…As DG says ITF reimburses contributory companies with N6.58bn in 2018***
Investors at the Nigerian Stock Exchange (NSE) may be gradually losing steam as bearish transactions on Wednesday trading show a total of 131.43 million shares valued at N1.40 billion exchanged in 2,786 deals.
Tuesday trading though bearish was better, as it posted 143.708 million shares worth N1.67 billion traded in 3,457 deals.
The Financial Service Sector remained the toast of investors as Zenith Bank emerged the most traded in volume terms, accounting for 27.93 million shares valued at N606.59 million.
Sterling Bank came second with a total of 25.01 million shares worth N58.72 million, while Access Bank sold 16.19 million shares valued at N104.11 million.
UBA trailed with 11.40 million shares worth N88.53 million and investors staked N14.44 million on 7.42 million shares of FCMB.
The market indicators closed lower dropping by 0.67 per cent due to price losses sustained by some highly capitalised equities.
The market capitalisation depreciated 79 billion or 0.67 per cent to close at N11.592 trillion compared with N11.671 trillion recorded on Tuesday.
Similarly, the All-Share Index which opened at 31,038.86 depreciated by 209.41 points to close at 30,829.45.
Seplat topped the losers’ chart, dropping by N510 to close at N540 per share.
Stanbic IBTC and Presco trailed with a loss of N2.5 each to close at N46 and N62 per share respectively.
Guinness also lost N1.55 to close at N62.45 and GTB dropped N1.4 to close at N36 per share.
Conversely, Okomu oil led the gainers’ table, growing by N1 to close at N80 per share.
Cadbury followed with a gain of 0.35k to close at N11.2, while Zenith bank gained 0.3k to close at N22 per share.
UBN appreciated by 0.22k to close at N7.1 and Cutix increased by 0.18k to close at N2.03 per share.
Meanwhile, the Director-General of Industrial Training Fund (ITF), Mr Joseph Ari indicated on Wednesday that the Fund paid N6,587, 941, 996 to 510 companies as contributory reimbursement in 2018.
Ari, who was represented by Mrs Ifeyinwa Anozie, the Calabar Area Manager of ITF, said this during an interaction with journalists in Calabar.
He said that this was in line with the management’s resolve to ensure that all contributing employers that remitted their contributions to the Fund were reimbursed provided they met the conditions for such reimbursement.
“In all, a total of 510 companies were reimbursed to the tune of N6, 587,941,996, which is the biggest payout to contributing employers as reimbursement in a calendar year since the establishment of the ITF,” he said.
The director-general said that the Fund was committed to reimbursing all contributors provided they met the required conditions for payment.
According to him, before qualifying for reimbursement, contributory employers must pay in full their annual training contribution, training of their workforce across all cadres, and presentation of evidence of training.
He said that acceptance of students on the Students Industrial Work Experience Scheme (SIWES) and applications for reimbursement within the stipulated period were among the requirements for payment.