By Chinwendu Obienyi and Chukwuma Umeorah
Nigeria’s equities market continued its bullish run in the year, smashing the 75,000 mark, as its All Share Index (ASI) which closed 2023 at 74,773.77 points, closed the second trading session of 2024 at 77,537.57 points, representing a 3.70 per cent year-to-date gain.
The market had resumed the new trading year on a positive note, rising by 1.63 per cent and N665 billion in its ASI and market capitalisation figures due to double digit percentage growth in stocks like Airtel Africa and BUA Cement.
Reacting to the development, market operators were quick to point out that the market is on course to exhibit the same resilience it showed in the previous year and their forecast turned positive as gains in Dangote Sugar, FCMB and UBA drove the market’s ASI up by 2.04 per cent to close proceedings at 77,537.57 points on Wednesday.
Similarly, market capitalisation grew by N846 billion to close at N42.429 trillion from an opening value of N41.583 trillion. This meant that investors have gained about N1.512 trillion in two trading days since the market closed at N40.917 trillion last week.
According to data obtained from NGX’s website, the trade turnover settled higher relative to the previous session with the value of transactions up by 91.83 per cent. A total of 927.56 million shares valued at N10.69 billion were exchanged in 11,629 deals. Fidelity Bank led the volume chart with 108.11 million units traded while UBA led the value chart with deals worth N1.54 billion.
Investors’ appetite remained positive as 66 stocks appreciated in value while 6 others depreciated. Berger led the gainers’ chart with 10 per cent to close at N14.30 per share. Custodian also increased by 10 per cent to close at N9.90, Dangote Sugar rose by 10 per cent to close at N63.25, FCMB inched 10 per cent to close at N8.25 while Ikeja Hotel increased by 10 per cent to close at N7.26.
Meanwhile, the Nigerian Exchange Group (NGX) in a statement by the Group’s Company Secretary, Obehi Ikhaghe, have announced the appointment of Temi Popoola as its GMD/CEO designate ahead of the retirement of the current GMD, Oscar Onyema.
The statement also noted that the Executive Director, Capital markets, NGX, Jude Chiemeka will be appointed as the Acting CEO, NGX.
The announcements came following the receipt of the Securities and Exchange Commission (SEC)’s No-Objection, however the appointments were subject to formal approval.
Praising the leadership of the outgoing GMD/CEO Oscar Onyema in stabilizing, growing, and restructuring the organization, the Chairman of NGX Group Plc, Umaru Kwairanga, said that Onyema led the stabilization, growth, demutualization and restructuring of the Nigerian Stock Exchange to NGX Group Plc, a public company limited by shares, which is a significant milestone in the organization’s history.
According to Kwairanga, Popoola has the capability to successfully continue the legacy Onyema has created and taken NGX Group to greater heights.
Popoola, a Wall Street-trained investment banker with a successful track record brings a wealth of experience to his new role. He joined NGX in 2021 and has played a pivotal role in overseeing its growth and profitability.
Commenting on his appointment, Popoola expressed optimism stating, “I am committed to building on the foundation laid out and taking NGX Group to greater heights.”