NGX, CIS, stakeholders honour Subomi Balogun
BY BAMIDELE FAMOOFO
Opening the week, Nigerian equities extended their bullish run as the benchmark index closed 1.61 percent stronger to settle at 61,949.24 points.
Increased demand for MTNN (+1.68%) alongside ZENITHBANK (+2.92%) and GTCO (+4.92%) contributed to keep the market in the green as market capitalization increased by N534.01 billion to close at N33.73 trillion while the year-to-date (YTD) return rose to 20.87 percent.
Analysis of Monday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 12.01 percent.
A total of 1.21 billion shares valued at N14.04 billion were exchanged in 12,128 deals.
FCMB (+5.88%) led the volume chart with 173.81million units traded while ACCESSCORP (+9.94%) led the value chart in deals worth N2.38 billion.
Market breadth closed positive at a 6.25-to-1 ratio with advancing issues outnumbering declining ones. FIDELITYBK (+10.00%) topped 49 others on the leader’s log, while CORNERST (-9.09%) led seven others on the laggard’s table.
Meanwhile, the Nigerian Exchange Limited, Chartered Institute of Stockbrokers and other market stakeholders on Monday held a mock-trading session and Closing Gong Ceremony in honour of the late founder of the FCMB Group, Subomi Balogun.
Speaking during the ceremony, the Chief Executive Officer, NGX, Temi Popoola, emphasized that the late Balogun was a blessing to the capital market.
“We are here to pay tribute to somebody that without him, we really cannot talk about our markets and I am sure that there are many careers here that he helped shape and mine is a good example.
“We can’t express our gratitude to him enough for what he did to help our industry expand. It is difficult to locate another family in Nigeria like the Subomis that can represent on the Exchange as they do now. We are very grateful and we assure them that they can count on our support going forward as the family continues to drive their strategic goals,” Popoola said.
In his remarks, the Chairman of NGX Group, Umaru Kwairanga, noted that Balogun had played significant roles in the development of investment banking in Nigeria and had laid the foundation for many of the nation’s first equity offerings while working at ICON Securities. “He leaves a significant legacy and a number of monuments that would serve as evidence of his greatness well into the future,” he said.
The Group Chief Executive Officer, NGX Group, Oscar Onyema, said the market could take solace in the fact that Balogun led a great life and left a huge legacy that the capital market community will continue to talk about for years to come.
“Otunba ensured that he looked out for the best interests of the capital market, especially during his tenure on the Council of the Exchange years ago,” Onyema said.
On his part, the CIS President, Oluwole Adeosun, said, “We are celebrating the life of a colossus, Otunba Subomi Balogun who was the pioneer first Vice President of our Institute. We commiserate with the family and will keep remembering his deeds in the capital market.”
The Group CEO, Chapel Hill Denham, Bolaji Balogun, during his remarks said, “That you still remember our father, who retired 20 years ago, speaks a lot about him and the caliber of outstanding people you are. He was very concerned about this market, the harmony of this nation, and the youth of Nigeria. I want to reassure each of you that the work we perform is essential to the growth of this nation.”
Commending the leadership of the Exchange and CIS, the Group Chief Executive, FCMB Group, Ladi Balogun, said this is an encouragement for the family to keep his legacy on.
“Whilst this has been a very emotional time for our family, the way our father has been honoured by the Exchange, CIS and the entire country is truly inspiring to us. It is motivating us to go further, do better and make sure that his legacy lives on. We will not be alone in doing that. We will make sure we uphold his value and seek ways together with the exchange to transform the market and the economy,” Balogun said.
