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The Nigerian Exchange Limited (NGX) reopened in an upbeat mood yesterday, as market capitalisation advanced by N20 billion, following gains recorded by many blue-chip stocks, especially Conoil and MRS.

At the close of trading, yesterday, the All Share Index (ASI) rose by 37.37 absolute points, representing a gain of 0.07 per cent to close at 54,364.67 points. Accordingly, investors gained N20 billion in value as market capitalisation went up to N29.611 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Conoil, MRS Oil Nigeria, Vitafoam Nigeria, Lafarge Africa and Zenith Bank.

Market breadth closed positive as 18 stocks posted gains while eight declined. Conoil recorded the highest price gain of 9.98 per cent to close at N35.25, per share.

MRS Oil Nigeria followed with a gain of 9.24 per cent to close at N23. Chams Holding Company went up by eight per cent to close at 27 kobo. GlaxoSmithKline Consumer Nigeria went up by 6.25 per cent to close at N6.80 kobo.

Champion Breweries appreciated by 6.22 per cent to close at N4.78 kobo. Vitafoam gained 6.09 per cent to close at N20.90 kobo. International Energy appreciated by 4.03 per cent to close at N1.29 kobo.

Cornerstone Insurance garnered 3.39 per cent to close at 61 kobo. CHI Plc improved by 3.17 per cent to close at 65 kobo. Lafarge WAPCO increased by 2.35 per cent to close at N26.10 kobo.

On the other hand, Computer Warehouse Group (CWG), led the losers’ chart by 9.18 per cent to close at 89 kobo, per share. Fidelity Bank followed with a decline of 2.87 per cent to close at N5.42, while Nigerian Aviation Handling Company (NAHCO) went down by 2.38 to close at N8.20 kobo.

FBN Holdings (FBNH) lost 1.69 per cent to close at N11.65, while Union Bank of Nigeria (UBN) shed 0.75 per cent to close at N6.65 kobo. Eterna depreciated by 71 per cent to close at N6.95 kobo. Oando fell by 51 kobo to close at N3.88 kobo. GTCO also shed 20 kobo to close at N25.15 kobo.

The total volume traded fell by 19.8 per cent to 140.841 million shares, worth N3.159 billion, and traded in 3,553 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 28.624 million shares valued at N239.736 million. Guaranty Trust Holding Company (GTCO) followed with 22.878 million shares worth N575.257 million, while Access Holdings traded 14.743 million shares valued at N134.235 million.

Zenith Bank traded 12.598 million shares valued at N319.219 million, while Chams Holding Company transacted 5.451 million shares worth N1.456 million.

The Debt Management Office has announced that it raised N724.9 billion in February 2023 Federal Government bond auction.

DBO said it was a 100% increase compared to the previous year.

The auction, which was held on February 13, 2023, saw a total of 577 bids worth N724.9 billion received for the total amount offered of N360 billion.

The total amount allotted was N771.56 billion, with successful bids allotted at marginal rates of 13.99%, 14.90%, 15.90%, and 16.00%.

The original coupon rates for each bond will be maintained, with successful bids for the 13.98% FGN FEB 2028 (10-Year Bond), 12.50% FGN APR 2032 (10-Year Bond), 16.2499% FGN APR 2037 (20-Year Bond), and 14.80% FGN APR 2049 (30-Year Bond) being allotted at the marginal rates of 13.99%, 14.90%, 15.90%, and 16.00%, respectively.

The settlement date for the auction was February 15, 2023, and the bonds will mature on February 23, 2028, April 27, 2032, April 18, 2037, and April 26, 2049, respectively.

According to a statement on the DMO’s website, it said the auction was part of its efforts to raise funds for the implementation of the Federal Government’s 2023 budget and to finance critical infrastructure projects across the country.

“The DMO has been actively promoting the issuance of FGN bonds as a means of diversifying the country’s funding sources and reducing its dependence on short-term borrowing. The FGN bond market has grown significantly in recent years, with a wide range of maturities and attractive yields for investors.

“Overall, the results of the February 2023 FGN bond auction highlight the continued strong demand for FGN bonds and the government’s commitment to meeting its funding needs through the capital markets.”

But, In recent years, Nigeria’s rising debt profile has been a topic of concern, with some experts warning that the country’s debt levels are unsustainable.

The DMO stated in January that Nigeria’s public debt could rise to N77 trillion if the country’s “ways and means” are securitised.

Ellah Lakes Plc (Ellah Lake or the Company) has through its joint Stockbrokers, Cordros Securities Limited, CSL Stockbrokers Limited, DSU Brokerage Services Limited and RMB Nigeria Stockbrokers Limited submitted an application to Nigerian Exchange Limited for the approval and listing of a Rights Issue of One Billion (1,000,000,000) ordinary shares of 50 kobo each at N2.90 per share, on the basis of one (1) new ordinary share for every two (2) ordinary shares held as at the close of business on 10 February 2023.

The Qualification Date for the Rights Issue is today, Friday, 10 February 2023.

Justice Eleoje Enenche of a High Court at the Federal Capital Territory in Abuja on Monday restrained the Federal Government and 27 listed commercial banks from suspending, stopping, extending or interfering with the currency redesignation terminal date of February 10 or issuing any directive contrary to the date.

Also restrained were the President, Major General Muhammadu Buhari (retd.), Central Bank of Nigeria and the Governor of the CBN, Godwin Emefiele.

In a motion exparte filed by five of the 18 political parties, Justice Enenche also granted an order directing the CEO’s of the banks and their alter egos to show cause why they should not be arrested and prosecuted for the economic and financial sabotage of the country by their hoarding, withholding, not paying or disbursing the new N200, N500 and N1000 bank notes despite supply of such notes by the CBN.

The order also ties the hands of bank CEO’s and their staff who have been alleged to be hoarding the new bank notes and trading with them thereby causing untold hardship to ordinary citizens.

In the 27 grounds by the applicants they made out a case showing that politicians who ostensibly were in possession of illicit funds were the ones who wanted the policies suspended.

Gains recorded by MTN Nigeria, Nigerian Exchange Group, and others lifted the stock market by N81bn at the close of trading on the floor of the Nigerian equity market on Monday.

This bullish trend extended the gains recorded by stock investors in the previous week.

As a result, the market capitalisation closed stronger as buying interests in MTN Nigeria Communications Plc and Nigerian Exchange Group, Industrial & Medical Gases Nigeria, United Capital, Lafarge Africa, Oando other stocks scaled up.

Expectedly, the All Share Index rose by 154.65 absolute points, representing a gain of 0.29 per cent to close at 53,157.83 points.

Accordingly, investors gained N81bn in value as market capitalisation hit N29.609tn.

As measured by market breadth, market sentiment was mixed, as 16 stocks advanced and 16 others declined.

Sovereign Trust Insurance recorded the highest price gain of 10 per cent to close at 33 kobo, per share.

Linkage Assurance followed with a gain of 8.89 per cent to close at 49kobo, while International Energy Insurance rose by 8.08 per cent to close at N1.07, per share.

Industrial & Medical Gases Nigeria went up by 4.55 per cent to close at N8.05, while Courteville Business Solutions appreciated by 4.08 per cent to close at N0.51 kobo, per share.

On the other hand, McNichols Plc led the losers’ log by 8.96 per cent to close at N0.61 kobo, while Prestige Assurance followed with a decline of 8.70 per cent to close at N0.42 kobo, per share.

FTN Cocoa processors lost 6.06 per cent to close at 31 kobo, while SUNU Assurance and Japaul Gold & Ventures shed 5.88 per cent each to close at N0.32 kobo each respectively, per share.

The total volume traded declined by 28.5 per cent to 191.636 million units, valued at N4.799bn, and exchanged in 4,359 deals.

Transactions in the shares of Guaranty Trust Holding Company topped the activity chart with 50.585 million shares valued at N1.271bn.

Zenith Bank followed with 18.017 million shares worth N452.440m, while Chams Holding Company traded 16.628 million shares valued at N4.451m.

United Bank for Africa traded 14.935 million shares valued at N125.390m, while Transnational Corporation of Nigeria transacted 14.171 million shares worth N18.790m.