Category: Capital Market

Nigeria’s rising budget deficit poses a major threat to the country’s long-term economic outlook.

Growing fiscal deficit and resultant debts portfolio could undermine economic sustainability with wide ramifications of unemployment, devaluation, greater vulnerability and increased fiscal crisis among others.

In a review at the weekend, Senior Research Analyst, FXTM, Mr. Lukman Otunuga, said Nigeria’s ballooning debt profile has become an example of how excessive government spending can place an economy in an unfavourable position, despite its mission to stimulate growth.

According to him, there is almost a global consensus that Nigeria’s rising budget deficit threatens its long-term outlook.

He noted that over the past 10 years, Nigeria, Africa’s largest economy, has been spending beyond its revenues with the International Monetary Fund (IMF) forecasting the government deficit to widen to 6.4 per cent of Gross Domestic Product (GDP) in 2022 from six per cent in 2021.

He pointed out that while Nigeria’s total public debt is expected to reach 44.2 per cent of GDP by 2027, one of the primary dangers of a budget deficit is the continued increase in prices.

“If the deficit forces the Central Bank of Nigeria (CBN) to release more money into the economy, such could feed into inflationary pressures – threatening economic growth. It does not end here; the ballooning debt lowers Nigeria’s national savings, encourages spending cuts, decreases the ability to respond to domestic and external shocks, and most importantly increases the risk of a fiscal crisis,” Otunuga said.

The Federal Government recorded N2.23 trillion fiscal deficit in the final quarter of 2021 due to shortfalls in oil revenue. Last year, the deficit expanded to a whopping N7.3 trillion after the actual expenditure of N11.69 trillion eclipsed the revenues of N4.39 trillion.

“This certainly does not bode well for the economy and may have immediate ramifications like a downgrade in bond ratings which could result in higher interest rates on loans. This becomes a vicious cycle because higher interest rates for future borrowing may increase the deficit if revenues fail to rise.

“The burning question is how can Nigeria reduce its fiscal deficit? On paper, the most logical steps would be to either increase revenues or decrease spending. In regards to boosting revenue, Nigeria earns more than 90 per cent of its foreign exchange and 70 per cent of government revenue from oil exports. Given how the forces influencing oil prices are beyond the country’s control, this may not be a reliable source of revenue. On top of this, the nasty combination of sub-optimal oil production and fuel subsidies has burned and eaten into oil sales.

“This leaves the government with taxes. Back in 2019, the tax-to-GDP ratio in Nigeria was a paltry 6.0 per cent which was lower than the average of the 30 African countries in Revenue Statistics in Africa 2021, 16.6 per cent.

In fact, out of the 30 countries, Nigeria had the lowest figure while Tunisia had the highest tax-to-GDP at 34.3 per cent. According to the World Bank, tax revenues above 15 per cent of a country’s GDP are a key ingredient for economic growth and poverty reduction. It is worth keeping in mind that Nigeria increases its value added tax (VAT) rate from 5.0 per cent to 7.5 per cent in February 2020. However, the IMF has stated that the country needs to increase VAT to at least 10 per cent this year and 15 per cent by 2025 to boost revenues after it recovers from a recession.

 

“There are reports that Nigeria is considering a bond sale targeted at the diaspora to raise funds with the goal of narrowing its budget deficit. According to Bloomberg, the government may sell the debt after it repays $300 million of diaspora bonds maturing in June. Should such a move prove successful, this could boost sentiment towards Africa’s largest economy and reduce its widening fiscal deficit. The federal government expects this year’s deficit will widen by an extra N965 billion to N7.35 trillion, amounting to roughly 4.0 per cent of gross domestic product. Given how Nigeria’s need for borrowing has ramped up due to geopolitical risks and the lingering impacts of Covid-19, the bond sale could offer a lifeline at a time when external and domestic risks are threatening the country’s fragile economic recovery,” Otunuga said.

 

Nigerian equities closed weekend with net capital gains of N1.17 trillion, playing the contrarian in a week that saw most global markets posting significant losses.

Benchmark indices at the stock market indicated average return of 4.25 per cent last week, equivalent to net capital gains of N1.166 trillion. The rally last week, the fifth consecutive positive week, tickled Nigeria’s average year-to-date for quoted equities to 24.30 per cent.

Aggregate market value of all quoted on the Nigerian Exchange (NGX) closed weekend at N28.626 trillion as against the week’s opening value of N27.460 trillion, an increase of N1.166 trillion.The All Share Index (ASI)- the value-based common index that tracks all share prices at the NGX, rose from its week’s opening index of 50,935.03 points to close weekend at 53,098.46 points.

The running bullish rally at the  stock market counteracted the general negative sentiment across the global markets. In United States (U.S.), the Dow Jones Industrial Average (DJIA) depreciated by 3.6 per cent while the S & P 500 Index declined by 4.7 per cent. United Kingdom’s FTSE 100 Index posted average loss of 0.9 per cent.

Europe’s broad tracker- STOXX Europe, dipped by 0.4 per cent. Japan’s Nikkei 225 Index signposted the Asian markets with average loss of 2.1 per cent. The MSCI EM Index- which tracks global emerging markets, depreciated by 4.2 per cent while its twin index, the MSCI FM Index- which tracks frontier markets, posted average loss of 5.0 per cent.

Pricing trend analysis at the Nigerian stock market showed that the overall market performance was driven by widespread appetite for Nigerian equities across the sectors. The NGX 30 Index, which tracks 30 largest stocks, posted above-average gain of 5.72 per cent. Oil and gas stocks led the rally with average gain of 6.94 per cent. The NGX Consumer Goods Index followed with average return of 5.38 per cent. NGX Industrial Goods Index appreciated by 2.33 per cent while the NGX Banking Index inched up by 0.04 per cent. The NGX Pension Index- which tracks stocks specially screened in line with pension funds investment guidelines, rose by 4.08 per cent. The market’s main ethical index, the NGX Lotus Islamic Index, which tracks stocks that comply with Islamic rules on investments, recorded above-average return of 7.14 per cent.

With 50 gainers to 32 losers, several stocks rallied to their all-time highest price at the weekend. In percentage terms, McNichols recorded the highest gain of 59.52 per cent to close at N1.34 per share. Royal Exchange trailed with a gain of 51.49 per cent to close at N1.53 per share. Champion Breweries rose by 30.84 per cent to close at N4.37. International Breweries trailed with a gain of 30.37 per cent to close at N8.80 while Okomu Oil Palm rallied 26.47 per cent to close at N215 per share.

On the negative side, Academy Press led the losers with a drop of 13.71 per cent to close at N1.51. Ikeja Hotel followed with a loss of 10.94 per cent to close at N1.14. Guinness Nigeria declined by 10.91 per cent to close at N98. Tripple Gee and Company dipped by 9.38 per cent to close at 87 kobo while Caverton Offshore Support Group dropped by 9.09 per cent to close at N1.20 per share.

The momentum of activities also improved significantly with a total turnover of 1.816 billion shares worth N27.194 billion in 36,286 deals last week as against 1.598 billion shares valued at N19.603 billion traded in 21,494 deals two weeks ago.

Sectoral breakdown indicated that the banking-led financial services sector remained the most active with 904.860 million shares valued at N8.498 billion in 12,883 deals, representing 49.82 per cent and 31.25 per cent of the total equity turnover volume and value respectively. The conglomerates sector occupied a distant second with 263.830 million shares worth N540.313 million in 1,651 deals while the consumer goods sector placed third with a turnover of 238.964 million shares worth N5.816 billion in 7,635 deals.

The three most active stocks were Transnational Corporation of Nigeria, Guaranty Trust Holding Company and Jaiz Bank. The three most active stocks accounted for 459.179 million shares worth N3.294 billion in 3,645 deals, representing 25.28 per cent and 12.11 per cent of the total equity turnover volume and value respectively.

Analysts at Cordros Securities said they expected a moderation in price rally as investors seek to lock in profit from the five-week bullish run in the market.

“Thus, we see more of a “choppy theme” as cautious trading takes center stage ahead of the Monetary Policy Committee (MPC) meeting scheduled later in the month. Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings,” Cordros Securities stated in a weekend note to investors.

Meanwhile, in their latest review of Nigerian equities, analysts at FSDH Securities said Nigerian equities have further room for upside, particularly among fast moving consumer goods (FMCG) companies which have been able to finally pass on more cost increases to consumers.

In the report titled “FSDH Top Pick”, analysts said they remained bullish on upstream oil and gas companies and oil palm companies, following Indonesia’s decision to ban exports of palm olein which is expected to trigger a surge in CPO prices.

“Clearly the trend of activities in the equities market has changed as domestic institutional investors are now taking bigger bets on Nigerian equities following expectations of prolonged bearish sentiments in the bonds market.

“This narrative will likely continue for an extended period as bond yields are projected to continue the uptrend which would cause institutional investors to raise allocations to equities, particularly as new funds flow into the market. However, we advise investors to exercise patience and wait for the recent rally to cool off before taking positions in the market, as the market is over-stretched in the short term,” FSDH stated.

The report selected 10 stocks which could yield above-average returns for investors. These included Unilever Nigeria, Lafarge Africa, Nigerian Breweries, International Breweries, Seplat Energies, Flour Mills of Nigeria, Transnational Corporation of Nigeria, Ecobank Transnational Incorporated, MTN Nigeria Communications and Okomu Oil Palm.

The report noted that Nigerian equities market had extended its stellar 2022 performance into April as investors were in upbeat mood, aggressively taking positions in the equities market particularly with a focus on consumer goods names as well as oil palm companies.

According to the report, the improved sentiments was first kicked off by dividend reinvesting activities by investors but was further spurred on by the outstanding first quarter 2022 earnings season.

The report outlined that impressive outings from companies like Okomu, Guinness Nigeria, Nigerian Breweries, Unilever Nigeria and Lafarge Africa among others triggered a buying spree as investors’ interest notched a new level.

Overall, the benchmark All Share Index (ASI) gained 5.7 per cent in April to close the month at 49,638.94 points. The rally in the Nigerian equities market was broad based as all major sectors closed higher. The rally was led by the oil and gas sector with average gain of 19.1 per cent in April 2022.

The report noted that the rally in oil and gas stocks was reflective of the bullish sentiments in the crude oil market, particularly for Seplat Energies which was also expected to make a quarterly dividend payment. In addition, announcement of a board meeting by Oando triggered a buying spree in the stock.

The report pointed out that a solid outing for FMCG stocks in first quarter 2022 earnings season bolstered the performance of the consumer goods sector which gained 11.5 per cent in April 2022.

Meanwhile, global equities market kickstarted second quarter 2022 on a bearish note as fears of a surge in interest rates underpinned risk-off sentiments towards equities. This was broadly in line with FSDH’s outlook for the month of April as only one of the equity indices tracked across United States (US)and European equities market closed northwards in April.

“Heading into May, we continue to advise investors to underweight exposure to stocks for developed economies. This is premised on the expectations of further downside in the US and European markets. Following the FOMC’s decision to hike interest rates by a further 50 basis points-largest move since 2000, we expect investors to remain on the edge as they price in further rate hikes for the rest of the year,” FSDH stated.

NGX Regulation (NGXReg)- the regulatory arm of the Nigerian Exchange (NGX), has lifted suspension placed on the shares of Tourist Company of Nigeria (TCN) Plc.

The NGX had suspended TCN and three other companies on July 2, last year for failure to submit their financial statements in line with corporate governance rules at the Exchange.

NGXReg stated that TCN has  submitted its audited financial statements for 2020 and 2021 as well as interim unaudited financial statements for the first quarter ended March 31, 2022.

The suspension placed on TCN’s shares was consequently lifted on May 11, 2022.

Pan African Towers (PAT) Limited has listed its maiden bond issuance of N10 billion on the FMDQ Securities Exchange.

The PAT Digital Infra Fund SPV Plc’s N10 billion Series 1 Senior Guaranteed Fixed Rate Bond was listed at par at FMDQ Exchange. The bond was issued under the company’s N50 billion bond issuance programme.

PAT Digital Infra Fund SPV Plc is a special purpose funding vehicle established by Pan African Towers to raise finance from the debt capital market.

Pan African Towers is a telecommunications infrastructure company and wireless service facilitator in Nigeria aimed at catering to the telecommunication needs ranging from broadband, mobile telephony to other local value-added services in Africa.

Chairman, Pan African Towers, Mr. Oluwole Adeleke commended InfraCredit for its support in the issuance of its debut bond in the debt capital market.

According to him, InfraCredit’s guarantee was essential to the company’s vision in being the number one wholly indigenous owned digital telecommunications infrastructure and wireless service facilitator in Nigeria.

“We have demonstrated capacity to achieve faster growth with solid top and bottom-line performance supported by long-term contracts with leading service providers in mobile telecommunication and internet services in Nigeria. We would also like to thank our transaction parties for working with us in delivering a successful transaction,” Adeleke said.

Managing Director, Chapel Hill Denham Advisory Limited, Mrs. Kemi Awodein, who was the sponsor of the bond on FMDQ Exchange, said it was an honour to have been mandated on what she described as milestone transaction.

“PAT Digital Infra Fund SPV Plc’s successful Issuance of the N10 billion Series 1 bond is significant for the company’s long-term vision and was well received given the invaluable support provided by the unconditional credit backing from InfraCredit.

“We pride ourselves on our ability to consistently deliver innovative products and are excited to have delivered a bond that improves digital infrastructure in Nigeria, enhances job creation, and domestic economic growth, as well as reduces Pan African Tower’s carbon emission,” Awodein said.

FMDQ Exchange noted several companies have raised funds through the debt capital market this year as companies seek to raise funds to meet working capital requirements.

Dufil Prima Foods Plc, the manufacturer of the popular Indomie brand of noodles, has launched a process to raise some N30 billion in new debt capital to bolster its working capital.

Dufil Prima Foods has received approval of FMDQ Securities Exchange for the quotation of its N8 billion Series 5 and N22 billion Series 6 Commercial Papers (CPs) under the company’s N30 billion CP issuance programme.

The quotation of the CPs strategically positioned Dufil to raise short-term finance easily and quickly from the Nigerian debt capital market.

Dufil will use the net proceeds from the CPs to refinance short-term debt obligation as well as support its working capital.

Dufil is a subsidiary of Tolaram Group, which manufactures and distributes food products such as instant noodles, vegetable cooking oil and baking flour among others.

FMDQ Exchange stated that the quotation underlined its continuing collaborative partnership with market stakeholders to ensure that growth and development opportunities abound for the debt capital market.

“As more corporate institutions continue to tap the CP market to meet their short-term funding needs and liquidity requirements, FMDQ Exchange has remained relentless in taking the necessary steps towards promoting transparency, governance, integrity and efficiency in the Nigerian CP market and overall debt capital market.

“FMDQ Exchange will, through the championing of key market development initiatives, take commendable steps to support the realisation of a globally competitive financial market and vibrant economy,” FMDQ Exchange stated.

Transnational Corporation of Nigeria (Transcorp) Plc grew its net profit by 147 per cent to N5.0 billion in the first quarter as the conglomerate rode on the back of improvements across business segments.

The first quarter report for the period ended March 31, 2022 showed that profit after tax rose from N2 billion in first quarter 2021 to N5 billion in first quarter 2022. Profit before tax had risen by 129 per cent from N2.5 billion in March 2021 to N5.7 billion in March 2022. Group turnover increased by 28 per cent from N24.4 billion to N31.4 billion. Operating income grew by 45 per cent to N10 billion in first quarter 2022 as against N N6.9 billion in first quarter 2021.

The report also indicated that group’s total assets rose to N417 billion in March 2022 as against N416 billion recorded at the end of the year ended December 31, 2021. Shareholders’ funds also rose marginally from N146.3 billion in December 2021 to N151 billion in March 2022.

Group Chief Executive Officer, Transnational Corporation of Nigeria (Transcorp) Plc, Owen Omogiafo, described the first quarter performance as a great start to a rewarding year noting that the results were in line with the group’s strategy.

She explained that the laudable performance was achieved as a result of the improved activities across all businesses.

She expressed confidence in the strategic direction of the group as this underlines the success of its long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all stakeholders.

Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding that already, this has been evident from the results churned out by the business in the full year 2021, and first quarter 2022, despite the unstable operating environment.

“We will continue to work diligently as we remain well-positioned to provide significant value for our stakeholders,” Omogiafo said.

Transcorp is a leading conglomerate with a diversified shareholder base of more than 300,000 shareholders. The group’s portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Transcorp’s notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited and Transcorp Energy.

Cedrus Group Africa will leverage its extensive businesses, knowledge and know-hows across the financial markets to close knowledge and financial gaps that exist among Small and Medium Enterprises (SMEs) in Nigeria and Africa.

Cedrus Group Africa comprises  Cedrus Capital, Cedrus Trustees, Cedrus Group Africa (BVI), and Fahimta Microfinance Bank.

Chief Executive Officer, Cedrus Group, Olubusayo Adeniyi at a press conference in Lagos, reaffirmed the commitment of the group to delivering innovative financial advisory solutions to municipals, corporations, institutional investors, and private clients across Africa and in the diaspora.

According to him, knowledge gap remains a big problem for  SMEs and Cedrus Group is set to offer solutions through partnerships and literacy programmes among others.

He outlined that Cedrus Africa is launching products that are focused on bringing minds to discuss SMEs financing, adding that most SMEs are doing well but lack the knowledge of what it takes to move to another level in order to play a critical role in the local economy and Africa at large.

He pointed out that Cedrus Group is a group of veteran African financial experts and professionals committed to improving financial sector and economic prosperity.

According to him, the group provides strategic advice, guidance and execution excellence for its clients’ transactions, loans and ownership matters, using the practical experience, expertise and deep analytical skills of its veteran financial advisors.

“With a vision to become a trusted Pan-African financial institution that provides world-class and cutting-edge investment solutions for all its clients, Cedrus Group believes greatly in the fact that regardless of its current state, our continent Africa is a massive frontier with so many untapped opportunities for wealth generation and growth. The group is therefore dedicated to creating solutions that facilitate the investment process for African entities and individuals as well as investors interested in Africa’s appealing investment opportunities.

“There are a lot of business owners with good business ideas but they can’t expand it because they lack access to funding because they don’t have the necessary requirements and all it takes to access funds. We have identified those deficiencies and are ready to bridge that gap. We have device means through which we could take advantage of available technologies to get them where they need to be,” Adeniyi said.

He added that Nigeria is facing infrastructural gaps ranging from the health sector, and other crucial needs of man, noting that Cedrus is committed to bridge these gaps by seeing how to bring resources together to meet the gaps and invest in individuals.

According to him, Cedrus group will deploy innovative plans to educate SMEs on how to know more about the niche of their business and close infrastructural gap existing between businesses through partnerships.

Adeniyi said the group will be unveiling its Cedrus5000 Africa SMEs innovative products within the SMEs space in Africa, starting with Nigeria which will deploy various technologies to scale SMEs.

He said the group has secured a microfinance license to onboard interested SMEs into the Cedrus5000 Africa innovative product.

He added that the Cedrus Africa also offers investment opportunities for people who want to start investing with them.

He noted that the group’s management team and board of directors have over 130 collective years of experience providing best-in-class consulting and advisory services, while returning high returns to investors from a myriad of investments within Africa and around the world.

Managing Director, Chartwell Securities  Limited, Mr Oluwole Adeosun has been elected as the new president and chairman of the Governing Council of the Chartered Institute of Stockbrokers (CIS).

The CIS is the self-regulatory organisation that regulates the practice of stockbroking and it is the largest professional body in the capital market.

Adeosun, a former 1st Vice President, succeeded the erstwhile President, Mr Olatunde Amolegbe whose tenure has been roundly commended for several achievements. The institute’s  2nd Vice President, Mr Oluropo Dada also emerged the 1st Vice President .

The change in leadership was at the institute’s hybrid annual general meeting (AGM) in Lagos. Adeosun shall be formally inaugurated at the institute’s investiture programme later this year.

Adeosun, a Fellow of the institute and multidimensional professional, brings on board more than two decades of experience in the financial market.

A product of the prestigious Loyola College, Ibadan, he holds a B.Sc. (Hons) in Business Administration from the University of Ilorin in 1986 and capped it with Master’s Degree in Business Administration (MBA) and specialises in Finance and Banking from University of Lagos in 1993.  Adeosun trained at Coopers and Lybrand (Chartered Accountants) now PricewaterhouseCoopers and qualified as a Chartered Accountant in May 1991. He later qualified as a Chartered Stockbroker and Banker.

He has been a long-standing member of the Governing Council of the CIS since April 2013 and has served as the institute’s First Vice President in 2020-2022 and Second Vice President from 2018 to 2020. He also served as a member of the finance and general-purpose committee of the Chartered Institute of Bankers of Nigeria and its investment subcommittee.

Among the highlights of the meeting was the re-election of Mrs Fiona Ahimie and Mr Adeyemi Aina to the institute’s Governing Council and election of Mr Ayodeji Ebo and Mrs Elile Olutimayin to the board.

Adeosun is a fellow of many professional bodies including Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Bankers of Nigeria (CIBN) and Chartered Institute of Taxation of Nigeria (CITN) , among others.

Senior stockbrokers commended the principal officers and management of the institute for its visibility and returning to profitability despite the inclement operating environment. Among them were Mrs Elizabeth Ebi, Group Managing Director of Futureview Group, Mr Oladipo Aina and Mr Oluwaseyi Abe, both past presidents.

Investors in Nigerian equities closed weekend with net capital gains of N699 billion as share prices of several quoted companies rallied to their highest points in recent period.

In three successive bullish days, aggregate market value of all quoted equities at the Nigerian Exchange (NGX) rose from its week’s opening value of N26.761 trillion to close weekend at N27.460 trillion, indicating net capital gains of N699 billion.

The benchmark index for Nigerian equities, the All Share Index (ASI), indicated average gain of 2.61 per cent. This nudged the average year-to-date return to 19.24 per cent. The ASI, which had opened the week at 49,638.94 points, crossed another threshold to a new high at 50,935.03 points, its highest point since March 2008.

Market pundits traditionally regard the 50,000 mark as a psychological threshold, a milestone for a bullish market.

The sustained three-day rally came on the back of first quarter corporate earnings showing stable improvement in performance of several companies.

Analysts agreed that the sustained rally was due to positive corporate earnings outlook as quoted companies defied macroeconomic constraints to post considerable first quarter results.

Most quoted companies at the NGX were mandatorily required to submit their interim reports and accounts for the first quarter ended March 31, 2022 by April 30, 2022. Extant rules at the stock market require quote companies to submit their interim results not later than 30 days after the end of the quarter.

Analysts at Afrinvest Securities said the extended bullish rally was “driven by investors’ positive reaction to the impressive first quarter2022 earnings”.

Cordros Securities noted that the bullish momentum gained steam due to bargain hunting for blue-chip stocks, most of which delivered impressive growths.

Analysts, however, said investors might begin to take profit by selling down on their portfolios, thus moderating the bullish momentum.

“In the coming week, we expect gains to taper on the back of mild profit-taking,” Afrinvest Securities stated.

Analysts at Cordros Securities noted that given that the first quarter 2022 earnings season has run its course with the upward repricing of cyclical stocks that ensued, the market may witness subdued performance in the days ahead.

“The bears will likely dominate market performance, as investors cash out on the gains across bellwether stocks over the past two weeks. Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings,” Cordros Securities stated.

Pricing trend analysis showed that there were 49 gainers and 32 losers during the week compared with 56 gainers and 26 losers recorded during the previous week.  Champion Breweries led the gainers, in percentage terms, with a gain of 32.54 per cent to close at N3.34 per share. International Breweries trailed with a gain of 32.35 per cent to close at N6.75. Cadbury Nigeria placed third with a gain of 32.2 per cent to close at N13.55 per share.

On the negative side, Oando led the losers with a drop of 11.75 per cent to close at N5.56 per share. Trans-Nationwide Express followed with a loss of 9.88 per cent to close at 73 kobo. AXA Mansard Insurance ranked third with a drop of 9.84 per cent to close at N2.20 per share.

Total turnover during the week stood at 1.598 billion shares worth N19.60 billion in 21,494 deals in contrast to a total of 8.21 billion shares valued at N49.15 billion traded in 28,622 deals two weeks ago.

The financial services sector remained atop the activity chart with a turnover of 1.057 billion shares valued at N7.727 billion in 8,670 deals, representing 66.15 per cent and 39.42 per cent of the total equity turnover volume and value respectively. The conglomerates sector occupied a distant second with a turnover of 148.174 million shares worth N250.567 million in 852 deals. The consumer goods sector placed third with a turnover of 145.471 million shares worth N5.226 billion in 4,557 deals.

The trio of Union Bank Of Nigeria, FCMB Group and Transnational Corporation were the most active stocks. They accounted for 547.576 million shares worth N2.330 billion in 957 deals, representing 34.26 per cent and 11.89 per cent of the total equity turnover volume and value respectively.