• Capitalisation adds N441 billion as 43 equities gains
The Nigerian Exchange Limited (NGX) has expressed its willingness to work closely with the Nigerian Bar Association Section on Business Law (NBA-SBL) to strengthen corporate governance practices among listed firms and foster an improved marketplace for stakeholders.
At the ‘Bell Ringing Ceremony ‘to announce the 17th edition of the International yearly Business Law conference and exhibition, slated for July 5 to 7, 2023, the Divisional Head Capital Markets of NGX, Jude Chiemeka, who received the NBA-SBL delegation on behalf of the CEO of NGX, lauded the group on its activities, which has impacted positively on the Nigerian capital market.
He stressed the need to boost its partnership with the group, particularly, in the area of corporate governance to sustain investors’ confidence in the market.
Chiemeka stated: “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 response, the Chairman of NBA-SBL, Dr. Adeoye Adefulu, emphasised that the partnership with NGX was crucial for the development of the capital market and the Nigerian economy.
Adefulu stated: “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.”
Partner at Aarndale Solicitors and Chair of the 2023 NBA-SBL Conference Planning Committee, Mrs. Ayoyinka Olajide-Awosedo, highlighted that the conference’s focus is on the Nigerian business landscape, while also setting an agenda for the new government.
Olajide-Awosedo explained: “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.”
Meanwhile, the bulls resurfaced in the equities sector of the NGX, following gains in Presco and 42 stocks, causing market capitalisation to increase by N441 billion.
At the close of transactions yesterday, market capitalisation of listed equities appreciated by 1.33 per cent to close at N33.500 trillion from N33.059 trillion recorded the previous day while the All-share index also increased by 808.53 basis points to 61523.57 points from 60715.04 points recorded on Tuesday.
Yesterday’s upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are: Presco, Bua cement, Conoil, Transcorp Hotel, MTN Nigeria and Accesscorp.
On the price movement chart, Learn Africa led gainers, appreciating by 9.97 per cent to close at N3.20 kobo, Gold Breweries followed with 9.95 per cent to close at N2.21 kobo, Chellaram gained 9.77 per cent to close at N1.46 kobo, John Holt added 9.62 per cent to close at N1.14 kobo, Omatek grew by 9.52 per cent to close at 46 kobo.
On the contrary, NSL Tech, Mutual Benefits Assurance, Lasaco Insurance, and NEM Insurance topped the losers’ chart, shedding 10 per cent each to close at 27 kobo, 54 kobo, N2.07 kobo and N5.58 kobo while Wapic Insurance trailed with a loss of 9.88 per cent to close at 73 kobo.
The volume of trades increased by 260.677 million, representing 23.55 per cent as
Investors traded 846.323 million shares valued at N10.305 billion in 9815 deals against 1.107 billion shares worth N12.209 billion exchanged hands in 12194 deals.
Transaction in the shares of FBNHoldings led market activity with 89.237 million shares valued at N1.649 billion, Transnational Corporation of Nigeria (Transcorp) followed with an account of 89.232 million shares worth N323.507 million.
AccessCorp traded 85.911 million shares valued at N1.536 billion, FCMB group sold 85.031 million shares valued at N477.154 million, United Bank for Africa traded 57.512 million shares cost N749.766 million.