…As Commission tells Consumers: Don’t die in silence***
The Nigerian equities market posted bearish posture on Thursday to close with a loss of 0.66 per cent on the last trading day of August, resulting in market capitalisation which opened at N13.430 trillion shedding N88 billion or 0.66 per cent to close at N13.342 trillion.
Speficially, the All-Share Index dipped 181.45 points or 0.66 per cent to close at 27,425.57 compared with 27,607.02 achieved on Wednesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, MTN Nigeria, Unilever Nigeria, Flour Mills of Nigeria and UAC of Nigeria (UACN).
Analysts at Afrinvest Limited stated “In line with our expectations, the equities market posted a bearish performance and we expect this to continue in the absence of a major economic stimulus.”
However market breadth closed positive, with 18 gainers compared with 14 losers.
UACN led the losers’ chart dropping by nine per cent to close at N4.55 per share.
Flour Mills followed with a decline of 5.59 per cent to close at N13.50, while UACN Property Development Company lost 5.38 per cent to close at 88k, per share.
Courteville Business Solutions depreciated by 4.76 per cent to close at 20k and Cornerstone Insurance depreciated by 4.55 per cent to close at 21k per share.
Total volume traded depreciated by 11 per cent to 116.07 million shares, worth N1.65 billion, and traded in 3,129 deals.
Conversely, Continental Reinsurance recorded the highest price gain of 9.79 per cent to close at N1.57 per share.
Africa Prudential followed with a gain of 8.57 per cent to close at N3.80, while Forte Oil appreciated by 6.82 per cent to close at N16.45, per share.
Neimeth International Pharmaceuticals grew by by 6.38 per cent to close at 50k, while Livestock Feeds and Mutual Benefits Assurance appreciated by five per cent each to close at 42k and 21k, respectively, per share.
The volume of shares traded closed lower with an exchange of 116.07 million shareshares valued at N1.65 billion accounted in 3,129 deals.
This was against the 130.37 million shares worth N3.01 billion transacted in 2,866 deals on Wednesday.
Transactions in the shares of Zenith Bank topped the activity chart with a turnover of 19.09 million shares valued at N353.45 million.
Lafarge Africa sold 17.66 million shares worth N250.71 million, while Access Bank traded 15.01 million shares valued at N96.9 million.
Neimeth International Pharmaceuticals accounted for 6.98 million shares worth N3.26 million, while Guaranty Trust Bank traded 5.77 million shares valued at N155.83 million.
Meanwhile, the Federal Competition and Consumer Protection Commission Thursday, urged consumers to report cases where their rights are trampled upon, rather than die in silence.
The Senior Consumer Education Officer of the commission, Mr. Humphrey Akam stated this at the Annual Summit of the Anti-Piracy Society of Nigeria (APSON) in Awka on Thursday, while speaking on the theme of a summit which was: “Anti-piracy and Counterfeiting: Evolving Challenges”.
Akam enumerated consumer rights to include satisfaction, safety, consumer education and healthy environment, among others.
“Consumers should not die in silence as their cases would be dispassionately treated when reported.
“If any of these rights are trampled upon, consumers should not wallow in pain; they should not hesitate to contact us and it will be urgently treated at no cost,” he said.
The officer, who revealed that the agency had made several arrests, advised defaulters to turn a new leaf or be prepared to face the full wrath of the law.
“It is no longer business as usual,” he added.
However, Akam lamented incessant attacks on its officials by peddlers of fake and counterfeit products during operations.
“We had an operation in one of the markets in the Southeast and we went in with over 75 policemen not knowing that there were some armed fakers there.
“Immediately they saw us, they started shooting, but the police succeeded in quelling the situation before we were able to continue with our surveillance,” he said.
Earlier, the Director-General of APSON, Mr Frank Uduonu, enumerated successes recorded by the group in the last one year, calling for more government support to consolidate their achievements.
Uduonu identified funding as one of the major challenges facing the body, calling on government and other agencies to assist it in winning the war against piracy in the state and Nigeria at large.
“Let the government put more funds in the fight against piracy and be open in fighting the war because it is not a hide and seek game.
“They should support private organisations that are helping states to eliminate piracy and counterfeits,” he said.
The DG urged consumers to be watchful of what they consumed or bought.
He said that such counterfeit products were more in the rural areas.