Investor interest in key stocks like Seplat Energy, RT Briscoe, Deap Capital Management, Zichis Agro Allied Industries, Daar Communications and 41 others, contributed to the market’s positive performance.

The market capitalisation increased by N283 billion, or 0.25 per cent rising from N114.377 trillion at the opening to N114.660 trillion at the close.

Similarly, the All-Share Index (ASI) advanced by 0.25 per cent, gaining 441.27 points to close at 178,625.63, compared to 178,184 36 reported on Wednesday.

The performance brought the Year-To-Date (YTD) return further up to 14.79 per cent.

In the same vein, the market breadth closed positive with 46 gainers and 35 losers.

Seplat Energy, RT Briscoe and Deap Capital Management led the gainers’ chart by 10 per cent, settling at N8,107, N15.84 and N8.69 per share respectively.

Zichis Agro Allied Industries increased by 9.97 per cent, finishing at N9.82 while Daar Communications grew by 9.96 per cent, closing at N2 76 per share.

On the flip side, Nigerian Aviation Handling Company led the losers’ chart by 9.98 per cent, ending the session at N148.45, Abbey Mortgage Bank trailed by 9.68 per cent, finishing at N11.20 and Eterna dropped by 9.50 per cent, closing at N30 per share.

May and Baker fell by 9.19 per cent, finishing at N40.50 while Ecobank Transnational Incorporated shed by 8.72 per cent, closing at N45 per share.

Analysis of the market activity revealed an overall decline as 698.3 million shares valued at N28.4 billion were traded across 50,886 deals.

This is compared with 939.2 million shares worth N34.03 billion that was exchanged in 61,279 transactions.

Meanwhile, Access Corporation recorded the highest volume with 52.05 million shares traded, accounting for 7.45 per cent of the day’s total volume.

Guaranty Trust Holding recorded the highest value traded at N4.34 billion, accounting for 15.25 per cent of the total value traded for the day.

Source: NAN

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This positive performance was driven by increased demand for blue-chip stocks and the release of companies’ annual financial reports on the Nigerian Exchange Ltd.

The market capitalisation, which opened at N106.494 trillion, closed at N107.861 trillion, representing an increase of N1.37 trillion or 1.28 per cent.

Similarly, the All-Share Index rose by 2,128.61 points or 1.28 per cent, from 165,901.57 to 168,030.18.

The market breadth also closed positive with 53 gainers and 26 losers.

Berger Paints, RT Briscoe, Daar Communications and Fortis Global Insurance led the gainers’ chart by 10 per cent each, closing at N66, N10.45, N1.87 and 22k per share respectively.

Also, First Holding Company increased by 9.92 per cent, settling at N48.75 per share.

On the flip side, Red Star Express and Deap Capital Management led the losers’ chart by 9.97 per cent, finishing at N17.15 and N6.86 per share.

Similarly, Union Homes Real Estate Investment dropped by 9.95 per cent, ending the session at N69.25, Mc Nicholas dipped by 9.93 per cent, closing at N6.53 and Etranzact shed by 9.89 per cent, settling at N16.85 per share.

However, the market activity revealed an overall decline as 694.8 million shares valued at N20.6 billion were traded across 42,095 transactions.

This is in contrast with the earlier 736.4 million shares worth N24.7 billion that was exchanged in 46,026 deals.

Chams recorded the highest volume with 57.44 million shares traded, accounting for 8.27 per cent of the day’s total volume.

Seplat recorded the highest value traded at N2.56 billion, accounting for 12.45 per cent of the total value traded for the day.

Source: NAN

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Organised by ICAN-NGX REGCO, the event was meant to celebrate excellence in corporate transparency and governance.

It was a moment of positive appraisal for the cement company’s adherence to corporate governance with other winners comprising MTN Nigeria, Seplat Energy, Stanbic IBTC Holdings, GTCO, Zenith Bank, United Bank for Africa, and International Breweries.

In the Corporate Reporting Award guidelines issued by ICAN-NGX REGCO, thirty listed companies were evaluated across three key categories with marks allotted for compliance.

The categories and allotted marks are financial reporting taking 35 per cent, corporate governance allotted 30 per cent and sustainability reporting accounting for 35 per cent.

The awards were ranked in Platinum, Gold and Silver categories.

Dangote Cement, according to the assessment panel, excelled in all the assessment parameters as it emerged the platinum award winner, MTN won Gold and Seplat Energy carted home the Silver award.

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President of Institute of Chartered Accountants of Nigeria, Mr. Davidson Alaribe, said the platinum award was conferred upon the overall top-performing company across all three categories.

This prestigious recognition is reserved for an organisation that demonstrates excellence in corporate reporting, effectively addressing all key elements evaluated.

He explained that the final score is derived from a combination of weighted averages and a scoring matrix based on the rigorous and independent evaluations of individual assessors.

Said he: “This award underscores our unwavering commitment to promoting transparency, accountability, and sustainable corporate practices within, the Nigeria Capital Market.

“The demand for corporate entities to disclose their environment, social and governance (ESG) impact beyond the confines of their traditional financial reporting has grown exponentially in recent years. The shift reflects a global call for greater transparency, accountability, and sustainability in business practices.”

He then described the honourees as exemplary, stating that their achievements reflected a commitment to the highest standards in corporate reporting.

According to him, they had gone beyond compliance to set a benchmark for trust, growth, and sustainability in Nigeria’s financial landscape.

In his remark, the Chief Executive Officer, NGX Regulation Limited, Mr. Olufemi Shobanjo described the award as the celebration of outstanding achievements in corporate reporting among the listed companies over the past year and that it has continued to underscore the commitment to promoting excellence and transparency in financial reporting.

According to him, effective corporate reporting is vital for fostering trust and accountability in the capital market as it enhances the investors’ confidence and promotes best practices within the industry.

Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa.

A fully integrated quarry-to-customer producer, with a production capacity of 35.25Mta in its home market, Nigeria.

Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue State has 4Mta; and Okpella plant in Edo State has 3Mta.

Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement and clinker, serving neighbouring countries.

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Seplat Energy made the announcement in a statement issued on Friday, in Lagos, by its Chief Financial Officer, Mr Emeka Onwuka.

The statement said the completion of the transaction was, however, subject to Ministerial Consent and other required regulatory approvals.

It said the transaction agreement included potential additional contingent consideration of up to $300 million in total, payable over the period January 1, 2022 to December 31, 2026.

The statement said that was contingent upon average Brent crude oil prices exceeding $70 per barrel and subject to MPNU’s average working interest production exceeding 60 kilo barrels of oil equivalent (kboed) (JV: 150 kboepd) in such calendar year.

It said the transaction encompassed the acquisition of the entire offshore shallow water business of ExxonMobil in Nigeria.

According to the statement, the business was an established, high-quality operation with a highly skilled local operating team and a track record of safe operations, producing 95 kboepd (W.I.) in 2020 (92 per cent liquids).

“The Transaction will create one of the largest independent energy companies on both the Nigerian and London Stock Exchanges, and bolster Seplat Energy’s ability to drive increased growth, profitability and overall stakeholder prosperity.

“This is the first transaction to be announced since the Nigerian Government’s recently ratified the Petroleum Industry Act (PIA) and supports its key objectives.

“Seplat Energy is fully committed to working with the Nigerian Government to bring these strategically important national assets fully into Nigerian ownership alongside NNPC.

“Development of MPNU’s gas resources will support the Federal Government’s objective to achieve a pragmatic, progressive and just energy transition for Nigeria,” it said.

Dr Bryant  Orjiako, Chairman of Seplat Energy, said the move would strengthen the company’s partnership with the NNPC and consummate the spirit of the newly enacted PIA.

He said the company would now be better positioned to provide sustainable energy solutions that drive growth and profitability for the benefit of all its stakeholders, particularly our host communities and the wider Nigerian economy.

“We fully support the aims of the Federal Government’s “Decade of Gas”, and this acquisition will accelerate our development of Nigeria’s gas resources to help achieve a just transition for our rapidly growing country,” Orjiako said.

Similarly, Mr Roger Brown, Chief Executive Officer of Seplat Energy, said the transaction underpinned Seplat Energy’s drive to be a leader in the growth of the indigenous independent energy sector in Nigeria.

He said: “The acquisition is a perfect fit with our strategy to build a sustainable business and deliver energy transition in Nigeria.

“Our financial strength has enabled us to attract high quality local and international capital providers to fund this transaction, without diluting our existing shareholders and reflects our deliberate approach to capital allocation.

“We are determined to drive our growth through the extensive low-cost and low-risk production opportunities it delivers in the near term, whilst also developing longer-term opportunities to monetise our significant gas resources through domestic and export opportunities.

“This is a win-win for both companies. Together, we will strengthen our focus on profitability and cash generation to re-invest in Nigeria’s energy development.”

On his part, Mr Liam Mallon, President, ExxonMobil Upstream Oil and Gas, said the sale would allow the company to prioritise competitively advantaged investments in its strategic assets.

He noted that it supports the Nigerian government’s efforts to grow its oil and gas operations.

“We value the relationships we have spent decades building with the government and people of Nigeria, which will continue as we maximize the value from our deep water operations,” Mallon added.

Source: NAN

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Receiving the items at Government House, Owerri on Wednesday, Governor Uzodimma reiterated his determination to nip the spread of the virus in the bud.

While appreciating the gesture by the oil firms, Governor Uzodimma stated that their kind donation will go a long way in assisting the state in the fight against COVID-19 pandemic.

The governor who admitted that prevention and control of the disease could not be done by government alone urged other companies and good-spirited citizens to emulate the kind gestures of Seplat and Waltersmith in the fight against the dreaded disease.

Governor Uzodimma said: “I want to thank you on behalf of the good people of Imo State for your show of solidarity this afternoon and also to assure you that this will go a long way to address the situation of the virus. The people of Imo are indeed challenged not only because of the paucity of funds in our state, but also the task of what is required to address this situation is also very huge.”

He added: “We also want to invite through this medium, our brothers and sisters to understand that government alone cannot address this situation. I urge them to join people like you to make donations and contributions. Ours is to ensure that these things will get to the targets so that at the end of the day, we would have created a win-win situation for all the people.”

The governor assured that the items would be put to good use, noting that Imo State, as much as he knew, was still recording zero number of infected or confirmed cases.

Speaking earlier, leader of the delegation Mr. Emeka Onyeagba stated that the sole purpose of their mission was to deliver the medical facilities to the government as part of their corporate social responsibility to their host state.

He noted that the government was less than three months in office and needed every support it could garner from both public and private sectors to combat the scourge.

Also speaking, the Commissioner for Health, Dr. (Mrs.) Damaris Osunkwo, commended the oil companies -Seplat and Waltersmith – for their donations and prompt response to partner with government in the fight against the global COVID-19 health crisis, adding that the Governor Uzodinma-led government was on top of the situation and leaving no stone unturned to keep the state safe from the pandemic.

Addressing newsmen, the chairman of the COVID-19 Prevention and Control Committee, Prof. Maurice Iwu, stated that the state was doing everything possible to prevent the spread of the virus via vertical integration with the Federal Government Agencies that included the Nigeria Centre for Disease Control (NCDC).

Prof. Iwu also announced that Equipment Procurement Isolation Centres were in place with direct hotlines at relevant health institutions to determine if the suspect might need isolation.

Prof. Iwu however advised that “the best form of prevention is to stay home and self-quarantine than to create unnecessary jeopardy amongst the people.”

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