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Nigerian Exchange Limited

Cititrust Financial Services Plans Listing On Nigerian Stock Exchange in Q2



Cititrust Financial Services, an investment firm, has said it has perfected arrangements to list by introduction on the Nigerian Stock Exchange before the end of the second quarter.

It also said it would make quality and significant contribution towards the growth of the economy, especially in the Small and Medium Scale Enterprises sub-sector.

A statement titled ‘Cititrust Financial Services affirms its support to SMEs in Nigeria’ on Sunday said this was despite the challenging economic and regulatory landscape.

The Country Chief Executive Officer, Cititrust Financial Services, Mr Ikechukwu Peter, said that the company’s decision to list on the exchange was to make its shares available to more Nigerians and to raise capital.

According to him, SMEs accounted for the majority of businesses worldwide and were significant contributors to job creation and global economic development.

He stated, “Also, they represent about 90 per cent of businesses and more than 50 per cent of employment worldwide.

“It is equally on record that formal SMEs contribute up to 40 per cent of Gross Domestic Product in emerging economies.”

Following the belief that creating avenues for business improvement, profitability and sustainability was important to the growth and advancement of any nation, Cititrust Financial Services assured it would unlock several opportunities for SMEs to thrive, he stated.

On growing the business, he said the company would also grow its balance sheet size of N36bn by 50 per cent before the end of 2021.

“We are also looking at growing our lending powers; we have a risk asset portfolio of about N12bn. We are also looking at growing that by another 50 per cent incrementally by the end of this year,” he said.

He said that the company was also making plans to migrate Living Trust Mortgage Bank from a state licensed mortgage bank to a national mortgage bank.

Peter said, “We are coming up with a programme through our Cititrust Academy on April 15, where people can learn the basics of business and be able to impact their operational lives as they move on.”

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Nigerian Exchange Limited

Nigerian Stock Market Rebounds on Tuesday as Investors Pocketed N10 Billion



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After a period of bearish trends, the Nigerian Exchange Limited (NGX) rebounded on Tuesday to post a N10 billion gain.

The market capitalisation of all the listed equities grew by 0.03% to close the day at N29.909 trillion while the NGX All-Share Index expanded by the same 0.03% to 54,906.65.

Market sentiments were even as both gainers and losers had 12 equities each on their charts at the close of the day’s trading. However, Linkage Assurance, Wapic, and Champion led the gainers’ table, gaining 9.76 per cent, 7.89 per cent, and 4.26 per cent, respectively.

On the other hand, Ikeja Hotel, Cadbury, and UPL topped the losers’ table with 9.65 per cent, 5.83 per cent, and 4.76 per cent loss, respectively, in their share values.

In terms of the most traded stocks, Zenith Bank led with 11,964,640 shares worth N298.835m exchanged in 255 deals, followed by GTCO with 10,472,370 million shares worth N258.239m traded in 252 deals. MTN Nigeria was the third most traded stock with 421,619 of its shares valued at N98.138m.

The rebound of the Nigerian Exchange Limited signifies a positive outlook for investors. As Nigeria’s economy continues to recover from the pandemic’s effects, the stock market is poised to bounce back, providing lucrative investment opportunities for local and foreign investors alike.

It is important to note that investing in the stock market comes with risks and rewards, and it is advisable to seek professional advice before making investment decisions.

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Nigerian Exchange Limited

Investors Divests N69.378 Million from Nigerian Exchange Group in March 2023



Nigerian Exchange Limited - Investors King

The latest disclosures from the Nigerian Exchange Group have shown that a total of N69,378,297.12 was divested from the listed company by investors in March 2023.

Investors sold a combined 2,666,451 shares after the audited financial statement of the group showed profit plunged from N2.248 billion reported in the 2021 financial year to N698.482 million in the financial year ended December 31, 2022.

A breakdown of the disclosures signed by Obehi Ikhaghe, Ag. Company Secretary done by Investors King showed that the MIRI Strategic Emerging Markets Fund LP, Substantial Shareholder, sold 1,480,000 units of shares at N26.09 per share on 03 March 2023.

Pivot Capital Limited, a company related to a Statutory Audit Committee Member, Mr. Samuel Adejumo, relinquished 71,923 units at N26.40 a unit on 07 March 2023.

Somafam Global Concepts, also related to Mr. Samuel Adejumo, a Statutory Audit Committee Member, disposed of 20,000 units of shares at N26.45 per share on 07 March 2023.

Between March 06 and 07, 2023, MIRI Strategic Emerging Markets Fund LP sold another 1,094,528 units of shares at N25.89 a share.

The Nigerian Exchange Limited reported N7.499 billion in revenue and other income in 2022 while profit before minimum tax and income tax expense declined to N823.089 million from N2.401 billion filed in 2021 financial year.

Therefore, after paying N124.607 million in income tax expense for the 2022 financial year, the company announced N692.482 million in profit after tax.

While the decline has been consistent since the company was listed, aggressive selling by Mr. Samuel Adejumo, a Statutory Audit Committee Member of the company with presumable knowledge of the company’s financial position underscores the deteriorating state of the company.


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Nigerian Exchange Limited

Stock Investors Gain N107 Billion on Wednesday as Market Capitalisation Hits N30.398tn



Nigerian Exchange Limited - Investors King

The Nigerian Exchange Limited (NGX) rebounded from its N1 billion loss of Tuesday to post a N107 billion gain on Monday ahead of the governor elections.

Investors transacted 152.743 million shares worth N3.573 billion in 3,293 transactions during the trading hours Wednesday, with the stock of Courtville emerging as the most traded equity with 34.604 million shares worth N16.609 million exchanging hands.

UBA and GTCo followed with 15.001 million and 15.001 million shares valued at N127.311 million and N335.934 million.

The market value of listed equities grew by N107 billion to N30.398 trillion while NGX All-Share Index expanded by 0.36% to 55,801.14 index points.

The financial sector index appreciated by 6 basis points (bps) with the stock of Union Bank of Nigeria leading the chart with 2.27%.  The industrial sector index gained 84bps while consumer goods posted a 6 bps gain and the oil and gas sector lost 90 bps.

A total of 18 stocks gained points while 18 stocks lost points.

Top Five Gainers 

Symbols Last Close Current Change %Change
TRANSEXPR N 0.81 N 0.89 0.08 9.88 %
CUTIX N 2.00 N 2.17 0.17 8.50 %
FTNCOCOA N 0.26 N 0.28 0.02 7.69 %
SOVRENINS N 0.28 N 0.30 0.02 7.14 %
HONYFLOUR N 2.19 N 2.33 0.14 6.39 %

Top Five Losers 

Symbols Last Close Current Change %Change
MRS N 31.05 N 27.95 -3.10 -9.98 %
ABCTRANS N 0.38 N 0.35 -0.03 -7.89 %
CHAMS N 0.27 N 0.25 -0.02 -7.41 %
ARDOVA N 18.55 N 17.40 -1.15 -6.20 %
ROYALEX N 0.75 N 0.71 -0.04 -5.33 %

Top Five Trades

Symbols Volume Value
COURTVILLE 34604498.00 16609559.04
UBA 15001281.00 127310814.15
GTCO 12749020.00 335933612.25
MANSARD 8282365.00 16584241.01
DANGCEM 7324308.00 2088236731.20

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