Nigeria’s equity market gains 0.15% as Osinbajo commends demutualization process
Nigeria’s equity market opened the week up with the main index up 0.15 percent in a day the country’s Vice President commended the completion of the demutualization of the Nigerian Exchange Group (NGX).
The All Share Index (ASI) at 38,604.72 points while the market capitalisation of equities listed on the NGX increased to N20.114 trillion from N20.084 trillion as on the previous day.
The total volume traded closed with an exchange of 244.288 million units valued at N1.91 billion traded in 4,609 deals. The market breadth was negative with 17 gainers as against 26 losers.
The NGX 30 Index marginally increased by 0.09 percent to close at 1,640.67 points as against 1,639.22 points as on the previous day. Market turnover closed with traded volume of 78.57 million units.
Julius Berger and MTNN were the key gainers, while Dangote Sugar and Lafarge Africa were the key losers.
Also, Osinbajo while welcoming the management of the Nigerian Exchange Limited led by its Chief Executive Officer, Temi Popoola, said urged the management of the company to explore areas of growing the stock market by venturing into emerging frontiers.
The VP urged the management of the company to explore areas of growing the stock market by venturing into emerging frontiers.
He assured the management of government’s support by way of policy to enable the company and the stock market reach greater heights.
Earlier in his presentation, the CEO of the Nigerian Exchange Ltd, Popoola said the organisation has been repositioned for profit and to align to the tastes and preferences of the market.
He said under the new arrangement, the market will be opened up for more companies to be listed, resulting in more revenues for government as listed companies pay more taxes and are more responsible to the environment they operate in.
He appealed to the Federal Government to support the rejuvenation of the stock exchange, assuring of better times ahead both for the public and corporate.