President Mohammadu Buhari has commended the efforts of the management of the Nigerian Exchange Group on the demutualisation of the defunct Nigerian Stock Exchange (NSE).
The President while performing the ceremonial closing gong on Tuesday said the demutualisation of the NSE was a walk in the right direction as it signifies the beginning of a new era of capital market in the country.
While recalling the signing of the Demutualisation bill in August 2018, he noted that the Exchange continued to play its part in nation building by stimulating economic growth and providing a platform for businesses and individual to save and raise capital through innovation, diversified products and services and enabling regulatory environment.
He however reaffirmed the commitment of his administration towards continued collaboration and engagement with the private sector in view of transforming our nation.
Meanwhile, trading in the domestic equities market which was positive for most of the day, closed negative on Tuesday owing to profit-taking in BUA Cement.
Consequently, the All-Share Index declined by 0.7 per cent to 39,023.28 points.
Accordingly, Month-to-Date and Year-to-Date losses increased to -2.0 per cent and -3.1 per cent, respectively.
As measured by market breadth, market sentiment was negative, as 20 tickers lost relative to 15 gainers with Portland Paints and Champion Breweries leading the decliners of the day, ABC Transport and Eterna Oil recorded the most significant gains of the day.
Sectoral performance was mixed, as the Industrial Goods, Insurance and Consumer Goods indices declined by 2.6 per cent, 1.1 per cent and 0.1 per cent respectively, while the Oil & gas index recorded the sole gain of the day by 0.3 per cent. The Banking index traded flat.
The total volume of trades decreased by 42.8 per cent to 204.65 million units, valued at N1.84 billion, and exchanged in 3,940 deals.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
We Have Not Had Water Supply In Months ― Abeokuta Residents
In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state…
Selfies, video calls and Chinese documentaries: The things you’ll meet onboard Lagos-Ibadan train
The Lagos-Ibadan railway was inaugurated recently for a full paid operation by the Nigerian Railway Corporation after about a year of free test-run. Our reporter joined the train to and fro Lagos from Ibadan and tells his experience in this report…
[ICYMI] Lekki Shootings: Why We Lied About Our Presence — General Taiwo
The Lagos State Judicial Panel of Inquiry probing the killings at Lekki Toll Gate, on Saturday resumed viewing of the 24hrs footage of the October 20, 2020 shooting of #EndSARS protesters by personnel of the Nigerian Army…  |Buhari commends demutualisation of NGX  |Buhari commends demutualisation of NGX