… As NGX announces resignation of Onyema as Non-Executive Director***
The domestic stock market yesterday increased further by 0.19 per cent, amid sustained investors’ positive sentiment.
The market’s performance was a result of investors’ buy interest in mainly consumer goods and industrial sectors.
The All Share Index (ASI) increased by 78.79 points, representing a growth of 0.19 per cent to close at 41,129.98 from 41,051.19 recorded on Wednesday.
Similarly, the market capitalisation which opened at N21.391 trillion gained N41 billion or 0.19 per cent to close at N21.432 trillion.
The growth was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Energy, FBN Holdings (FBNH), Stanbic IBTC Holding, Lafarge Africa and Nigerian Breweries.
Analysts at Afrinvest Limited said, “We expect the bullish performance to be sustained in the next trading session, driven by improved investor sentiment in anticipation of third quarter earnings releases.”
Also, market breath closed positive with 21 gainers and 14 losers.
Champion Breweries drove the gainers’ table in percentage terms by 9.71 per cent to close at N3.05 per share.
Africa Prudential followed with 7.81 per cent to close at N6.90, while FBNH appreciated by 7.31 per cent to close at N11.75 per share.
Universal Insurance rose by 4.76 per cent to close at 22k, while Chams appreciated by 4.35 per cent to close at 24k per share.
Conversely, learn Africa led the losers’ chart in percentage terms by 10 per cent to close at N1.26 per share.
Ecobank Transnational Incorporated trailed with 8.16 per cent to close at N6.75, while Wapic Insurance lost six per cent to close at 47k per share.
Linkage Assurance shed five per cent to close at 57k, while NEM Insurance depreciated by 4.46 per cent to close at N1.93 per share.
The total volume traded increased by 103.52 per cent to 908.06 million shares worth N10.97 billion in 5,151 deals.
This was against 446.17 million shares valued at N4.47 billion exchanged in 4,704 deals on Wednesday.
Transactions in the shares of FBNH topped the activity chart with 602.77 million shares valued at N7.11 billion.
Guaranty Trust Holding Company followed with 63.75 million shares worth N1.81 billion, while Champion Breweries traded 37.68 million shares valued at N114.84 million.
Universal Insurance sold 21.91 million shares worth N4.57 million, while United Bank for Africa transacted 21.17 million shares worth N176.70 million.
In the same vein, the Nigerian Exchange Limited (NGX), has announced the resignation of Mr Oscar Onyema, as Non-Executive Director, ahead of NGX Group’s Friday listing.
The Chairman, NGX, Mr Abubakar Mahmoud, said this in a statement on Thursday in Lagos.
He said that the resignation was with immediate effect.
Onyema’s resignation comes on the back of the imminent listing of Nigerian Exchange Group Plc (NGX Group), where he serves as the Group Managing Director/Chief Executive Officer (GMD/CEO), on the main board of NGX.
“Consequent upon this resignation by Onyema, NGX will uphold Rule 184(2)(a) of the Securities and Exchange Commission Consolidated Rules 2013.
The rule states that a securities exchange shall have a code of conduct for its council members or board which shall be approved by the Commission, and shall contain amongst others the following provisions, to wit, that the council members or board shall: (a) not be a staff of a quoted company and its subsidiaries.
“On behalf of the Board and Management of The Exchange, I extend our heartfelt gratitude to Mr Onyema for his selfless service to The Exchange.
“As he transitions into this new phase as the GMD/CEO of a listed company, we reiterate our commitment to act in the best interest of all issuers to the benefit of all stakeholders in the capital market,” Mahmoud said.
Also speaking, the Chief Executive Officer, NGX, Mr. Temi Popoola, commended Onyema for his contributions to the NGX.
“NGX owes its solid foundation to the effort of leaders like Mr Onyema who worked tirelessly to build a capital market infrastructure we can be proud of.
“During his time as a Non-Executive Director on the Board of NGX, Onyema brought to bear his wealth of experience and the unique institutional knowledge he possesses and we are grateful for that,” Popoola said.