… NALPGAM, NUPENG move to deepen cooking gas penetration***
Trading activities rebounded on the Nigerian Stock Exchange (NSE) on Tuesday due to price growth posted in some large and medium capitalised equities, with the All-Share Index (ASI) increased by 48.35 points, representing a growth of 0.18 per cent to close at 26,739.44 compared with 26,691.09 achieved on Monday.
Similarly, the market capitalisation grew by N23 billion or 0.18 per cent to close at N12.905 trillion against N12.882 trillion posted on Monday.
The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Conoil, MTN Nigeria, Forte Oil, Nigerian Breweries and Ekocorp.
Analysts at Afrinvest Limited said that “We expect to see a mixed performance following improved interest in the market.”
Analysts at Cordros Capital said that the market might continue to benefit over the short-term, especially in the face of lower yields in the fixed income market
Market breadth closed positive, with 20 gainers compared with 13 losers.
Ekocorp recorded the highest price gain in percentage terms, appreciating by 10 per cent to close at N4.07 per share.
ConOil came second with a gain of 9.74 per cent to close at N16.90, while Learn Africa inched 9.43 per cent to close at N1.16 per share.
Neimeth International Pharmaceuticals inched 9.09 per cent to close at 48k, while Academy Press appreciated by 8.82 per cent to close at 37k per share.
On the other hand, Associated Bus Company led the losers’ chart in percentage terms with a loss of 8.89 per cent, to close at 41k per share.
United Capital followed with a decline of 5.22 per cent to close at N2.18, while Aiico Insurance dropped 5.19 per cent to close at 73k per share.
Consolidated Hallmark Insurance lost 5.13 per cent to close at 37 kobo, while Livestock Feeds shed 3.85 per cent each to close at 50k per share.
Also, the total volume traded appreciated by 28.05 per cent with an exchange of 394.35 million shares worth N6.54 billion traded in 4,405 deals.
This was in contrast with 307.96 million shares valued at N2.54 billion transacted in 4,609 deals on Monday.
Transactions in the shares of UACN topped the activity chart with 117.68 million shares valued at N826.98 million.
FBN Holdings followed with 47.84 million shares worth N323.88 million, while Access Bank traded 40.33 million shares valued at N391.77 million.
Zenith Bank traded 21.01 million shares valued at N390.72 million, while United Bank for Africa sold 20.20 million shares worth N144.51 million.
In the meantime, the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) on Tuesday pledged to work together to deepen the penetration of Liquefied Petroleum Gas (LPG) in Nigeria.
The President of NALPGAM, Mr Nosa Ogieva-Okunbor and the National President of NUPENG, Mr Williams Akporeha, made the pledge during a courtesy visit by NALPGAM Executive Members to the NUPENG Secretariat in Lagos.
Ogieva-Okunbor said the goal of NALPGAM was to ensure the usage of LPG, commonly referred to as cooking gas, across the nooks and crannies of Nigeria.
He said: “We want gas supply to be improved so that ordinary Nigerians can buy it at affordable cost.
“The current hike in the price of gas is not good because some persons who have hitherto abandoned the usage of kerosene and firewood are going back because they cannot afford gas.
“We know this has negative effect on the health of our women and the climate as well as the Federal Government’s plan to increase gas usage in Nigerian homes,” he said.
He said the visit was aimed at strengthening the relationship between the two associations and making the supply and distribution of LPG safer.
To this end, he said the group would partner with NUPENG on training and retraining of tanker drivers to reduce frequent accidents on the highways.
On his part, Akporeha said gas was a product of the future and that stakeholders in the sector should brace up for the challenges to come, in order to deepen its usage.