Connect with us

capital market

NGX applauds Lafarge Africa, calls on corporates to improve ESG reporting

Published

on

Nigerian Exchange Limited (NGX) has applauded Lafarge Africa Plc for consistency in disclosing its sustainability performance to capital market stakeholders. This was conveyed during the Facts Behind the Sustainability Report (FBSR) presentation of Lafarge Africa hosted by NGX recently.

In his opening remarks, Mr Temi Popoola, Chief Executive Officer, NGX, applauded Lafarge Africa Plc for its consistency in leveraging the Facts Behind the Sustainability Report event series to inform stakeholders of its sustainability initiatives.

“The decision taken by Lafarge Africa to continue to address stakeholders with the FBSR platform is truly commendable and will undoubtedly contribute towards favourably positioning the company in the line of sight of ethical and environmentally conscious investors.

“Mounting evidence shows companies that adopt sustainable practices are better positioned to protect their brands from environmental and social risks, while also positioning themselves to benefit from the major capital allocated by sustainable investors.

“These global trends reflect the importance of companies disclosing their ESG performance, as the benefits are far-reaching. Our role at the Exchange, is to support our listed companies and provide capacity-building opportunities for them to grow their competence in Environmental, Social and Governance (ESG) reporting.

“The overarching objectives for us is to see more companies approach and embrace sustainability from a knowledge perspective, realising how much impact and value they are able to create for their stakeholders,” he said.

Sharing key highlights of Lafarge Africa’s sustainability performance, Mr Khaled El-Dokani, Country Chief Executive Officer, Lafarge Africa Plc, stated that, “Lafarge Africa, a member of Holcim, has fully enlisted sustainability as part of its core values and sustainability continues to be a main value driver for our strategy and operations. We are established as an organisation inspired by the purpose of building progress for people and the planet. Throughout the reporting year, we remained focused on our ambition and goals to deliver innovative and sustainable solutions while ensuring that we improve our footprint in the Nigerian society.

“Our advances in sustainability are evinced by tangible outcomes across our four pillars including the recycling of over 89,000 tonnes of waste and 446,000 cubic meters of water across three plants as well as the rehabilitation of 600 hectares of land with 16,500 seedling plants and 124,000 direct beneficiaries from our N2billion corporate social investment initiative.”

While encouraging listed companies to report on the progress of their respective sustainability efforts, the Divisional Head, Business Support Services and General Counsel, NGX, Irene Robinson-Ayanwale, noted that, “At NGX, we will continue to strengthen our collaborations with organisations such as Sustainable Stock Exchange (SSE) initiative, United Nations Global Compact (UNGC), Global Reporting Initiative (GRI) and Principles for Responsible Investment (PRI) to build capacity within the market to drive the adoption of sustainable business practices across our ecosystem.”

Recall Lafarge was among the few listed companies honoured by NGX during the 2022 World Environment Day celebration, for leveraging the FBSR platform in disclosing performance on Environmental, Social and Governance (ESG) issues.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

capital market

Stock market recovery short-lived as investors lose N199bn

Published

on

Investors in the Nigerian equities market lost N199 billion at the close of trading on Tuesday.

Before Monday’s N70 billion gain, investors had endured over two weeks of consecutive bearish trading sessions.

Yesterday’s loss followed the dip in the value of stocks like Honey Well Flour, FBNH, Oando and FTN Cocoa Processors, amongst others on the trading floor today.

After five hours of trading at the capital market, the equity capitalisation decreased to N56.1 trillion from N56.3 trillion posted by the bourse on Monday.

Similarly, the All-Share Index (ASI) decreased to 99,311.54 from 99,665.05 achieved by the bourse the previous day.

The market breadth was negative as 16 stocks advanced, 24 declined, while 75 others remained unchanged in 7,324 deals.

Sunu Assurances Nigeria led other gainers with 10 percent growth in share price to close at N1.10 from its previous N1.00 per share.

Japaul Gold and Ventures, CAP, and Omatek Ventures also raised their share prices by 9.58 percent, 9.38 percent, and 9.21 percent respectively.

On the flip side, Honeywell Flour Mills led other price decliners as it shed 9.89 percent off its share price to close at N3.19 from its previous N3.54 per share.

First Bank of Nigeria Holdings (FBNH), Oando, and FTN Cocoa Processors equally shed their share prices by 9.88 percent, 9.82 percent, and 9.40 percent respectively.

On the volume index, Transcorp traded 125.700 million shares valued at N1.8 billion in 467 deals followed by United Bank for Africa (UBA) which traded 55.486 million shares worth N1.27 billion in 685 deals.

Access Holdings traded 51.473 million shares valued at N883.2 million in 958 deals.

On the value index, Transcorp also recorded the highest value for the day trading stocks worth N1.89 billion followed by UBA which traded equities worth N1.27 billion in 685 deals.

Access Corp traded stocks worth N833 million in 958 deals.

Continue Reading

capital market

MRS Oil Nigeria seeks shareholders’ approval to delist from NGX

Published

on

The Board of MRS Oil Nigeria Plc will, at the company’s Extraordinary General Meeting (EGM), request shareholders’ endorsement to voluntarily delist from the Nigerian Exchange Limited (NGX).

The decision to exit from the NGX was contained in the notice of an Extraordinary General Meeting to be held in Lagos on May 21, 2024.

The company will also seek shareholders’ approval for its Memorandum and Articles of Association (MemArts) to be modified to allow for a share buyback and share capital reduction.

This will be carried out in accordance with applicable laws and regulations at the discretion of the board.

It will also seek an understanding that following the conclusion of voluntary delisting and while the company remains public, the board is empowered to facilitate the admission of its shares on the NASD OTC Securities Exchange.

This action ensures compliance with the Securities and Exchange Commission (SEC)’s rules on trading in unlisted securities.

According to the statement signed by O.M Jafojo, Company Secretary, as part of special business, the company will request the shareholders to consider, and if thought fit, pass, with or without modification, the following sub-joined resolutions as special resolutions:

“That the voluntary delisting of all the Company’s issued shares from the daily official list of Nigerian Exchange Limited (the ‘Voluntary Delisting’) be and is hereby approved, on such terms and conditions (including but not limited to timing of implementation, arrangements for dissenting shareholders (if any) and the fulfilment of specific conditions precedent to effectiveness (if any)), that the Board of Directors of the Company (the ‘Board’) deems appropriate in connection with the Voluntary Delisting; and subject to obtaining all requisite regulatory approvals.

“That the Memorandum and Articles of Association (‘MemArts’) of the Company be and are hereby amended to authorize the Company to undertake a share buyback and share capital reduction.

“That the Company be and is hereby authorised to undertake a share buyback and share capital reduction in connection with any of its issued shares which may be purchased from dissenting shareholders where necessary as a consequence of the Voluntary Delisting; on such terms and conditions, in such volumes and at such times as the Board deems fit; subject to, and in accordance with, applicable laws and regulations.

“That the MemArts of the Company be amended upon completion of the share buyback and share capital reduction, to reflect the Company’s updated share capital.

“That upon conclusion of the Voluntary Delisting, and whilst the Company remains a public limited liability company, the Board be and is hereby authorised to take all such action as may be required, to admit the Company’s shares on the NASD OTC Securities Exchange in order to ensure that dealings in the Company’s shares are implemented in accordance with the Securities and Exchange Commission’s Rules on Trading in Unlisted Securities.”

The company will also seek approval to authorise the board to take all such lawful actions and steps (including but not limited to entering into/executing such agreements and documents, appointing professional advisers and other parties, complying with directives of any regulatory authority) deemed necessary to give full effect to the above-referenced resolutions.

Continue Reading

capital market

Bearish trend halted as investors gain N70.87bn

Published

on

Investors in the Nigerian equities heaved a sigh of relief as the losing streak on the bourse was halted on Monday, April 22, 2024 as investors recorded a profit of N70bn at the end of trading.

This followed the boom in the share value of stocks like Japaul Gold, GTCO, FTN Cocoa, Universal Insurance Company and RT Briscoe amongst others on the trading floor today.

After five hours of trading at the capital market, the equity capitalization increased to N56.367 trillion from N56.296 trillion posted by the bourse on Friday, last week.

Similarly, the All-Share Index (ASI) grew to 99,665.05 from 99,539.75 achieved by the bourse the previous day.

The market breadth was negative 16 stocks advanced, 18 stocks declined, while 85 stocks remained unchanged in 8, 298 deals.

Japaul Gold and Ventures Plc led other gainers with 9.58 percent growth to close at N1.83 from its previous price of N1.67, Guaranty Trust Holding Company (GTCO), FTN Cocoa Processors, and Universal Insurance Plc are amongst other gainers that also grew their share prices by 9.55 percent, 8.76 percent, and 8.57 percent respectively.

On the flip side, The Initiate Plc led other price decliners as it shed 10% off its share price to close at N1.80 from its previous close of N2.00. Prestige Assurance, Omatek Ventures, and VitaFoam Nigeria Plc are amongst other losers that also shed their share prices by 9.84 percent, 9.52 percent, and 9.26 percent respectively.

On the volume index, Guaranty Trust Holding Company (GTCO) Plc traded 50.158 million units of its shares in 630 deals, valued at N1.1774 billion followed by Access Holdings Plc which traded 48.067 million units of its shares in 951 deals, valued at N815.925 million and United Bank for Africa (UBA) Plc which traded 41.746 million units of its shares in 776 deals, valued at N956.455 million.

On the value index, GTCO recorded the highest value for the day trading stocks worth N1.773bn in 630 deals followed by UBA which traded equities worth N956bn in 776 deals and ACCESSCORP which traded equities worth N815m in 951 deals.

Continue Reading

Trending