The market capitalization and All Share Index (ASI) gained in the week that ended 10 February 2023 in spite of some investors embarking on profit taking as a response to equity rally in the previous weeks. ASI increased to 54,958.20 points, resulting in a year-to-date return of 6 percent. When compared to its closing points on 3 February 2023, ASI gained 0.21 percent week to date, and 2.04 percent month to date.
The market capitalization of the listed equities clocked N29.59 trillion on Friday 10 February 2023, implying a gain of N1.675 trillion year to date, and N592 billion in the month of February 2023.
Two sub sectoral indices top the chart of the market returns. The NGX Oil/Gas Index closed the week at 535.51 points, representing a gain of 15.79 percent just as NGX Growth Index gained 15.04 percent year to date. These are the only two sub sectoral indices with year to date returns in double digits.
Meanwhile, transactions on the Nigerian bourse witnessed the exchange of 944.293 million shares valued at N22.71 billon executed in 18,615 deals. In contrast, 3.789 billion shares were traded in the previous week valued at N27.5 billion in 20,333 deals.
The financial services industry led the activity as investors 634.086 million shares valued at N6.44 billion in 8,540 deals, accounting for 67.15 percent and 23.37 percent of the market volume and value. Investors traded 78.603 million shares in the consumer goods sub sector valued at N2.218 billion in 2,993 deals.
The conglomerates sub sector had 59.564 million of its shares traded by investors worth N110.109 million in 788 deals.
The most traded stocks by volume were Guaranty Trust Holding Company, Universal Insurance and Transnational Corporation.
Merigrowth, StanbicETF30, and VETGRIF30 were the most traded exchange traded products as investors exchanged 16,674 units worth N11.982 million in 44 deals compared to the previous week when 1.082 million units worth N11.738 million were executed in 62 deals.
FGSUK2027S3 and FGSUK2025S2 led the activity chart on the bonds section of the NGX as investors traded 45,882 units of bonds worth N46.200 million transacted in 22 deals as against 31,683 units worth N32.251 million executed in 44 deals in the previous week.
Other market information
Paul and Ayokunle Otedola increased stake in Geregu Power
Paul Otedola and Ayokunle Otedola increased their stake in Geregu Power during the week, thus increasing their chances of being made directors in the company currently chaired by Femi Otedola.
According to the notice to shareholders by the NGX during the week that ended 10 February 2023, Paul Olurotimi Otedola, acquired 3.6 million shares on Geregu Power at N219 per share and another 100,000 shares at N207.9 per share, both worth N809.19 million
Ayokunle Michael Otedola acquired four million shares of Geregu Power at N219 per share worth N876 million, bringing the new injections into Geregu Power by the two Otedolas to N1.685 billion.
Berger Paints appoints Omolara Bello as company secretary/ legal advisor
The board of directors of Berger Paints has announced the appointment of Omolara Bello as substantive company secretary/legal advisor effective from Wednesday 15 February 2023.
According to the firm, Omolara Bello was called to bar in November, 2005 and obtained an LLM in International and Commercial Law from the University of Buckingham in 2007. She worked as an associate at Gans and Co. Solicitors before moving back to Nigeria in 2011 and had a brief stint as an Auditor at the Lagos Internal Revenue Service (LIRS).
From November 2013 to 2017, Bello served as the pioneer Head of Claims at Sifax Ports and Cargo Handling Services Limited (a SIFAX Group company) where she negotiated a lot of contentious claims to the success of the company.