…As Stockbrokers elect Amolegbe, new institute’s president***
The nation’s bourse maintained bullish mood on Tuesday with the key performance indices increasing further by 1.09 per cent and market capitalization growing 136 billion, following gains by some blue chips.
Specifically, the All-Share Index (ASI) rose by 261.12 points or 1.09 per cent to close at 24,202.87 against 23,941.75 recorded on Monday; while investors gained N136 billion in value as market capitalisation shoots up to N12.613 trillion, from N12.477 trillion of Monday.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Dangote Cement, Presco, Unilever and Guaranty Trust Bank.
Analysts at Afrinvest Limited stated that “We expect to see gains in the next trading session as investors continue to seek bargain hunting opportunities.”
Market breadth closed strongly positive with 29 gainers and eight laggards.
Caverton led the gainers’ table in percentage terms, improving by 10 per cent, to close at N2.75 per share.
Okomu Oil followed with 9.99 per cent to close at N64.40, while Unilever appreciated by 9.85 per cent to close at N15.05 per share.
C & I Leasing rose by 9.78 per cent to close at N5.05, while Cutix appreciated by 9.56 per cent to close at N1.49, per share.
On the other hand, Lasaco Assurance dominated the losers’ chart in percentage terms, dropping by eight per cent, to close at 23k per share.
Nigerian Aviation Handling Company followed with a decline of 4.51 per cent to close at N2.33, while Wapic Insurance shed 3.33 per cent, to close at 29k, per share.
International Breweries lost three per cent to close at N4.85, while Wema Bank declined by 1.69 per cent to close at 58k, per share.
The banking sector led the activity chart with Access Bank the most active, accounting for 80,65 million shares valued at N545.81 million.
Guaranty Trust Bank sold 41.89 million shares worth N971.99 million, while Zenith Bank traded 39.75 million shares valued at N628.86 million.
FBN Holdings transacted 33.87 million shares worth N169.29 million, while Lasaco Assurance exchanged 19.75 million shares worth N4.63 million.
In all, investors bought and sold 339.76 million shares valued at N3.92 billion traded in 4,784 deals.
This was in contrast with a turnover of 331.001 million shares worth N2.93 billion achieved in 5,544 deals on Monday.
In the meantime, the Chartered Institute of Stockbrokers (CIS) on Tuesday announced Mr Olatunde Amolegbe, as its new President and Chairman of the Governing Council.
He succeeded the incumbent President, Mr Adedapo Adekoje at the institute’s maiden virtual Annual General Meeting (AGM).
Amolegbe, an accomplished investment analyst, and a Fellow of the Institute was until his election, the First Vice President.
Also, Mr Oluwole Adeosun, the Second Vice President, became the First Vice President, while Mr Oluropo Dada, Chief Executive Officer, Network Capital, won the keenly contested election to emerge as the new Second Vice President.
Mr Adedeji Ajadi, the institute’s Registrar and Chief Executive, said in a statement, that Mr Garba Kurfi, Mr Jude Chiemeka and Mrs Nkoli Erika, were re-elected to the council.
Ajadi said in the statement that Mr Babarinde Sunday, Mr Martins Olaolu and Dr Momoh Mohammed, were also elected into the council.
By the institute’s convention, Adekoje would formerly hand over to Amolegbe at a later date in a high profile ceremony, called investiture.
In his valedictory speech, Adekoje, who assumed office as the President in April 2018, expressed satisfaction that his administration was able to achieve landmark projects in spite of the inclement operating environment.
He attributed this to divine intervention and unflinching support of every member of the institute.
Adekoje pledged to continue to support the institute in whatever capacity, urging members to rally round the incoming administration for sustainable achievements.
“The operating environment was, and still is, very challenging for our members, as a result of which only about 25 per cent of them are able to pay their annual subscriptions to the institute.
“On top of this, the general macro-economic situation of the country also meant that getting grants from benevolent institutions became very difficult.
“We tasked ourselves in council, financially and otherwise; sacrificed a whole lot of our normal privileges, and like true generals, led the battle from the front.
“By so doing, we gave inspiration to other members who came out to serve in various committees and others who expressed their supports in various other ways.
“It gives me exceeding fulfilment to note that I am leaving the office of president with a solid foundation laid for the financial recovery of the institute.
“Our renewed march toward the restoration of the Securities and Investment profession as the major driver of the Nigerian economy is well on course.
“I am very happy to announce that, not only have we fully paid for our secretariat building, but a transformational renovation is being carried out to create a truly befitting ambience and world class working environment for the staff.
“The institute, through its very successful Special Membership Window, is beginning to address one of its major weaknesses, as we now have several fully qualified members in diverse sectors of the Nigerian economy, such as the academia, public sector and topmost echelon of corporate Nigeria.
“One of our cardinal objectives during my tenure was to devote much more energy, resources and creativity to our advocacy activities, with the ultimate aim of elevating the status of the capital market in the scheme of things nationally.
“In this regard, we have engaged government at the very highest level, with strategically structured communication with the Presidency and the National Assembly,” Adekoje said.