The Nation Newspaper

Category: Equities

  • ‘How blue economy can attract FDIs’

    ‘How blue economy can attract FDIs’

    The Customs Area Controller of Kirikiri Lighter Terminal, Comptroller Timinadi Bomodi, has warned that the nation’s blue economy won’t attract FDIs without adequate data to guide investors.

    Speaking at the 2023 JournalNG Port Industry Town Hall meeting in Lagos, Bomodi said that automated processes and technology could be utilized in addressing the dire need for relevant data on various aspects of the sector which makes it easier for investors to understand the terrain.

    He identified fishing trawler operations in the country as a sub-sector that requires optimum regulation and adequate data to guide the regulators, operators, government policies and  spur Foreign Direct Investments

    While stating that the Customs online portal, Nigeria Integrated Customs Information System (NICIS) II, allows for integration of other agencies, he maintained that blue economy should be explored as an ecosystem that leverages technology.

    Also speaking at the meeting, Chief Abdullai Tony Dania, a  Maritime Lawyer, called for due diligence and enactment of laws that will strengthen integration among government agencies.

    According to Dania, there is a need for mandatory inter agencies and inter-Ministerial collaboration, supported by statute to give impetus to the required technologically backed integration.

    He stated the Nigerian Customs and Excise in under the ministry of Finance, but her operations are  more under the Marine  & the blue economy. He talked about the need to regulate the existing maritime agencies “

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    Meanwhile, the Founder of National Association of Government Approved Freight Forwarders (NAGAFF) and Chairman of the occasion, Dr. Boniface Aniebonam observed that automated processes of port agencies are fragmented.

    Aniebonam, who was represented by the Registrar, NAGAFF Academy, Mr. Francis Omotosho observed that even the popular Customs Vehicle Identification Number (VIN) Valuation system and NPA’s electronic truck call-up system are fraught with the challenge of human interference.

    The veteran freight forwarder suggested that technology could be utilized to alert Customs of overtime cargoes after 28 days at ports, thereby positioning the Service to expedite the evacuation of such cargoes.

    On his part, the Chairman of the Association of Maritime Truck Owners (AMATO), Chief Remi Ogungbemi advised that already established technological processes should be improved upon.

    He also lamented that truck owners are equally being vilified when their trucks are seized along with consignments intercepted by Customs and other security agencies.

    Earlier, the Publisher of JournalNG and convener of the conference, Mr. Ismail Aniemu observed that technology has become part of daily life and automation has also become the norm.

    Aniemu said Nigeria Customs Service is the best suitable to be the lead agency for a national single window project and most qualified to handle it with it’s more robust NICIS II platform

    In similar vein, some experts in the Nigerian maritime sector have advised the Federal Government to deploy the Webb Port model of port community system being used in neighbouring Benin Republic.

    Giving an insight into the workings of the Webb Ports in Benin, Lanre Balogun, a manager in charge of installation at Webb Fontaine Nigeria Limited, said the Port Community System has achieved seamless interactions between systems used by the port authority, customs and terminal operators from data exchange and logistics through billing and payment.

    Balogun said all port processes under the Webb Ports regime enjoy speedy processing from electronic manifest declaration through electronic payment of all duties and fees; space booking for delivery and loading preparation; e- release for cargo exit authorisation and cargo movements management and follow up

    He said his company has trained 8,137 persons in Benin from 2018 to 2022 and has 6,624 users of the system that has helped Benin Republic Customs achieve 97 percent increase in customs revenue collection between 2016 and 2022.

    He added that the PCS is active at Cotonou Port, Cotonou Airport and six land borders of Hilla Condji, Krake Plage, Malanville, Parakou, Iloua and Tchicandou.

    He said the contract entered with Benin Ministry of Finance has contributed immensely to the port efficiency in the country easing trade. He listed trucking companies, banks, stevedores, customs brokers, shipping agents, inspection authorities and others are maximizing  the benefits of the Webb Ports system.

    While commending the Webb Port system as most suitable tested and trusted platform observed to be sustainable in Benin in the last six years, Aniemu said the Nigeria Customs strong presence at the seaports, airports and border stations further attests to its suitability to undertake the task.

  • InfraCorp seeks global investments in major infrastructure

    InfraCorp seeks global investments in major infrastructure

    Managing Director, Infrastructure Corporation of Nigeria (InfraCorp), Dr. Lazarus Angbazo, has called for global investors in Nigeria’s critical and strategic sectors of the economy, including roads, energy, aviation, rails and the digital space, among others.

        Angbazo, who spoke in New Delhi at the Nigeria-India Presidential Roundtable and Conference during the G20 Summit, said with Nigeria’s status as the largest economy in Africa, coupled with its youthful and educated population, abundant natural resources, and given its strategic advantageous geographical location, offers a wealth of investment opportunities for Indian businesses, especially in the field of infrastructure.

     Anggazo said he did not doubt Nigeria’s readiness for investment, adding that “Nigeria is fully open for business, now more than in the past decade.”

        He stressed the rapid economic reforms undertaken by President Bola Ahmed Tinubu’s administration within weeks of taking office, saying these reforms which include removing fuel subsidies, harmonizing foreign exchange rates, and commercializing critical sectors, signal a transformative shift in Nigeria’s economic landscape, opening doors to faster growth and opportunities for international investors.

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     He said Tinubu’s focus on infrastructure development, spanning roads, rail, aviation, ports, energy, digital, and social infrastructure, are aimed at boosting domestic economic growth and enhancing the overall business environment and creating a fertile ground for foreign investment.

        The  highlighted specific investment prospects within Nigeria, particularly in agriculture, manufacturing, mining, and the power value chain. As he enumerated these opportunities, the audience nodded in agreement, recognizing the immense potential for partnership and growth, stating that Nigeria and India share tremendous investment synergies.

    The time for collaboration has never been more opportune, he said, adding that the Infrastructure Corporation of Nigeria (InfraCorp), the nation’s pivotal entity for mobilising private capital investment in public infrastructure, develops and packages bankable and attractive infrastructure projects, for public-private partnerships.

  • Investors net N8.33tr gains in eight months

    Investors net N8.33tr gains in eight months

    Investors in Nigerian equities have amassed N8.33 trillion in net capital gains over the past eight months.

    Benchmark indices at the Nigerian Exchange (NGX) closed August 2023 with average year-to-date return of 29.85 per cent, implying net capital gain of N8.33 trillion for the eight-month period ended August 31, 2023.

    The benchmark index- which measures pricing trend at the stock market, had earlier exceeded its previous all-time high set in March 2008 to set a new record.

    The All Share Index (ASI)- a value-based common index that tracks all share prices at the Nigerian Exchange (NGX), is widely regarded as Nigeria’s sovereign equities index, a barometer of pricing trend and investors’ return at the nation’s stock market.

    The ASI had earlier set a new all-time record to close at 66,490.34 points, about 119.14 points or 0.18 per cent above the previous highest index point of 66,371.20 points recorded on March 05, 2008.

    The ASI rose further to close yesterday at 66,548.99 points as against its year’s opening index of 51,251.06 points.

    Aggregate market value of all quoted equities also rose from its year’s opening value of N27.915 trillion to close yesterday at N36.423 trillion, an increase of N8.51 trillion. The slight difference between the ASI and market capitalisation was due to additional listing of shares during the period.

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    There is analysts’ consensus at the stock market that the bullish trend witnessed in recent period was driven partly by positive investors’ perception of the pro-market administration of President Bola Tinubu.

    The NGX stated that experts’ opinions on the strong performance of the market were that the bullish trend was due to “a combination of factors, including investor sentiment influenced by macroeconomic developments such as the formation and swearing-in of the economic cabinet by President Bola Tinubu”.

    Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, who spoke after a stakeholders’ meeting of the capital market last week, said there was general optimism that ongoing reforms would rejuvenate the economy and lead to a brighter future for the country.

    Not less than 277 stakeholders attended the meeting of the Capital Market Committee (CMC), a consultative assembly of stakeholders in the capital market. Attendees included management and senior staff of SEC, capital market operators (CMOs), representatives of relevant government agencies including the Central Bank of Nigeria (CBN), Debt Management Office (DMO), Federal Inland Revenue Service (FIRS), Investments and Securities Tribunal (IST), National Insurance Commission (NAICOM), National Pension Commission (PENCOM), and Financial System Strategy 2020 (FSS2020).

    The NGX had also attributed the market performance to the “audacious macroeconomic reforms under the new administration” of Tinubu.

    According to the NGX, market operators were of the view that “the policies of the new administration under President Bola Tinubu” had “led to the rise in the fortunes of investors”.

    Afrinvest Securities had said “economy reform optimism” bolstered the market performance, noting that the “the rally in the market followed the promise of critical reforms by the President Bola Tinubu administration”.

     Analysts at Arthur Steven Asset Management said the equities market’s bullish momentum was “because of the new administration which tends to affect the market positively”.

    “The market reacted to the high expectation from the new administration as the government promised the investors easy repatriation of their investment and profit,” Arthur Steven Asset Management stated.

    Further analysis of transactions at the NGX yesterday showed widespread bullish sentiments with 31 gainers to 19 losers. NGX Group recorded the highest price gain of 10 per cent to close at N26.40. Seplat Energy followed with a gain of 9.95 per cent to close at N1,837. Trans-Nationwide Express rose by 9.38 per cent to close at N1.05. University Press appreciated by 9.32 per cent to close at N2.58 while Associated Bus Company rose by 8.64 per cent to close at 88 kobo per share.

    On the negative side, Multiverse Mining and Exploration led the losers’ chart by 10 per cent to close at N2.70 per share. NASCON Allied Industries followed with a decline of 9.81 per cent each to close at N50.55. Honeywell Flour Mills declined by 8.11 per cent to close at N3.40 per share.  May and Baker Nigeria depreciated by 7.27 per cent to close at N5.10 while Jaiz Bank declined by 6.83 per cent to close at N1.50, per share.

    Total turnover decreased by 2.5 per cent to 620.98 million shares valued at N7.18 billion in 7,972 deals. Sterling Financial Holdings Company topped the activity chart with 160.996 million shares valued at N531.392 million. Transnational Corporation (Transcorp) followed with 135.696 million shares worth N847.536 million. Fidelity Bank traded 57.623 million shares valued at N403.334 million. FTN Cocoa processors traded 47.177 million shares valued at N97.395 million while Dangote Sugar Refinery sold 28.858 million shares worth N1.601 billion.

  • NGX, LCCI mull partnership on private sector development

    NGX, LCCI mull partnership on private sector development

    LCCI honoured on 135th anniversary

    The Nigerian Exchange (NGX) and Lagos Chamber of Commerce and Industry (LCCI) yesterday agreed to strengthen their working relationship with a view to developing action plans that enhances the growth of Nigerian businesses.

    The two institutions said they would soon work out a Memorandum of Understanding (MoU) detailing greater areas of cooperation and partnership, especially in the areas of access to finance, corporate governance and listing.   

    The agreement came as the NGX honoured LCCI with a closing gong ceremony in celebration of the 135th anniversary of the foremost business group.

    Chief Executive Officer, Nigerian Exchange (NGX), Temi Popoola, said NGX and LCCI have common interest in promoting advantages of listing for non-listed corporates, regulatory compliance, governance, and knowledge sharing.

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    He highlighted NGX’s plan to leverage technology to engage millions of Nigerians in the market.

    He drew parallels with the banking industry’s success in acquiring millions of customers through digitization and fintech collaborations, indicating NGX’s readiness to partner with Fintechs to increase retail investor participation.

    He noted that NGX remains committed to building a thriving market and promoting innovative solutions that provide a globally competitive platform for issuers to raise capital, and investors to meet their financial objectives.

    “This commitment drives the Exchange to continuously seek strategic partnerships with key stakeholders,” Popoola said.

    President, Lagos Chamber of Commerce and Industry (LCCI), Dr. Michael Olawale-Cole, expressed enthusiasm about collaborating closely with NGX.

    “We will work on signing an MoU; including developing action plans and timelines for a more vibrant partnership for the sustainable development of the Nigerian capital market,” Olawale-Cole said.

    He commended NGX for its achievements and reiterated LCCI’s commitment to working together to enhance the exchange’s operations.

  • FastCash offers loan for school payment

    FastCash offers loan for school payment

    As students get set to resume another academic session, FastCash, powered by First City Monument Bank (FCMB), is offering parents and guardians up to N200,000 to help them cover the costs of school fees and back-to-school supplies. The credit line supports the purchase of school uniforms, books, bags, confectionaries, and other items required to enhance children’s learning experience.

    Commenting on the back-to-school offering of FastCash, the Divisional Head of Personal Banking at FCMB, Mr. Shamsideen Fashola, said:

    “We understand that back-to-school season can be financially challenging for many families. That’s why we’re offering FastCash to help make it easier. We want to ensure that all our customers have the resources to give their children the best possible start to the new school year. FastCash is a convenient and affordable way for parents to get the money they need to make back-to-school a success.”

    FastCash is a collateral-free, convenient and easy-to-access personal digital loan product that provides credit up to N200,000 to existing customers of FCMB in less than five minutes to meet emergency needs. Enhanced with Artificial Intelligence (AI) and machine learning technology capabilities to ensure that more individuals, households, and businesses have access to funds, FastCash also enables customers to increase their current loan without paying off their existing loan fully.

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    It is designed to significantly close the access to finance gap in the country, reduce poverty and promote financial inclusion.

    Getting a FastCash loan requires no collateral or paperwork. Customers with a good repayment history can access the loan at a reduced interest rate. Another advantage is the ability to top-up a loan with friendly repayment terms for a specific amount. This feature benefits every customer who needs to borrow more.

    FastCash, launched in 2018, has disbursed over 3.5 million loans worth N111 billion to Nigerians from all walks of life. The product has become popular among Nigerians seeking quick access to funds. It is available to FCMB customers, and repayment terms are flexible, with repayment options ranging from 30 days to three months.

    First City Monument Bank (FCMB) is a member of the FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth within its communities, and it aims to build a supportive ecosystem rooted in Africa, connecting people, capital, and markets. By offering innovative financial solutions, FCMB is helping to improve the economic well-being of Nigerians.

  • Briclinks plans N500m public offer

    Briclinks plans N500m public offer

    A telecommunications firm, Briclinks Africa Plc has concluded arrangements to raise its share capital from N10 million to N500 million through issuance of new ordinary shares of 50 kobo each.

    Managing Director, Briclinks, Mohammed Buhari, who said this while delivering a speech at the company’s maiden annual general meeting yesterday in Abuja.

    The firm which is set to leverage on voice calls and mobile internet services is projecting an annual growth rate of over 100 percent.

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    He said there were prospects of hitting over one million active subscriber lines in the next five years of operations.

    Buhari said they are also considering a direct/indirect loan facility to kick start the mobile virtual network operator license (MVNO).

    He revealed that the firm was operating at the moment in Nigeria and Kenya, with prospects of boosting its product and services to meet over 140 million African migrants with communication and international calling to connect with their friends and family world-wide.

    He said the firm intends to become the most desirable brand as far as the provision of fast and affordable mobile internet services is concerned.

    Buhari said following the impact of the Covid-19 in 2019, economic activities picked up around the end of 2020, and by December of the same year, the company was issued a Private Network Links (PNL) by the Nigerian Communications Commission (NCC) in order to provide mobile internet service and voice calls.

    He said despite the effect of the pandemic, the company still managed to deliver a solid growth performance in what he described as an extremely challenging year.

    He said, “As expected, our markets were impacted by the pandemic: For the whole of 2020 market was declined by 6 percent to $26.5 billion and revenues were down by 5 percent compared with 2019. But at the same time, we as a new player in the industry remain committed to performing while we transform the affairs of the company. And over the years,We are beginning to show that, and at the same time deliver competitive cash returns for our investors.

    “There need not be a choice on our part,But this all starts with the work we have put in over the years. And in February 2021, after many years of rigorous documentation,the company became enlisted on the Growth Board of the Nigerian Stock Exchange.”

    He said the company made a breakthrough in 2018, when it was issued it’s first licence for Internet Service Provider (ISP).

    He said the company commenced operations in the same year by setting up the infrastructure to provide fixed wireless broadband services in Abuja, Akwa ibom and Lagos.

    At the AGM which had some board members and shareholders attending virtually, Dr Seinde Fadeni, was elected as non executive chairman, while Olumuyiwa Olumekun, Mr Feraz Javed Ahmed and Olajumoke Maikal were elected as independent directors.

    The Managing Director equally estimated that it is working to bridge a $1.7 billion total market demand for telecom services in Nigeria.

    He added that with a population of 210 million citizens, their target market is 10 million.

    He said the age bracket for the identified target market within the next five years in Nigeria is between 15 and 65 years.

    “We intend for our marketing strategy, to put more emphasis on corporate marketing such as social media branding and advertisements, segmenting and targeting among other formal and informal strategies we plan to adopt,” he said.

  • Nigerian equities set for new all-time high

    Nigerian equities set for new all-time high

    Nigerian equities opened yesterday with significant positive sentiment as increased demand drives the stock market closer to its all-time highest valuation mark.

    Benchmark indices at the Nigerian Exchange (NGX) indicated average gain of 0.90 per cent, equivalent to net capital gain of N324 billion.

    The All Share Index (ASI)- the value-based common index that tracks all share prices at the NGX, rose by 592.47 points from its opening index of 65,558.91 points to close at 66,151.38 points.

    With the current pricing trend, the market will likely reach its all-time highest index point of 66,162.17 points in the next trading sessions.

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    Most analysts expected the market to remain positive, citing stable earnings and relative undervaluation of Nigerian stocks.

    Aggregate market value of all quoted equities rose from its opening value of N35.881 trillion to close at N36.205 trillion, representing net capital gain of N324 billion.

    The rally was driven by widespread positive sentiments across the sectors, especially within the mid to large-cap stocks.

    There were 34 gainers to 24 losers. Dangote Sugar Refinery, Omatek Ventures, Thomas Wyatt Nigeria and Transnational Corporation (Transcorp) recorded the highest price gain of 10 per cent each to close at N52.25, 33 kobo, N1.87 and N7.38 respectively. SFS Real Estate Investment Trust Fund followed with a gain of 9.96 per cent to close at N92.15 while NASCON Allied Industries rose by 9.94 per cent to close at N49.20.

    On the negative side, CWG led the losers with a drop of 10 per cent to close at N4.50. John Holt followed with a decline of 9.80 per cent to close at N1.38. NEM Insurance lost 9.54 per cent to close at N5.12. Secure Electronic Technology depreciated by 9.09 per cent to close at 30 kobo while Cutix declined by 8.33 per cent to close at N2.20 per share.

    Total turnover declined by 12.61 per cent to 311.117 million shares valued at N3.915 billion in 7,193 deals. Access Holdings topped the activity chart with 43.702 million shares valued at N703.328 million. Transcorp followed with 28.498 million shares worth N181.731 million. Dangote Sugar Refinery traded 16.03 million shares valued at N820.840 million.

    Consolidated Hallmark Insurance traded 15.565 million shares valued at N13.471 million while Omatek Ventures sold 15.514 million shares worth N4.659 million.

    Analysts at United Capital said they expected “mixed sentiments toward listed equities”, with some investors’ continuing their cherry-picking activities around fundamentally sound stocks with strong potentials in terms of recently disclosed corporate actions.

    “Other investors will continue to tilt more toward the money market to take advantage of the elevation of yields, particularly risk averse investors, which we term to be temporal pending the expected inflow,” United Capital stated.

  • Citigroup predicts more investment flows to Nigeria, others

    Citigroup predicts more investment flows to Nigeria, others

    Citigroup Inc has predicted that Nigeria, Angola and Kenya will attract more foreign capital flows, despite  depreciation in their currencies.

    The naira yesterday exchanged at N915 per dollar at the parallel market and closed at N772 per dollar at the Investors and Exporters (I&E) window.

    Citigroup’s position comes barely a week after global financial service firm, JP Morgan, stated that Nigeria’s net foreign exchange (forex) reserve was estimated to be around $3.7 billion, much lower than the net figure of $14 billion that was reported, putting the country’s foreign exchange market under further pressure.

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    Bloomberg reported that Citigroup’s Head of Markets for Sub-Saharan Africa, George Asante, said countries with significant forex adjustments were clear winners from an investment perspective.

    According to him, countries where the bank has seen significant forex adjustments offer opportunities for good investments from a local market perspective.

    Asante said the removal of petrol subsidy was a very important reform for Nigeria, while moves to merge multiple exchange rates will also help to boost liquidity.

    He explained that the next task for the government is to make sure the official forex market can function smoothly in the wake of the changes.

    “I believe that this will be a significant catalyst for flows back into the Nigerian market,’’ Asante said, during an interview in Nairobi.

    A Bureaux De Change (BDC) trader based in Marina, central Lagos, Garuba Sarki, linked market crisis to inadequate or zero dollar supply and uptick of demand from multiple buyers.

    He said funding for BDCs or getting the banks to sale dollars to retail end buyers will bring greater mileage to the naira.

     ”The banks are not selling dollars and the BDCs have been incapacitated. Where do you expect dollar liquidity to come from? We expect the CBN to take immediate action and reverse the current trend to bring sanity to the market,” he said.

    Sarki said many companies, sourcing dollars to import goods for Christmas sales and those going on summer holidays have also put more pressure on the forex market.

    Former Registrar, Chartered Institute of Bankers of Nigeria (CIBN), Dr. Uju Ogubunka, called on economy managers to tackle the naira-dollar relationship headlong and entrench exchange rate stability, while boosting foreign reserves.

    He advised the Acting Central Bank of Nigeria (CBN) Governor, Folashodun Shonubi to tackle the volatility in the forex market.

    “It is not difficult to find what he should. Naira-dollar relationship is at its worst state, at least let’s get to where we were before and from there, move further forward. He needs to create jobs, and reserves which relates to the exchange rate should be boosted. H also needs to improve export and reduce import,” Ogubunka advised.

    Also speaking, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, advised the Federal Government to enhance financial intelligence by tracking people with proceeds of corruption to sanitize the market.

    He said many of the people with proceeds from corruption are the ones putting pressure on the forex market through their manipulative actions.

    “The naira is depreciating not by forces of demand and supply, but by the collective action and impact of the people with illicit funds,” he said.

    The CBN had in June commenced currency reforms that  brought about exchange rate unification and abolishment of multiple multiple exchange rates.

    The exercise led to 40 per cent drop in naira rate at the official market, but dollar supply has continued to be a big challenge making it difficult for official and parallel market rates to converge.

  • SEC, PENCOM, NGX to deepen securities lending

    SEC, PENCOM, NGX to deepen securities lending

    The Securities and Exchange Commission (SEC), National Pension Commission (PENCOM) and Nigerian Exchange (NGX) have reaffirmed their commitment to further developing the securities lending landscape.

    This commitment was reiterated during the NGX Securities Lending workshop. The virtual workshop with the theme “Business Facilitation Act 2023 as a catalyst for deepening Securities lending in Nigeria,” brought together diverse stakeholders, including retail and institutional investors, Pension Funds Administrators, Fund Managers, ETF Issuers, regulators, and policymakers.

    Divisional Head, Capital Markets, Nigerian Exchange (NGX), Jude Chiemeka, explained that one of the significant achievements during the previous administration of President Muhammadu Buhari was the assent of the Business Facilitation (Miscellaneous Provisions) Act, 2022 on February 14, 2023.

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    He noted that the Act led to crucial amendments being made to Section 89 (2) of the Pension Reform Act, allowing pension assets to qualify for securities lending, subject to guidelines issued by PENCOM.

    Chiemeka emphasized that these amendments create new possibilities within Nigeria’s securities landscape, particularly for institutional investors like Pension Fund Administrators (PFAs). “In light of this, NGX and PENCOM will forge a close collaboration to deepen this space for the benefit of Retirement Savings Account (RSA) holders and the pension industry at large. Chiemeka also underlined NGX’s ongoing commitment to partnering with all relevant stakeholders in the market to enhance securities lending. “This collaborative effort aims to foster the growth and development of the capital market in Nigeria and across the Africa.

    Director of Registration, Exchanges, Market Infrastructure, and Innovation, SEC, Abdulkadri Abass, represented by Senior Manager, Franca Ebube, emphasized that SEC remains resolute in upholding a market that is just, organized, and efficient, prioritizing the safeguarding of investor interests. He highlighted that the recent provision within the Business Facilitation Act, which permits Pension Fund Administrators (PFAs) to partake in securities lending, will undoubtedly deepen the market and increase liquidity.

    Corroborating Abass, Ibrahim Kangiwa, the Head of Investment Supervision at PENCOM, affirmed that the enactment of the Business Facilitation Act in 2023 empowered PENCOM to advance guidelines aimed at facilitating securities lending, working with NGX and other stakeholders. Kangiwa disclosed that the commission is actively working on developing these regulations and processes, with the intention of unveiling guidelines for PFAs by the end of the year.

    Onome Komolafe, the Divisional Head of Business Services and Client Experience at CSCS, provided insights into CSCS’s efforts in the securities lending market. She elaborated on the pre-settlement and pre-trade aspects of these activities, while also highlighting CSCS’s involvement in the detachment process for securities lending.

    Panel discussants including the CEO of PenOps, Oguche Agudah; CEO of Stanbic Nominees, Babatunde Majiyagbe; CEO of CardinalStone Securities, Peter Omoregie; and the President of the Fund Managers Association of Nigeria, Aigbovbioise Aig-Imoukhuede, attributed the limited participation in securities lending to lack of awareness and inadequate securities supply. They stressed the need for increased collaboration among stakeholders to boost growth and activity in the securities lending space.

  • Blue chips rally equities to N565b gain

    Blue chips rally equities to N565b gain

    Nigerian equities yesterday broke into a major rally as bargain-hunting for blue chips spurred the market to a net capital gain of N565 billion.

    Benchmark indices at the Nigerian Exchange (NGX) indicated average gain of 1.62 per cent, the highest daily gain in recent period.

    The All Share Index (ASI)- the value based common index that tracks all share prices at the NGX rose by 1,037.43 basis points or 1.62 per cent to close at 65,204.82 points.

    Aggregate market value of all quoted equities also rose correspondingly to close at N35.484 trillion, representing an increase of N565 billion.

    The  positive overall market performance was driven by price appreciation in large and medium capitalised stocks including Dangote Cement, FBN Holdings (FBNH), MTN Nigeria Communications (MTNN) and Guaranty Trust Holding Company (GTCO).

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    There were 23 gainers to 19 losers. Chellaram recorded the highest price gain of 10 per cent to close at N4.40 per share. SCOA Nigeria followed with a gain of 9.35 per cent to close at N1.17.  Dangote Cement rose by 9.34 per cent to close at N349.90. Thomas Wyatt Nigeria rallied 9.32 per cent to close at N1.29 while Guinea Insurance, Cornerstone Insurance, Universal Insurance and Caverton Offshore Support Group gained 9.09 per cent each to close at 36 kobo, N1.08, 24 kobo and N1.44 respectively.

    On the negative side, Chemical and Allied Products (CAP) led the losers’ chart by 10 per cent to close at N19.80 per share. Academy Press followed with a drop of 9.36 per cent to close at N2.13,. Dangote Sugar Refinery lost 6.63 per cent to close at N32.40.

    GlaxoSmithKline Consumer Nigeria declined by 6.60 per cent to close at N9.20 while Chams Holding Company dipped by 5.05 per cent to close at 94 kobo per share.

    The momentum of activities also increased considerably with total turnover rising by 51.74 per cent to 361.197 million shares valued at N5.744 billion in 5,531 deals. FBNH topped the activity chart with 140.18 million shares valued at N2.609 billion. Fidelity Bank followed with 21.559 million shares worth N165.187 million. Universal Insurance traded 18.707 million shares valued at N4.211 million.

    Transnational Corporation (Transcorp) traded 17.307 million shares valued at N62.607 million, while United Bank for Africa (UBA) transacted 13.082 million shares worth N188.991 million.