NGX earns N264bn after Cardoso’s nomination

Bisola David
Bisola David
Shareholders to get N1.5bn dividend - NGX Group

The Nigerian Exchange began the week in positive territory as investors reacted to President Tinubu’s nomination of Cardoso as the new Governor of the Central Bank of Nigeria.

According to The Times, Dr. Olayemi Michael Cardoso was nominated by President Bola Tinubu on September 15, 2023, to lead the Central Bank of Nigeria for a term of five years at the outset, subject to approval by the Nigerian Senate.

Following Cardoso’s nomination, the All-Share Index traded 0.71% higher, ending the day’s trading session at 67,877.17 index points as opposed to 67,395.74 index points the day before.

Similarly, the market value of shares increased by N264 billion to close at N37.150 trillion, 0.71% higher than the N36.886 trillion recorded in the previous trading session.

The top gainers were Chams, NNFM, and Oando, who each saw gains of +100%.
Omatek, SKYAVN, and Beta Glass, which dropped -10.00%, -9.95%, and -9.93%, respectively, led the list of the top losers.

In terms of volume, there was more trading activity as 515.28 million shares were exchanged today as opposed to 408.87 million during the previous session.

UBA topped the volume list with 109.47 million units traded. The next two most actively traded equities for today were Transcorp (42.3 million) and Univinsure (65.40 million).

UBA (N1.93 billion) dominated the list in terms of value traded, with Access Holdings (N703.40 million) and Transcorp (N264.95 million) rounding out the top three.

Over $1 trillion worth of equities experienced varied results, with Zenith Bank (-0.3%) closing down while Airtel Africa (1.6%) and GTCO (0.14%) both had successful trading days.

BUA Cement, BUA Foods, Seplat Energy, Dangote Cement, and MTN Nigeria all ended the day unchanged.

Shares of Tier 1 banks experienced mixed trading sessions, with good trading sessions reported by UBA (8.51%), Access Holdings (1.45%), and GTCO, while negative trading sessions were recorded by Zenith Bank (-0.3%) and FBN Holdings (-0.56%).

The market indices for today’s trading session are listed below:

NGX ASI: 67,877.17 points

% Day Change: +0.71%

% YTD: +32.44%

Market Cap: N37.150 trillion

Volume Traded: 515.28 million

Value: N8.92 billion

Deals: 8,357

Market breadth ended the day in the positive zone, with Chams (10.00%) leading the gainers and Omatek (-10.00%) leading the losers, while UBA was the most actively traded equity in terms of volume.

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