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Nigerian Exchange Limited

Nigerian Exchange Group Commemorates 60 Years of Enabling Africa’s Largest Economy

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Nigerian Exchange Group at 60 - Investors King

Nigerian Exchange Group (NGX Group or the Group) Plc today celebrates 60 years of enabling Africa’s largest economy as a leading integrated market infrastructure group in Africa. The Group officially commenced operations on 25 August 1961, as the Lagos Stock Exchange, after it was founded on 15 September 1960.

In commemorating the Diamond jubilee milestone, the Group Chairman, NGX Group Plc, Otunba Abimbola Ogunbanjo paid glowing tribute to the original subscribers of the articles of association, who included R.S.V. Scott, representing C.T. Bowring and Co. Nigeria Ltd.; Chief Theophilus Adebayo Doherty; Sir. Odumegwu Ojukwu; Mr. Akintola Williams and Alhaji Shehu Bukar, as well as John Holt Ltd and Investment Company of Nig. Ltd. (ICON). He stated, “We celebrate the vision of these seven individuals and organisations, who in the Nigerian spirit, broke new ground in starting the Exchange, and we are proud of our sterling history over these six decades. From our humble beginnings when only 19 securities were listed for trading, we are now demutualised and we trade over 300 securities worth about 35 Trillion Naira.”

Appreciating the contributions of the capital market ecosystem, the Group Managing Director/Chief Executive Officer, NGX Group, Mr. Oscar N. Onyema, OON, stated, “We must thank our invaluable stakeholders who have contributed to six decades of growth and partnership. To the trading license holders, issuers, regulators, government and its agencies, media, and other stakeholders, we recognise your support and reiterate our commitment to building a market infrastructure group that supports your business objectives across the entire value chain for many years to come.”

He further commented on the Group’s efforts to build on the existing legacy. “In consonance with the innovative spirit of our founding fathers which has continued to drive our operations, demutualisation has allowed us to transition into a profit-driven, shareholder-held, and globally competitive organisation. Building on six decades of growth and partnership, NGX Group of companies is now positioned to be a key player in strengthening our competitiveness on a larger scale. Our recently launched campaign “The Stock Africa Is Made Of” further encapsulates our commitment to fulfilling the dreams of our founding fathers not only in Nigeria but also in Africa.”

It would be recalled that NGX Group recently refreshed its brand identity in an official launch event headlined by the President of the Federal Republic of Nigeria, His Excellency Muhammad Buhari (GCFR). NGX Group’s new structure boasts three wholly-owned subsidiaries: Nigerian Exchange (NGX) Limited, the operating exchange with Mr. Temi Popoola, CFA as CEO; NGX Regulation (NGX RegCo) Limited, the independent regulation company with Ms. Tinuade Awe as CEO; and NGX Real Estate (NGX RelCo) Limited, the real estate company with Mr. Gabriel Igbeka as acting CEO.

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 Stock Market Surges with N512bn Gain Amid Active Trading

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The Nigerian equity rebounded last week as investors pocketed a N512 billion gain on the back of the surge in trading activity.

This surge reflects an active trading environment and positive investor sentiment despite some sectoral declines.

The market capitalization of the Nigerian Exchange Limited rose by 0.87 percent to N56.929 trillion, while the All-Share Index (ASI) climbed 0.86 percent to close at 100,539.40 points.

The rise was driven by a notable increase in the prices of 37 stocks, outpacing the 34 stocks that experienced a price decline over the same period.

In total, investors traded 2.827 billion shares valued at N42.366 billion across 44,277 deals. This marks a slight increase from the previous week’s turnover of 2.765 billion shares worth N85.230 billion in 40,796 deals, indicating a vibrant trading environment.

The Financial Services Industry led the trading volume, contributing 77.08 percent to the overall stock turnover volume and 72.38 percent to the value.

Within this sector, Jaiz Bank Plc, Cutix Plc, and First City Monument Bank Group emerged as the top three equities by volume, accounting for 1.140 billion shares valued at N4.632 billion.

This strong performance underscores the sector’s pivotal role in the market’s recent gains.

The Industrial Goods Industry followed, with 246.921 million shares worth N2.039 billion traded in 2,068 deals, while the Oil and Gas Industry recorded a turnover of 107.218 million shares worth N1.704 billion across 3,128 transactions.

Despite the overall positive performance, several indices saw declines.

The Banking, Insurance, Consumer Goods, Oil and Gas, and NGX Sovereign Bond indices depreciated by 0.05 percent, 4.86 percent, 0.20 percent, 0.10 percent, and 4.35 percent, respectively.

Looking ahead, analysts suggest that the market may face a mildly negative close next week, influenced by cautious trading, especially in the banking sector, amid increased scrutiny.

Also, the Nigerian Stock Exchange has recently delisted the shares of Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum Plc effective July 18, 2024.

This action, in accordance with Clause 15 of the General Undertaking of the Exchange’s Rule Book, follows the companies’ failure to meet listing standards and reflects a broader effort to ensure market integrity.

Overall, last week’s performance highlights the Nigerian stock market’s resilience and growing investor confidence, even as it navigates sectoral challenges and regulatory changes.

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Nigerian Exchange Limited

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

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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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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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