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Investors in Tier-1 bank drives stock market by 0.02%, amid bullish sentiments



By Philemon Adedeji

After trading yesterday, equities market closed flat as the investors interest in Tier-1 banking which are, Zenith Bank (+0.20 per cent), Guaranty Trust Holding Company (GTCO), (+0.20 per cent), and First Bank Holding of Nigeria (+0.86 per cent) managed to drive the market’s overall performance.

Absolutely, the NGX All-Share Index (ASI) appreciated by 11 basis points or 0.02 per cent to close at 54,507.66 Index points from 54,496.31 Index points it closed for previous trading.

Consequently, the year-to-date (YTD) return rose slightly to 6.35 per cent, while market capitalisation gained N6.18 billion to close at N29.688 trillion from N29.682 trillion it closed trade on Tuesday.

The market performance was impacted by price appreciation in medium and large capitalised stocks which are, Zenith Bank, Triple G, Linkages Assurance and others.

Yesterday market performance showed trade turnover closed lower relative to the previous session, with the value of transactions down by 23.50 per cent.

The trade volume declined by 24.4 basis points to close at 134,459,667 million shares valued at N4.355 billion were exchanged in 2,905 deals.

Guaranty Trust Holding Company (GTCO) led the volume chart with 42.35 million shares traded while SEPLAT Energy led the value chart  in deals worth N1.18 billion.

As measured by market breadth, the market sentiments closed flat as Triple G topped 13 others on the leader’s log, while Japaulgold led 13 others on the laggard’s table.

On the leaders table, Triple G came as the highest price gainer with 10.00 per cent increased to close at N1.65 per share, closely followed Linkages Assurance which grew by 7.14 per cent to close at N0.45 per cent, while Consolidated Hallmark Insurance Plc which recorded as the last third gainer went up by 4.62 per cent to close at N0.68 per share.

Ikeja Hotel which recorded as the last fourth gainer rose significantly by 4.00 per cent increased to close at N1.04 per share FTNCOCOA processor gained 3.57 per cent increased to close at N0.29 per share.

On the laggards log, Japaulgold and Sovereign Insurance came as the highest price loser which declined by 6.67 per cent each to close at N0.28 respectively.

Nascon which emerged as the highest third loser shed 3.57 per cent to close at N10.80 per share.

Chams Plc depreciated by 3.45 per cent to close at N0.28 per share.

First City Monument Bank which recorded as the last fifth loser dropped by 3.26 per cent to close at N4.45 per share.

Transaction in the shares of Guaranty Trust Holding Company topped the activities chart with 42.348 million shares worth N1.064 billion, followed by United Bank of Africa which transacted 13.104 million shares valued at N109.901 million, while AIICO insurance traded 6.661 million shares worth N3.959 million.

First Bank Holdings sold 6.345 million shares valued at N73.957 million.

Access Corporation transacted 5.503 million shares valued at N50.853 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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