on negative as numbers of gainers on the performance board equals number of losers on the losers chart.

According to analyst at Coronation Research, Global markets are becoming more stable, despite March’s shocks to the US and European banking system. Global market stability is good for Nigeria, both for its exports and for its ability to finance itself abroad.

On the positive side, Transnational Corporation emerged as the highest price gainer on the leaders chart with 9.73 per cent increased to close at N2.03 per share, closely followed by RTBRISCOE which appreciated by 9.09 per cent increased to close at N0.24 per share, while International Energy Insurance which recorded as the last third gainer rose by 7.50 per cent to close at N1.29 per share.

Nigerian Aviation Handling Company which recorded as the last fourth gainer grew by 5.45 per cent to close at N11.60 per share, while Africa Prudential which recorded as the last fifth gainer went up by 4.81 per cent to close at N5.45 per share.

However, on the Negative side, Vitafoam recorded as the most price loser which depreciated by 8.65 per cent to close at N16.90 per share , Linkages Assurance which followed went down by 8.33 per cent to close at N0.44 per share, while which recorded as the last third loser suffered 8.00 per cent to close at N0.23 per share.

Sovereign Insurance which recorded as the last fourth loser dipped by 6.90 per cent to close at N0.27 per share, while Courtville Business Solution which recorded as the last fifth loser dropped by 6.67 per cent to close at N0.42 per share.

Transaction in the shares of Transnational Corporation topped the activities chart with 1.601 billion shares worth N3.091 billion, LivingTrust Mortgage Bank which followed traded 69.973 million shares value at N205.053 million, while Fidelity Bank transacted 15.974 million shares value at N82.335 million.

Sterling Bank transacted 13.538 million shares worth N19.8888, while United Bank for Africa (UBA) exchanged 13.096 million shares worth N102.074 million.

capital market

IATF2023 records $43.8bn closed deals



The African Export-Import Bank has disclosed that the third Intra-African Trade Fair (IATF2023) held in Cairo from 9 to 15 November witnessed the conclusion of business deals and transactions valued at US$43.8 billion.

In the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Executive Vice President (Intra-African Trade Bank) at Afreximbank, Mrs Kanayo Awani, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors and 28,282 participants who attended physically and through the IATF virtual platform.

One of the notable transactions included the Export Agriculture for Food Security Framework executed by several African countries (as Origin Countries) and ARISE Integrated Industrial Platforms, Arise IIP (as Anchor Investor) to which Afreximbank committed US$2 billion to boost production, processing, and intra-African trade in agricultural products and to provide African farmers and agribusinesses with opportunities to access larger markets across the continent.

Mrs Awani also said that the IATF had successfully established itself as the premier trade and investment event in Africa, with the unique capacity to increase intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Area (AfCFTA) Agreement.

“Building on the successes of IATF2018 and IATF2021, I am proud to say that the buzz and energy generated by IATF2023 will be felt across Africa and beyond for many years to come. Together, we have explored new possibilities and opened new doors for a brighter future for our continent,” she added.

IATF2023 kicked off on 9 November and included an official opening ceremony, a Presidential Summit which was addressed by President Abdel Fattah Al Sisi of the Arab Republic of Egypt, a Trade and Investment Forum, the Creative Africa Nexus (CANEX), an African Auto Forum, AU Youth Entrepreneurship Programme, a Sub-Sovereigns Conference, a Diaspora Summit, an African Industrialization Week and an African Tourism Sustainability and Investment Forum. A series of side events were also held as part of the trade fair.

The next edition of the IATF will be hosted in 2025 by Algeria.

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capital market

Investors record positive gains, as NGXASI advance by 0.43%



Investors yesterday recorded positive gains on the Nigerian equities market following Monday’s losses.

According to data obtained from the Nigerian Exchange Limited (NGX) website, the NGX Market CAP recorded a gain of N165.99 billion in Naira terms.

The NGX All-Share Index (NGXASI) also advanced by 0.43 percent, closing at 71,250.17 basis points, compared to the previous day’s loss of 0.66 percent, which closed at 70,946.83 basis points. With the growth, the NGXASI now stands at 39.02 percent.

The total volume traded also advanced by 20.93 percent to close at N433.57 million, valued at N11.11 billion and traded in 7,016 deals.

The Gate Index closed flat at 183.36, while the Toni index advanced by 0.27 percent to close at 375.28 basis points.

At the close of trading, the market recorded 40 gainers, 15 losers, and 64 unchanged. NSLTECH topped the gainers list, while ABBEYBDS topped the list of losers.

UACN was the most traded stock by volume with N61.71 million, while NIDF was the most traded stock by value with N2.22 billion units traded.

UACN also had the highest volume contribution with 14.23 percent, while UBA and GTCO followed closely.

According to the value chart, NIDF is at the top with a 20.0 percent contribution. AIRTELAFRI and MTNN followed closely behind.

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capital market

SEC DG calls for multifaceted approach to enhance capital market growth



The Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has called for a multi-faceted approach to enhance the growth of Nigeria’s capital market.

The SEC DG made this known while addressing journalists at the 2023 conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos at the weekend.

According to Yuguda who was represented by the Executive Commissioner Operations, SEC, Mr Dayo Obisan, “Effectively harnessing the capital market for national development entails a multi-faceted approach, these include deploying more infrastructure, fostering more public-private partnerships, establishing specialised entities like special purpose vehicles (SPVs), listing state-owned enterprises, issuing green bonds to support sustainable projects, and bolstering small and medium enterprises among others.”

According to him, the revised capital market master plan underscored SEC’s commitment to deepening and. repositioning the financial market as a key driver of sustainable economic growth.

“The master plan which represents collective aspirations of the capital market community is focused on driving initiatives geared towards growing and deepening the market with the ultimate goal of accelerating the emergence of our dear country in the top 20 economies by the year 2025,” Yuguda said.

The SEC DG added that synergy holds the potential of unleashing capital market prowess and paving the way for a prosperous future.

According to him, achieving the objective necessitates an increased utilisation of market mechanisms and instruments to raise funds and stimulate economic advancement.

He pointed out that the commission would continue to introduce new ideas and policies that would support the development and regulation of a capital market that is dynamic, fair, transparent, and efficient to contribute to the nation’s economic development, noting that investors protection plays a crucial role in the development and integrity of the capital market.

Also speaking at the event, the Deputy Director, SEC Lagos Zonal office, Mr John Briggs, urged the government to create infrastructure financing instruments that would facilitate easy servicing of obligations.

“We have encouraged a lot of infrastructure funds like sukuk, and green bonds and we are even talking about blue bonds to develop the market.”

“The capital market has created the conducive environment to ensure a transparent and dynamic market which would continue to attract investment,” he said.

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