Stocks hit 11-month high, NSE unveils X-Academy
The equities market appreciated highest in 11 months on Thursday, driven by gains in banking and cement shares as investors took advantage of the low valuation for some commercial bank shares.
The market rose by 2.77 per cent to cross 30,197 points, lifted by gains in First Bank Holdings Plc and Dangote Cement Plc. At the close of trading, the year-to-date return settled at 12.80 per cent. There were 39 gainers and 11 losers.
FBN Holdings Plc topped the gainers’ list, advancing by 10 per cent, to close at a year high of N5.83. This was followed by May and Baker Nigeria Plc, Learn Africa Plc, Champion Breweries Plc and Access Bank Plc, which appreciated by 9.40 per cent, 8.11 per cent, 6.99 per cent and 5.53 per cent, accordingly.
However, Linkage Assurance Plc closed the day atop the losers’ chart, declining by 9.52 per cent, to close at N0.57. This was followed by Oando Plc, 7UP Bottling Company Plc, Jaiz Bank Plc and Caverton Offshore Support Group Plc, which declined by 5.33 per cent, 4.99 per cent, 4.21 per cent and 4.17 per cent, respectively.
Meanwhile, the NSE, at an interactive session on Thurday, launched X-Academy, a knowledge-platform designed to provide education services to individuals who want to gain a better understanding of the various aspects of the capital market. X-Academy offers a wide range of courses geared towards bridging the knowledge gap of dealing members, issuers, investors and the general public about products and services of the capital market.
The establishment of X-Academy is said consistent with the Exchange’s tradition of pioneering far-reaching innovations within the Nigerian capital market. It also feeds directly into the National Financial Inclusion Strategy which was launched by the Federal Government in 2012 to reduce the number of adult Nigerians who are financially excluded, from 46.3 per cent in 2010 to 20 per cent in 2020.
Speaking at the session, the Chief Executive Officer, NSE, Mr. Oscar Onyema, noted that the training programmes at X-Academy would provide individuals and businesses with a robust and effective array of training solutions that would ensure participants were abreast with trends in the rapidly evolving financial markets.
He said, “As a socially responsible organisation devoted to enhancing the fortunes of Nigerians and our investors, we are confident that participants of programmes offered by X-Academy will be better positioned to make informed financial decisions”.
Also speaking at the event, the Acting Head, Corporate Services Division, Ms Pai Gamde, stated, “X-Academy is a crucial step to enhancing financial literacy levels in Nigeria and equipping professionals with requisite skill sets to deliver innovative solutions for the challenges confronting our financial sector.”Punch