The Chartered Institute of Stockbrokers, the Association of Securities Dealing Houses of Nigeria (ASHON), and the Nigerian Exchange Limited (NGX) have all expressed a willingness to work with the Federal Government via the Ministry of Finance Incorporated (MOFI) to facilitate market development and listings.
Temi Popoola, the Chief Executive Officer of the NGX, praised MOFI for its role as the custodian of government investments and assets at the Closing Gong Ceremony held in honor of MOFI’s engagement with capital market stakeholders at the NGX trading floor in Lagos. She emphasized that NGX was eager to collaborate with the ministry to facilitate capital access for listed entities and contribute to the advancement of Nigeria’s capital market.
“This partnership is an opportunity for the capital market to actively play a key role in growing the economy under President Bola Tinubu’s agenda. This is an exciting time and you may have seen that our local investors stepped up their participation in the market recently.”
“We think that with a lot of foreign capital, together with the strengthening and enhancements that have been done, the market is ready to support many initiatives from the government. We look forward to working together towards the support in developing our markets”.
Dr. Armstrong Takang, CEO of MOFI, emphasized the necessity of maximizing the value of government assets and investments in order to mobilize, organize, and allocate investment capital in key economic sectors.
He stated his desire for MOFI’s asset under management (AuM) to increase to at least N100 trillion.
“MOFI intends to collaborate with NGX to guide companies in meeting governance, operational, and reporting requirements necessary for listing on the Exchange. This move also contributes to MOFI’s objective of professionalising government Owned and Government Linked entities (GOE and GLEs)”, he stated.
Oluwole Adeosun, the President of the Chartered Institute of Stockbrokers (CIS), expressed the institute’s delight for the cooperation and promised to work with MOFI, particularly in areas of capacity building and other market-related issues.
Sam Onukwue, the chairman of ASHON, stated that the partnership’s effects on the Nigerian economy would go beyond monetary gains to include broader socioeconomic benefits that support sustainable growth.
The price decline in numerous blue-chip stocks caused the Nigerian stock market to prolong its losses and close on a negative note yesterday, as the market capitalization fell by an additional N59 billion.
In particular, the market value of listed companies fell by N59 billion, or 0.1%, to N35.356 trillion from N35.415 trillion recorded the day before.
The NGX all-share index also declined, dropping from 65036.37 points traded on Monday to 64928.98 points, a decrease of 107.37 basis points.
Vetiva Dealings and Brokerage analysts stated: “Market yearns for its next positive driver, as it awaits H1 earning reports from the Tier-I banks. We expect mixed trading tomorrow, as investors mull over the latest inflation data, with headline inflation printing at 24.08 per cent.”
A closer examination of yesterday’s transactions revealed that Tantalizer, which had gained 10% to end at 44 kobo, was the biggest gainer, while Ikeja Hotel had gained 9.82% to close at 3.13 kobo. To close at N1.41 kobo, Cornerstone Insurance gained 9.3%. Linkage Assurance increased by 8.33% to finish at 91 kobo.
Eterna Plc, on the other hand, suffered the most loss, losing 9.86% to settle at N16. To conclude at 94 kobo, SUNU Assurance trailed with a loss of 9.62 percent. Omatek decreased 8.11% to close at 34 kobo.
Unilever decreased by 7.05% to conclude at N14.50 kobo, and AIICO Insurance decreased by 5.63% to finish at 67 kobo.
In comparison to the 259.041 million shares worth N4.204 billion that were traded in 5899 deals the day before, investors traded 280.468 million shares worth N4.645 billion in 6296 deals.
Trading in the shares of Transnational Corporation of Nigeria led market activities with 36.469 million shares valued at N147.502 million in 244 deals, United Bank for Africa followed with account of 23.242 million shares worth N475.416 million in 367 deals, Access Holdings traded 17.667 million shares worth N299.366 million in 375 deals, Sterling Bank exchanged 15.973 million shares valued at N57.498 million in 190 deals while Japaul Gold traded 11.398 million shares worth N11.015 million in 93 deals.
