Index crosses 100,000 mark, amid bargain hunting in Dangote Cement, others
THE Nig erian Exchange Limited ( NGX) achieved a new record of 100,000 mark as sustained b argain hunting in Dangote Cement Plc propelled the all- share index ( ASI) to rise by three per cent. ASI rose by 2,954.14 points, representing a gain of three per cent, to close at 101,571.11 points. Similarly, the overall market capitalisation value gai ned N1.617 trillion to close at N55.584 trillion.
Y ear- to- date, the domestic market has returned 35.84 per cent surpassing inflationary levels in the countr y and outperforming other indices in the African, European and Middle Eastern markets as tracked by Bloomberg. Total value of stocks traded by investors was N8.04 trillion, a 51 per cent drop from the value traded in the previous day.
"On what will shape the market in the next trading session, analyst at Vetiva Dealings and Brokerage said: We expect another positive market breadth tomorrow, while sector performance remain mixed."
The market positive performance yesterday was driven by price appreciation in large and medium capitalised stocks which are; Dangote Cement, BUA Cement, BUA Foods, NASCON Allied Industries and Flour Mills of Nigeria.
Investor sentiment, as measured by market breadth closed positive as 35 stocks gained, while 32 lost. Wapic Insurance recorded the highest price gain of 10 per cent to close at 88 kobo, per share. BUA Cement followed with a
Cadbury Nigeria followed with a decline of 9.96 per cent to close at N23.50 kobo, while The Initiates Plc ( TIP) declined by 9.92 per cent to close at N2.27 kobo.
May & Baker Nigeria shed 9.89 per cent to close at N6.65 kobo, while Mcnichols lost 9.88 per cent to close at N1.46 kobo.
However, the total volume of trade decreased by 34.65 per cent to 488.491 million units, valued at N8.037 billion, and exchanged in 12,080 deals.
Transactions in the shares of Transnational Corporation ( Transcorp) topped the activity chart with 95.109 million shares valued at N1.588 billion. Universal Insurance followed with 45.629 million shares worth N18.601 million, while Unity Bank traded 27.343 million shares valued at N74.12 million.
Biyi Otegbeye of Regency Alliance Insurance Plc retires, hands over to Bode Oseni as new managing director
RIDAY, December 22, 2023, Oseni takes over as the new Director and Chief Executive to having an LL. B from Ghana was indeed a remarkable Managing Director. Officer of Regency Nem Institute of Management and day in the annals of Regency Announcing his retirement Insurance Limited, Ghana. Public Administration, he Alliance Plc as the number 1 and the appointment of Mr. Bode was trained at the also holds an MBA from the man of the trailblazing Bode Oseni as the new London School of Insurance University of Lagos. Insurance Company, Mr. Biyi Managing Director, the outand became an Associate, Other senior staff members Otegbeye retires and passes going Managing Director Mr. Chartered Insurance Institute who stepped into the the baton to Mr. Bode Oseni Biyi Otegbeye described Bode of London in 1989. In addition Executive Management posiasthe new Managing Director. as “a Marketer to the core”,
For 30 years, Mr. Otegbeye who drives for high perforserved in the capacity of the mance. Mr. Oseni is a seasoned
Group Managing Director, Insurance Marketer with a building a formidable reputawealth of hands- on experition for Regency Alliance ence. He joined Regency
Insurance Plc and today, the Alliance Insurance Plc in 2007 company is reckoned to be as a Regional Director, Southamong the best five ( 5) playSouth and in 2008, his ers in the non- life space of the remarkable performance saw insurance sector in Nigeria. him become themanaging
Effective January 1, 2024, Bode
Fgain of 9.98 per cent to close at N179.65, while Japaul Gold & Ventures rose by 9.91 per cent to close at N2.55 kobo. University Press appreciated by 9.82 per cent to close at N3.69 kobo, while Tripple Gee & Company rose by 9.69 per cent to close at N2.83 kobo.
On the other hand, NEM Insurance led the losers’ chart by 10 per cent to close at N7.20 kobo.