The Nation Newspaper

Category: Capital Market

  • NGX RegCo, ICAN collaborate on corporate governance

    NGX RegCo, ICAN collaborate on corporate governance

    NGX Regulation Limited (NGX RegCo) and the Institute of Chartered Accountants of Nigeria (ICAN) have collaborated on a corporate governance workshop to boost the knowledge of capital market stakeholders on the role of the audit committee.

    At the workshop, which was held at the Exchange Group House in Lagos, investors and other stakeholders gathered to learn more about the role of the audit committee, expectations from a regulatory standpoint and more.

    In her opening remarks, Tinuade Awe, Chief Executive Officer, NGX RegCo, who was represented by Head, Broker Dealers Regulation, Olufemi Shobanjo, said the training was in line with NGX RegCo’s quest to uphold the integrity, transparency, and efficiency of the Nigerian capital market.

    “Engagement between NGX RegCo and Issuers is a fundamental component in achieving the overarching goals of a well-functioning capital market.

    NGX RegCo and ICAN organized this program to train shareholder representatives of Audit Committee Members of Listed Companies on their expected roles in ensuring that corporate governance best practices are enshrined in their companies,” Awe said.

    According to her, the training was geared towards equipping audit committee members with the requisite knowledge to make positive contributions at Committee meetings and to enhance their regulatory duties as audit committee members of listed companies.

    Speaking at the event, the Coordinating Director, Inspection & Monitoring and Corporate Governance Directorates of the Financial Reporting Council (FRC), Nigeria, Mr. Titus Osawe, FCA, pointed out that board committees play a crucial role in the corporate governance structure of a company.

    He said, “Directors play a crucial role in strengthening corporate governance practices within an organization as they are poised to ensure that the appropriate system of rules, practices, and processes are in place in the entity they serve as Board members. Their role in fostering a culture of good corporate governance is pivotal in companies and Board committees are one avenue through which this is seamlessly achieved.

    Read Also: NGX RegCo grants Neimeth free float extension

    “The Committee responsible for Audit (Audit Committee and in some instances, Audit and Risk Management committee), provides ready support to the Board in fulfilling its governance and oversight responsibilities as it relates to financial reporting, internal controls, risk management, internal and external audit functions and ethical accountability. This lays credence to the importance of Audit Committee.”

    According to Osawe, the NCCG 2018 highlighted two types of Audit Committees; Statutory Audit Committee and Board Audit Committee.

    While Section 404(2) of CAMA 2020 and Principle 11.4.6 NCCG 2018 mandate the establishment of SAC by Public Company, Section 404(3) – CAMA 2020 prescribed membership of SAC as five (3-shareholders and 2-Non-Executive Directors), with at least, 1 member, a professional accountant.

    The head of Listings Regulations, NGX RegCo, Godstime Iwenekhai, in his presentation, highlighted the need for audit committee members to understand the business of the company to fully function in their roles.

    He said, “Understand the nature of the business. Identify and understand the regulatory landscape of the business and global trends and best practices within that sector/business.”

    In addition, Iwenekhai recommended some of the ways to enhance the performance of audit committees, which include training on new reporting standards e.g new IFRS and sustainability standards; personal development as well as effectively communicating with the Board and making recommendations: and engagement with the auditor to address issues or discrepancies raised.

    In recent times, NGX RegCo has embarked on a series of workshops to improve the capacity of stakeholders in the capital market.

  • Africa Prudential appoints new CEO

    Africa Prudential appoints new CEO

    Africa Prudential Plc has appointed Catherine Nwosu as its first female chief executive officer. The appointment took effect on March 1, 2024.

     Nwosu brings a wealth of experience to the role. Having served in various capacities within Africa Prudential since its inception in 2006, she is well-versed in the company’s operations and deeply invested in its success.

      Her appointment signifies not only her exceptional qualifications but also Africa Prudential’s unwavering commitment to diversity, inclusion, and sustainability in its leadership structure. Nwosu’s impressive credentials include an alumni status from the esteemed Lagos Business School, a fellowship and vice presidency at the Institute of Capital Market Registrars, and membership in the Institute of Chartered Accountants of Nigeria.

    Read Also: GOTNI leadership center hosts CEO roundtable in Lagos

     “We are confident in the future of Africa Prudential with Catherine at the helm,” declared Eniola Fadayomi, Chairman of the board. He emphasised Nwosu’s familiarity with the company’s legacy of innovation and premium service delivery, describing her as “a talented professional and a friend of the business.”

    Fadayomi expressed unwavering faith in Nwosu’s leadership and her ability to further solidify Africa Prudential’s commitment to excellence and sustained growth. She also extended sincere gratitude to the outgoing chief executive, Obong Idiong, for his invaluable contributions and instrumental role in the company’s growth.

  • Sterling Bank’s Qore Mobility to empower Kano women with electric tricycles

    Sterling Bank’s Qore Mobility to empower Kano women with electric tricycles

    Qore Mobility, Sterling Bank’s electric mobility initiative focused on accelerating the adoption of cleaner, safer, more sustainable transportation, is set to fulfil the delivery of 120 electric tricycles to female riders in Kano state, commencing in the first quarter of 2024.

    This strategic move not only underscores Qore Mobility’s dedication to inclusivity and sustainability but also signifies a major step towards reshaping the future of transportation.

    In 2023, Qore Mobility made headlines by launching Nigeria’s inaugural publicly accessible electric vehicle (EV) charging station at the Sterling Bank branch in Victoria Island, Lagos; in a bold step aimed at stimulating conversations and actions toward electrifying urban transportation, and making sustainable travel more accessible.

    Building on this success, the group joined forces with LINKS, a Commonwealth program funded by UK AID, and the National Automotive Design and Development Council, in a collaborative effort to harness opportunities that foster profitable ventures, job creation, and gender inclusion in Northern Nigeria.

    Backed by The Alternative Bank – a leading financial institution of ethical banking – Qore Mobility is partnering with the esteemed gender-based Mata Zalla and Yar Baiwa Cooperative Societies, providing the essential financing for these electric tricycles. This initiative aligns seamlessly with the strategic community development interests of both cooperative societies to foster financial independence and communal contributions among Northern women.

    Read Also: Qore Mobility to empower Kanowomen with electric tricycles

    Not only does this decision align with the goals of the Cooperatives, but it also promises to influence Nigeria’s energy transition policy, potentially paving the way for a future where electric motors replace traditional engines, carbon emissions are reduced, and the cost of mobility becomes more affordable for the average Nigerian.

    At a critical moment in history where Diversity, Equity and Inclusion have taken centre stage, Qore Mobility’s initiative catalyses gender parity and emphasizes the crucial role of women in the narrative of economic growth and development.

    The group has unveiled its short-term plans, intending to bring in all relevant production factors by Q1 2024. It also plans to install battery swapping infrastructure within the Kano metropolis, as well as a base at the Mata Zalla office to provide support services for these electric tricycles. This commitment to creating lasting and sustainable equity through strategic partnerships, coupled with its vision to mitigate greenhouse gas emissions, forms the bedrock of Qore Mobility’s objectives.

    Leading the transition from combustion engines to green transportation, Qore Mobility is providing access to electric transportation assets, infrastructure, services, and financing across market segments and use cases.

  • Investors lose N1.83tr on interest rate adjustments

    Investors lose N1.83tr on interest rate adjustments

    • Transcorp, UBA, Access Holdings lead trading

    Nigerian equities market closed weekend with its highest loss in recent period as a market-wide selloff that followed Central Bank of Nigeria (CBN)’s hike of the benchmark interest rate left investors with net loss of N1.83 trillion.

    The Monetary Policy Committee (MPC) of the CBN had at the end of its two-day meeting on Tuesday announced increase in the Monetary Policy Rate (MPR) by 400 basis points to 22.75 per cent.

    The hike in relatively risk-free benchmark return to 22.75 per cent triggered a flight to fixed-income with several investors realigning their portfolios in favour of fixed-income securities. The scramble for exit overwhelmed the earnings season mood at the stock market, will all sectoral indices closing negative.

    There were two losers for every gainer during the week, despite the announcement of several audited reports and dividend recommendations.

    The All Share Index (ASI)- the value-based common index that tracks all share prices at the Nigerian Exchange (NGX) dropped by 3.27 per cent to close weekend at 98,751.98 points as against its week’s opening index of 102,088.30 points.

    Aggregate market value of all quoted equities declined simultaneously from the week’s opening value of N55.861 trillion to close weekend at N54.035 trillion.  The decline pressured the market’s average year-to-date return to 32.07 per cent. However, Nigeria’s year-to-date return remains the highest among tracked advanced and emerging markets.

    Read Also: Experts cautious on CBN’s interest rate hike

    Analysts attributed the decline at the equities market to the direct impact of the increase in MPR.

    Cordros Capital Group said Nigerian equities market lost ground because “investors responded unfavourably” to the MPC meeting outcome.

    “In the near term, we anticipate cautious trading from domestic investors in response to the recent interest rate decision by the MPC and the uninspiring corporate earnings released thus far,” Cordros Capital stated.

    There were 54 losers against 27 gainers last week compared with 66 losers and 14 gainers in the previous week. MTN Nigeria Communications Plc led the losers, in percentage terms, with a drop of 18.91 per cent to close at N200.70 per share. On the other hand, Juli Plc recorded the highest gain of 60.26 per cent to close at N3.75 per share.

    Total turnover however rose to 1.88 billion shares worth N34.15 billion in 48,464 deals last week as against a total of 1.38 billion shares valued at N31.58 billion traded in 42,040 deals two weeks ago.

    Financial services sector remained atop activity chart with 1.275 billion shares valued at N20.427 billion traded in 24,801 deals; thus contributing 67.78 per cent and 59.82 per cent to the total equity turnover volume and value respectively. The conglomerates sector followed with 227.237 million shares worth N2.972 billion in 3,351 deals. Oil and gas sector placed third with a turnover of 115.327 million shares worth N746.959 million in 2,704 deals.

    The trio of Transnational Corporation (Transcorp) Plc, United Bank for Africa Plc and Access Holdings Plc were the most active stocks, accounting for 563.139 million shares worth N10.155 billion in 9,270 deals, representing 29.93 per cent and 29.74  per cent of the total equity turnover volume and value.

  • SEC, NGX, others seek ways to deepen mutual funds

    SEC, NGX, others seek ways to deepen mutual funds

    Securities and Exchange Commission (SEC), Nigerian Exchange (NGX), United Capital Asset Management Limited (UCAML) and other capital market operators have canvassed the need for collaboration, enhanced education and product development as ways to engender more participation in collective investment schemes, otherwise known as mutual funds.

    They said low participation of retail investors in the collective investment schemes (CIS) is not good for the Nigeria capital market when compared with other advanced economies.

    Speaking at the UCAML’s investment forum held in Lagos, with the theme “Deepening financial inclusion through participation in Collective Investment Scheme”, Director General of SEC, Lamido Yuguda, said that the CIS has grown over the years, however number of participations is still very much low compared to the country’s population.

    Yuguda, who was represented by the Executive Commissioner, Operations, Dayo Obisan, said: “There is need for collaboration among the operators  to encourage more participation . The SEC has been collaborating with the market in turning out rules that will help boost confidence in the market. We are instilling confidence and trust through regulation and market development. In a bid to manage risk and entrench trust in the scheme the Commission mandated that all CIS funds be held in custody. This has helped the growth of these funds.

    “We will continue to partner with operators to boost retail investors through the CIS funds, as they provide investors with the opportunity to have their investments managed by knowledgeable investment professionals,” Yuguda said.

    Read Also: NGX RegCo grants Neimeth free float extension

    Acting Chief Executive Officer, Nigerian Exchange (NGX), Jude Chiemeka said there was need for collaboration among the capital market operators to deepen the participation in CIS.

    “The number of retail participation in the market is still very low. The Exchange will continue to improve investor confidence and drive financial inclusion in the retail investor ecosystem. It is essential to foster a market that provides everyone with the opportunity to participate in the financial market if Nigeria is to fulfill the 95 percent financial inclusion target by the end of the year.

    “At NGX, we believe that by deepening financial inclusion, we can unlock the true potential of retail investors and ensure they have the tools, knowledge and support to achieve their financial goals,” Chiemeka said.

    Chief Executive Officer, United Capital Asset Management Limited, Odiri Oginni noted that with less than two per cent of people having bank account in the CIS , then there is really poor participation.

    “So we need to collaborate to attract  more people in the CIS  in order to deepen financial inclusion . I agree with all the speakers that there is need for collaboration, investor education, introduction of products tailored to meeting the needs of investors, compliance of rules among others. Also, the market operators should leverage on technology to attract the youths. We hope to continue to hold this investment forum to enlighten more Nigerians on the benefits of the CIS and as well as engage with stakeholders to boost financial inclusion,” Oginni said.

  • Expert seeks improved regulation for real estate

    Expert seeks improved regulation for real estate

    A real estate developer, Hon. Okey Ayogu has expressed concerns over the lax regulatory framework of the sector, saying that the absence of proper regulations was preventing the sector from achieving its potentials.

    Ayogu, the Managing Director, Hymac Real Limited, called on the federal and state governments to address the challenges militating against the progress of the real estate sector by introducing right policies to drive its growth.

    He said, apart from the foreign exchange and naira devaluation challenges, which had made the sector a diaspora market, the major challenge facing them is the absence of regulations.

    Speaking with reporters in Enugu at the weekend when he his firm led Enugu realtors to inspect Kateland, Graceland and Redemption Estates, three of the company’s estates in the city, Ayogu noted that there are a lot of untapped opportunities in the sector.

    He however regretted that lack of proper regulations was enabling charlatans to sell unregistered lands to subscribers in the name of estates.

    He also frowned at the manner some developers go into selling lands for estate development without first creating necessary infrastructure and enabling environment for inhabitants of such estates.

    “When you look at our estates, you see that so much money has been committed in putting just infrastructure without any building there yet. This is because we are following the world best practices.

    “An estate should have good environment before any building can be erected there.

    “But, what happens here is that people buy land and parcellate them and before you know it, houses spring up there without roads, security, water channels, hospital, school, playground, among other infrastructures.

    “If you are passing on the road, you will see some signposts advertising plots of land in an estate for N2.4 million. You wonder the kind of estate such people will be living in. This is as a result of lack of proper regulations. If there is any regulation at all, the developer would have first put in place the necessary infrastructure before going to the market.

    “If you know how much it cost us to build drainage system in Graceland Estate, you will understand that an estate is not just a fenced land with buildings.

    “Again, somebody will begin to sell land in the name of an estate without a legal title to the land. They sell unregistered land to the unsuspecting subscribers.

    “Government needs to ensure proper regulation of real estate in Nigeria so that when one invests in it, he can be sure that he has assets of a lifetime.

    “When you invest in an unregulated sector, it is dangerous for the economy. It is dangerous for the image of the country or state.

    “Real estate should be such that when you invest in it, you can use the papers to get loan from any commercial banks and continue your business. Yet, the property still remains your own.

    “But, when you invest in a property without good title, you can’t even approach any bank for loan with it. So, that’s what we are talking about. Many people have lost their life savings by investing in assets that had no good titles”, Ayogu said.

  • First Bank rewards 930 promo winners with cash

    First Bank rewards 930 promo winners with cash

    First Bank of Nigeria Limited has rewarded 930 customers with N100,000 each at its ongoing four-month “Win Big Promo”.

    The promo, which started last October, will end on February 23; during which  1,240 customers will be rewarded, and 310 of them, to win N170 million monthly promo.

    The Head, Personal Banking, Mr. Ikemefula Nwachukwu, said the promo was aimed at encouraging savings culture, use of the bank’s digital banking platforms and empowerment of customers through the loyalty reward.

    “This is the third and second to the last edition. FirstBank Win Big Promo is our way of rewarding and recognising our loyal customers, who have decided to remain with us for a long, long time. So, we conceptualised this and we thought that it is important.

    “And today, we rewarded 310 people, N100,000 each, that is a lot. So, imagine people sitting in their homes and then getting alerts of N100,000. This excludes about 40,000 people who we are giving airtime for reactivating their accounts,” he said.

    Nwachukwu further said the promo was to serve as incentives to encourage customers to carry out transactions while the bank recognises their continuous patronage and then reward them for their loyalty.

    Read Also: First Bank appoints MD for UK subsidiary

    The draw, held at the banks’ headquarters in Marina, Lagos, was conducted electronically by Tequila Nigeria Limited.

    The draw saw additional 310 customers winning N100,000 each. The system randomly picked lucky winners from all retail groups across the six geo-political regions in Nigeria.

    To qualify for the N100,000 monthly draw, customers will have to maintain a minimum deposit balance of N5,000 monthly and make a minimum of five transactions on any of the Bank’s digital channels. The channels include: FirstMobile, LIT App, USSD, First Online as well as Debit Card transactions.

    It was noted that representatives of the National Lottery Regulatory Commission, Federal Competition and Consumer Protection Commission and Lagos State Lotteries and Gaming Authority witnessed the draw.

    Oyinkan Kumamoto, who represented the Lagos State Lotteries and Gaming Authority, commended the transparency of the process and commended the bank for the promo, saying “basically, you have done well.”

  • ‘Pension industry resilient against rising inflation’

    ‘Pension industry resilient against rising inflation’

    The participation of the pension industry in macroeconomic activities has been positive with pension fund asset performing against rising inflation rate in the third quarter of last year, the National Pension Commission (PenCom) Third-Quarter 2023 Report, has stated.

    Pension funds and assets witnessed a growth of 3.51 per cent from N16.76 trillion as at second quarter to N17.35 trillion during the period under review. The fund, however, stood at N18.35 trillion as at last December.

    PenCom stated that the rate of inflation during the period under review increased to 26.72 per cent  last September from 22.79 per cent in June 2023.

    The report read: “In response, the Monetary Policy Committee of the Central Bank of Nigeria increased the Monetary Policy Rate (MPR) within the quarter to 18.75 from 18.50 in July 2023 to facilitate the reduction of domestic money supply and moderate exchange rate pressures. Inflationary pressures are, however, expected to continue in tandem with global trends.

    “Meanwhile, participation in the pension industry has continued with an upward trajectory despite the rising rate of inflation that has plagued the domestic economy.”

    Read Also: Ogun and pensioners’ welfare

    This is even as registration into the Contributory Pension Scheme (CPS) increased by 59.52 per cent to 93,633 in third quarter 2023 from 63,693 in second quarter. However, contributions decreased by 14.15 per cent during the quarter from N520.96 billion in second quarter to N287.57 billion in third quarter.

    PenCom stated that the growth is expected to exhibit signs of recovery from its subdued growth region as its sectors begin to respond to policy initiatives targeted at addressing overhang of weak macroeconomic fundamentals including challenges associated with governments fiscal position, decline in foreign exchange reserves, as well as inflationary and exchange pressures.

    The commission further stated that economic outlook for succeeding quarters of last year remained cautiously optimistic as the expected outcome to ongoing policy changes begins to take effect.

    Based on this, the commission projected that the value of pension assets is expected to increase as the current higher yields on investment in fixed income securities would raise nominal returns.

    The equity market also provides opportunities for Pension Fund Administrators (PFAs) to take strategic position in sound, but undervalued stocks for long term benefit.

  • Forex: Nigerian Breweries posts N106b loss

    Forex: Nigerian Breweries posts N106b loss

    • N153b forex loss wipes off operating profit

    Nigerian Breweries (NB) Plc recorded a net loss of N106 billion last year, after absorbing a foreign exchange (forex) loss of about N153 billion.

    Key extracts of the audited report and accounts of NB for the year ended December 31, 2023 showed that sales rose by nine per cent from N550.64 billion in 2022 to N599.64 billion in 2023. Gross profit declined from N213.33 billion to N212.61 billion. Operating profit slowed down from N51.76 billion to N43.96 billion.

    Net finance cost, however, jumped from N34.42 billion to N189.19 billion, due largely to forex depreciation. This wiped off the group’s net profit of N13.19 billion in 2022 with net loss of N106.31 billion in 2023.

    The company attributed its performance to increase in input cost, a one-off reorganisation cost, depreciation in naira and other economic pressures.

    Managing Director, Nigerian Breweries Plc, Mr. Hans Essaadi, said the business performance of last year reflected the challenging economic environment.

    According to him, the severe economic conditions that negatively impacted the company’s performance in 2023 included persistent cash scarcity, removal of fuel subsidies resulting in a notable surge in energy cost, naira devaluation, foreign exchange scarcity, and continued challenged consumer spending in the midst of high inflation.

    “Despite these challenges, the business recorded some progress, delivering a nine per cent growth in revenue aided by a positive price mix. Unfortunately, our efforts were undermined by the impact of the devaluation of the naira, causing an N153 billion loss on foreign exchange transactions,” Essaadi said.

    Read Also: Beers to cost more as Nigerian Breweries announces price review

    He explained that the company’s reaction to the challenges presented by the tough economic terrain was centered around reducing risk to the business by focusing on a positive price mix, efficient sales operations, strong and aggressive cost management, and other efficiency measures.

    “Going into the new year, we are conscious of the continued severe macro-economic challenges – rising inflation, heightening operating costs and pressured consumer income spend. However, we believe the challenges of 2023 have laid the groundwork for opportunities that would lead to value creation for all our stakeholders.

    “One of these opportunities is the acquisition of an 80 per cent business stake in Distell Wines and Spirits Limited, a local business in the wines and spirits category, and an exclusive right to import all Heineken Beverages wines, spirits, and ciders brands from South Africa, including a license to market and distribute all the products in Nigeria, as well as to produce any of the imported brands locally.

    “This acquisition is part of efforts to provide access to a complementary multi-category portfolio of fast-growing wines and spirits brands and capture significant growth opportunities in the wines and spirits segment of the beverages industry.

    “The board and management will ensure that the company builds on its more than 77 years’ experience of operating in Nigeria to cope with current realities. The company will continue to be resilient and forward-thinking leveraging our broad portfolio, strong supply chain footprint and passionate workforce driving long-term value creation for its shareholders and other stakeholders,” Essaadi said.

  • Nigerian equities’ return hits N16.9tr on renewed rally

    Nigerian equities’ return hits N16.9tr on renewed rally

    • Investors scramble for big banks

    Investors in Nigerian equities netted about N2.12 trillion at the weekend to push their net returns so far this year to N16.93 trillion.

    Trading reports at the stock market showed that transactions on three of Nigeria’s largest banks accounted for about a quarter of total turnover at the market.This represented a marked shift in preference as trading in large-cap stocks underlined major financial commitments.

    Benchmark indices at the Nigerian Exchange (NGX) at the weekend indicated average return of 3.79 per cent for the week, equivalent to net capital gain of N2.115 trillion.

    With this, average year-to-date return for equities rose to 41.39 per cent, implying that investors have earned N16.93 trillion in net capital gains so far this year. 

    The weekly return for the market represented one of the three best returns globally, sustaining Nigeria’s position as the world’ best-performing equities market so far this year.

    The All Share Index (ASI)- the common value-based index that tracks all share prices at the NGX closed weekend at 105,722.78 points as against the week’s opening index of 101,858.37 points. It had opened the year at 74,773.77 points.

    Aggregate market value of all quoted equities rose simultaneously from the week’s opening value of N55.735 trillion to close weekend at N57.850 trillion. It had opened the year at N40.918 trillion.

    The performance of the Nigerian market was considerably above average in a global market that was dominated by positive sentiments. The MSCI World Index indicated average return of 0.3 per cent for the week. In United States, the S & P 500 Index inched up by 0.1 per cent, to counterbalance a 0.7 per cent decline in tech-heavy NASDAQ Index. United Kingdom’s FTSE ASI rose by 1.6 per cent.

    In Japan, Nikkei 225 Index rallied by 4.4 per cent. Germany’s XEXTRA DAX Index gained 1.1 per cent. Hong Kong’s Hang Seng Index appreciated by 3.8 per cent. France’s CAC 40 Index rose by 1.6 per cent. India’s BSE Sens Index gained 1.2 per cent while South Africa’s FTSE/JSE ASI inched up by 0.2 per cent. However, Russia’s RTS Index dropped by 1.4 per cent.

    The performance of the Nigerian market was boosted by gains recorded in the large-cap sectors of consumer goods and oil and gas. The NGX Consumer Goods Index led the market with a week’s return of 10.96 per cent, followed by the NGX Oil and Gas Index, which rose by 5.25 per cent.

    Most analysts expected the market to remain positive, although there could be intermittent profit-taking.

    Analysts at Afrinvest Securities said they expected “the market to record mild gain supported by improved sentiment and corporate earnings releases”.

    Cordros Securities stated that while market sentiments may be determined by the movement of yields in the fixed income market, corporate earnings and dividends could tickle the bulls.

    “Also, as we move towards the earnings season, further earnings releases and possible dividend declarations may be the catalysts for another spurt of positive sentiment which supports buying activities on the bourse,” Cordros Securities stated.

    Read Also: Nigerian equities inch near historic 100,000 index mark

    Total turnover at the NGX stood at 1.56 billion shares worth N36.50 billion in 42,546 deals last week as against 2.48 billion shares valued at N47.86 billion traded in 54,982 deals two weeks ago.

    The financial services sector led the activity chart with 1.13 billion shares valued at N18.91 billion in 19,424 deals; thus contributing 72.27 per cent and 51.81 per cent to the total equity turnover volume and value respectively. The conglomerates sector followed with 117.400 million shares worth N1.508 billion in 2,775 deals while the consumer goods sector placed third with a turnover of 98.42 million shares worth N4.01 billion in 6,322 deals.

    The trio of United Bank for Africa Plc, FBN Holdings Plc and Guaranty Trust Holding Company Plc were the most active stocks. They accounted for 389.29 million shares worth N11.757 billion in 5,372 deals, contributing 24.96 per cent and 32.21 per cent to the total equity turnover volume and value respectively.

    There were 35 gainers against 51 losers last week as against 20 gainers and 68 losers recorded in the previous week. Juli led the gainers, in percentage terms, with a gain of 45.54 per cent to close at N1.47 per share. Geregu Power followed with a gain of 33.3 per cent to close at N901 per share. BUA Foods rose by 20.82 per cent to close at N357.50. Royal Exchange added 20 per cent to close at 84 kobo while DAAR Communications rose by 17.39 per cent to close at 81 kobo per share.

    On the negative side, Meyer led the decliners with a drop of 18.96 per cent to close at N5.60. Morison Industries dropped by 18.69 per cent to close at N2.48. DEAP Capital declined by 14.29 per cent to close at 60 kobo. Flour Mills of Nigeria lost 12.25 per cent to close at N35.10 while Unilever Nigeria dipped by 10.81 per cent to close at N16.50 per share.