U.K Assures Nigeria On Improved Trade Relations
The United Kingdom Government has vowed to leverage on Nigeria, its second-largest destination for investments and UK businesses in Sub-Saharan with a promise to grow, encourage and sustain the level of participation.
Ben Llewellyn-Jones, the Deputy British High Commissioner, Lagos, Ben Llewellyn-Jones said weekend while being honoured with a Closing Gong ceremony by the Nigerian Exchange (NGX) Limited at a virtual engagement with the capital market shareholders. He drew the curtains on the week’s activities.
The NSE Closing Gong Ceremony is a specialised platform hosted to mark the close of trading while commemorating events and raising awareness on notable issues of local and global concern
Speaking, Llewellyn-Jones stated “It gives me great pleasure to be here today especially given the shared history between the United Kingdom (UK) and the Exchange. History is always with us in the sense that the UK is still very active in the Nigerian market, with Nigeria being the second-largest destination for investments and UK businesses in Sub-Saharan Africa.
My role is to not only celebrate that but to grow, encourage and sustain this level of participation. Although it has been a difficult year economically and financially, I am encouraged by the resilience, creativity and positive performance of British businesses and investments here in Nigeria and I am grateful for this opportunity to talk about how much the UK will continue to do to support Nigeria and British businesses in Nigeria.”
In his remark, the Chief Executive Officer, NGX Limited, Temi Popoola said, “I am particularly pleased to be hosting the British Deputy High Commissioner, Lagos, Mr Ben Llewellyn-Jones OBE, as my first Closing Gong Ceremony in this NGX era. Since the birth of the Lagos Stock Exchange, the British High Commission has remained a partner and supporting institution throughout our journey.
One of the recent shows of support was the 2020 International Women’s Day celebration which was graced by Harriet Thompson, British Deputy High Commissioner as the special guest of honour.
In the spirit of continued partnership, Popoola welcomed Llewellyn-Jones to the NGX and look forward to deepening the partnerships between both organisations to further drive sustainable economic development for Nigeria and Africa as a whole.
NGX Limited has expressed that partnerships are a critical element of our strategy at the Exchange and it would continue to engage stakeholders whose support is essential to the achievement of its aspirations in the recently announced NGX era.
Meanwhile, trading activities closed the week on a bullish note after days of bearish sentiment towards equities.
The All-Share Index (ASI) and Market Capitalization rose by 0.61 per cent to restore a dim of light on the NGX.
The ASI which opened at 38,808.01 basis point 38,571.89 basis point, closed at 38,808.01 basis point, gaining 236.12 index point, a 0.61 percent leapt.
The Equities Capitalisation appreciates by N123.57 billion or 0.61 percent to close at N20.310 trillion up from N20.186 trillion.
The increase of the market was majorly buoyed by the rise in the share price of medium and low capitalized equities. Amongst which are; Chams Plc. UAC Property. Guinness Nigeria, PZ Cussons, and Northern Nigerian Flour Mills Plc.
The market breadth was positive with 25 gainers and 11 losers, unlike 16 stocks that advanced while 27 dropped in value the previous day.
Chams Plc dominated the advanced stocks in percentage terms, rising by 10 percent to close at N0. 22 Kobo per share.
UAC property surged by 9.72 percent to close at N, 0. 79 Kobo per share, while Guinness Nigeria Plc appreciated by 9.26 percent to close at N31. 85 Kobo per share.
In the same vein, Northern Nigeria Flour Mills and PZ Cussons jumped 9.18 and 8.43 percent to close at N5. 35 Kobo and N4. 50 Kobo per share respectively.
On the flip side, Japaul Gold Plc led the decliners in percentage parameters, falling by 10 percent to close at N0. 63 Kobo per share.
Sterling Bank dipped 9.76 percent to close at N1. 48 Kobo per share, while First City Monument Bank (FCMB) shed 8.90 percent to close at N2. 66 Kobo per share.
Also, Mutual Benefits Assurance Plc Plc and GlaxoSmithKline depreciated by 8.11 and 5.88 per cent to close at N0. 34 Kobo and N6.40 Kobo per share.
Despite the bullish end to the market on Friday, the NGX All-Share Index and Market Capitalization depreciated by 0.15 percent and 0.12 percent for the week respectively.
A total turnover of 1.263 billion shares worth N10.759 billion in 19,975 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 887.037 million shares valued at N9.193 billion that exchanged hands last week in 17,837 deals.
The Financial Services Industry (measured by volume) led the activity chart with 853.125million shares valued at N6.754 billion traded in 11,127 deals; thus contributing 67.56 percent and 62.78 percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 103.226 million shares worth N704.563 million in 954 deals.
The third place was Oil and Gas Industry, with a turnover of 89.472 million shares worth N353.533 million in 1,479
deals.
Trading in the top three equities namely Fidelity Bank Plc, FBN Holdings Plc and Access Bank Plc (measured by volume) accounted for 390.775 million shares worth N2.021 billion in 3,241deals, contributing 30.94 percent and 18.78 percent to the total equity turnover volume and value respectively.
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