Stock Market Defies Economic Headwinds, Gains N18.2 Trillion in 11 Months Kayode Tokede
The Nigerian stock market gained a total of N18.2 trillion in the first 11 months of 2024, amid rising inflationary pressure and increasing Monetary
Policy Rate (MPR) by the Central Bank of Nigeria (CBN), among other macroeconomic challenges. Since the beginning of 2024, the stock market has witnessed an unprecedented rally and buying- interest,
especially in the financial services, consumer, and industrial goods sub-sector, which have continued to trigger massive bargain hunting in large companies. Specifically, the overall market
capitalisation that opened 2024 at N40.918 trillion, gained N18.2 trillion or 44.5 percent to close on November 29, 2024, which was the last trading day of this month, at N59.107 trillion. Consequently, the Nigerian
Exchange Limited All-Share Index (NGX ASI) closed on November 29, 2024 at 97, 506.87 basis points, about 22,733.10 basis points or 30.4 percent from 74,773.77 basis points the stock market opened for trading this year.
THISDAY findings showed that new listings, investors' interest in some blue-chip companies contributed to the stock market’s 30.4 percent Continued on page 5
NIWA Confirms Death of 200 in Kogi Boat Mishap, Eight Bodies Recovered... Page 17 Saturday, November 30, 2024 Vol 29. No 10828
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Tinubu, Oborevwori, Kalu, C'wealth, UK, ICC, Others Hail Okonjo-Iweala's Reappointment as WTO DG... Page 6
Tinubu, Macron Seal Deals on Infrastructure, Food Security
Pacts include diverse financial, technical assistance programmes worth over €300m President upbeat Nigeria's economic reform'll impact Africa positively Macron optimistic Tinubu will transform Nigeria's economy like he did as Lagos Gov Deji Elumoye in Abuja
President Bola Tinubu and his French
counterpart, Emmanuel Macron have signed two agreements that will ensure a partnership on the
development of critical infrastructure and the long-term sustenance of agriculture and food security.
The partnership agreements, according to a statement by the Adviser to the President on Information and
Strategy, Bayo Onanuga, were signed at an economic forum attended by businessmen, captains of industry,
governors, and some top government Continued on page 5
Cardoso: Forex Reforms Boost Nigeria's Portfolio Inflows By 72%
CBN goes tough on banks hoarding naira, empty ATMs Governor urges customers to lodge complaints directly to apex bank Reveals N15bn penalties imposed on 29 financial institutions N1trn recovered from development finance initiatives
Nume Ekeghe The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has announced that reforms in the foreign exchange (FX) market are yielding substantial results as foreign portfolio inflows (FPIs) have risen by 72 percent in the first half of 2024 compared with the same period in 2023. Also, as part of efforts to address the lingering naira scarcity and difficulty in withdrawing cash being experienced by customers of banks, Cardoso expressed the CBN’s preparedness to heavily sanction banks involved in the act. Cardoso, who said these yesterday, while delivering the keynote address at the Chartered Institute of Bankers of Nigeria (CIBN) annual dinner in Lagos, pointed out that the average daily turnover in the Nigerian Autonomous Foreign Exchange Market rose by 226 percent year-on-year, while forex Continued on page 5
59TH CIBN ANNUAL BANKERS’ DINNER...
L-R: President, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju; Lagos State Governor, Mr. Babajide Sanwo-Olu; and Governor, Central Bank of Nigeria, Mr. Olayemi Cardoso, at the 59th CIBN Annual Bankers’ Dinner, after Sanwo-Olu and Cardoso were conferred with honorary Fellowships of the Institute in Lagos…yesterday
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