Economy

Transaction on NSE maintains bearish trend, loses N98bn

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Written by Maritime First

…As Segun Awolowo says NEPC will improve exports, increase revenue through SERVICOM charter***

The Nigerian Stock Exchange (NSE) market capitalisation on Tuesday continued in a bearish trend, dropping by N98 billion, as it opened at N13.354 trillion and shedding N98 billion or 0.73 per cent to close at N13.256 trillion.

Also, the All Share Index (ASI) dropped 222.36 points, representing a loss of 0.73 per cent to close at 30,099.83, against 30,322.19 recorded on Monday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil Nigeria, Dangote Cement, MTN Nigeria, Nigerian Breweries and Dangote Sugar Refinery.

Analysts at Cordros Capital Limited noted that “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term.

“However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”

Sovereign Trust Insurance led the losers’ chart dropping by eight per cent, to close at 23k per share.

Japaul Oil and Maritime Services shed 7.41 per cent to close at 25k, while Dangote Sugar depreciated by 4.35 per cent to close at N11per share.

Mobil Nigeria declined by 3.82 per cent to close at N163.50, while Sterling Bank was down by 3.28 per cent to close at N2.36 per share.

Conversely, Unilever Nigeria recorded the highest gain to leading the gainers’ chart with a gain of 8.22 per cent, to close at N30.95 per share.

Associated Bus Company gained 7.14 per cent to close at 30k, while Jaiz Bank appreciated by 4.35 per cent to close at 48k per share.

Wapic Insurance appreciated by 2.50 per cent to close at 41k, while NEM Insurance went up by 2.44 per cent to close at N2.10 per share.

The total volume traded depreciated by 5.64 per cent with an exchange of 233.45 million shares worth N3.52 billion traded in 3,169 deals.

This was in contrast with 247.39 million shares valued at N3.48 billion in 3,434 deals on Monday.

Transactions in the shares of Wapic Insurance topped the activity chart with 50.3 million shares worth N20.13 million.

Zenith Bank came second with 28.16 million shares worth N566.47 million, while Courteville Business Solutions traded 25.18 million shares valued at N5.04 million.

Access Bank transacted 25.1 million shares worth N157.26 million, while Sterling Bank accounted for 21.09 million shares worth N49.62 million.

In the meantime, the Executive Director, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo has assured that Service Compact (SERVICOM) Charter will enable the council improve on exports and boost the country’s revenue.

Awolowo indicated this on Tuesday in Abuja during the inauguration of NEPC Service Charter that the document was put together by the council’s SERVICOM Unit.

“I am convinced that efficient service delivery at NEPC will ultimately translate to improved exports, inclusive growth and increased revenue for government.

“We hope to fully achieve NEPC’s vision of making the world a market place for Nigerian non-oil products and services.

“To this end, we expect our customers to constantly evaluate our performance and provide feedback on how to improve such services,’’ he said.

Awolowo said the charter was a commitment to improving service delivery and an assurance to members of the public that the council staff would discharge their responsibilities in line with the tenth of the document.

He said the mission of the council was to spearhead the diversification of the Nigerian economy by expanding and increasing non-oil exports for sustainable and inclusive economic growth.

“The charter is in line with the need to provide prompt and adequate service that will change the narratives of the contribution of non-oil export sector o the economy,’’ he said.

Awolowo said the charter was an operational tool to guide the council’s business conduct with clients, the exporters, and other stakeholders.

Mr Sid Aliyu, NEPC Director of Policy and Strategy said when reviewing the charter that other purposes of the document was the council’s commitment to providing  best services and communicate rights

Aliyu said the document would enable the council handle entitlements and responsibilities to clients and define the standard of services expected by customers and staff.

“The customers will always give us feedback on services breakdown because they have the right to complain when not satisfied,’’ he said.

Mrs  Nnenna Akajemini, the National Coordinator, SERIVICOM commended NEPC for taking the bull by the horns.

Akajemini urged the council to implement what was contained in the charter,  saying that every staff must treat all files within 48 hours.

“The charter will provide the solid base for customers to demand to be served fairly, promptly, transparently and in time in line with the goals for which SERVICOM is established.

“Making this public that NEPC have now properly documented a guide and standard for us to ensure that quality services are truly provided with measurable timelines, and when they fail, we hold them accountable,’’ she said.

 

 

 

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Maritime First