Economy

NSE: Investors gain N46bn, as Market remains positive

NSE: investors gain N46bn, as Market remains positive
Written by Maritime First

…Emefiele seeks collaboration between Govs., Private sector on Agric and Industry to generate 10m jobs***

Indices at the Nigerian Stock Exchange continued its bullish trend on Thursday with market capitalisation improving by N46 billion, shooting up capitalization which opened at N12.923 trillion or 0.36 per cent to close at N12.969 trillion.

Also, the All-Share Index rose by 95.94 points or 0.36 per cent to 26,872.09 in contrast with 26,776.15 achieved on Wednesday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, among which are; Flour Mills of Nigeria, Stanbic IBTC Holdings, MTN Nigeria, Dangote Cement and Dangote Sugar Refinery.

Capital market analysts were of the view that the equities market would sustain gains in the near term although sentiment still remains weak

Analysts at United Capital Plc said “Looking ahead, we still expect investors to position in value and dividend paying stocks in expectation of making solid gains.”

Market breadth closed positive with 21 gainers and 12 laggards.

An analysis of the price movement table shows that Cornerstone Insurance topped the gainers’ table  to close at 77k per share.

Also read:  NSE market indicators maintain positive position, up N18bn

Oando followed with a gain of 9.89 per cent to close at N3.89, while Flour Mills was up by 9.85 per cent to close at N17.85 per share.

Ikeja Hotels garnered 9.62 per cent to close at N1.14, while FCMB Group appreciated by 7.39 per cent to close at N2.18 per share.

Conversely, Cement Company of Northern Nigeria (CCNN) led the losers’ chart in percentage terms, dropping by 10 per cent to close at N18 per share.

Jaiz Bank followed with a decline of eight per cent to close at 69k, while Lasaco Assurance dropped 7.41 per cent to close at 25k per share.

Unilever dipped 5.68 per cent to close at N17.45, while Unity Bank for Africa shed 1.94 per cent to close at N7.60 per share.

However, the total volume traded dropped by 10.5 per cent to 239.22 million shares, worth N2.28 billion, and traded in 3,585 deals.

In spite of the growth recorded by market indices, the volume of shares traded closed lower with an exchange of 239.22 million shares worth N2.28 billion in 3,585 deals.

This was against a turnover of 267.31 million shares valued at N3.05 billion achieved in 4,074 deals on Wednesday.

Transactions in the shares of FBN Holdings topped the activity chart with 74.03 million shares valued at N558.42

million.

Transcorp followed with 19.19 million shares worth N19.57 million, while Zenith Bank traded 18.31 million shares valued at N342.45 million.

Guaranty Trust Bank sold 17.23 million shares worth N506.18 million, while UBA transacted 14.16 million shares valued at N107.57 million.

In another development, the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, says if Governors and private sectors collaborate with the CBN, on agriculture, and industry, such synergy could result in annual creation of 10 million jobs.

Emefiele said this during a meeting with governors of Cassava Producing States in Abuja on Thursday.

News Agency of Nigeria (NAN) reports that CBN also signed a Memorandum of Understanding (MoU) with Nigeria Cassava Growers Association and Large Scale Cassava Processors at the event.

He said the 100 million jobs in 10 years President Muhammadu Buhari set as part of his agenda was achievable.

According  to him, if all stakeholders work together, 10 million jobs can be created annually.

“Creating 10 million jobs yearly should be a collective efforts and all hands must be on deck to achieve that.

“Achieving this, the states need to be economically viable, for states to be economically viable, it means CBN and the state Governors need to partner to see how we can harness the potential that are inherent in the states.

“We need to do it so that those who are farming can have access to finance so that they can produce not just for consumption but in commercial quantities.

“For instance, the value chain in cassava production alone has enormous potential for employing more than two million people in the country if well harnessed.

“We place a high premium on cassava because the commodity can generally be used for different purposes along the value chain due to the diverse secondary products that it offers.

“Some of the products include High Quality Cassava Flour (HQCF), Starch, Sugar Syrups and Sweeteners and Chips.

He added that cassava could also be used as domestic livestock feed and for export to China, Ethanol and bio-fuels, High Fructose Cassava Syrup (HFCS), Fuel Ethanol (E10) as well as Animal Feed from cassava waste among others.

Also speaking, Gov. Kayode Fayemi of Ekiti state commended Emefiele’s zeal to develop agriculture.

Fayemi said South-West where he hailed from produced bulk of cassava in the country.

He said the states in the zone had various cassava processing plants but had no require quantity of cassava to use those plants.

On insecurity,  Fayemi said it should be addressed as herders and farmers’ clash was still a threat to boosting agriculture.

The governors of Ekiti, Ondo and the Deputy Governor of Ogun attended the event.

 

About the author

Maritime First