Nigeria: Bulls persist at NGX as investors gain $250mln
The local bourse sustained its winning streak, bringing the benchmark index up 0.45 per cent to settle at 108,849.83 basis points.
Basically, at the Nigerian Exchange on Wednesday, gains in Guaranty Trust Holding Company, Zenith Bank, and Honeywell Flour Mills kept the market in the green, having appreciated in values by 3.85 per cent, 2.08 percent, and 9.81 per cent, respectively.
Consequently, the year-to-date (YTD) return of the All Share Index (ASI) rose to 5.76 per cent.
Market capitalization followed suit, also rising by 0.59 percent to N68.51 trillion, translating to a gain of approximately N403 billion in investors' wealth.Market breadth remained positive, as 48 stocks advanced while 17 declined.
On the performance board, top gainers included Meyer, UPDC Real Estate Investment Trust, Beta Glass, The Initiates, and Vitafoam after their respective share prices appreciated by 10.00 percent, 10.00 percent, 9.98 percent, 9.95 percent, and 9.94 per cent.
Conversely, the top decliners were Deep Capital Management and Trust, Veritas Kapital Assurance, Linkage Assurance, African Prudential, and UACN Property Development Company.
They recorded depreciation in share values by 10.00 percent, 9.09 percent, 6.61 percent, 5.60 percent, and 4.46 per cent.
Sectoral performance was mixed. The Banking, Consumer Goods, and Industrial Goods indices recorded gains of 2.12 percent, 2.11 percent, and 0.15 percent, respectively.
In contrast, the Insurance, Oil & Gas, and Commodities sectors declined by 0.15 per cent, 0.18 per cent, and 0.25 per cent.
Analysis of today's market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 32.25 per cent.A total of 587.47 million shares valued at N18.66 billion were exchanged in 17,496 deals.
Guaranty Trust Holding Company led both the volume and value charts with 98.64 million units traded in deals worth N6.57 billion.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
2 hours ago
- Gulf Business
Abu Dhabi: ADGM assets under management show 33% YoY rise in Q1
Image: ADGM Abu Dhabi Global Market (ADGM) has recorded a strong start to 2025, posting significant year-on-year growth across its ecosystem in Q1, as investor confidence and international interest in the UAE capital's financial centre remain high. Backed by major regulatory developments, global engagement and jurisdictional expansion, 'ADGM's Q1 2025 performance marks the beginning of another landmark year,' said Ahmed Jasim Al Zaabi, chairman of ADGM. 'This is not just a reflection of ADGM's capabilities to deliver sustained growth, but also the trust it has gained among global and regional institutions. 'ADGM continues to expand and diversify with purpose, welcoming leading firms, deepening international partnerships, and driving digital and sustainable transformation across sectors.' At a glance: ADGM's key growth areas in Q1 Assets under management (AUM): AUM grew 33 per cent from Q1 2024. A total of 119 fund and asset managers now manage 184 funds. Licences: The number of new licences issued increased by 67 per cent year-on-year. Entities: Operational entities surged 43 per cent to 2,781. Financial services entities rose 26 per cent to 367. Workforce: More than 29,000 people are now employed on Al Maryah Island, up 17 per cent from the previous year. Work permits: 3,509 new work permits were issued for businesses establishing on Al Reem Island. Expanded international presence and strategic engagements In January, an ADGM delegation attended iConnections Global Alts in Miami, held bilateral meetings in New York and Washington, and joined a panel titled 'Abu Dhabi: The Capital of Capital'. In February, ADGM participated in a high-level UAE-China delegation led by ADDED, supporting efforts to deepen bilateral economic ties. In April, ADGM conducted nearly 30 strategic meetings in Japan with institutions focused on private banking, wealth management and family businesses. Al Reem Island integration and new incentives More than 600 new businesses established on Al Reem Island and 500 existing firms migrated to ADGM licensing during Q1. ADGM revised its fee structure in January, slashing commercial licence fees by 50 per cent or more for non-financial and retail businesses. A flat licence fee of Dhs1,000 was introduced to boost SME access. Digital and blockchain developments In March, ADGM signed an MoU with Chainlink to enable compliant tokenisation frameworks. Stacks Asia and Bitgrit joined ADGM under its DLT Foundations framework. ADGM launched an all-in-one mobile app offering compliance tools, licence renewals and regulatory updates. A new digital real estate platform was introduced, enabling fully virtual sale and purchase transactions. Read: Focus on sustainable finance The Abu Dhabi Sustainable Finance Declaration reached 170 signatories, including Aquila Capital, Century Financial, Oryx Global Partners, PwC and Olive Gaea. The initiative continues to promote ESG integration in the region's financial sector. Human capital and UAE National empowerment ADGM Academy created 800 job placements for UAE Nationals across nine career tracks. Signed strategic MoUs with Arab Youth and the Federal Tax Authority to support upskilling in technology and finance. Published six research papers on the impact of AI in the UAE financial sector via the ADGMA Research Centre. As the financial centre continues its expansion and regulatory innovation, it expects further growth in 2025, particularly from financial markets in Europe and Asia.
Zawya
16 hours ago
- Zawya
Sierra Leone's President Julius Maada Bio to Launch 830 Million New Leones (€34 Million) Solar Minigrid Project, Powering Sierra Leone's Green Future
In a landmark step toward sustainable development and inclusive energy access, His Excellency President Dr. Julius Maada Bio is set to officially launch the Salone Off-grid Renewable Energy Acceleration Initiative (SOGREA), a €34 million (approximately 830 million New Leones) solar minigrid project that will significantly advance Sierra Leone's green energy future. Hosted by Sustainable Energy for All (SEforALL), the initiative is a collaborative effort between the Government of Sierra Leone, the European Union (EU), and the United Nations Office for Project Services (UNOPS). SOGREA aims to increase energy access in rural communities across the country by 2027, deploying at least 5.2 megawatts peak (MWp) of solar generation capacity through the installation of minigrids. The project is set to benefit 25,000 households and 2,800 businesses across approximately 60 communities, offering them reliable, clean, and affordable electricity for the first time. To brief the President on the status and next steps of the project, EU Ambassador Jacek Jankowski, accompanied by Dr. Kandeh Yumkella and other private sector partners, visited State House today. The high-level delegation engaged President Bio on the technical, regulatory, and financial readiness of the initiative, and reaffirmed their collective commitment to ensuring its success. Speaking during the meeting, President Bio expressed deep appreciation to the EU for their steadfast partnership and support in fulfilling his administration's promise of inclusive development across Sierra Leone. 'Taking energy to the people is key,' the President emphasized. 'This project is a significant milestone. It demonstrates mutual trust and confidence with our partners, especially at a time when development assistance is dwindling globally. This shows we still enjoy goodwill.' He further assured the visitors of his government's commitment to building the necessary legal and regulatory frameworks: 'I am aware of the revised regulations for the Sierra Leone Electricity and Water Regulatory Commission (SLEWRC), and my government will ensure Parliament sets the required legal framework to support implementation.' The President added, 'Together, we will make electricity accessible to all and no one will be left behind.' At the heart of SOGREA's success is its catalytic investment model, which blends public and private sector support to create a sustainable ecosystem for minigrid development. Energy Sector lead, Dr. Kandeh Yumkella, a driving force behind the initiative, explained that over the last two years, critical groundwork has been laid, including the revision of existing regulations under the EWRC Act and the design of investment incentives to attract private developers. He confirmed that implementation agreements have been signed and that President Bio will officially launch the project. Ambassador Jacek Jankowski, Head of the EU Delegation to Sierra Leone, underscored the importance of the initiative as a major milestone in the country's pursuit of clean energy and rural transformation. 'We are proud to support a project of this magnitude,' he said. 'The EU's total investment stands at €34 million, including €22 million in direct investment support and technical assistance, while the Government of Sierra Leone is contributing 50 million Leones.' The project was developed in partnership with UNOPS, with a focus on enabling private sector entities to develop, finance, own, and operate solar minigrids. Ambassador Jankowski noted that the investment model includes reimbursement schemes, leveraging of additional financing, and regulatory mechanisms to bridge the gap between tariffs and what rural communities can afford. He highlighted the strategic involvement of key institutions such as SLEWRC and the Public-Private Partnership (PPP) Unit, which will guide implementation and ensure long-term regulatory stability. Beyond powering homes and businesses, the SOGREA initiative is expected to create jobs, stimulate local economies, and empower women and youth, particularly in off-grid and underserved regions. By supporting President Bio's 'Big Five Game Changers', especially in technology and innovation, the initiative reinforces Sierra Leone's commitment to becoming a hub for green investment and renewable energy development in West Africa. As the country moves steadily toward universal electricity access, the launch of SOGREA marks a defining moment in Sierra Leone's journey toward climate resilience and inclusive growth. With strong international partnerships and a forward-looking energy policy, Sierra Leone is lighting the path to a sustainable, empowered future, one solar grid at a time. Distributed by APO Group on behalf of State House Sierra Leone.
Zawya
17 hours ago
- Zawya
Liberia: President Boakai Inaugurates US$1.4 Billion ArcelorMittal Concentrator Plant in Nimba County
President Joseph Nyuma Boakai, Sr. has officially inaugurated the US$1.4 billion Concentrator Plant at the Mt. Tokadeh Mining Site in Nimba County, operated by ArcelorMittal Liberia. The facility represents one of the largest private sector investments in Liberia's postwar history and signals a renewed era of industrial development, job creation, and economic transformation. The President's visit included a guided tour of the newly completed facility which is scheduled to begin full operations later this month. The plant, originally initiated in 2012, was paused due to the 2014 Ebola crisis. Construction resumed in 2021, integrating modern technology and updated engineering designs. Speaking at the ceremony, President Boakai welcomed the launch as a strong vote of investor confidence in Liberia's stability and future. 'This level of investment is a testament to the growing confidence in the security and wellbeing of our state, and in the positive direction of our investment climate,' President Boakai remarked. He furthered, 'We are proud to witness this expansion—an achievement that touches the lives of our people and represents progress not just in infrastructure, but in human capacity and national pride.' The Project has already created over 5,000 construction jobs and is expected to generate 1,000 permanent positions. The Liberian Leader emphasized that the economic impact of such investment is far-reaching. 'This brings great relief to our economy. It's not just about the scale of capital—it's about the thousands of lives being touched, families being supported, and skills being developed,' the President noted. He commended ArcelorMittal Liberia for its vision and resilience, urging the company to continue advancing its additional investment commitments, including the Railway Expansion, Port Enhancement, and Power Plant Installations. 'We commend ArcelorMittal Liberia for this bold and courageous step, and we encourage continued momentum in all aspects of the company's investment roadmap,' President Boakai said. 'These projects are essential to deepening Liberia's integration into global value chains and unlocking long-term benefits for our people,' he intoned. He also emphasized the importance of Corporate Social Responsibility (CSR) and encouraged the company to expand its support in areas such as education, healthcare, and local commerce, reinforcing the mutually beneficial nature of sustainable development. 'No doubt, a project of this magnitude must enrich the corporate social responsibility envelope,' he said, adding, 'Our communities must feel the impact not just in employment, but in schools, clinics, and markets.' President Boakai concluded by extending appreciation to all stakeholders, particularly the engineers, workers, and community members who contributed to the Project's realization. He reaffirmed the Government's commitment to honoring agreements and ensuring a stable environment for investment. 'We want to assure you that the benefits of this Project will be realized by our people,' he said. 'We do not want any disruptions. We are committed to seeing this through—for the good of Liberia and the future of our younger generation,' he said. Distributed by APO Group on behalf of Republic of Liberia: Executive Mansion.
