The Nigerian Exchange Limited (NGX) has stated its desire to collaborate closely with the Nigerian Bar Association Section on Business Law (NBA-SBL) in order to improve the marketplace for stakeholders and strengthen corporate governance practices among listed companies.
The NBA-SBL delegation was welcomed by the CEO of NGX, Jude Chiemeka, at the “Bell Ringing Ceremony” to announce the 17th edition of the International yearly Business Law conference and exhibition, scheduled for July 5–7, 2023. Jude Chiemeka praised the group for its activities, which have had a positive impact on the Nigerian capital market.
In order to maintain investors’ faith in the market, he emphasised the necessity to strengthen its partnership with the group, notably in the area of corporate governance.
Chiemeka said: “We would like to see more collaborations with the NBA-SBL, especially regarding enhanced corporate governance. Investors are highly interested in companies with robust corporate governance structures. This aligns with NGX’s strategy of providing a platform not only for raising capital but also for protecting investors.”
In his answer, Dr. Adeoye Adefulu, Chairman of NBA-SBL, emphasized the importance of the relationship with NGX for the growth of the capital market and the Nigerian economy.
According to Adefulu, “Our work at the NBA-SBL revolves around policy, law, and regulation, aiming to transform the environment. The theme of our conference this year, ‘The Nigerian business landscape: Priorities for law, policy, and regulation,’ aligns perfectly with NGX’s goals. We are grateful for the opportunity to engage with NGX and eagerly anticipate continued collaborations and partnerships.”
Mrs. Ayoyinka Olajide-Awosedo, a partner at Aarndale Solicitors and the chair of the 2023 NBA-SBL Conference Planning Committee, emphasized that the conference’s focus is on the Nigerian business environment while also laying out an agenda for the future administration.
Olajide-Awosedo elaborated, saying: “We will concentrate on actions to boost our economy, attract investments, and retain our talent, among other priorities. This conference is not just for lawyers; it also welcomes stakeholders in the economy, policymakers, captains of industry, and business professionals.”
As a result of increases in Presco and 42 stocks, the bulls returned to the equities sector of the NGX, increasing market capitalization by N441 billion.
The market value of listed stocks increased by 1.33 percent to N33.500 trillion at the close of yesterday’s trading from N33.059 trillion the day before, and the All-share index rose by 808.53 basis points to 61523.57 points from 60715.04 points on Tuesday.
Gains in medium- and large-capitalized firms, including Presco, Bua cement, Conoil, Transcorp Hotel, MTN Nigeria, and Accesscorp, contributed to yesterday’s increase.
Learn Africa led gainers on the price movement chart, rising by 9.97% to close at N3.20 kobo, Gold Breweries was next with 9.95% to close at N2.21 kobo, Chellaram increased by 9.77% to close at N1.46 kobo, John Holt increased by 9.62% to close at N1.14 kobo, and Omatek increased by 9.52% to close at 46 kobo.
Wapic Insurance came in last with a loss of 9.88% to close at 73 kobo, followed by NSL Tech, Mutual Benefits Assurance, Lasaco Insurance, and NEM Insurance, which each lost 10% to close at 27 kobo, 54 kobo, N2.07 kobo, and N5.58 kobo, respectively.
The number of transactions jumped by 260.677 million, or 23.55 percent, as investors transacted 846.323 million shares worth N10.305 billion in 9815 deals as opposed to 1.107 billion shares worth N12.209 billion that were traded in 12194 deals.
Transnational Corporation of Nigeria (Transcorp) came in second with an account of 89.232 million shares valued at N323.507 million, trailing FBNHoldings with 89.237 million shares valued at N1.649 billion.
United Bank for Africa traded 57.512 million shares for a cost of N749.766 million, FCMB group sold 85.031 million shares for a cost of N477.154 million, and AccessCorp exchanged 85.911 million shares worth N1.536 billion.
