Tinubu Appoints New BOI CEO, Olasupo Olusi

President Bola Tinubu has approved the appointment of Dr Olasupo Olusi as the Managing Director and Chief Executive Officer of the Bank of Industry (BOI) for a term of four years in the first instance. The appointment was announced in a statement by Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Thursday in Abuja. The statement said the appointment of Olusi followed the voluntary resignation of the former BOI Managing Director and Chief Executive Officer, Mr Olukayode Pitan. “Olusi has served as a World Bank economist and development finance expert over the past 20 years. “Between 2011 and 2015, Olusi served as the economic adviser to then Coordinating Minister of the Economy and Minister of Finance. “He is an alumnus of Hull University, United Kingdom,” said the statement. Olusi also obtained a Masters degree in International Money, Finance, and Investment, as well as a Doctorate in Finance & Economics from Durham University, United Kingdom, in 2005. The President tasked the new BOI Chief Executive to ensure that Nigerians operating all sizes of enterprises across sectors were given fair and equitable access to much needed support. He said this would bolster employment generation and wealth creation among income groups in the country with special regard for lower and middle income enterprise operators.

Nigeria’s Equity Market Sheds N140bn

Trading on the floor of Nigerian Exchange ((NGX)) on Thursday closed negative, shedding N140 billion following losses recorded by Nigerian Breweries, Stanbic IBTC and other companies which impacted negatively on the market. Market capitalisation of listed equities declined by 0.38 per cent to N36.864 trillion from N37.004 trillion reported the previous day. The NGX All Share Index also depreciated by 254.43 basis points to 67098.80 points from 66353.23 points traded on Wednesday. Learn Africa led gainers table in percentage terms with 10 per cent to N3.30 per share, Daar Communication followed with 9.52 per cent to close at N0.23 per share, UPDC gained 8.00 per cent to close at N1.35 per share, Thomas Way added 6.80 per cent to N3.30 per unit, SUNU Assurance gained 6.67 per cent to close at N1.12 per share. Mcnichols recorded the highest loss, dropping by 8.82 per cent to close at N0.62 per share, Omatek trailed with a loss of 8.70 per cent to close at N0.42 per unit, Stanbic IBTC down by 8.49 per cent to close at N69.55 per unit, Ikeja Hotel declined by 6.98 per cent to close at N2.93 per unit. Volume of trades during the day declined by 98.873 million, representing 24.87 per cent as investors traded 298.687 million shares valued at N4.483 billion in 5453 deals against 397.970 million shares worth N4.699 billion traded in 6165 deals. Transactions in the shares of United Bank for Africa led market activities with 56.287 million shares valued at N1.053 billion, Fidelity Bank followed with account of 33.882 million shares worth N282.308 million, AccessCorp traded 22.173 million shares cost N364.027 million, Transnational Corporation of Nigeria exchanged 21.823 million shares valued at N135.261 million, Ellah Lakes sold a total of 20.195 million shares valued at N81.726 million.

Nigeria’s Domestic Equity Market Gains N16bn

In the Nigerian Exchange, trading activity witnessed continued growth, resulting in a market capitalization increase of N16 billion. The total market capitalization of listed equities grew by 0.04%, reaching N37.004 trillion compared to the previous day’s N36.988 trillion. The NGX All Share Index (ASI) also showed an uptick, rising to 67353.23 points from 67326.12 points on the previous trading day. Top gainers on the equity market include Guinea Insurance, leading the gainers table with a 9.09% increase to N0.24 per share, followed by Eterna Plc with a 6.86% gain, closing at N14.80 per share. Unity Bank added 5.49%, closing at N0.96 per share, Jaiz Bank with a 5.26% increase to N1.60 per unit, and Omatek with a 4.55% gain, closing at N0.46 per share. On the flip side, CWG recorded the highest loss, dropping by 10% to close at N8.55 per share, followed by RTBriscoe with an 8.77% loss to close at N0.55 per unit. AfriPrudential fell by 7.14%, closing at N6.50 per unit, and FTNCocoa dipped by 6.29% to close at N1.64 per share. Neimeth International Pharmaceutical was down by 6.06% to N1.55 per share. The total volume of transactions increased by 19.59 basis points, representing a 5.18% rise, with investors trading 397.560 million shares valued at N4.699 billion in 6,165 deals. This is compared to 377.970 million shares worth N5.169 billion traded in 6,729 deals. Wema Bank was the most traded stock by volume, with 88.986 million shares valued at N418.147 million. AccessCorp followed with 35.606 million shares at N59.848 million, United Bank for Africa traded 35.171 million shares at N659.134 million, Fidelity Bank exchanged 33.405 million shares valued at N279.512 million, and GTCO Plc traded 23.421 million shares at N82.848 million.

Equity market sheds N64bn

Trading activities on the floor of Nigerian Exchange (NGX) Tuesday returned to a negative trend, declining by N64 billion. Market capitalisation of listed equities declined by 0.17 per cent to N36.801 trillion from N36.865 trillion reported the previous day. The NGX All Share Index also depreciated by 116.71 basis points to 66984.62 points from 67101.33 points traded the previous day. An analysis of the investment indicated that Ncnichols led gainers table in percentage terms, gaining 10 per cent to close at N0.66 per share, Capital Hotel followed with a gain of 9.83 per cent to close N3.02 per unit, Chams Plc added 9.38 per cent to close at N1.40 per unit, ABC Transport added 8.82 per cent to close at N0.74, Oando Plc appreciated by 7.61 per cent to close at N9.90 per share. On the contrary, JohnHolt topped losers chart dropping by 10 per cent to close at N1.44 per unit, Presco Plc trailed with a loss of 9.54 per cent to close at N182.00, Daar Communication dipped by 8.70 per cent to close at N0.21 per unit, Deep Capital declined by 7.41 per cent to close at N0.25 per share, Jaiz Bank fell by 6.25 per cent to close at N1.50 per share. Volume of transactions increased by 11.24 million, representing a drop of 4.18 per cent as investors traded 257.423 million shares valued at N7.799 billion in 6498 deals against 268.663 million shares worth N3.463 billion in 6911 deals. Fidelity Bank led market activities with 53.396 million shares valued at N442.890 million, AccessCorp followed with 31.088 million shares cost N490.503 million, United Bank for Africa exchanged 26.772 million shares cost N459.677 million, Oando Plc traded 13.564 million shares worth N133.363 million while Zenith 11.266 million shares cost N358.983 million.

Analysts Forecast Increased Pressures On Economy As Naira Depreciates By 23%

With the naira losing 23 per cent value in the third quarter of 2023, plummeting from N770/$1 at the end of the second quarter to over N1000/$1 by the end of the third quarter at the parallel market, analysts expect further pressure on the currency in the fourth quarter of 2023. Meanwhile, the official exchange rate at the end of the third quarter was N755.27/$1, a noticeable drop from N769.25/$1 at the end of the second quarter. The widening gap between the official and unofficial rates reflects the persistent scarcity of foreign exchange in the country, as well as the divergent policies of the CBN and the market forces. The Central Bank of Nigeria (CBN) has blamed the forex backlog estimated at between $6 billion to $10 billion as the major reason for the currency depreciation. At the recent Senate confirmation of the CBN governor, Yemi Cardoso stated that he intends to establish the exact unsettled obligations and find ways to “take care of it” confirming that progress will not be made without clearing the backlog. He said it would be naive to think that the CBN will be able to make progress if it don’t handle that side of the foreign exchange. “But definitely, the immediate priority will be to verify the authenticity and extent of the unsettled obligation and once we do that, we need to look for a way to take care of it. The naira’s weakness has had negative impacts on the Nigerian economy, as it has increased the cost of imports, fuelled inflation, eroding purchasing power, and discouraged investment. According to the Head of Macro Strategy at FIM Partners UK Ltd, Charlie Robertson, the CBN may have to devalue the official rate again to align it with the market reality and conserve its dwindling external reserves, which fell from $34.1 billion at the end of June to $33.2 billion at the end of September. He noted that further devaluation might be avoided if the apex bank is able to meet its obligations to clear forex backlogs, adding that achieving this might require the government tap new loans from friendly countries. Stears Africa FX Monitor, a data and intelligence company, also has predicted a continued naira volatility. The company highlighted fiscal policies, external trade, and global market trends, including inflation rates, interest rates, policy events, and geopolitical factors as key factors affecting the naira’s performance. Fadekemi Abiru, Head of Insights at Stears, expressed concerns about the naira volatility. “The continued unpredictability of the naira underscores the importance of timely and informed decision-making for businesses and investors in Nigeria,” she said. The CBN had removed trading restrictions on the official market in June which drove the naira to a record low of N750 to the Dollar on the official market, down from the previous N477 to the dollar it traded for. This was the first time since 2016 that the naira had recorded a big fall on the official market before the CBN introduced a managed exchange rate in 2017.

Bears Return As Equity Market Sheds N154bn

Transactions in the nation’s equity market on Wednesday closed on a negative note, declining by N158 billion. Market capitalisation of listed equities dropped by 0.43 per cent to N36.386 trillion from N36.544 trillion reported the previous day. The NGX All Share Index also depreciated by 288.69 basis points to 66482.29 points from 66770.97 points traded the previous day. An analysis of the trading activities for the day showed that Oando Plc led gainers table in percentage terms, gaining 9.88 per cent to close at N9.45 per share, Redstarex followed with a gain of 9.81 per cent to close at N2.91 per unit, Triple G gained 9.68 per cent to close at N2.38 per share, RTBriscoe added 9.43 per cent to close at N0.58 per share while Universal Insurance gained 9.09 per cent to close at N0.24 per unit. On the contrary, Wema Bank Plc and Ikeja Hotel topped losers’ chart for the day, declining by 10 per cent each to close at N4.23 and N3.15 per share respectively, ABC Transport trailed with a loss of 8.86 per cent to close at N0.72 per unit, Royal Express down by 8.00 per cent to close at N0.46 per unit, CHi Plc fell by 5.60 per cent to close at N1.18 per unit. Volume of transactions increased by 293.194 million, representing 80.47 per cent as investors traded 657.515 million shares valued at N4.596 billion in 6646 deals against 364.321 million shares worth N3.851 billion in 7537 deals. Transactions in the shares of Universal Insurance led market activities with 336.294 million shares valued at N80.457 million, Fidelity Bank followed with account of 31.689 million shares worth N264.857 million, Chi Plc traded 25.125 million shares valued at N29.423 million, GTCO Plc traded 24.632 million shares cost N885.386 million, Wema Bank exchanged 24.016 million shares cost N103.813 million.

Equity Market Begins Week Bullish, Gains N213bn

The domestic equity market opened the new week on Tuesday on a bullish run, gaining N213 billion, following profits recorded by some medium and highly capitalised stocks. Gains recorded in the shares of BuaCement, Oando, RTBriscoe and others impacted positively on the market. The market capitalisation of listed equities which closed on Friday at N36.331 trillion appreciated by 0.59 per cent to N36.544 trillion on Tuesday.The NGX All Share Index also appreciated by 388.83 basis points to 66770.97 points from 66382.14 points recorded the previous day. A review of the investment showed that BUA Cement led the gainers table in percentage terms with 9.94 per cent to close at N94.00, Betaglass followed with a gain of 9.93 per cent to close at N66.95 per unit, RTBriscoe added 9.93 per cent to close at N1.66 per unit, Oando Plc increased by 9.55 per cent to close at N8.60 per share, UAC of Nigeria gained 8.30 per cent to close at N10.85 per unit. On the contrary, Linkage Assurance topped losers’ chart, dropping by 10 per cent to close at N0.72 per share, CWG followed with a gain of 9.94 per cent to close at N7.79 per share, Redstarex fell by 9.86 per cent to close at N2.65 per unit, Tantalizer dipped by 9.38 per cent to close at N0.29 per unit while UPDC REIT declined by 8.97 per cent to close at N3.55 per share. Volume of transactions increased by 71.378 million, representing 24.37 per cent as investors traded 364.321 million shares valued at N3.851 billion in 7537 deals against 292.943 million shares costing N4.531 billion exchanged hands the previous day in 6323 deals. Transactions in the shares of Chi Plc led market activities with 71.536 million shares valued at N94.676 million, Fidelity Bank followed with 33.222 million shares cost N272.335 million, Oando Plc traded 26.190 million shares valued at N219.864 million, GTCO Plc exchanged 21.440 million shares cost N752.681 million, AccessCorp traded 19.916 million shares cost N318.621 million.

Again, Local Equities Suffer Setback, Shed N126bn

Transactions on the floor of Nigerian Exchange on Tuesday sustained a declining profile, shedding N126 billion following the depreciation in the share prices of Oando Plc, Conoil Plc, Flour Mills Nigeria Plc, Zenith Bank, FTNCocoa, among others.The decline in the share price of 22 companies impacted negatively on market capitalisation of listed equities forcing it to decline by 0.34 per cent to N36.479 trillion from N36.605 trillion reported on Monday. The NGX All Share Index also depreciated by 230.47 basis points to 66652.17 points from 66882.64 points recorded the previous day. An analysis of the investment showed that Chi Plc and Cornerstone Insurance led gainers table during the day in percentage terms, 10 per cent each to close at N1.10 and N1.65 per share respectively. UPDC REIT followed with a gain of 9.86 per cent to close at N3.90 per share, Betaglass added 9.85 per cent to close at N51.30 per share while Courtvellle Business Solutions increased by 9.09 per cent to close at N0.60 per unit. On the contrary, Conoil Plc topped losers’ chart for the day shedding 9.99 per cent to close at N80.20 per unit, FTNCocoa trailed with a drop of 9.95 per cent to close at N1.72 per share, Oando Plc dipped by 9.81 per cent to close at N9.65 per unit, Berger Paint sheds 8.63 per cent to close at N11.65 Kobo, Lasaco Insurance down by 8.43 per cent to N1.85 per share. Volume of transactions declined by 44.205 million representing 0.83 per cent as investors traded 363.989 million shares worth N4.529 billion in 7018 deals against 408.194 million shares valued at N5.442 billion exchanged hands the previous day in 7707 deals. Transaction in the shares of AccessCorp led market activities with 49.712 million shares valued at N784.914 million, Transnational Corporation of Nigeria followed with account of 48.531 million shares cost N291.182 million, United Bank for Africa traded 45.716 million shares valued at N787.373 million, Zenith Bank exchanged 21.575 million shares cost N681.594 million, FTNCocoa exchanged 15.801 million shares valued at N28.120 million.

Nigeria’s Equity Market Rescinds, Sheds N13bn

Trading activities on the floor of Nigerian Exchange on Wednesday closed on a negative note, declining by N13 billion, as investors embark on profit taking activities. Market capitalisation of listed equities declined by 0.03 per cent to N37.400 trillion from N37.413 trillion reported the previous day. The NGX All Share Index also depreciated by 23.50 basis points to 68335.72 points from 68359.22 points traded the previous day. A review of the investment showed that Sunu Assurance led gainers table, increasing by 10 percent to N0.88 per share, Berger Paint followed with a gain of 9.91 per cent to close at N12.75 per unit, Oando Plc added 9.77 per cent to close at N14.60 per share, Chams Plc up by 9.77 per cent to close at N1.40 per unit while MRS increased by 9.47 per cent to close at N104.00 per share. On the contrary, TranscoHotel topped losers’ chart, dropping by 10 per cent to close at N45.90 per share, IkejaHotel trailed with 9.93 per cent to close at N2.72 per share, Chi Plc fell by 7.41 per cent to close at N1.00, NSLTech dipped by 7.41 per cent to close at N0.25 per unit, while Glaxosmith sheds 7.38 per cent to close at N11.30 per unit. Volume of trades declined by 110.105 million, representing 16.27 per cent as investors traded 566.631 million shares valued at N5.386 billion in 8201 deals against 515.280 million shares worth N5.893 billion in 7659 deals. Transactions in the shares of Oando Plc led market activities with 109.996 million shares valued at N1.599 billion, Courtvellle Business Solutions followed with account of 66.002 million shares cost N32.569 million, Chams Plc traded 56.388 million shares valued at 56.388 million shares cost N81.804 million Japaul Gold traded 36.630 million shares valued at N35.248 million Access Corp traded 32.530 million shares valued at N563.305 million.

Equity Market Continues Bullish Run, Gains N266bn

The local equity market Tuesday sustained its bullish run, gaining N266 billion, following gains recorded by BUAfoods, Transcorp Hotel, Berger Paint, Oando, Fidelity Bank among oth Market capitalisation of listed equities increased by 0.71 per cent to N37.413 trillion from N37.147 trillion reported the previous day. The NGX All Share Index also appreciated by 482.05 basis points to 68359.22 points from 67877.17 points traded the previous day. An analysis of the investment showed that Ellah Lakes led gainers table, gaining 10 per cent to close at N3.65 per share, Berger Paint followed with a gain of 9.95 per cent to close at N11.60 per share, ETranzact gained 9.93 per cent to close at N8.08 per share, Chams Plc added 9.92 per cent to close at N1.33 per unit, Oando Plc increased by 9.92 per cent to close at N13.30 per unit. On the contrary, NSL Tech and SCOA Plc topped losers chart, dropping by 10 per cent each to close at N0.27 per share and N1.26 per share respectively, Multiverse trailed with a loss of 9.93 per cent to close at N2.27 per unit, Cornerstones fell by 8.76 per cent to close at N1.25 per unit while Daar Communication fell by 8.70 per cent to close at N0.21 per unit. Volume of activities increased by 161.450 million, representing 31.33 per cent as investors traded 676.736 million shares valued at N5.893 billion in 7659 deals against 515.280 million shares valued at N8.925 billion in 8357 deals. Transactions in the shares of Universal insurance led market activities with account 235.152 million shares valued at N48.167 million, United Bank for Africa followed with 69.101 million shares cost N122.690 million, Transnational Corporation of Nigeria traded 41.572 million shares worth N274.177 million, Fidelity Bank traded 34.639 million shares worth N278.184 million, Chams Plc sold a total of 29.959 million shares cost N39.790 million.