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Nigerian Exchange Limited

Cititrust Financial Services to List N2b Shares on NGX

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The Country Chief Executive of CFS Group Plc., Mr. Ikechukwu Peter - Investors King

Cititrust Financial Services Plc has proposed an allotment of N2 billion shares to be listed on the Nigerian Exchange Limited (NGX) after meeting all the requirements, Country Director/Chief Executive Officer of Cititrust, Ikechukwu Peter has said.

Speaking during the presentation of the statutory report shareholders, he said that the statutory meeting was in line with the requirements of a Public Limited Company wishing to be listed on the NGX according to the Companies and Allied Matter Act (CAMA) 2020 Act.

He said: “This is Statutory General Meeting is a step towards our aim of being listed in the NGX. I had earlier said that we would be listing on the floor of NGX on or before the end of the second quarter. This is actually a step to that aspiration. We have planned to go to Securities and Exchange Commission (SEC) to get our shares registered.

“To get this done, we need to get our shareholders approval and we have that now, our counter-parties in the NGX are already waiting for us. We have been having engagements and discussions regarding how it should be done and I can gladly tell you that we are on course and the second quarter is very visible”.

“The total number of shares allotted is four billion ordination shares at N50k each fully paid of the total value of shares allotted of N2 billion and we have gone to CAC to get our share allotment sorted out,” he said.

According to Peter, the company currently has a total number of 55 shareholders which is exactly the number required by law to become a Plc, with the hope to increase.

Peter said: “The thing is for us to position ourselves for more growth, raise capital because before now, we were owned by our parent company 100 per cent and by law, they are suppose to own about 70 per cent as a Plc and the other 30 per cent goes to the public.

“This is the opportunity to get more liquidity through this platform because the truth of the matter is, we are headed to the stock exchange, your shares will be actively traded, decide to expand your share base just to free up some more cash or get some more cash.

“The kind of business we do is financial services business which will require more funding every now and then. There is not much you can do with the money you have but if the fund is restricted, the things you can do will be restricted.

“We can only create the value that we can, based on the kind of funding that we have available to us. Listing on the exchange will give us visibility,” he said.

Peter assured shareholders that they will get value capital appreciation and maximisation of shareholders value because this step will better position and empower the company to offer more value.

In his remarks, Chairman of the Company, Danladi Yaro, notified shareholders of the constituted Board of Directors and four Board Committees among others.

The shareholders present at the meeting approved and authorised the Company to register it’s shares with SEC and list it’s shares on the NGX among others. Ms Florence Alao, the Company Secretary read the notice of the statutory meeting.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Nigerian Exchange Limited

Nigerian Equity Market Loses N289bn Amid Persistent Sell-Offs

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stock bear - Investors King

Amidst sustained sell-offs, the Nigerian equity market experienced a significant downturn, losing a whopping N289 billion in market capitalization on Monday.

The All-Share Index, a barometer of the market performance, declined by 0.49%, leading to a year-to-date return reduction of 39.27%.

This downturn brought the market capitalization down to N58.88 trillion.

Despite a few gainers, including Ellah Lakes, Morison Industries Plc, and SUNU Assurance, which recorded gains of 10%, 9.93%, and 9.48% respectively, the market was largely dominated by losers.

Dangote Sugar, International Energy Insurance, and Jaiz Bank led the pack of losers with declines of 10.00%, 10.00%, and 9.92% respectively.

The volume and value drivers for the day were the stocks of the National Infrastructure Development Fund, Jaiz Bank, and MTN Nigeria.

Investors traded a total of 306,821,620 shares valued at N11.38 billion in 9,343 deals.

Market analysts at Meristem Research projected a subdued performance for the week, citing anticipation of a rate hike by the Monetary Policy Committee (MPC).

This expected hike could lead to higher rates at the Treasury Bills auction scheduled for Wednesday, potentially driving investors towards higher yields in the fixed-income market.

Consequently, there might be minimal liquidity in the local bourse space, with investors possibly engaging in profit-taking activities on stocks that have experienced significant gains.

The persistent bearish trend in the Nigerian equity market underscores the cautious sentiment among investors amidst prevailing economic uncertainties and policy changes.

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Nigerian Exchange Limited

Nigerian Stock Market Moderates Last Week as Investors Lose N247 Billion

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stock - Investors King

The Nigerian stock market known as the Nigerian Exchange Limited (NGX) moderated by N247 billion last week following weeks of positive close.

During the week, investors exchanged a total of 1.735 billion shares worth N48.755 billion in 45,237 deals, in contrast to a total of 1.773 billion shares valued at N52.867 billion that exchanged hands in 44,713 deals in the previous week.

A further breakdown shows the Financial Services Industry led the activity chart with 1.273 billion shares valued at N31.077 billion that were traded in 23,066 deals. Therefore, contributed 73.36% and 63.74% to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 123.237 million shares worth N1.772 billion in 3,205 deals.

The third place was the Consumer Goods Industry, with a turnover of 104.854 million shares worth
N5.292 billion in 6,166 deals.

United Bank for Africa Plc, FBN Holdings Plc and Access Holdings Plc were the three most traded equities and accounted for a combined 564.882 million shares worth N16.990 billion traded in 8,493 deals. The three contributed 32.56% and 34.85% to the total equity turnover volume and value respectively.

The NGX All-Share Index depreciated by 0.42% or 437.88 index points from 105,085.25 index points recorded in the previous week to 104,647.37 index points last week.

Market Capitalization also depreciated by N247 Billion to N59.169 trillion from N59.416 trillion in the previous week.

Similarly, all other indices finished lower with the exception of NGX Main Board, NGX CG, NGX Banking, NGX Pension, NGX Insurance, NGX ASeM, NGX AFR Bank Value, NGX MERI Growth, NGX Oil and Gas and NGX Industrial Goods which appreciated by 0.68%, 0.43%, 4.19%, 0.13%, 8.92%, 21.81%, 3.93%, 4.13%, 0.30%, and 0.57% respectively while the NGX Sovereign Bond index closed flat.

Fifty equities appreciated in price during the week lower than fifty-five equities in the previous week. Thirty-two equities depreciated in price higher than twenty-four in the previous week, while seventy-two equities remained unchanged, lower than seventy-five recorded in the previous week.

 

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Nigerian Exchange Limited

Nigerian Exchange Adds N74bn, Erases Three-Day Losses

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Nigerian Exchange Limited - Investors King

Following three consecutive days of bearish trading, the Nigerian Exchange Limited (NGX) rebounded on Thursday to register a gain of N74 billion, effectively erasing the previous losses.

The turnaround in market sentiment was a welcome relief for investors who had witnessed a downturn in the equity market.

The All-Share Index saw a notable climb of 0.13 percent to 104,387.47 points while market capitalization surged to N59.02 trillion.

This uptick in market performance propelled the bourse’s year-to-date return to 39.6 percent and highlighted the resilience of Nigeria’s capital market amidst challenging economic conditions.

Market activity saw a significant surge, with trading volume rising by 12.78 percent to 336.82 billion units and the value of transactions appreciating by 35.74 percent to N9.29 billion.

Total deals also saw an uptick, increasing by 6.57 percent to 8,790.

Despite recording more losers than gainers, certain stocks experienced notable gains, with companies like Juli Plc, Transcorp, International Energy Insurance, ETranzact, and Guinea Insurance witnessing substantial increases in their share prices.

Conversely, top decliners included DeapCap, Tourist, Computer Warehouse Group, Caverton, and Omatek.

The banking, insurance, and industrial goods sectors led the market gains, with each posting positive performances.

However, the consumer goods sector experienced a slight decline, while the oil and gas sector remained relatively flat.

Investors showed renewed confidence in the market, with United Bank for Africa emerging as the most traded security by volume, while Nestle led in traded value.

The market’s resurgence comes amidst notable developments, including PZ Cussons’ failed bid to delist from the Nigerian Exchange, impacting minority investors and prompting analysts to assess its potential implications on the company’s future strategies and shareholder value.

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