NGX, CIS, ASHON to work with MOFI on new listings

• Market capitalisation dips by N59 billion
Nigerian Exchange Limited (NGX), alongside the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria (ASHON) has expressed willingness to collaborate with the Federal Government through the Ministry of Finance Incorporated (MOFI) in facilitating market development and listings.

At the Closing Gong Ceremony held in honour of MOFI’s engagement with capital market stakeholders at the NGX trading floor in Lagos, the Chief Executive Officer of the NGX, Temi Popoola, commended MOFI for its role as the custodian of government investments and assets, emphasising that NGX was eager to collaborate with the ministry to facilitate capital access for listed entities and contribute to the advancement of Nigeria’s capital market.

“This partnership is an opportunity for the capital market to actively play a key role in growing the economy under President Bola Tinubu’s agenda. This is an exciting time and you may have seen that our local investors stepped up their participation in the market recently.

“We think that with a lot of foreign capital, together with the strengthening and enhancements that have been done, the market is ready to support many initiatives from the government. We look forward to working together towards the support in developing our markets”.

On his part, the CEO of MOFI, Dr Armstrong Takang, stressed the need to optimise the value of government investments and assets to mobilise, structure, and deploy investment capital in priority sectors of the economy.

He expressed the aspiration to grow MOFI’s asset under management (AuM) to at least N100 trillion.

“MOFI intends to collaborate with NGX to guide companies in meeting governance, operational, and reporting requirements necessary for listing on the Exchange. This move also contributes to MOFI’s objective of professionalising government Owned and Government Linked entities (GOE and GLEs)”, he added.

Expressing the institute’s enthusiasm for the partnership, Oluwole Adeosun, the President of the Chartered Institute of Stockbrokers (CIS), pledged to cooperate with MOFI, particularly in areas of capacity development and other market-related initiatives.

Chairman of ASHON, Sam Onukwue, noted that the partnership’s impact on the Nigerian economy would extend beyond financial gains to encompass broader socio-economic advantages that contribute to sustainable development.

Meanwhile, the Nigerian equities market extended losses to close on a downward note yesterday, occasioned by price depreciation in many blue-chip stocks, as market capitalisation dipped further by N59 billion.

Specifically, the market capitalisation of listed declined by N59 billion or 0.1 per cent to N35.356 trillion from N35.415 trillion reported the previous day.

The NGX all-share index also depreciated by 107.37 basis points to 64928.98 points from 65036.37 points traded on Monday.

Analysts at Vetiva Dealings and Brokerage said: “Market yearns for its next positive driver, as it awaits H1 earning reports from the Tier-I banks. We expect mixed trading tomorrow, as investors mull over the latest inflation data, with headline inflation printing at 24.08 per cent.”

Further review of yesterday’s transactions showed that Tantalizer led gainers’ table, adding 10 per cent to close at 44 kobo while Ikeja Hotel followed with a gain of 9.82 per cent to close at N3.13 kobo. Cornerstone Insurance added 9.3 per cent to close at N1.41 kobo. Linkage Assurance also grew by 8.33 per cent to close at 91 kobo

On the contrary, Eterna Plc, recorded the highest loss with 9.86 per cent to close at N16. SUNU Assurance trailed with a loss of 9.62 per cent to close at 94 kobo. Omatek was down by 8.11 per cent to close at 34 kobo. Unilever fell by 7.05 per cent to close at N14.50 kobo while AIICO Insurance dipped by 5.63 per cent to close at 67 kobo.

Investors traded 280.468 million shares valued at N4.645 billion in 6296 deals against 259.041 million shares worth N4.204 billion exchanged hands the previous day in 5899 deals.

Trading in the shares of Transnational Corporation of Nigeria led market activities with 36.469 million shares valued at N147.502 million in 244 deals, United Bank for Africa followed with account of 23.242 million shares worth N475.416 million in 367 deals, Access Holdings traded 17.667 million shares worth N299.366 million in 375 deals, Sterling Bank exchanged 15.973 million shares valued at N57.498 million in 190 deals while Japaul Gold traded 11.398 million shares worth N11.015 million in 93 deals.