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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

NGX Rebounds with N263bn Gain as Small and Mid-Cap Stocks Surge

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stock - Investors King

The Nigerian Exchange Limited (NGX) recovered on Thursday amid the surge in strong investor demand for small and mid-cap stocks.

The market capitalisation rose by N263 billion to N56.91 trillion.

The All-Share Index climbed by 0.47%, closing at 100,503.21 points, reflecting a solid buying interest across various sectors.

Despite the market’s overall positive performance, trading activity was subdued with a 64.3% decrease in average daily volume to 392.8 million units.

However, the number of deals increased by 3.4% to 9,013, while the traded value declined by 17.3% to N8.33 billion.

Guaranty Trust Holding Company led the volume trades, with 39.75 million shares worth N1.80 billion across 663 deals.

Meanwhile, Airtel Africa dominated in value, with trades worth N2.25 billion in just 34 transactions.

Sector performance was mixed. Gains were recorded in the oil and gas, consumer goods, and industrial goods sectors, rising by 0.19%, 0.07%, and 0.01%, respectively.

Notable stocks included Airtel Africa, Eterna Plc, Oando, and NASCON Allied Industries.

Conversely, the insurance and banking sectors faced losses, declining by 2.35% and 2.28%.

Top gainers of the day were United Capital, Oando, and Africa Prudential, while Linkage Assurance and Veritas Kapital led the decliners.

This rebound highlights investor confidence in Nigeria’s equities market, with opportunities emerging in small and mid-cap stocks.

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Nigerian Exchange Limited

Equities Market Dips 0.04% as Q2 Earnings Hit NGX

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Stock - Investors King

Nigeria’s equities market experienced a slight decline of 0.04% on Wednesday ahead of the second quarter (Q2) financial results.

At the close of trading on the Nigerian Exchange Limited (NGX), the All Share Index (ASI) fell from the previous day’s high of 100,075.59 points to 100,032.32 points.

Similarly, the equities market capitalization decreased from N56.670 trillion to N56.645 trillion.

Jaiz Bank, Cutix, Zenith Bank, Universal Insurance, and FCMB Group were among the most actively traded stocks.

Investors exchanged 1,099,300,929 shares worth N10.076 billion across 8,720 deals.

Several stocks dominated the sell-side, including RT Briscoe, which fell from 70 kobo to 66 kobo, a 5.71% decrease.

FTN Cocoa dropped by 4.44%, while Tantalizer, Neimeth, and Consolidated Hallmark Holdings also saw declines.

The market’s year-to-date (YtD) positive return decreased to 33.78%. While this month has seen a marginal drop of 0.03%, the week still shows an increase of 0.36%.

The dip reflects investor reactions to the ongoing release of corporate earnings for Q2. As companies disclose their financial results, market participants are adjusting their positions accordingly.

As more Q2 financials are released, market volatility is expected. Investors are closely monitoring earnings reports to guide their investment strategies.

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Nigerian Exchange Limited

Nigeria’s Equities Market Gains 0.11%, Adds N62 Billion in Value

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stock - Investors King

The Nigerian equities market posted a 0.11 percent gain on Tuesday as increased buy-side actions boosted the market’s value by N62 billion.

This positive movement reflects renewed investor confidence and activity in the market.

Leading the charge were stocks like United Capital, UACN, and Cutix. Investors engaged in 8,151 deals, exchanging 368,392,413 shares worth N7.424 billion.

Among the top advancers, United Capital saw a significant rise from N30 to N33, adding N3 or 10 percent.

Cutix also performed well, climbing from N5.08 to N5.58, an increase of 50 kobo or 9.84 percent.

Sunu Assurances and Cornerstone Insurance were other notable gainers, with Sunu Assurances increasing from N1.29 to N1.39, adding 10 kobo or 7.75 percent, and Cornerstone moving from N1.95 to N2.10, up 15 kobo or 7.69 percent.

UACN also saw a substantial gain, rising from N14.15 to N15.20, an addition of N1.05 or 7.42 percent.

The market’s positive return year-to-date (YtD) now stands at 33.84 percent, with a marginal increase of 0.02 percent for the month. So far this week, the market has grown by 0.41 percent.

Key stocks such as Zenith Bank, Access Holdings, GTCO, Jaiz Bank, and UBA were actively traded, indicating strong investor interest.

At the close of trading on the Nigerian Exchange Limited (NGX), the All Share Index (ASI) and equities Market Capitalisation rose from the previous day’s low of 99,966.28 points and N56.608 trillion to 100,075.59 points and N56.670 trillion, respectively.

This uptick in market activity and value reflects growing optimism among investors, buoyed by positive corporate earnings and macroeconomic indicators.

As Nigeria’s market continues to evolve, stakeholders are hopeful for sustained growth and stability in the coming months.

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