• BPE unveils plan to list Eleme Petrochemicals, others
Positive sentiments persisted on the equity segment of the Nigerian Exchange Limited (NGX), yesterday, as increased appetite in MTN Nigeria Communications (MTNN) Plc and 23 stocks lifted market capitalisation by N130 billion.
At the close of transactions, the all-share index rose by 237.35 per cent, representing a gain of 0.33 per cent, to close at 71,907.26 points.
The overall market capitalisation value gained N130 billion to close at N39.349 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks, which are MTNN, Transcorp Hotels, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO) and Access Holdings.
However, the market breadth closed slightly negative, as 24 stocks gained relative to 25 losers. Infinity Trust Mortgage Bank recorded the highest price gain of 9.79 per cent to close at N2.13 kobo while SCOA Nigeria followed with a gain of 9.46 per cent to close at N1.62 kobo.
DAAR Communications rose by 8.82 per cent to close at 37 kobo.
Royal Exchange appreciated by 8.47 per cent to close at 64 kobo, while Neimeth International Pharmaceuticals also rose by 7.89 per cent to close at N2.05 kobo.
On the other hand, Guinea Insurance led the losers’ chart by 10 per cent to close at 27 kobo. Conoil followed with a decline of 9.83 per cent to close at N78. Juli declined by 9.72 per cent to close at 65 kobo.
Omatek Ventures shed 8.75 per cent to close at 73 kobo, while Thomas Wyatt Nigeria lost 8.13 per cent to close at N3.05 kobo.
The total volume of trade decreased by 14.86 per cent to 319.557 million units, valued at N5.878 billion, and exchanged in 6,498 deals.
Transactions in the shares of Julius Berger topped the activity chart with 42.539 million shares valued at N1.463 billion. Zenith Bank followed with 22.992 million shares worth N811.975 million, while FCMB Group traded 22.861 million shares valued at N155.131 million.
GTCO traded 21.588 million shares valued at N849.272 million, while Access Holdings transacted 18.802 million shares worth N380.133 million.
Meanwhile, the Bureau of Public Enterprises (BPE) has unveiled plans to list federal government shares in some of the privatised enterprises on the NGX to enable Nigerians benefit in the process of wealth creation.
The Director-General of BPE, Alex Okoh, who disclosed this in a chat with newsmen in Abuja said first on the list includes the Eleme Petrochemicals Plant, the Nigerian Reinsurance, NICON Insurance as well as the Nigeria Machine Tools, Oshogbo.
He also noted that even the power distribution companies (DisCos) will also be listed once government resolve the 40 percent ownership issues in the companies.
“One of the original intentions in the privatisation of the entities was to list that 40 percent that is still being held by the federal government in the stock market. That way you are democratising the ownership of these government entities and everybody through the capital market can buy into those entities, then we will all have real feeling that they have been privatised because we all have a little bit of it, not one or two individuals serving as core investors buying up everything.”
He said, with the direction which the present administration is taking, the country would witness influx of investors in a near future.
“On all fronts, we expect that 2024 will be a more active year for the BPE,” he said.
He also promised that the bureau would continue to ensure that the interest of Nigerians are protected in its privatisation exercise.
