… Oyetola visits, woos NSE investors to Osun***
Jaiz Bank Plc dominated activity chart on the Nigerian Stock Exchange (NSE) on Thursday, even as market maintained negative outlook, while the Osun State Governor, Adegboyega Oyetola, expresses the administration’s determination to open up business opportunities, attract investments and create more wealth for the state.
Specifically, the bank accounted for 502.02 million shares worth N271.11 million, trailed by Access Bank with a turnover of 84.33 million shares valued at N705.98 million, while Zenith Bank traded 52.94 million shares worth N907.32 million.
Lafarge Africa sold 20.17 million shares valued at N282.42 million, while FBN Holdings traded 12.46 million shares worth N68.36 million.
Consequently, the volume of shares traded rose by 124.67 per cent as investors bought and sold 726.19 million shares valued at N2.97 billion traded in 3,040 deals.
This was in contrast with a total of 323.22 million shares worth N3.12 billion traded in 3,171 deals on Wednesday.
However, the market indices closed lower dropping by 0.14 per cent on increased profit taking.
The All Share Index lost 35.42 points or 0.14 per cent to close at 26,188.24 against 26,223.66 recorded on Wednesday.
Similarly, the market capitalisation shed N18 billion to close at N13.748 trillion compared with N12.765 trillion on Wednesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are; Unilever Nigeria, Stanbic IBTC, Cadbury, Dangote Sugar Refinery and Fidson Healthcare.
Analysts at Afrinvest Limited said “we believe the bearish momentum will be sustained in subsequent sessions as investors maintain a risk-off approach toward equities.”
Market breadth closed negative, with nine gainers against16 losers.
Regency Alliance Insurance recorded the highest price gain of five per cent to close at 21k, per share.
Chams followed with a gain of 4.35 per cent to close at 24k, while Jaiz Bank appreciated by 3.77 per cent to close at 55k per share.
AIICO Insurance grew by 2.94 per cent to close at 70k, while Guaranty Trust Bank inched 2.86 per cent to close at N27 per share.
Conversely, Unilever Nigeria led the losers’ chart in percentage terms with a loss of 9.98 per cent to close at N21.65 per share.
Fidson Healthcare followed with a decline of 9.97 per cent to close at N3.25, while Union Diagnostic dipped 8.33 per cent to close at 22k per share.
Honeywell Flour Mills dropped 8.16 per cent to close at 90k, while NPF Microfinance Bank shed 7.56 per cent to close at N1.10 er share.
Meanwhile, the Osun State Governor, Adegboyega Oyetola, on Thursday visited the NSE to express the administration’s readiness to open up business opportunities, attract investments and create more wealth for the state.
Oyetola spoke at the 2019 Osun State Facts Behind the Economy at the Nigerian Stock Exchange (NSE) in Lagos.
He said that the administration was poised to expand the size of the state by focusing on inclusiveness, diversification and sustainable growth.
According to him, his administration has placed priority on diversifying income sources by putting right structures in place to sustain development.
“We want to open up another opportunity which has existed before but declined due to fall in oil price and other factors.
“We are ready to revitalise it in order to alleviate Lagos congestion and traffic to propel nation’s economic growth.”
He said as part of its efforts to reposition Osun state and give it a platform, his administration had adopted a nine-year developmental plan, from 2019 to 2028.
According to him, the plan, which is anchored on four pillars, will help the state achieve full potential, especially in the areas of infrastructure development and investment inflow.
Oyetola said that the four pillars were economic development, infrasturcture, human capital development and security as well as environmental sustainability.
Earlier, in his opening speech, Mr Oscar Onyema, NSE Cheif Executive Officer, applauded the governor’s leadership and efforts at revitalising the education, mining, agriculture, textile and tourism sectors in the state.
Onyema said that the NSE platform was geared at attracting investors toward all the sectors of the economy, whilst catering for small, medium and large businesses represented on the various boards of the Exchange.
“Your passion for excellence, dedication to promoting the people of the state and revitalising moribund projects across the state has been recognised globally.
“We specifically commend the state government on the execution of a partnership agreement with the Federal Government to develop gold mining potential to improve internally generated revenues (IGR) and ramp up jobs creation opportunities.
Also read: NSE: Market gallops southward, sheds N73bn
“Indeed, the IGR drive has yielded significant results for the N1.47 trillion state economy,” Onyema said.
He said that Osun generated over N10.2 billion in revenue in the first half of 2019 alone, according to data from the National Bureau of Statistics.