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Nigeria Stock Trades Jump 101% as Tinubu Woos Foreign Investors



Nigeria Stock Trade
The President, Federal Republic of Nigeria, H.E. Bola Ahmed Tinubu, GCFR (Middle), flanked by the Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite; Chairman, Coronation Capital, Aigboje Aig-Imoukhuede, CON; Chairman, Nigerian Exchange Group, Alhaji Dr Umaru Kwairanga (R); President, U.S. Africa Business Center, Sr. Vice President, U.S. Chamber of Commerce, Mr. Scott Eisner; Chief Executive Officer, Nigerian Exchange Limited (L), Mr Temi Popoola and Minister of Finance and CME, Mr. Wale Edun during the Closing Bell Ceremony at NASDAQ Headquarters, New York.

Daily volume of trade on the Nigerian Exchange Limited (NGX) floor increased by 101 per cent to 1.12 billion share units on Thursday as President Bola Tinubu wooed foreign investors into the country’s capital market.

Tinubu was in the United States to ring the Closing Bell of NASDAQ, New York, a ceremony organized by United States Chamber of Commerce, Nigerian Exchange Group Plc (NGX Group) and Nigerian Investment Promotion Council (NIPC).

While addressing investors, the president noted that his administration is actively working on reducing bottlenecks to ease the free flow of capital for investors.

“It is not about if Nigeria is open for business, it is about who wants to do business with Nigeria. Our administration has moved the exchange rate regime to a managed float and removed fuel subsidy. I call on you to come and invest in Nigeria,” the President said.

Although the domestic bourse closed the day in the red territory with investors losing N35 billion, trade volume surged by 101% from 559.06 million shares valued at N5.25 billion traded on Wednesday to 1.12 billion shares worth N5.82 billion on Thursday

Based on NGX data, the surge in the volume of trade was driven by Universal Insurance which had 669,012,278 million units of its shares worth N134.21 million traded in 148 deals. Oando Plc followed with 100,687,873 units of shares valued at N1.46 billion exchanged in 1656 deals.

Other stocks with high volume of trade include Japaul Gold with 43,738,795 units worth N43.39 million, Accesscorp with 40,144,810 units of shares valued at N681.95 million and UBA with 32,450,979 million units of its shares worth N552.75 million traded on the exchange.

Both the market capitalisation and the NGX All-Share Index dipped by 0.09 per cent at the close of the trading session to N37.365 trillion and 68,271.14 basis points.  The bears dominated trading session with 30 losers as against 20 gainers.

Top gainers include John Holt whose shares appreciated by 9.55 per cent to close at N1.72 per unit, Omatek and Daar Communications gained 9.52 per cent each to close at N0.46 and N0.23 respectively.

Mutual Benefits Assurance Plc gained 9.30 per cent to close at N0.47 and Sunu Assurance’s stock’s rose 9.09 per cent to N0.96 per unit.

On the losers table, Oando led with 9.93 per cent depreciation to close at N13.15 per unit, Lasaco lost 9.71 per cent of its share value to close at N1.86, Chams’ shares dipped by 9.59 per cent to close at N1.32, Northern Nigerian Flour Mills Plc’ shares lost by 9.23 per cent to N15.25, Tantalizer’s share depreciated by 8.57 per cent to N0.32 per unit.

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