…As AfDB earmarks $220m for projects in Nigeria***
The Nigerian equities market on Thursday halted two-day gaining streak on the back of profit taking.
Specifically, the market capitalisation shed N123 billion or 1.07 per cent to close at N11.251 trillion against N11. 374 trillion recorded on Wednesday.
In the same vein, the All-Share Index which opened at 31,151.68 lost 332.58 points or 1.07 per cent to close at 30,819.10 following loses by Nestle and Dangote Cement.
Nestle recorded the highest loss to lead the losers’ chart, shedding N5 to close at N1,480 per share.
Dangote Cement also trailed with a loss of N5 to close at N185, while Okomu Oil Palm was down by N3.50 to close at N72 per share.
Guinness dipped N1 to close at N73, while Unilever shed 60k to close at N38.90 per share.
Conversely, UACN led the gainers’ table during the day, gaining 50k to close at N10 per share.
Cement Company of Northern Nigeria followed with a gain of 25k to close at N16.50, while Oando gained 20k to close at N5.15 per share.
Custodian and Allied Insurance added 15k to close at N5.10, while Cutix increased by 15k to close at N1.97 per share.
FBN Holdings was the most active, trading 92.48 million shares worth N707.26 million.
Diamond Bank followed with an account of 68.22 million shares valued N59.46 million, while Ikeja Hotel traded 34.42 million shares worth N58.52 million.
Guaranty Trust Bank exchanged 14.47 million shares worth N507.81 million, while Zenith Bank sold 6.76 million shares valued at N159.24 million.
In all, the volume of shares traded closed higher as investors bought and sold 280.93 shares worth N2.31 billion in 3,030 deals.
This was in contrast with 198.64 million shares valued at N2.31 billion in 2,845 deals.
Meanwhile, the African Development Bank (AfDB) has earmarked $220 million for various intervention projects in the country.
The President of AfDB, Dr Akinwumi Adesina, said this at the official launch of Inclusive Basic Service Delivery and Livelihood Empowerment Integrated Programme (IBSIP) in Abuja on Thursday.
Adesina was represented by the Senior Director of the bank, Mr Ebrima Faal.
He explained that $20 million would be approved soon by the management of the bank, for its programme designed as `say no to famine’ by addressing food insecurity and malnutrition.
He said that $200 million which had been approved by the management would be used for rural electrification projects across the country.
“The Say No to famine will address challenges of food insecurity and malnutrition in conflict affected states of Borno, Adamawa and Yobe with the means to resume agriculture-based and environment friendly livelihoods.
“The project will set the foundations for longer-term resilience building and sustainable economic and social development.
“This will be achieved through the combination of skills development and productive measures supported in the same locations by conditional voucher food support.
“The Nigeria electrification project is countrywide and aimed at delivering energy access to unserved and underserved communities in the country.
“The project will provide electricity to households, small to medium sized enterprises and public institutions at a least cost and timely manner through off and mini grid solutions.
“The project comprises the provision of solar hybrid mini grids for rural economic development, productive appliances and equipment for off grid communities and energizing institutions.
“Adamawa state is included as one of the states to benefit in the first phase of the programme” he said.
