…CBN loans N1.5bn to Plateau under Agric. Development Scheme***
The Nigerian Stock Exchange (NSE) market capitalisation on Wednesday shed N130 billion in about six hours of trading.
Specifically, the market capitalisation which opened at N13.420 trillion lost N130 billion or 0.97 per cent to close at N13.290 trillion.
In the same vein, the All-Share Index (ASI) dipped 267.15 points or 0.97 per cent to 27,319.64 compared with 27,586.79 achieved on Tuesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are Nestle Nigeria, Guinness Nigeria, Dangote Cement, Forte Oil and MTN Nigeria.
Analysts at Afrinvest Limited said that “Given the weak state of the economy, our bearish outlook on the equities market remain unchanged.”
Market breadth closed negative, with 10 gainers against 18 losers.
Guinness dominated the losers’ chart with a loss of 9.90 per cent to close at N37.30per share.
Ikeja Hotel followed with a decline of 9.79 per cent to close at N1.29, while Forte Oil declined by 9.73 to close at N14.85 per share.
UPDC Real Estate Investment Trust lost 9.26 per cent to close at N4.90, while Eterna shed 5.36 per cent to close at N2.65per share.
Conversely, UACN recorded the highest price gain of 9.89 per cent, to close at N5 per share.
UACN Property Development Company followed with a gain 9.76 per cent to close at 90k, while Africa Prudential appreciated by 8.82 per cent to close at N3.95 per share.
Linkage Assurance went up by 8.33 per cent to close at 52k, while International Breweries appreciated by 8.18 per cent to close at N11.90 per share.
The total volume traded fell by 14.93 per cent as investors bought and sold 250.45 million shares valued at N3.19 billion in 3,219 deals.
This was in contrast with a turnover of 294.41 million shares worth N3.49 billion traded in 3,337 deals, Tuesday.
Transactions in the shares of Access Bank topped the activity chart with 81.85 million shares valued at N542.31 million.
Lafarge Africa followed with a total of 40.65 million shares worth N587.39 million, while Zenith Bank sold 27.50 million shares valued at N481.48 million.
FBN Holdings accounted for 19.28 million shares worth N89.54 million, while Transcorp transacted 13.71 million shares valued at N14.07 million.
In the meantime, the Central Bank of Nigeria is to give a loan of N1.5 billion to Plateau under the Accelerated Agriculture Development Scheme (AADS).
Mr Yusuf Duniya, Branch Controller, CBN Jos, made the disclosure when he led the State of Financial Inclusion Committee on a courtesy call on Gov. Simon Lalong of on Wednesday in Jos.
Duniya said that the AADS was for the youth of between 18 and 35 years of age who were expected to work in clusters.
“No fewer than 10,000 youths are targeted per state in the scheme.
“The State Government needs to provide land in clusters, a minimum of 100 hectares per cluster.
“And to do a pilot for 1,000 youths to qualify for infrastructure development loan of N1.5 billion which will be secured through Irrevocable Standing Payment Order (ISPO) and two -year tenor of of nine per cent,” he added.
The branch manager said the state government would choose a bank to package the loans for the applicants.
He recalled that the state had benefited from Commercial Agriculture Credit Scheme (CACS), the sum of N1 billion twice through Fidelity Bank and repaid the money.
Duniya said that a loan of N900 million was being processed by the same bank for the benefit of the state Agricultural Services and Training Centre (ASTC).
“The loan is currently undergoing Credit Risk Management System (CRMS) at the CBN,” he said.
The branch manager urged the governor to support the Plateau Small and Medium Scale Development Agency to train more youths in entrepreneurial skills.
He said that CBN had loans for youths who had entrepreneurial/vocational skills under its Agri-business Small and Medium Enterprises Investment Scheme (AGSMEIS).
According to Duniya, the loan limit was N10 million at 9 per cent all-inclusive interest rate with tenor of seven years and moratorium of 18 years for principal and six months for interest.
Lalong thanked the CBN officials for the visit and assured them of his administration’s commitment toward improving lives of the people of the state.
He appealed to the CBN to impress on banks in the state to return to 4.00 pm closing time instead of the 3.00 pm, now that peace had return to the state.
The governor said that closing by 3.00 pm was denying the state some economic advantages.
“We are happy that you are bringing some of these schemes, and I can assure you that we will cooperate with you,” he said.
Lalong advised the CBN to always make out time to adequately sensitise the people about its programmes to avoid misconceptions.