Tag: stock market

• PFIs surplus of N19.2b in one month

Foreign portfolio investors are showing stronger appetite for Nigerian assets with more than two out of every three transactions by foreign investors at the Nigerian stock market on the investment side.

Official trading report at the weekend showed that foreign portfolio inflows nearly tripled in the past month, leaving Nigeria with foreign portfolio investment (FPI)’s surplus of N19.16 billion, the highest monthly upside this year.

Foreign portfolio inflows, which denote the buy side, rose by 195.83 per cent to N33.31 billion in October 2024, a remarkable rebound from this year’s low of N11.26 billion in September 2024. This represented a surplus of N19.16 billion.

On the other hand, foreign portfolio outflows, the sell side of the transactions, dropped to its lowest this year at N14.15 billion, 53.07 per cent lower than N30.15 billion recorded in September 2024.

The recovery in FPI inflows and increased domestic demand boosted total transactions at the Nigerian Exchange (NGX) in October 2024 to N502.73 billion, the highest in seven months. Total transactions had stood at N493.01 billion in the previous month. Domestic transactions increased from N451.60 billion in September 2024 to N455.27 billion last month.

With the upswing in the immediate past month, total transactions at the NGX hit a 10-month record of N4.47 trillion, 52.6 per cent above N2.93 trillion recorded in the corresponding period of 2023. Total FPI transactions for the 10-month period stood at N744.34 billion, 155.5 per cent above N291.38 billion recorded in comparable period of 2023.

Total FPI inflows for the 10-month period stood at N344.30 billion in 2024 as against N122.55 billion in 2023 while outflows stood at N400.04 billion compared with N168.83 billion. Meanwhile, the proportion of foreign participation in the Nigerian market increased from 9.93 per cent in 2023 to 16.65 per cent in 2024.

Domestic transactions totaled N3.73 trillion within the 10-month period, 41.07 per cent above N2.64 trillion recorded in the comparable period of 2023. 

The FPI report, coordinated by the NGX, included transactions from nearly all custodians and capital market operators and it is widely regarded as a credible measure of foreign portfolio trend.

The report uses two key indicators-inflow and outflow, to gauge foreign investors’ mood and participation in the equities market and the economy. While inflows and outflows indicate direction of portfolio transactions, total FPI measures the momentum and level of participation.

The October 2024 performance set a new record above the market’s third quarter performance. Total transactions at the stock market had risen to N3.97 trillion in the first nine months of this year, the highest third quarter turnover according to available official records of the market.

The third quarter 2024 performance represented a new record against the market’s turnover in third quarter 2023, when the market had set a high of N2.71 trillion. The closest records were in 2018 and 2014 when the market recorded N2.01 trillion and N2.04 trillion respectively.

Experts have attributed the upbeat at the stock market to the increasing attractiveness of the Nigerian market to foreign investors, ongoing economic reforms, resilient earnings by Nigerian companies, exchange rate differential, ongoing banking recapitalisation and the reform in the oil sector.

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Managing Director, AIICO Capital, Dr Femi Ademola said Nigerian equities have become very attractive to both foreign and domestic investors.

“The equities market has become very attractive, mostly due to the devaluation of the currency which make the shares very cheap, especially to foreign investors. The very strong half-year performance reported by corporates especially banks and the corporate actions that followed the announcements have also driven many investors to the equities market. Finally, the lack of volatilities in the bond market makes it unattractive to investors, thus they flock to the equities market,” Ademola, a Chartered Financial Analyst (CFA), said.

Managing Director, Arthur Steven Asset Management, Mr Olatunde Amolegbe said the ongoing banking recapitalisation and the reforms in the oil sector have driven more investors to the market.

“We’ve seen increasing return of foreign portfolio investors, I understand the turnover by FPIs has grown significantly in the last few months. This can be attributed to the weaker naira that makes Nigerian stocks a bargain for FPIs. Secondly, new listings such as Aradel also boosted investors’ appetite for stocks. This can also be seen in the light of the approval of the Exxon Mobil’s acquisition by Seplat by the Federal Government. Thirdly, the banking recapitalisation exercise along with impressive second quarter reports have continued to attract investments towards that sector,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.

Managing Director, HighCap Securities, Mr David Adonri, said the banking sector has contributed substantially to the growing turnover at the stock market.

“The recapitalisation of banks is orchestrating demand for their shares even in the secondary market. Highly capitalised stocks in the petroleum sector have also been upbeat. Finally, investors have also reacted positively to the big interim dividends declared by banks,” Adonri said.

A report by Afrinvest West Africa had indicated that FPIs in the Nigerian market could reach N1.1 trillion by the end of 2024 as foreign investors continued to increase their stakes on Nigerian securities.

Analysts at Afrinvest West Africa stated that at the current run rate, the size of foreign participation at the stock market should reach N1.1 trillion by year-end, translating to a 267.8 per cent increase on 2023.

Afrinvest estimated that total FPIs, including equities, money, and bond markets, could swell fourfold to $5.2 billion in 2024 in a base case scenario.

Analysts noted that even when adjusted at exchange rate of N1,510.10 per dollar, the current run rate should deliver about $728.4 million participation size on the NGX, representing a 60.9 per cent increase over the 2023 actual that was converted at an exchange rate of N907.10 per dollar.

“This marked improvement underscores the gradual return of foreign portfolio investors to Nigeria – a development we believe is largely connected to the ongoing reforms by the CBN,” Afrinvest stated.

The report highlighted a strong and positive correlation between FPI inflow data reported by the NBS in dollars and foreign investor participation statistics reported by the NGX in naira.

Afrinvest noted that the correlation was not a surprise given that equity is one of the three investment portfolio areas into which FPIs are deployed.

The report pointed out that although FPIs are less reliable in building sustainable foreign exchange (forex) buffers due to their characteristic nature of flight to safety, the recent dynamics if sustained hold positive for stabilising the exchange rate in the short to medium term.

Analysts noted that the relaxation of capital controls, which led to payment of forex backlogs, and financial repression tactics adopted under the last CBN regime supported the improved sentiment.

 “Overall, we posit that sustaining the improvement in FPI could help support a near term easing in price and exchange rate pressures,” Afrinvest stated.

Not less than 14 state-owned enterprises (SOEs) have been shortlisted to list their shares on the Nigerian Exchange (NGX).

Among the SOEs being advised to list on the NGX are key national assets including Ajaokuta Steel Company Limited, Bank of Agriculture (BoA), Galaxy Backbone Plc, Nigeria Bulk Electricity Trading Plc (NBET), Nigeria Commodity Exchange (NCE), Nigerian Liquefied Natural Gas Corporation (NLNG), Nigerian National Petroleum Corporation (NNPC), Nigerian Mining Corporation, and others.

A source at the Securities and Exchange Commission (SEC) said that all of these firms had been contacted regarding the listing process.

However, these enterprises must meet certain criteria, including a minimum market capitalisation of N500 million and pre-tax profits of at least N300 million (or N600 million for the Standard B listing) along with at least 21 equity shareholders.

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The NGX, it was gathered, has provided a simplified listing process for these SOEs, with reduced fees and flexible disclosure requirements. By listing, the SOEs will gain enhanced visibility and transparency while accessing the capital markets for long-term funding. The benefits of listing include improved governance, increased transparency, enhanced credibility, and better risk management, all of which are critical for the SOEs’ sustainable growth and long-term success.

Listing on the NGX would also grant these enterprises access to capital needed for expansion, particularly in sectors crucial to Nigeria’s economic growth such as energy, transportation, and infrastructure development. These listings are part of a broader strategy to integrate more public enterprises into Nigeria’s financial markets, thereby deepening market participation and economic democratisation.

To be eligible for listing, SOEs must demonstrate a clear social or environmental impact, strong governance, and a commitment to sustainability. The NGX is offering dedicated support, including a streamlined listing process, reduced fees, enhanced investor outreach, and capacity-building workshops. The Exchange’s “Impact Board” offers a unique platform for SOEs to access capital markets while showcasing their commitment to transparency, governance, and economic development.

The SEC has reiterated its committed to supporting these enterprises by providing incentives and creating an enabling environment that makes the listing process attractive.

Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama emphasised the significance of this development for Nigeria’s economy, noting that it would lead to a more inclusive and democratised business environment.

Agama highlighted that listing SOEs on the NGX would facilitate wealth distribution and democratise their operations, allowing more Nigerians to hold ownership stakes. “Inclusivity is very critical,” he stated, adding that such an approach promotes collective responsibility in building Nigeria’s industries. He also dispelled concerns that listing on the NGX would lead to a loss of control for SOEs, explaining that it would instead empower them by fostering unity and collective growth. “Listing does not remove power from them,” he clarified. “It provides bigger power because united we stand, divided we fall.”

By allowing public participation through the stock exchange, SOEs can gain access to more capital, improve corporate governance, and enhance transparency, which can boost their long-term competitiveness and growth prospects.

One of the SEC’s strategies is to streamline the listing process, reducing bureaucratic delays and providing a clear, predictable timeline for companies preparing to list. “Providing certainty and ensuring companies have a calendar supported by the SEC is essential,” Dr. Agama said, stressing that this would give SOEs confidence in going public.

The SEC’s efforts to reduce time-to-market and simplify processes aim to attract not only SOEs but also private companies, thereby expanding the scope and depth of Nigeria’s capital markets. Dr. Agama further emphasised that technological tools would play a pivotal role in achieving this goal, particularly with the younger generation in mind.

Technology is central to the SEC’s plan to make capital markets more accessible to Nigerians. Dr. Agama pointed to the e-offering platform launched by the NGX as a tool that simplifies public offerings, allowing more people to invest. He encouraged the adoption of FinTech tools and digital platforms to make the investment process easier and more appealing to a broader audience.

“We encourage apps, we encourage FinTech tools,” Dr. Agama explained, adding that the goal is to create a seamless and enjoyable experience for investors. The SEC’s strategy involves fostering a positive investment environment by demystifying the process through education, technology, and incentives. This approach is expected to stimulate greater public participation in Nigeria’s capital markets and contribute to the country’s economic growth.

The SEC is determined to rejuvenate the Nigerian capital market by removing barriers and offering incentives to companies considering listing. This includes promoting financial literacy and simplifying investment processes to ensure that more Nigerians can participate in the stock market. The broader aim is to create a dynamic and diversified market that drives economic development.

In addition to encouraging SOEs, the SEC is also pushing for greater participation from other sectors through innovative approaches like FinTech. By doing so, the Commission hopes to make Nigeria’s capital markets more competitive and attractive to both domestic and international investors, while contributing to the country’s overall economic growth and stability.

The listing of these 14 SOEs on the NGX, supported by SEC’s initiatives, is expected to be a transformative step for Nigeria’s financial markets, promoting inclusivity, transparency, and sustainability.

The race for Nigerian banks to raise the new capital benchmark is expected to trigger activities in the capital market. Stakeholders and financial experts project that getting the banks to shore up their capital base, would require active participation of the Nigerian Exchange Limited (NGX), which is expected to rail road the issuance of bonds, initial public offers, rights issues, private placements, mergers/acquisitions, license upgrades and other interventions, writes EKAETE BASSEY

The Nigerian Exchange Limited (NGX) is gaining attention as banks prepare for possible capital raise in the market amid the latest recapitalisation exercise by the Central Bank of Nigeria (CBN).

Stakeholders are concerned about the Exchange’s competence and preparedness to handle the possible influx of banks in a bid to meet up with CBN’s recapitalisation directive.

Banks’ endorsement of the apex financial regulator’s directive came as experts and other stakeholders underlined the significance of the initiative, with most of them expressing optimism that the injection of new capital would support economic growth.

As established by experts, the leading integrated market infrastructure in Africa servicing the continent’s largest economy NGX,  has made moves to reassert its preparedness to ensuring the success of financial sector with respect to the objective of CBN’s recapitalisation programme which is to strengthen the Nigerian banking system especially against the background of prevailing macroeconomic challenges.

The Chartered Institute of Bankers of Nigeria (CIBN) and the Nigerian Exchange (NGX) recently formed a strategic collaboration to that effect.

The partnership between the two institutions, according to CIBN President Dr. Ken Opara, is intended to increase capacity and get the banks ready for capital raising.

He affirmed that the NGX and CIBN are working together to implement a number of initiatives that will aid in the recapitalization of the banking industry.

As noted by the Head of Investment and Research, Meristem Securities Limited, Praise Ihensekhien, the recent recapitalisation policy by the top financial regulator could result in a shift of preference among shareholders and investors towards bank stocks, due to an increased flow of liquidity into the banking sector.

Speaking about the recent bank recapitalisation directives issued by the CBN, she emphasised that these measures will require banks to increase their capital, which will boost their attractiveness to stock market investors and shareholders.

She acknowledged that the government’s plan to recapitalise banks will make the industry more appealing to investors, particularly for those banks that currently enjoy high return rates on investment and excess liquidity.

“Shareholders might start to favour bank stocks over other companies. I mean this is something that is already playing out. For example, we have more liquidity in the banking stock than any other stocks,” Ihensekhien stated.

According to the Senate Committee Chairman on Capital Market and Institutions, Senator Osita Izunaso, banks are expected to approach the stock market for additional funds with the introduction of new minimum capital requirements.

While he commended the CBN’s initiative to implement these requirements, he explained that the measure was critical given the depreciation of the naira, which significantly affected the capital base of banks in recent years.

He projected that banks, many of which are listed on the Nigerian Exchange, will employ the stock market to raise the required capital through rights issues or subscription offers. It is anticipated that this action will enhance the financial system and have a positive impact on the capital market.

Given the need to address these demands, Izunaso accentuated the significance of adding new capital as opposed to depending exclusively on income reserves. With positive implications for the overall economy, he continued, this strategy has the potential to strengthen the capital market, increase the capitalisation of the equity market, and perhaps serve as a beacon for foreign direct investment (FDI).

“In view of the strong link between the money and capital markets in Nigeria with most banks quoted on the Nigerian Exchange, I have no doubt that the successful implementation of this exercise will have salutary impact on the capital market.”

“Against the backdrop of the requirement to use only paid-up share capital and share premium for recapitalisation purposes, it is expected that most of the banks will approach the Stock market to raise additional funds either through an offer for subscription or rights issue.

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“This has the potential to deepen the market, increase equities market capitalization as well as serve as a veritable source of Foreign Direct Investment with positive multiplier effects on the economy,” the statement read in parts.

Similarly, the Special Adviser on Capital Market to Osita Izunaso, the Chairman of the Senate Committee on Capital Market, Uche Uwaleke, described the idea of the Central Bank of Nigeria on bank recapitalisation as a welcome development.

The Professor of Capital Markets expressed optimism that commercial bank recapitalisation would likely rejuvenate the stock market.

He explained that capital was needed to finance big-ticket projects, especially as the government was targeting a $1trn economy in a few years.

A financial analyst, Ahmed Idris emphasised the market’s preparedness to play the pivotal role in assisting quoted banks to raise the expected capital.

Idris said the NGX has already prepared itself for the big task.

He said: “Looking at the size of the NGX and also looking at the giant strides it has recorded in the last couple of years, you will see that the market is ready. The management has instituted several corporate governance instruments that have helped the market attain the current height it is now.

“The investing public has no reason to doubt the ability of the market. They should be rest assured that NGX will be helpful.”

Some top financial institutions mull capital raise

Access Holdings Plc in a notice of the Group’s second Annual General Meeting scheduled to hold on April 19, 2024 which was published on the Nigerian Exchange portal on March 27, 2024, revealed plans to start a capital raising programme of up to $1.5 billion through the NGX, indicating that it has chosen to capitalise on the market.

Through the sale of shares or the issuance of bonds, the initiative hopes to raise $1.5 billion. Additionally, the corporation intends to use a rights issue to obtain N365 billion from current shareholders.

The financial holding company in a statement said: “The programme aims to enhance the Group’s financial strength through the issuance of various financial instruments such as ordinary shares, preference shares, Alternative Tier 1 capital, convertible and/or non-convertible debt, bonds, or other capital and/or funding instruments.

“The programme may be executed through a variety of methods including public offerings, private placements, rights issues, book building processes, or a combination thereof.

“The specifics regarding the tranches, series, proportions, dates, pricing, tenor, and other terms and conditions that may be associated, will be determined by the Board of Directors, contingent upon securing the necessary regulatory approvals.”

With the programme, The Holdings declared it intends to raise up to N365 billion through the rights issue of common shares. It added that the money obtained would be used to support the company’s ongoing working capital needs, as well as organic growth funding for its banking and non-banking subsidiaries.

Also, according to available reports, Guaranty Trust Holding Company PLC, (GTCO PLC) is exploring a capital raise of up to N525 billion via a “non-dilutive” approach.

The bank’s senior executives according to a source have identified an urgent need to raise capital in line with the directive from the apex bank.

The report indicated that the bank is considering making a public offer to raise between N450 billion and N525 billion while anticipating the offer’s proceeds would be used to strengthen the bank’s working and share capitals

Though the development is still being discussed and needs regulatory permission before a date can be set, the source does, however, mention that an announcement is probable any time soon.

Correspondingly, Zenith Bank recently disclosed plans to raise about N229.26 billion in order to achieve the new capital requirement by 2026, given CBN’s recognition of solely share capital and share premium as part of banks’ capital base.

The lender declared that the banking group, which has already begun the procedure of conversion to a holding company, will complete the process in 2024.

This it announced in a statement that accompanied its annual report for 2023 emphasising that the move is “anticipated to position it advantageously for exploring emerging opportunities in the fintech space while bolstering its digital and retail banking initiatives.

“Furthermore, the group is undertaking urgent necessary actions to meet the new minimum NGN500bn equity capital requirement to maintain its international authorisation within the timeframe stipulated by the Central Bank of Nigeria. This will strengthen its presence in key markets to continue positioning for sustainable growth and value addition for stakeholders.”

Banking sector continues bullish trend after impressive performance in 2023

In 2023, the NGX Banking Index recorded a growth of 114.9 percent, making the index the second-best performing index on the Exchange after the oil and gas index.

Throughout the year, banks emerged as some of the highest profit-generating corporations in Nigeria. This impressive growth was fuelled by a significant increase in interest income and gains realised from the devaluation of the Naira in Q2 2023.  This growth was also evident in their market performance.

Last month, the banking sector was the standout performer as its benchmark index gained 21.2 percent to close at 1,029.63 points. The bullish performance of the sector is reflective of foreign investors’ buying interest in the banks.

Nigerian records stellar performance in 2023, leads global markets with N16.30tr gain in Q1 2024

Nigerian Exchange Group Plc on Monday, March 4, announced its full-year audited financial statements for 2023, which ended December 31, with a Profit After Tax (PAT) of N5.2 billion and a declaration of a final dividend of N1.5 billion.

In a statement by its Head of marketing and Corporate Communications, Clifford Akpolo, the Group experienced a surge in gross earnings, rising by 57.4 percent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022.

This growth, he explained, was attributed to performances in core revenue and other income segments.

In light of the economic changes implemented by the President Bola Tinubu administration, the Nigerian stock market provided investors with the second best return in Africa in the first quarter of 2024, with a year-to-date (YtD) gain of 39.84 percent.

Based on available data, the Nigerian stock market outperformed other exchanges throughout the examined time, with the exception of the Zimbabwe Stock Exchange (ZSE) All Share Index, which experienced an YtD rise of about 314.19 percent.

The NGX All-Share Index (NGX ASI) saw growth in spite of a number of macroeconomic obstacles, including growing insecurity, a double-digit inflation rate, and a recent increase in the Monetary Policy Rate (MPR) from 22.75 percent to 24.75 percent.

The NGX ASI, which is a performance indicator for listed corporations on the exchange, began the year at 74,773.77 basis points, indicating a 39.84 percent rise. It closed the year’s first Quarter (Q1) on March 28, 2024, at 104,562.06 basis points. While in Q1, 2023, the overall market performance measured by NGX ASI rose by 5.11 percent to close at 54,232.34 basis points.

The Federal Government has been urged to promote listings on the country’s stock exchange to increase capital market participation and tax revenue generation.

 Managing Director/Chief Executive Arthur Steven Asset Management Limited, Olatunde Amolegbe, made the appeal.

 He noted that implementing such would increase tax income and foster transparency in addition to deepening the capital market.

Amolegbe, speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) January forum in Lagos with the theme: “Review of 2023 Market Performance and Outlook for 2024,” observed that the country’s market capitalisation to GDP is 13 per  cent, compared to over 50 percent in several other countries.

“This is an indication that the majority of the big companies in the country are not participating in the Nigerian capital market,” he said.

“I believe the government needs to consider urging companies particularly those they have a direct holding in and those that have a huge business with the government to list on the market because a lot of businesses are not listed on the exchange and they do business a lot with government; the more transparent the listing, the more tax revenue, he said.

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In addition to emphasising that the capital market guarantees transparency for listed companies, the former president of the Chartered Institute of Stockbrokers predicted that more listings will result in higher tax revenues for the government, just as he also expressed optimism that the listing of NNPC Limited and Dangote Refinery would increase the capitalisation of the Nigerian capital market.

He linked the wave of insecurity in the nation to having a direct relationship with surge in inflation, including the capacity to dissuade foreign investors from investing in the country if the situation persists.

He added that foreign exchange would be a significant influence on the capital market’s position at the end of the year.

“If liquidity improves and price stables, organisations can better plan. If not, 2024 might be a dicey year for a lot of quoted companies,” he said.

The Nigerian stock market crossed a new milestone yesterday as the country’s share pricing gauge hit 100,000 index mark, a new record and major reference point.

The All Share Index (ASI)- the value-based common index that tracks all share prices at the Nigerian Exchange (NGX), rode on the back of continuing intensive bargain-hunting in large and mid-cap companies to close yesterday at 101,571.11 points. It had opened at 98,616.97 points.

The rally was driven by upwardly pricing of major companies in the cement and food manufacturing sectors.

ASI, widely regarded as representative of Nigeria’s sovereign equities index- a measure of the country’s stock market mood, recorded average return of 3.0 per cent or 2,954.14 points yesterday, equivalent to net capital gain of N1.62 trillion.

Aggregate market value of all quoted equities at the NGX rose simultaneously from its opening value of N53.967 trillion to close at N55.584 trillion.

Analysts were unanimous that the 100,000 index mark was a milestone for the Nigerian market.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said it was a historic moment for the market.

“It’s really historic given that we’ve not been here before. What’s even more remarkable is that the market is still standing very stable and firm despite the bullishness that have taken us to this point,” Amolegbe,  former president of Chartered Institute of Stockbrokers (CIS), said, referring to a bullish run that had seen Nigerian equities as one of the three best-performing global stock markets.

The Nigerian equities market closed 2023 with average return of 45.90 per cent, equivalent to net capital gains of N12.81 trillion. It closed yesterday with average year-to-date return of 35.8 per cent, implying that average investors have seen their portfolios grown by more than one-thirds so far this year.

Managing Director, Highcap Securities, Mr. David Adonri, said the new index mark called for celebration as well as caution, urging stakeholders to seize the moment to improve the economy.

“This rally will only be useful at end of the day if it translates into capital formation for the productive economy. With this rally, a conducive environment has emerged for capitalization of strategic sectors of the productive economy. Before it fizzles out, let issuers seize the opportunity,” Adonri said.

Afrinvest Securities described the index mark as “a new record milestone”, expressing optimism that the market will sustain “extended positive performance”.

Cordros Securities said the index point was “the highest point on record”, attributing the rally to continuing bargain-hunting by investors.

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CardinalStone described the 100,000 index as a “psychological mark” and a “new high”, spurred primarily by bullish sentiments in cement and food heavyweights.

The gains yesterday was largely driven by Dangote Cement, BUA Cement, BUA Foods, NASCON Allied Industries and Flour Mills of Nigeria.

There were 35 gainers to 32 losers. Wapic Insurance recorded the highest gain of 10 per cent to close at 88 kobo. BUA Cement followed with a gain of 9.98 per cent to close at N179.65. Japaul Gold & Ventures rose by 9.91 per cent to close at N2.55 per share. University Press appreciated by 9.82 per cent to close at N3.69 while Tripple Gee & Company rose by 9.69 per cent to close at N2.83.

On the negative side, NEM Insurance led the losers with a drop of 10 per cent to close at N7.20. Cadbury Nigeria followed with a decline of 9.96 per cent to close at N23.50. The Initiates Plc (TIP) declined by 9.92 per cent to close at N2.27. May & Baker Nigeria lost 9.89 per cent to close at N6.65 while McNichols lost 9.88 per cent to close at N1.46.

The momentum of activities slowed down considerably. Total turnover decreased by 34.65 per cent to 488.491 million shares valued at N8.037 billion in 12,080 deals. Transnational Corporation (Transcorp) topped the activity chart with 95.109 million shares valued at N1.588 billion. Universal Insurance followed with 45.629 million shares worth N18.601 million. Unity Bank traded 27.343 million shares valued at N74.120 million. Jaiz Bank traded 26.962 million shares valued at N76.917 million while Japaul Gold & Ventures transacted 25.324 million shares worth N64.312 million.