Investors Gain N44.06bn as NSEASI Inches up by 0.19%, YTD Return Hits 2.13%
Equities market closed today on a positive note, as NGXASI appreciated by +0.19% to close at 41,129.98 basis points as against +0.38% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.13%.
Market breadth closed positive as CHAMPION led 21 Gainers as against 15 Losers topped by LEARNAFRCA at the end of today’s session – an unimproved performance when compared with previous outlook.
Market turnover closes positive as volume moved up by +103.52% as against -20.87% downtick recorded in the previous session. FBNH, GUARANTY and CHAMPION were the most active to boost market turnover. FBNH and GUARANTY topped market value list.
LEARNAFRCA leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
Mixed reactions trail Lagos 12yrs limit for secondary schools
Mixed reactions have trailed the Lagos State government for pegging entry age for prospective pupils into any private or public secondary school at 12years – a move to checkmating under-aged kids registration in the state. The state government has said the new policy would be enforced in both public and
WHO honours Henrietta Lacks, whose stolen cells changed medicine
Tedros Ghebreyesus, director-general of the World Health Organisation has honoured late Henrietta Lacks with a WHO Director-General’s award, recognizing the world-changing legacy of the Black American woman who died of cervical cancer, 70 years ag
Customers without BVN to pay N2m penalty says CBN
The network disruption experienced by over 73 million subscribers on the MTN Nigeria network on Saturday was caused by a disruption in the core network affecting voice and data services, the company said in a statement
Why Nigerian big companies scramble for commercial paper
The cost of moving containers from Apapa Port to warehouses in Lagos has drastically reduced by over 60 percent depending on the location of the importers’ warehouse, Trucks Transit Parks Ltd (TTP), has said. According to statistics given to BusinessDay on Thursday in Lagos by TTP, moving 20 lowe
Supreme court affirms Soludo as APGA’s guber candidate
The Supreme Court has affirmed a former Governor of the Central Bank of Nigeria (CBN), Charles Soludo as the governorship candidate of the All Progressive Grand Alliance (APGA) in the November 6th Anambra Gubernatorial election. Victor Oye was also returned as the National Chairman of APGA
IHS planned New York listing a win for Nigeria’s 5G ambition
The planned listing by IHS on the New York Stock Exchange this week would not only push its valuation to $8 billion, it could also bolster Nigeria’s ambitious plan to rollout the 5G network in 2022, experts believe.
Nigeria’s foreign portfolio investment slides 3-year low on FX crisis
Foreign portfolio investors have continued to reduce exposure in Nigerian equities with transactions reaching the lowest levels in three years in August, according to data from the Nigerian Exchange Group (NGX).
NGX to Deepen Liquidity With Relaunch of Market Making Program
Nigerian Exchange Limited (NGX or The Exchange) is pleased to announce the relaunch of its Market-Making program effective 4 October 2021. This comes on the back of the review of its rules to provide the flexibility to implement diverse Market-Making programmes across all asset classes listed on The Exchange, as approved by the Securities and Exchange Commission (SEC).
Market Making occurs when a Trading License Holder provides continuous two-way quotes both buy or sell prices to the market on selected securities during the trading day. Essentially, market makers display the amount they are willing to buy or sell a security and the guaranteed number of units. Once they receive an order from a buyer, they sell off from their own inventory, ensuring that the order is completed.
Speaking about the program, the Chief Executive Officer, NGX, Mr. Temi Popoola CFA, stated, “At NGX we are committed to tackling liquidity constraints and ensuring sustained flow of funds in the capital market. We recognize the importance of liquidity as a driver of participation in our market and are confident that Market Making will ease the barrier of entry and exit, whilst providing a measure of control over volatile price fluctuations. As we continue to consider ways to maximize opportunities across our value chain, our goal is to evolve with the increasingly sophisticated needs of our stakeholders and Market Making is just one of the strategies we will deploy in this regard. We also wish to thank the SEC and CSCS for their contribution towards the relaunch of the program”.
The Divisional Head, Trading Business, NGX, Mr. Jude Chiemeka also stated, “The benefits to be reaped from Market Making cut across the spectrum of our market. For the Market Makers, they can expect enhanced revenue opportunities as well as reduced transaction and regulatory fees in recognition of the responsibility and risks they have taken on. There are also the benefits of increased liquidity, greater market depth, enhanced portfolio diversification, and more, that other capital market players will enjoy. To ensure that the market indeed reaps the benefits, we have been painstaking in our selection of Market Makers and we encourage investors to leverage the opportunities they bring to the table”.
It would be recalled that NGX first launched the Market Making program in 2012 in an effort to improve liquidity and increase efficiency across asset classes. This relaunch takes into consideration the evolving needs of stakeholders and will allow for periodic adjustments to meet the objectives of the program.
NGX Announces Resignation of Oscar N. Onyema on the Back of the Imminent Listing of NGX Group
Nigerian Exchange Limited (NGX or The Exchange) has announced the resignation of Mr. Oscar N. Onyema, OON, as Non-Executive Director, effective immediately.
Mr. Onyema’s resignation comes on the back of the imminent listing of Nigerian Exchange Group Plc (NGX Group or The Group), where he serves as the Group Managing Director/Chief Executive Officer (GMD/CEO), on the main board of NGX.
Consequent upon this resignation by Mr. Onyema, NGX will uphold Rule 184(2)(a) of the Securities and Exchange Commission Consolidated Rules 2013 which states that “A securities exchange shall have a code of conduct for its council members or board which shall be approved by the Commission, and shall contain amongst others the following provisions, to wit, that the council members or board shall: (a) not be a staff of a quoted company and its subsidiaries”.
Speaking on the development, the Chairman, NGX, Mr. Abubakar Mahmoud, SAN, OON stated, “On behalf of the Board and Management of The Exchange, I extend our heartfelt gratitude to Mr. Onyema for his selfless service to The Exchange. As he transitions into this new phase as the GMD/CEO of a listed company, we reiterate our commitment to act in the best interest of all Issuers to the benefit of all stakeholders in the capital market”.
The Chief Executive Officer, NGX, Mr. Temi Popoola, CFA noted that, “NGX owes its solid foundation to the effort of leaders like Mr. Onyema who worked tirelessly to build a capital market infrastructure we can be proud of. During his time as a Non-Executive Director on the Board of NGX, he brought to bear his wealth of experience and the unique institutional knowledge he possesses and we are grateful for that”.
To commemorate the listing of NGX Group on NGX, Mr. Popoola will host the Group Chairman, NGX Group, Otunba Abimbola Ogunbajo and the GMD/CEO, Oscar N. Onyema, OON and other key stakeholders to a virtual Closing Gong Ceremony on Friday, 15 October 2021.
Senate Summons Seven MDAs Over Buhari’s N5.01trn Loans
The Senate on Wednesday summoned the accounting officers of seven federal ministries, departments and agencies over their failure to defend their input in the N5.01trn loans proposed to fund the 2022 budget deficits.
Nigeria’s Cost of Trade Too High for Investors, Says Okonjo-Iweala
The Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, has said that Nigeria’s trade costs are too high and, therefore, cannot attract investments.