•As NGX ends 8-day winning streak with N37bn losss
By Chukwuma Umeorah
Nigerian Exchange Limited (NGX) has set up the NGX Digital and Technology Products Advisory Panel (The Panel). As it advances on its digital transformation agenda, the Panel is expected to provide a forum for the Exchange to interact with the capital market community and the fintech ecosystem to enhance and increase NGX’s digital product offerings.
The responsibilities of the Panel include but are not limited to providing insight into product innovation and proposing ways to increase technology listings on NGX, recommending ways to boost data and digital market liquidity, providing thought leadership by developing whitepapers, creating frameworks and making recommendations; and a host of advisory matters like market trends, risks and sentiments.
The Securities and Exchange Commission (SEC) earlier approved the Rules for Listing on the NGX Technology Board in December 2022. The creation of the committee is part of a continuous process to further scale the capacities of NGX in the technology ecosystem.
According to the Chief Digital Officer, NGX, Olufemi Oyenuga, “Technology and innovation are the driving forces of progress, and at NGX we are committed to leveraging both to transform the Exchange into a leading force of product development in the capital market.”
He further assured that with the establishment of the committee, the Exchange is poised to explore new frontiers, pool groundbreaking ideas and strategies, and unlock exciting opportunities for the future addressing creativity, innovation and sustainability.”
Appointed to the panel are Tope Kola-Oyeneyin (McKinsey), Iyin Aboyeji (Future Africa), Kola Aina (Ventures Platform), Idris Saliu (Ceviant), Fope Adelowo (Helios Group), Richmond Bassey (Bamboo), Tayo Oviosu (Paga); Wale Ayeni (International Finance Corporation); Ahmad Zuaiter (Jadara Capital Partners LLC) and Adedeji Olowe (LendsQr).
NGX, as the sustainable exchange championing Africa’s development, recognises the potential of diverse viewpoints and aims to leverage the extensive networks of experts across the budding technology ecosystem and the capital market in designing breakthrough frameworks to position itself for global competitiveness.
Meanwhile, the Nigeria Exchange ended its eight-day winning streak as it lost N37.026 billion in market capitalization, attributed to losses seen majorly from the utilities and financial services sectors as stocks like GEREGU Power plc, Zenith Bank, and FCMB recorded losses at the close of Tuesday’s trading activities.
The loss which was recorded at end of tuesday’s trade signified an end to the winning streak recorded previously in 8 straight trading sessions. Consequently, the benchmark All-Share Index (ASI) lost 67.98 basis points 0.13 per cent to close at 54.299.76 from an opening value of 54.367.74 basis points representing a one-week gain of 1.99 per cent, a monthly gain of 5.55 per cent and an overall year-to-date (YtD) gain of 5.95 per cent. In the same vein, market capitalization shed N37.026 billion and currently stands at N29.576 trillion.
At the end of Tuesday’s trading session on the local bourse, a total of 200.035 million shares with corresponding market value of N7.622 billion were exchanged in 4,380 deals. When measured by volume FCMB led the day’s activities trading 27.983 million shares valued at N130.017 million, followed by GEREGU which exchanged 21.130 million shares worth N4.176 billion. STERLNBANK also traded 18.837 million valued at N28.934 million.
Market breadth was negative as 26 stocks depreciated while 20 stocks appreciated. Leading the Laggards table was JAPAULGOLD as they lost 9.38 per cent to closing at N0.29 per share, followed by stocks in FCMB which wnet down by 7.82 per cent and closed the day at N4.60 per share.
Other stocks that lost value were Royal Exchange plc which shed 7.32 per cent closing at N0.76 per share. LINKASSURE and UACN both lost 6.12 per cent each closing at N0.46 and N9.20 per share respectively.
On the gainers table, CONOIL led as its stock appreciated by double digit 10.00 per cent to close at N29.15 per share. They were closely followed by MRS and INTENEGINS which went up by 9.82 per cent and 9.35 per cent to close at N21.25 and N1.17 per share respectively.
GLAXOSMITH gained 6.92 per cent closing the day at N6.95 per share while WAPIC gained 4.65 per cent closing at N0.45 per share.