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Equities trading at the Nigerian Exchange Limited (NGX) on Thursday closed flat amid mixed sentiments. Thus, the All-Share Index (ASI) traded flat at 39,131.80 basis points, with Month-to-Date and Year-to-Date returns flat at +0.2 per cent and -2.8 per cent, respectively.
However, market sentiment, as measured by market breadth, was positive as 17 tickers advanced relative to 13 losers. On the daily performance board, Cutix and PZ topped the gainer’s list with 7.0 per cent and 6.9 per cent respective appreciation in their shares value, while EKO Corporation and Honeywell Flour recorded the most significant losses of the day with 10 per cent and 8.5 per cent respective depreciation.
Goddy Egene
The nation’s stock market remained bearish last week leading to a decline of 0.15 per cent in the Nigerian Exchange Limited (NGX) All-Share Index to close at 38,808.01, while market capitalisation ended at N20.310 trillion.
The market had similarly dipped the previous week. However, unlike two weeks ago when the volume and value of trading also decline, investors staked more funds last week.
A total of 1.263 billion shares worth N10.759 billion were traded in 19,975 deals last week, up from 887.037 million shares valued at N9.193 billion that exchanged in 17,837 deals the preceding week.
After the earning season and as the second quarter began recently, investors are said to be realigning their portfolio with eyes on yield movements in the fixed income (FI) market. Also, the nation’s subsisting stagflation environment remains a potent threat to investment returns in the financial market.
Access Bank enters pact to buy majority interest in Botswana bank
BancABC Botswana is the fifth largest Bank in Botswana.
Access Bank Plc, which last month
cut a $60 million deal to acquire the controlling stake in Grobank of South Africa, will look to firm up its presence in the region as its acquisition of
The lender hopes to muster 30 per cent of profit for this year from outside its base Nigeria, and break into eight countries in Africa, from Morocco to Angola, that have been marked down as markets of significant promise.
A definitive agreement is in place for Access Bank to acquire more than 78 per cent of the Botswana bank shares, held by Atlas Mara, a financial services group based in British Virgin Islands, in a transaction to be completed by June, Nigeria’s biggest bank by asset told the Nigerian Exchange Limited Monday. Atlas Mara owns the biggest stake in Union Bank of Nigeria Plc.
BY Chris Paul
On the cusp of its 60years anniversary of incorporation and trading, The Nigerian Stock Exchange is now restructured via the process of demutualisation, into the Nigerian Exchange Group Plc (NGXGRP). The Group will have three operating subsidiaries, namely: Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent securities regulator for NGX; and NGX Real Estate Limited (NGX RELCO), the real estate company. The structure has been approved by the Securities and Exchange Commission of Nigeria (SEC) and the entities duly registered at the Corporate Affairs Commission (CAC).
Subsequent to this approval, the Group Chairman of NGXGRP, Otunba Abimbola Ogunbanjo, had said: “Successful demutualisation was one of my fundamental objectives when I assumed the Presidency of The Exchange. The SEC’s decision today to approve the NSE’s demutualisation plans brings this aspiration to a successful conclusion in a process that ha
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