Market cap sheds N134bn as NGX confirms new CEO

The Nigerian Exchange Group Plc (NGX Group) on Thursday confirmed the appointment of Mr Jude Chiemeka as the Chief Executive Officer of Nigerian Exchange Ltd. (NGX), its operating exchange subsidiary, effective July 1.

NGX, in a statement made available to newsmen in Lagos, said the appointment was sequel to an approval of the Securities and Exchange Commission (SEC).

Chiemeka has been serving as the acting CEO of NGX since Jan. 1. He succeeded Mr Temi Popoola, who transited to the role of Group Managing Director of the NGX Group.

Also, Group Chairman, NGX Group, Alhaji Umaru Kwairanga, said that the strategic appointment aligns perfectly with the Exchange’s succession plan.

Kwairanga stated that the appointment reinforces the synergy that NGX continuously foster across its group operations.

He said: “Chiemeka’s extensive experience and proven leadership qualities are invaluable assets that will propel NGX towards long-term success.

“Under his leadership, I am confident that NGX will play an even more pivotal role in contributing to the sustainable growth of Nigeria’s and Africa’s economies.”

Mr Ahonsi Unuigbe, Chairman of NGX, as quoted by the statement, also expressed the satisfaction of the Board of NGX to confirm Chiemeka’s appointment as CEO of the Exchange.

“It is our hope and expectation that he will drive growth and innovation, enhance our operational perspectives, democratise investment in the capital market, and unlock opportunities for investors,” Unuigbe said.

Mr Temi Popoola, GMD/CEO, NGX Group, speaking through the statement also expressed delight to see Chiemeka step into the role of CEO of NGX.

Popoola added that Chiemeka’s extensive experience and deep understanding of the markets will be crucial in driving NGX’s growth while aligning with a broader group strategy.

“I look forward to working closely with him to unlock value and to create new opportunities for stakeholders across the entire NGX Group ecosystem,” he said.

In his remark in the statement, Chiemeka said he was honored with the appointment at this critical period of the Exchange’s history while appreciating the Boards of NGX Group and NGX.

“As we aim to build on our achievements and maximise value for all stakeholders, I look forward to forging strong collaborations with NGX’s exceptional team and the broader capital market community.

“We are committed to creating a more dynamic and inclusive exchange that fuels Nigeria’s economic growth and competes on the global stage,” the NGX CEO said.

Chiemeka brings close to three decades of experience in African securities trading and asset management to his new role.

His career includes serving as Executive Director of Capital Markets at NGX and Managing Director, United Capital Securities Ltd.

He also worked at leading investment banking firms in Nigeria such as Chapel Hill Denham Securities and Rencap Securities (Nigeria).

A Fellow of the Chartered Institute of Stockbrokers, Chiemeka is an alumnus of the University of Lagos, Lagos Business School, and the University of Oxford, UK.

NGX market capitalisation sheds N134bn

Meanwhile, bearish trading dominated the Nigerian stock market on Thursday, leading to a loss of N134 billion or 0.24 per cent on the market capitalisation.

Specifically, the Nigerian Exchange Ltd.(NGX)market capitalisation which opened at N56.738 trillion, closed at N56.604 trillion.

The All-Share Index also declined by 0.24 per cent or 236.2 points to close at 100,063.32, compared to 100,299.48 recorded on Wednesday.

Consequently, the Year-To-Date (YTD) return fell to 33.82 per cent.

Selloffs in MTN Nigeria, Unity Bank, Wema Bank, Wapco, United Capital, Honeywell Flour, Mutual Benefits Assurance, among other declined equities propelled the market’s weak performance.

Meanwhile, market breadth closed negative with 25 losers and 24 gainers on the floor of the Exchange.

On the gainers’ chart, Daar Communications led by 8.33 per cent to close at N44k, UPDC Real Estate Investment Trust trailed closely by 8.26 per cent to close at five Naira per share.

Guinea Insurance lost 7.69 per cent to close at 36k, UPL declined by 6.67 per cent to close at N2.10 and MTN Nigeria dropped 6.54 per cent to close at N200 per share.

Conversely, Oando Plc led the gainers’ chart by 9.93 per cent to close at N15.50, Conoil followed by 9.52 per cent to close at N115 per share.

Veritas Kapital Assurance also gained 9.38 to close at N1.05, Neimeth International Pharmaceuticals advanced by 8.61 per cent to close at N1.64 and Jaiz Bank rose by 7.55 per cent to close at N2.28 per share.

Analysis of the market activities however showed trade turnover settled higher relative to the previous session, with the value of transactions up by 164.30 per cent.

A total of 863.58 million shares valued at N12.56 billion were exchanged in 7,931 deals,in contrast to 342.20 million shares valued at N4.75 billion exchanged in 7,592 deals traded in the previous session.

Meanwhile, Fidelity Bank led the activity chart in volume and value with 539.40 million shares  worth N5.66 billion, followed by Guaranty Trust Holding Company(GTCO) with N59.43 million shares valued at N2.79 billion.

Veritas Kapital Assurance sold 40.42 million shares worth N41.49 million, United Bank For Africa(UBA) transacted N35.98 million shares valued at N839.60 billion.

Zenith Bank traded 24.02 million shares worth N882.33 million.