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Capital Market

NGX Gains N78.1 Billion after 3-Day Losing



The Nigerian Exchange (NGX) gains N78.1 billion on Thursday after three days of losing streaks due to bargain hunting in BUA CEMENT share which gained +2.1%, ZENITH +1.3% and NIGERIAN BREWERIES  gained +1.1%.

Buying interest spotted after past bearish outing lifted local bourse benchmark index (NGX-ASI) upward by 0.40% as market losses moderated.

NGX gets support from price appreciation in medium and large cap stocks such as Guaranty Trust Holdings Company (GTCO), FBNH, FCMB, ZENITH BANK, BUACEMENT MBENEFIT AND ETERNA, amongst others.

Consequently, stock market year to date loss moderated to -5.8% as market capitalisation printed at ₦19.8 trillion.  Meanwhile, market breadth similarly turned positive with 20 gainers compared to 14 losers.

Today market activities ended with a total volume of shares traded declining by 19.65 per cent while the total value of trades increased by 14.17 per cent. A total of 176.40 million units of shares valued at N1.82 billion, were traded in 3,256 deals.

NGX, ZENITHBANK led the volume and value chart accounting for 8.31 percent and 18.05 percent respectively, as SOVERNINS (7.62%), UBA (7.03%), MBENEFIT (6.55%) and FBNH (5.29%) completely the top 5 on the volumes chart.

However, PORTPAINT, MBENEFIT and LEARNAFRICA topped the gainers’ chart, with their share prices appreciating by 10.00 percent, 10.00 percent and 3.96 percent, respectively.
While JULI led the losers’ table with its share price depreciating by 9.56 percent to close at N1.23 after opening the day at N1.36.

In a market report, Afrinvest said performance across sectors under its coverage was bullish as 4 indices gained, 1 lost while AFR-ICT index closed flat.

The Industrial Goods and Banking indices led gainers, up 0.9% and 0.6% respectively on the back of buying interest  in BUACEMENT (+2.1%), FBNH (+1.4%) and ZENITH (+1.3%).

Similarly, the Oil & Gas and Consumer Goods indices Inched higher by 0.3% and 0.2% respectively following price appreciation in OANDO (+3.5%) and NIGERIAN BREWERIES (+1.1%).

Conversely, the Insurance index fell by 0.3% on the back of sell-offs in AIICO (-7.4%). Investors’ sentiment, as measured by market breadth strengthened to 1.4x from 0.5x recorded in the last trading session as 19 stocks advanced while 14 stocks declined
PORTPAINT (+10.0%), MBENEFIT (+10.0%), and LEARNAFRCA (+4.0%) led gainers while JULI (-9.6%), AIICO (-7.4%), and CHAMS (-4.8%) led decliners.
“In the last trading session, we suspect that profit taking may dominate the local bourse”, Afrinvest said.

Capital Market

January 31, 2023: NGXASI Inch Up By 0.15%; Overnight Rate Closes Flat At 11.00%; BDC Rate Depreciates To N750



NAHCO, Union Bank, Sterling Bank, Fidelity Bank, Unity Bank, And Others Lead Top 10 Gainers In The Week Ended

…as investors gain N44.03 billion

By Moninuola Sulaiman

Nigerian Equities Market closed positive as the key market indicator inched up by 80.84 bps amid positive market breadth.

The NGX All-Share Index inched up by 0.15% to close at 53,238.67 basis points as against 0.95% gain recorded previously to close at 53,157.83 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N44.03bn gain. YTD, the NGXASI Stands at +3.88%

The total volume traded advanced by 24.25% to close at N250.19m, valued at N5.88bn, and traded in 4,328 deals. UNIVINSURE  was the most traded stock by volume with 48.55m units traded while AIRTELAFRI was the most traded stock by value which is put at N3.31bn 

Sectoral performance was broadly negative as six (6) NGX sector indexes closed northward, seven (7) sector indexes closed southward and five (5) closed flat. The NGX GROWTH index advanced by 7.94% to top the gainer’s chart while the NGX Food and Beverages index declined by 0.17% to top the losers’ chart.

The Gote index stayed flat to close at 139.58 basis points while the Toni index declined by 0.06% to close at 122.38 basis points.

At the close of trading, the market recorded 28 gainers to 15 losers and 68 unchanged. GEREGU topped the list of gainers while CHAMS topped the list of losers. 

Thus, market breadth closed positive as the Market Breadth Index (MBI) is put at 0.16x.

UNINSURED led the volume’s chart with 19.41% contribution and was closely followed by GTCO  and ZENITH BANK.

AIRTELAFRI tops the value chart with 56.24% contribution and followed by GEREGU and GTCO  

The NASD market index advanced by 0.06% to close at 709.39 basis points as against the 0.82% gain recorded previously to close at 708.99 basis points. 

The total volume traded advanced by 531.19% to close at 20,350,692 units valued at N29.51m and traded in 14 deal(s). 

At the close of trading, NASD OTC market recorded two (2) gainer(s) to one (1) loser(s)

NASD Earnings Summary: No Financial statement was released on the NASD OTC Exchange.

NASD Corporate News: No Corporate News was released on the NASD OTC Exchange on Tuesday, January 31, 2023.

On the global scene, the Russia MICEX Index leads the top five gainers with 0.96% gain while the Philipines PSEI index leads the top five losers with 2.55% loss as of 4:00 pm Nigerian Time

Similarly, on the African scene, the Casablanca Index tops the top five gainers with 1.54% gain while the Egypt EGX 30 Index tops the top five losers with 3.41% loss as of 4:00 pm Nigerian Time. The Debt Market Size closed flat at the close of trading.

The Overnight and Open Repo (OPR) lending rate stayed flat to close at 11.00% while the Open Repo (OPR) rate stays stayed flat to close at 10.50%

The AFEX ACI declined by 1.40% to close at 497.42 while the AFEX also declined by 10.07% to close at 245.07. Sorghum advanced by 2.12% to top the gainer’s chart while Cocoa declined by 5.35% to top the losers’ chart.

Gold advanced by 0.27% while Silver also advanced by 0.04% as of 10: 49 NY time

In the energy market, Brent advanced by 0.19% and WTI also advanced by 1.44% as of 10.51 AM Central Daylight Time (CDT)

The naira at the I&E FX Window advanced by 0.05% to close at N461.50/USD while the NAFEX rate advanced by 0.03% to close at N461.29/USD

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Capital Market

MTN Group CEO, Ralph Mupita, Lauds NGX For Democratising Access To Financial Securities



MTN Group CEO, Ralph Mupita, Lauds NGX For Democratising Access To Financial Securities

Olushola Okunlade Writes

MTN Group Chief Executive Officer, Ralph Mupita, has lauded Nigerian Exchange Limited (NGX) for democratising access to financial securities, thereby empowering more Nigerians.

He said this when in recognition of the importance of the partnership between MTN and NGX; he paid a courtesy visit to the management of the Nigerian bourse, led by its CEO, Mr. Temi Popoola. To mark the occasion, Mr. Mupita, was given the honour of sounding the closing gong to indicate market closure for the day.

It will be recalled that last February, MTN and NGX announced the signing of a Memorandum of Understanding (MoU) to further promote financial literacy and enhance retail participation in the Nigerian capital market. The announcement was made at a signing ceremony led by Mr. Popoola and the CEO, MTN Nigeria, Mr. Karl Toriola.

The MoU was a two-year partnership that would see NGX and MTNN collaborate to develop capital market solutions, leverage technology to support data dissemination and technology-as-a-service, promote capacity development, and eliminate barriers to retail participation in the capital market.

Commenting on the partnership, Mr. Popoola commends MTN for its unwavering efforts in advancing Nigeria’s technology landscape through substantial investments in infrastructure and digital transformation. “We are proud to acknowledge the advancements made through the successful public offering in 2021 and the MoU signed last year. These initiatives have successfully attracted a notable portion of the younger generation to the capital market, aligning with our goal to increase retail participation. I would also like to specially acknowledge the efforts of the financial advisers on the landmark offering led by Chapel Hill Denham. We are optimistic about the prospects of a mutually beneficial partnership with MTN that will reinforce the Nigerian economy and foster sustainable growth for the African continent.”

According to Mr. Mupita, within a year of signing the MOU, a lot has been achieved due to the hard work invested on both sides in forging and sustaining a productive partnership: “At MTN, we believe we have a responsibility to ensure that our customers not only stay connected but can access increasing value and better services through our network, deepening their participation in the digital economy. Our collaboration with NGX gave us the opportunity to empower our customer base with the tools and knowledge to engage effectively with the capital market and meet their financial and investment objectives. For this, NGX deserves to be commended for democratising access to financial securities, and thereby empowering more Nigerians.”

MTN Group CEO, Ralph Mupita, Lauds NGX For Democratising Access To Financial Securities
Left-Right: Uto Ukpanah, Company Secretary, MTN Nigeria; Ralph Mupita, MTN Group CEO & President; Temi Popoola, Chief Executive Officer, Nigerian Exchange Ltd; Dr. Ernest Ndukwe (OFR), Chairman, MTN Nigeria; Kamarudeen Oladosu, Director, Nigerian Exchange Ltd; Karl Toriola, Chief Executive Officer, MTN Nigeria and Modupe Kadri, Chief Financial Officer, MTN Nigeria at the NGX Closing Gong Ceremony, which held at NGX Building, Lagos on January 31, 2023.

On his own part, MTNN CEO, Mr. Toriola said: “We will continue to identify other areas of cooperation with NGX and we look forward to a continuous mutually beneficial partnership that will contribute to the inclusive growth of the Nigerian economy.”

The courtesy visit is also coming on the first anniversary of the completion of its landmark public offer in Nigeria, which was completed on January 31st 2022.  Widely applauded as the first public offer to be conducted via a digital platform in Nigeria, the offer expanded MTN Nigeria’s domestic shareholder base to include 126,720 retail investors alongside a range of institutional investors, including Nigerian pension funds representing approximately 6.5 million Nigerian contributors.

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Capital Market

Africa Plus Partners Lists Carbon Mitigation Fund On NGX



Africa Plus Partners Lists Carbon Mitigation Fund On NGX

Africa Plus Partners – Closing Gong Ceremony in commemoration of the Memorandum Listing of its Africa Infra Plus Fund

Olushola Okunlade Writes

Nigerian Exchange Limited (NGX) announce Tuesday the listing of a N20.5bn closed-end infrastructure fund, Africa Infra Plus Fund (AIPF I) on the Exchange.

Co-managed by Africa Plus Partners Plc, and Capitaltrust Investments & Asset Management Limited, AIPF 1 is Nigeria’s first Carbon+ (ESG-focused) naira-denominated infrastructure fund to be listed on the Exchange.

The listing is another significant move towards championing sustainable investing in Africa and the event was commemorated with a Closing Gong Ceremony.
AIPF 1’s structure is a pool of equity and quasi-equity investments in Carbon+ infrastructure projects that promote sustainable development including but not limited to roads, power, water supply, wastewater management, ports, and airports.

Africa Plus Partners Lists Carbon Mitigation Fund On NGX
Left-Right: Ike Chioke, Managing Director, Afrinvest West Africa Limited; Lazarus Angbaso, Chief Executive Officer, InfraCorp; Anhad Narula, Chairman, Africa Plus Partners; Temi Popoola, Chief Executive Officer, Nigerian Exchange Limited (NGX); Adeniran Ajakaiye, Managing Director, Africa Plus Partners; Kalim Shah, Senior Country Manager, Nigeria, International Finance Corporation (IFC); Jude Chiemeka, Divisional Head, Capital Markets, NGX, and Dayo Adu, Managing Partner, Famsville Solicitors during a Closing Gong Ceremony in commemoration of the Memorandum Listing of the Africa Infra Plus Fund 1 at the Exchange on Tuesday, 24 January 2023

The Fund also acquires the shares and other investment instruments issued by socially responsible entities carrying on infrastructure business or executing infrastructure projects exclusively.

Commenting on the development, the Chief Executive Officer, NGX, Mr. Temi Popoola, stated that, “today’s listing marks a significant milestone in our commitment to promoting sustainable investing and reducing the drivers and impact of climate change. We are proud to be at the forefront of this and look forward to more exploits as we drive growth in the capital market.”

Speaking to members of the media, Africa Plus Partners Chairman, Anhad Narula said, “This is a sustainable infrastructure fund that specialises in carbon-mitigating infrastructure investments. The fund, whose investors include ordinary Nigerians via their pension fund administrators, is committed to investing in sustainable infrastructure businesses that align with the global energy transition and move towards cleaner sources of energy and efficiently run, sustainable infrastructure and utility services.”

On his part, the Managing Director, Africa Plus Partners Plc, Mr. Adeniran Ajakaiye, stated, “With this listing, we aim to demonstrate the highest levels of good governance and transparency, as we continue to deliver active returns to shareholders, whilst addressing Nigeria’s ‘missing middle’ infrastructure gap.”

AIPF aims to address the imbalance between the need for infrastructure development and the concerns about environmental and social impact by investing in projects that meet strict ESG criteria.

The listing of the fund on NGX is a clear indication of the growing interest and demand for sustainable investing in Africa and the Exchange’s commitment to the same.

NGX also plans to launch an Impact Board to further give visibility to sustainable financial instruments listed on The Exchange and to encourage more listings in the sustainable finance segment as part of its sustainability drive for the capital market.

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