The British Deputy High Commissioner to Nigeria, Mrs Ben Llewellyn- Jones, has stated that the UK Government was committed to supporting Nigeria’s Financial Sector – particularly the capital market in being more innovative, sustainable and resilient due to emerging climate change challenges.

Represented by the Head, Economic Development, Ms. Sally Woolhouse, she said the UK is keen to continue to support FSDA and the SEC to deepen Nigeria’s capital markets.

“The UK government which has been a long -staying ally of the Nigerian government, is committed to supporting the country’s financial sector- particularly the capital market in being more innovative, sustainable and resilient even as we all face emerging challenges such as climate change.

“As I have earlier mentioned on UK government’s support, our offers cover Technical Support including to green the capital market – FSD Africa is doing an awesome job in partnering with you to drive this mission; also we can explore the potential strategic engagement with  UK financial market institutions such as the London Stock Exchange – through which SEC could gain insight into emerging trends.

“Once again, congratulations to the Nigerian government and well done to SEC for pulling off a commendable feat. We look forward to working more collaboratively with every partner in achieving a sustainable and resilient financial sector in Nigeria” Llwellyn-Jones said.

In his remarks on the outcome of the CMC Meeting, Director-General of the SEC, Mr. Lamido Yuguda said the the meeting emphasised the increasing importance of Fintech, Sustainable Finance, Financial Inclusion and Non-Interest Finance. The Executive Management team of the SEC reiterated its commitment to continue creating awareness, imparting knowledge and engendering public participation in these topical areas.

Yuguda said members of the CMC were reminded to collectively work towards the enactment of the Investments and Securities Bill 2022, which will enhance the performance of the Nigerian Capital Market and align it with global best practices. The Bill seeks to improve the legal and regulatory framework that will accommodate the dynamics of the market.

The DG reiterated the commitment of Management of the Commission to the public on the full implementation of the initiatives of the revised Capital Market Master Plan which will form the basis of the policy direction of the commission for the coming years

Mr. Victor Nkiri representing Financial Sector Deepening Africa said developing a capital markets master plan provides a clear roadmap for development of the capital markets in a holistic and realistic manner whilst setting clear targets and action points.

This, he said, provides positive market signalling to all financial sector players such as policy makers, potential domestic and international investors, peer regulators, ministries of finance etc, as it provides an indication of the direction in which the capital market development is taking in that country.

“Having a clear blueprint (such as a CMMP) also helps to ensure a collaborative and symbiotic market system approach is pursued e.g., incorporating sectors such as pension funds who form a bulk of institutional investors and are key to driving domestic capital” he stated

Nkiru said the need to revise the master plan became necessary to align with current global and local economic realities – post-COVID-19 economic recovery and the recent aftermath of the Russia-Ukraine war, supply chain disruptions (local macroeconomic challenges, FX volatility) and the need to drive domestic long-term capital to fund economic growth.

“Also, there was need to align with current market dynamics and disruptions in the capital market space – fintech, decentralised finance (de-fi), digi-assets and blockchain powered technology.

“To position the market to respond to the global call on climate finance and resilience through deployment of sustainable finance instruments such as green bonds, social bonds, blue bonds etc, noting that Africa stands to bear the largest brunt of climate change” he added.

The Nigerian Exchange (NGX) and International Finance Corporation (IFC) have committed to a partnership to facilitate the issuance of green, social and sustainability bonds in Nigeria to increase financing for projects that address climate and social issues.

Through the partnership, NGX and IFC will facilitate knowledge sharing with market stakeholders and other exchanges in Africa experienced in issuing green and sustainability bonds, support the training and development of local verifiers for green bonds, and support the launch of a Sustainability Board.

To further advance Nigeria’s green and sustainability bond development, the workshop brought together domestic and foreign stakeholders including, regulators, policy makers, institutional investors, pension fund managers, and trading licence holders, focusing on key topic areas including the World Bank Group’s experience in the field of green bonds; the role of NGX as infrastructure for issuance and subscription to green, social and sustainability bonds in Nigeria; general trends in green and social bonds and IFC’s experience in structuring and achieving these objectives.

The announcement was made during a Green and Sustainability Bond workshop co-hosted by both institutions in Lagos, and supported by HSBC Regio Fund and The Kingdom of Netherlands.

Delivering his opening remarks, Chief Executive Officer, NGX, Mr. Temi Popoola noted that the African continent, according to the African Development Bank (AfDB), faced major risks and exponential collateral damage from global warming despite contributing the least to emissions. He underpinned AfDB’s estimates that the continent required over $3 trillion of investments by 2030 to mitigate these risks and implement its Nationally Determined Contributions. “In 2016, NGX conceptualised and developed the Green Bond Product Paper which was embraced and championed by the Debt Management Office (DMO) and the Federal Ministry of Environment. This resulted in the issuance of the first N10.69bn (about $25.8m) five-year green bond in 2017, and subsequently, a second tranche of N15b (c. $36m) seven-year green bond in 2019 which was oversubscribed.”

According to Popoola, the green bond market had experienced substantial progress over the years with several sovereign and corporate green bonds listed on the Exchange. “These follow-on issuances have further increased investible instruments and deepened the Nigerian Green Bond market. It is noteworthy that the size of the Green Bond market is currently N55.52 billion (c. $133.8 million).” He mentioned NGX’s Memorandum of Understanding with the Luxembourg Stock Exchange to promote cross-listing and trading of green bonds in Nigeria and Luxembourg, of which Access Bank’s N15b green bond was part. Popoola also stated that NGX is a member of the United Nations Sustainable Stock Exchange initiative and supports capacity development and investor awareness through its X-Academy.

“NGX will continue to work with internationally recognised organisations such as IFC to share valuable green finance experiences and best practices, as well as to promote the development of sustainable finance market segments for supporting government, policymakers, regulators, financial market participants, domestic and international thought leaders, investors, and other market stakeholders,” Popoola added.

IFC’s Senior Country Manager for Nigeria, Sierra Leone and Liberia, Mr. Kalim M. Shah said, “Nigeria will require billions of dollars to meet its climate goals, reduce carbon emissions and reach net-zero targets. IFC continues to play a significant role in mobilising private sector capital to support climate-smart investments, working with stakeholders to increase credible green, social, and sustainability bond issuances in Nigeria. We will bring IFC’s and the broader World Bank Group’s experience to the Nigerian capital market by supporting regulators, issuers, and exchanges on developing the framework, and socialisation of green, social and sustainable bonds. Our partnership with NGX highlights the potential to increase climate financing, and we look forward to working together to support green bond issuances on NGX.”

A revised master plan aimed at leveraging the potential of the Nigerian capital market formally came into effect yesterday with reassurance by all stakeholders to support the implementation of the key initiatives.

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who launched the revised Capital Market Master Plan yesterday in Lagos, said investor’s confidence is one of the key ingredients that will accelerate the growth of the nation’s capital market and increase both domestic and foreign investor participation.

She said the government would continue to strengthen the regulator to effectively do its job of regulating and developing the capital market noting that the market should be characterised by high level of compliance with ethical standards, deep liquidity and sophistication, good corporate governance, and a strong domestic investor base.

“Nigeria needs a capital market that broadens access to economic prosperity by enabling the emergence of financially responsible citizens, accelerating wealth creation and distribution, providing capital to small and medium scale enterprises, and catalysing housing finance.

“I consider the revised Capital Market Master Plan a veritable tool which the capital market must use as it drives key initiatives towards achieving the Country’s economic growth objectives,” Ahmed said.

She said the implementation of the master plan is one of the key initiatives in the 40- deliverable presidential mandate of the Federal Ministry of Finance, Budget and National Planning.

Represented by the Director General, Debt Management Office (DMO), Ms. Patience Oniha, Ahmed said capital market growth resonates with government’s unwavering commitment to deepening and re-positioning the financial market as a key anchor to achieving a private sector led development of the economy as emphasized in the National Development Plan (NDP) objectives.

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“This administration and especially my office has supported the capital market master plan implementation efforts since inception.

“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 country in the top 20 global economies by the year 2025.

She commended the Securities and Exchange Commission (SEC), Capital Market Master Plan Implementation Committee (CAMMIC) and the capital market community for the laudable achievements especially in the areas of dematerialization of share certificates, e- dividend mandate management system, facilitation of access to alternative investments like Sukuk, enhancing the commodities trading eco-system, national savings strategy, demutualization of the Nigerian Stock Exchange, and the ongoing review of the Investment and Securities Act (ISA) among others.

“I am also aware of ongoing efforts on other initiatives like the direct cash settlement, introduction of derivatives, financial literacy, enhancing market liquidity, incentives for listings, growth of collective investment schemes and leveraging fintech solutions in the capital market.

“I assure you of government’s support in all these efforts and I am confident in your ability to successfully drive these initiatives to fruition. As you chart the course for the next phase of the capital market master plan’s implementation, i assure you of the federal government’s support and look forward to working with you to realize the plan’s objectives,” Ahmed said.

Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, said the master plan was designed to chart a strategic direction while providing clarity of vision and a robust road map required to facilitate innovation, investment, growth and expansion of empowering opportunities in Nigeria and beyond.

“Our vision is “To be Africa’s most modern, efficient, and internationally competitive market that catalyses Nigeria’s economic growth and development”; we believe the plan provides a solid roadmap for achieving this vision as we collaborate with other stakeholders to effectively drive its implementation,” Yuguda said.

He outlined that the main objective of the review was to produce an updated version of the document primarily to engage stakeholders on the current level of market development and opportunities for further capital market growth as well as review and update the assumptions and vision of the capital market master plan among others.

Mr. Victor Nkiri, who represented Financial Sector Deepening Africa, said that the Nigerian capital market has gained prominence among its peers, having increased in size, depth and sophistication in terms of diversified products adding that the capital market continues to play a key role in the economy.

Nkiri said the revised master plan will provide a blue print for Nigeria’s capital market to remain up to date with emerging trends and future realities, even as it continues to attract increased local and foreign investors participation.

Chairman, Capital Market Implementation Council, Prof. kanyinsola Ajayi said the vision “To be Africa’s most modern, efficient, and internationally competitive market that catalyzes Nigeria’s economic growth and development” is ambitious but achievable.

“We will need to work together as a market, across the financial sector and with the government to ensure we ease all bottlenecks and address policy gaps that will help unleash the power of the private sector to drive the market growth we all aspire for. We believe the Plan provides a solid roadmap for achieving this vision as we collaborate with all our stakeholders under the leadership of SEC,” Ajayi said.

Represented by Dr. Dotun Suleiman, Ajayi said the revised master plan has proposed changes to the implementation governance structure to make it more efficient, flexible and focused on providing positive for the market and all stakeholders.

He implored SEC to ensure that this structure is fully implemented and manned as proposed.

Chief Executive Officer, AXA Mansard Insurance,  Kunle Ahmed has explained the reasons  behind the company’s  continued commitment to gender diversity and inclusion.

Ahmed, who spoke at  the 2022 Women in Marketing and Communications Awards (WIMCA), said the company is focused on engaging the best talents and creating a platform that gives equal opportunities to everyone.

He said the company has designed its management systems and policies in ways that provide women and men with growth opportunities.

“In our quest to deliver value to all stakeholders, we are always focused on engaging the best talents and creating a platform that gives equal opportunities to everyone. We are convinced that everyone no matters their gender or preferences must be given equal opportunity and have designed our management systems and policies in ways that provide women (and men) with growth opportunities,” Ahmed said.

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Also,  the “Most Outstanding Marketing Professional, Insurance Category” award was awarded AXA Mansard’s Chief Customer and Marketing Officer, Jumoke Odunlami.

WIMCA is the largest gathering of female brands and marketing communications professionals in Nigeria and Sub-Saharan Africa.

The annual event recognises and celebrates leading women who have weathered the storm and have risen through the ranks to attain remarkable heights in the brands, marketing, and communications industry.

According to the organisers of the event, when it comes to gender inclusion, AXA Mansard occupies a unique position in the insurance sector in Nigeria. “From the leadership of the organisation to its commitment to women’s initiatives, AXA Mansard holds the ace when it comes to ensuring access to equal opportunities for the female and male gender,” the organisers stated.

Ahmed, expressed his delight at the award, noting that it is another recognition of the company’s continued commitment to gender diversity and inclusion.

“This is an award like no other, we are glad to be recognised by a reputable platform like WIMCA. To be recognised for this is a bonus,” Ahmed said.

Odunlami said the award once again pointed to the women-friendly environment that the organisation has created.

A guideline that allows companies to hold their annual and other general meetings mainly through the use of proxies will expire by December 31, 2022.

The Corporate Affairs Commission (CAC) yesterday said the guideline, which was introduced in the wake of the COVID-19 pandemic, will cease to apply effective January 1, 2023.

Registrars-General (RG), Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, who spoke at a one-day stakeholder’s interactive dialogue with the theme: “CAC Guidelines on Proxies AGMS of Public Companies Post Covid-19: Matters Arising’,  said all public companies that have been granted approval to hold their annual general meetings (AGMs) using proxies are expected to do so not later than December 31, 2022.

He said a public notice to this effect had been issued this week noting that the guideline on use of proxies by public companies in holding AGMs was issued to address the particular concerns during the COVID-19 pandemic and facilitate compliance by these companies with statutory obligations.

He noted that the compelling circumstances of the pandemic which necessitated the guideline had ceased to exist.

Abubakar urged public companies to ensure compliance to the new directive.

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“Notwithstanding whatever benefits holding AGMs by proxies may have afforded the companies, the option is at the instance of individual members of the company and may not be foisted on any member,” Abubakar, who was represented at the event  by an Assistant Director, Mr Tolu Sonaike, said.

He commended Independent Shareholders Association of Nigeria (ISAN), the organiser of the interactive dialogue, for being a proactive association committed to interest of its members and the economy at large.

The dialogue also featured the unveiling of the group’s Global Business Advocate Magazine.

Chairman, ISAN Universal Academy, Sir Sunny Nwosu, said that the association would continue to engage with market regulators for the development of the market and economy in general.

He said that ISAN would continue to set standard for other shareholder groups in the country.

He said that they dialogue aimed at retooling the new normal enthroned worldwide in 2020 through the global health challenge known as Corona virus or Covid-19.

“Covid-19 ushered in public health uncertainties that disrupted international economic order. The pandemic which touched all sectors of the economy led to a new normal that metamorphosed into remote operations.

“As the new normal evolved in response to Covid-19, the pandemic accelerated the mandate for digital revolution, as many companies embraced and adjusted to the use of remote technology,” Nwosu said.

Company Secretary, Julius Berger Plc, Mrs Cecilia Madueke said that AGMs by proxies introduced by the CAC due to COVID-19 had been helpful to public companies.

Madueke described AGMs by proxies as a product of necessity, noting that Nigeria would have been left behind by the global economies due to COVID-19.

She commended the CAC for stopping the initiative saying that it was no longer relevant.

President, Institute of Capital Market Registrars (ICMR), Mr Seyi Owoturo, said that AGMs by proxies was introduced by CAC to address physical distancing for a maximum of people as ordered by the federal government.

Owoturo represented by Mrs Cathrine Nwosu, Second Vice Chairman, ICMR, said that the guideline was very useful during COVID-19 which made it possible for public companies to hold AGMs like other countries of the world.

He commended ISAN for their contributions for towards effective holding of AGMs of public companies in our climes.

The board of directors of Nigerian Breweries (NB) Plc has recommended distribution of bonus shares worth about N85 billion to shareholders of the brewing company.

In a regulatory filing at the weekend, the board of NB stated it had decided that in a bid to comply with the directive of the Corporate Affairs Commission for companies to eliminate unissued shares from their books, a bonus issue of one ordinary share of 50 kobo each for every four ordinary shares of 50 kobo each be issued to shareholders in the register of members at the close of business on Tuesday, December 06, 2022.

The bonus shares with a nominal value of N1.03 billion will be issued from the company’s share premium account, which based on the 2021 audited report and accounts had a balance of N77.5 billion and N84 billion as at October 31, 2022.

NB’s share price rose by N3.75 or 10 per cent to N41.25 during weekend trading session at the Nigerian Exchange (NGX).

The board has also summoned an extra-ordinary general meeting (EGM) of the company for the purpose of obtaining shareholders’ approval for the bonus scheme and for related items. The EGM will take place on Thursday, December 08, 2022 in Lagos.

At the EGM, shareholders are expected to consider and authorise the increase in the company’s share capital from N5 billion to N5.138 billion  by the creation of additional 276.132 million ordinary shares of 50 kobo each, with such new shares ranking pari-passu in all respects with the existing ordinary shares in the share capital of the company.

Shareholders are also expected to approve a resolution pursuant to Article 129 of the Articles of Association of the company, authorising the capitalisation of N1.028 billion from the share premium account for payment for bonus shares of 2.055 billion shares to be distributed amongst members in the proportion of one new share for every four shares held.

The EGM is also expected to mandate the board to adjust the company’s Memorandum of Association accordingly while authorising the board to take all such actions and do all such acts, deeds and things as they deem necessary to give effect to the resolutions, including executing or authorising the execution of all relevant documents and appointing any required professional adviser; and that all actions previously taken by the directors in that regard be and are hereby ratified.

The government of Ogun State is seeking to raise about N30 billion in new debt capital to fund the state’s agric-based cargo airport.

Documents obtained at the weekend showed that the government has opened application list for private investors to subscribe to a N30 billion five-year bond under a special purpose vehicle known as BOFT Infrastructure SPV Limited.

The bond issue, being marketed exclusively to high networth individual and institutional investors, is being undertaken through a book building method- a selective issuance process under which preliminary bids by qualified investors are aggregated to determine the final coupon and other issuance details.

The N30 billion bond has a tenor of five years with prospective coupon range of between 16.00 per cent and 16.50 per cent. Minimum subscription is N10 million while the application list is scheduled to close this weekend.

The bond is backed up by an irrevocable payment standing order (ISPO) on Ogun State’s statutory allocation account with the federal government, meaning that funding for the bond repayment and coupon shall automatically be deducted from the state’s federal allocation.

According to the prospectus, the net proceeds of the bond will be used to fund the Gateway Agro-Cargo International Airport as well as other unspecified identified projects in the state.

The government had incorporated BOFT Infrastructure SPV Limited as a special purpose vehicle to raise capital through private company bond issuance for the completion of the airport project.

According to the government, the project would serve as a hub for transit of goods locally and internationally once completed and will be integrated into the Special Agric Processing Zone and Logistics Hub at Sagamu Interchange to serve industries and businesses.

Ogun State, the guarantor to the project is currently rated Bbb+ by Agusto & Co while the BOFT Infrastructure SPV Limited Bond has been assigned an A rating by Agusto & Co.

In the financial year ended December 31, 2021, Ogun State’s total revenue excluding grants grew by 60 per cent to N162.3 billion mainly due to the marked rise in internally generated revenue boosted by fees and personal income taxes. The state’s share of statutory allocation represented 23 per cent of total revenue in 2021 as against 34 per cent in 2020. Internally generated revenue (IGR) and share of value added tax (VAT) accounted for 62 per cent in 2021 as against 50 per cent in 2020 and 15 per cent in 2021 as against 16 per cent in 2020 respectively.

The state’s IGR rose by 100 per cent to N100.9 billion in 2021 mainly boosted by higher fee income from the Bureau of Lands and Survey as well as an increase in pay-as-you-earn (PAYE) collections during the year. Also, the state’s share of statutory allocation inched up by nine per cent to N37.8 billion, representing 23 per cent of revenue while the share of VAT which increased by 43 per cent to N23.6 billion accounted for 15 per cent.

The International Organization of Securities Commissions (IOSCO) has emphasised the need for companies to provide fair, transparent and timely disclosure about impacts of economic uncertainty.

The board of IOSCO at the weekend issued a public statement encouraging issuers, external auditors, audit committees and others charged with governance to be particularly vigilant in times of economic uncertainty.

IOSCO is global body for securities regulators and it is recognised as the global standard setter for securities regulation. The organisation’s membership regulates more than 95 per cent of the world’s securities markets in some 130 jurisdictions. Nigeria is a key African member of IOSCO.

IOSCO noted the need for adequate consideration of how risks and uncertainties that could affect or have affected an issuer’s operations, financial condition, cash flows and prospects can be transparently communicated to investors.

According to the global body, factors affecting current economic conditions include supply chain challenges; on-going impacts of the COVID-19 pandemic; evolving impacts of the conflict in Ukraine; escalating energy supply shortages and costs; labour shortages; inflationary pressures; volatility in currency exchange rates; rising interest rates; changes in monetary and fiscal policies; and other responses from central banks and other government authorities.

IOSCO reiterated its commitment to the consistent application and enforcement of high-quality reporting standards and disclosure regulations, which are of critical importance to the proper functioning of the capital markets, in line with its principles of securities regulation.

• Investors jostle for blue chips  

• Access Holdings remains atop

Nigerian equities bucked the general negative trend in the global stock markets as stronger investors’ appetite for large and medium stocks spurred the Nigerian market to its best performance in recent weeks.

Benchmark indices for the Nigerian stock market closed weekend with average return of 1.22 per cent, equivalent to net capital gain of N292 billion. The rally lifted the average year-to-date return for Nigerian equities to 4.16 per cent.

The performance of Nigerian equities was contrary to the generally negative of notable advanced and emerging global stock markets as global investors became more risk-averse amid concerns over global economic outlook. From America to Europe, Asia and Middle East, most stock markets were either negative or with muted performance.

In United States of America, the Dow Jones Industrial Average (DJIA) dropped by 0.6 per cent while the S & P 500 Index declined by 1.2 per cent. United Kingdom’s FTSE 100 Index posted a modest 0.4 per cent gain. Japan’s Nikkei 225 Index declined by 1.3 per cent. China’s SSE Index inched up by 0.3 per cent. STOXX Europe- a broad index that tracks European markets, slipped by 0.9 per cent. The MSCI EM, which tracks emerging markets, posted average return of 0.7 per cent while the twin MSCI FM, which tracks frontier markets, rose by 2.2 per cent.

The All Share Index (ASI)- a common value-based index that tracks all share prices at the Nigerian Exchange (NGX) closed weekend at 44,492.73 points as against its week’s opening index of 43,956.76 points. Aggregate market value of all quoted equities rose from the week’s opening value of N23.942 trillion to close weekend at N24.234 trillion.

With almost a tit-for-tat pricing trend, the positive overall market position was driven by surge in market orders for large-cap stocks, especially in the influential banking sector. The NGX 30 Index- which tracks the 30 largest stocks at the exchange rose by 1.36 per cent. The NGX Banking Index- which tracks the banking sector, rallied by 4.40 per cent while the NGX Pension Index- which tracks stocks that meet pension funds investment guidelines, rose by 2.35 per cent.

All other tracked indices closed negative. The NGX Insurance Index dropped by 1.34 per cent. The NGX Consumer Goods Index dipped by 1.05 per cent. The NGX Oil and Gas Index depreciated by 0.84 per cent. The NGX Industrial Goods declined by 0.66 per cent while the NGX Lotus Islamic Index- which tracks stocks that comply with Islamic rules, slipped by 0.19 per cent.

There were 31 advancers to 33 decliners during the week compared with 27 gainers and 36 losers recorded in the previous week. A total of 93 stocks were unchanged, a spot away from 94 unchanged stocks recorded in the previous week.

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AXA Mansard Insurance led the gainers, in percentage terms, with a gain of 15.69 per cent to close at N1.77 per share. Union Bank of Nigeria followed with a gain of 13.04 per cent to close at N6.50. Guaranty Trust Holding Company rose by 10.83 per cent to close at N19.45. Nigerian Breweries chalked up 10.29 per cent to close at N41.25. Unilever Nigeria, Learn Africa, Caverton Offshore Support Group and CWG rose by 10 per cent each to close at N11, N1.65, 88 kobo and 88 kobo respectively. MRS Oil Nigeria garnered 9.73 per cent to close at N14.10 while Stanbic IBTC Holdings Plc gained by 9.09 per cent to close at N30 per share.

On the negative side, SCOA Nigeria led the losers with a drop of 26.29 per cent to close at N1.29. Guinness Nigeria followed with a loss of 18.96 per cent to close at N60.50. Regency Assurance dropped by 14.81 per cent to close at 23 kobo. Unity Bank lost 12.28 per cent to close at 50 kobo. Royal Exchange declined by 11.36 per cent to close at 78 kobo. UPDC Real Estate Investment Trust dropped by 10.71 per cent to N2.50 while Eterna dipped by 10 per cent to close at N5.67 per share.

The momentum of activities also slowed down with a total turnover of 694.376 million shares worth N8.667 billion in 15,418 deals compared with a total of 1.101 billion shares valued at N11.714 billion traded in 15,697 deals two weeks ago.

The financial services sector remained atop the activity chart with a turnover of 487.150 million shares valued at N4.229 billion in 7,527 deals; thus contributing 70.16 per cent and 48.80 per cent to the total equity turnover volume and value respectively. Conglomerates sector followed with 61.896 million shares worth N77.471 million in 396 deals while consumer goods sector placed third with a turnover of 40.042 million shares worth N1.243 billion in 2,713 deals.

The three most active stocks were Access Holdings Plc, Transnational Corporation Plc and Fidelity Bank Plc, which altogether accounted for 232.923 million shares worth N1.237 billion in 1,316 deals, contributing 33.54 per cent and 14.27 per cent to the total equity turnover volume and value respectively.

Also, a total of 7,014 units of exchange traded products (ETPs) valued at N495,893 were traded in 34 deals compared with a total of 4,379 units valued at N622,934 traded in 33 deals penultimate week.

At the secondary debt market, a total of 58,708 bond units valued at N58.646 million were traded in 21 deals compared with a total of 23,819 units valued at N24.622 million swapped in 16 deals two weeks ago.

Market analysts remained cautious on the outlook for the Nigerian equities market.

Analysts at Arthur Steven Asset Management said the market was “still range bound, with no clear breakout direction” urging investors to pay close attention to global indicators as well as trends under the current global situation.

“We would like to reiterate that investors should go for stocks with good fundamentals with regards to their portfolio” Arthur Steven Asset Management stated at the weekend.

Analysts at Afrinvest Securities project “a muted performance” in the absence of any positive catalyst.

“In the week ahead, we believe investors will focus on the outcome of the MPC meeting scheduled to hold next week to gain further clarity on the movement of yields in the fixed-income market. As a result, we envisage a cautious trading theme, especially from domestic investors.

“Notwithstanding, we reiterate the need for positioning only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings,” Cordros Securities stated.