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Investors on stock market gain N902bn



Transaction at the stock market on Friday showed that investors gained N899 billion.

Specifically, the market capitalisation,  which opened at 56.259 trillion, closed at 57.158 trillion, representing 1.57 per cent increase.

Also, the All-Share Index also went up by 1,643.79 points or 1.57 per cent to settle at 104,421.23 compared with 102,802.25 posted on Thursday.

As a result, the Year-To-Date (YTD) return increased to 39.65 per cent.

Sustained investors’ buy interest in the stocks of Tier-one banks and MTN Nigeria improved the performance of the market.

The market breadth closed positive with 57 advanced stocks as against 12 declined others.

On the gainers’ table, Sterling Nigeria, Neimeth International Pharmacy (NEIMETH) and Transcorp led in percentage terms of 10 each to close at N6.60, N2.09, N40.70 and N15.40 per share respectively.

Meyer Plc and PZ Cussons also gained 9.97 per cent each to close at N4.30 and N36.40 per share respectively.

Conversely, Johnholt led the losers’ table by 10 per cent to close at N2.43, followed by Morison Industries by 9.76 per cent to close at N3.05 per share.

NEM Insurance lost 9.15 per cent to close at N7.45, while Deap Capital Management and Trust(DeapCap) shed 8.22 per cent to close at 67k per share.

LASACO Assurance declined by 5.20 per cent to close at N2.55 per share.

Analysis of the market activities indicated that trade turnover settled higher when compared to the previous session, which stood at 45.96 per cent.

The News Agency of Nigeria(NAN) reports that 944 million shares valued at N23.48 billion were exchanged in 11,512 deals as against 861 million shares valued at N12.16 billion exchanged in 12,851 deals on Thursday.

Similarly, First Bank Nigeria Holdings (FBNH) led the volume chart with 338.84 million shares traded at N8.88 billion.

Guaranty Trust Company(GTCO) followed by 80.61 million shares worth N3.34 billion.

Transcorp sold 54.98 million shares at N834.84 million, while United Bank of Africa(UBA) traded 49.56 million shares worth N1.42 billion.

Access Corporation sold 38.82 shares valued N1.05 million.

Reacting, Mr David Adonri, Vice Chairman, Highcap Securities Ltd., said that the market performance  indices, especially the All-Share index, at over 100,000 was quite unimaginable.

Adonri, in an interview with NAN in Lagos, stated that investors in the stock market had made a lot of profit, hence the recent sell-offs witnessed in the market.

He said: “Any investor who has not taken his or her profit would have no one to blame.

“Many of the investors left now in the market are institutional investors who are investing for a very longtime and are not bothered about the short term volatility of the market.

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capital market

FG lists N4.214bn April savings bonds on NGX



The Federal Government has listed its April 2024 Savings Bonds worth N4.214 billion on the Nigerian Exchange Limited platform.

This was disclosed in the market bulletin signed by Godstime Iwenekhai, Head, Issuers Regulation Department of NGX.

According to the bulletin, “Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on Nigerian Exchange Limited (NGX) on May 13, 2024.”

Details of the Bonds include FGS April 2026, 1.228 million units valued at N1.228 billion at a coupon rate of 17.046 percent, while FGS April 2027, 2.986 million units amounted to N2.986 billion at a coupon rate of 18.046 percent.

The bonds are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria, according to the debt office.

FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.

The retail savings bond product was introduced by the Debt Management Office (DMO) on behalf of the Federal Government in 2017 to democratise its activities in the bond market by making it easily accessible to Nigerians to ensure continuous development of the domestic market and bridge infrastructure deficit which has been a constraint to economic growth.

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LCFE inducts 23 commodities brokers



As part of its capacity building functions, Lagos Commodities and Futures Exchange (LCFE), has onboarded and inducted another 23 Commodities Brokers, the fourth edition in the series, to increase the number of professionals to specialise in various asset classes in the Nigerian commodities ecosystem.

On the list of those inducted last week were the Managing Director, Dynamic Portfolio Limited, Mr Remi Lasaki and many Chief Executive Officers of stockbroking companies in Nigeria.

In his welcome address, LCFE’s Managing Director and Chief Executive Officer, Mr Akin Akeredolu-Ale, urged the inductees join hands with The Exchange to build a virile commodities market that shall be beneficial to all.

“LCFE is working hard to build a market that will benefit the entire Capital Market and its brokers. Each broker can select a commodity and dedicate their focus on it, thereby enhancing your company’s wealth, your individual skill set and contributing to the growth of the Nigerian Economy.

“Together, let us seize this opportunity to build a vibrant and dynamic marketplace that unlocks new possibilities for investors, enhances economic prosperity, and positions Nigeria as a leader in commodities trading.

“The Exchange is actively engaging with the Securities and Exchange Commission to obtain approval for more products like Lithium, diamond and Oil and Gas commodities. Just yesterday, we signed an MOU with a Global Certification Agent Bureau Veritas to certify lithium and other Solid Mineral commodities to be traded on LCFE. Additionally, we have made significant strides in the Cashew ecosystem, signing an MOU with the Cashew Association of Nigeria (CAN), aggregators, and a major cashew processor.

“Eko Gold also represents a pioneering investment opportunity within our commodities ecosystem, leveraging stability and transparency to diversify options, attract capital, and create value across the value chain. LCFE is fully committed to supporting its growth and providing brokers with the tools and guidance needed for effective promotion of the asset classes,” said Akeredolu-Ale.

Corroborating him, the Chairman, Securities Dealing Houses of Nigeria (ASHON), Mr Sam Onukwue, noted  LCFE was established for total transformation of commodities exchanges in Nigeria and boost the country’s Gross Domestic Product (GDP).

“The underpinning drive for establishing the exchange was the need to transform and reposition the commodities market and harness opportunities in the commodities ecosystem. This drive will enhance and crate value for all stakeholders in the ecosystem,” he said.

The newly elected President of Chartered Institute of Stockbrokers (CIS), Mr Oluropo Dada, congratulated the inductees and advised them to uphold the ethical standard of the profession and operate with skills and integrity.

Akeredolu-Ale also congratulated the new board and management of Securities and Exchange Commission (SEC), under the new Director General, Dr Emomotimi Agada.

In July last year, the Pan African Exchange inducted 33 commodities brokers, including the first female office holder at Chartered Institute of Stockbrokers (CIS), Mrs Fiona Ahimie.

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capital market

Tinubu asks Senate to confirm four board members of SEC



President Bola Tinubu has asked the Senate to screen and confirm four persons appointed as board members of the Securities and Exchange Commission (SEC), the apex regulator of Nigeria’s Capital Market.

The President’s request was contained in a letter read by the Senate President, Godswill Akpabio during the plenary on Wednesday.

The appointed members of the SEC are Emomotimi Agama, Frana Chukwuogor, Bola Ajomale and Samiya Hassan-Usman.

While Agama was appointed as Director-General, Mr Chukwuogor will serve as Executive Commissioner (Legal and Enforcement) of the Security and Exchange Commission.  Ajomale was appointed as Executive Commissioner (Operations) while  Hassan-Usman was appointed as Executive Commissioner (Corporate Services).

In April, President Tinubu approved the appointment of seven persons as members of the SEC pending their confirmations by the Senate. But, only four names were transmitted to the Senate for confirmation and Tinubu did not give reasons for not including the names of the other three professionals.

In the letter, the President explained that the appointment complied with the provisions of section (1) of the Investment and Security Act of 2007.

“Confirmation of appointment of the Director-General and Commissioners of the Securities and Exchange Commission.

“By the provision of sections 3 and 5 (1) of theInvestment and Securities Act 2007. I am pleased to present for confirmation by the Senate the under-listed four nominees as Director-General and Commissioners of Securities and Exchange Commission,” he said.

The president urged the lawmakers to expedite the screening and confirmation process.

The Senate President thereafter referred the request to the Senate Committee on Capital Markets to report back to the Senate within two weeks.

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