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Asset Reclassification: NSE market capitalisation hits N14trn

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The Nigerian Stock Exchange (NSE) on Monday opened for the week on a positive note with the market capitalisation hitting N14 trillion mark for the first time after three years.

The market capitalisation rose above N14 trillion to N14.181 trillion for the first time after gaining N350 billion or 2.38 per cent as against N13.851 trillion on Friday.

The last time market capitalisation hovered around N14 trillion was in the half year of 2014.

The NSE All-Share Index also extended gains, increasing by 926.39 points or 2.38 per cent compared to 38,923.26 achieved on Friday.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd attributed the development to assets reclassification and allocation funds by fund managers to reposition for the new year.

Omordion said that fund managers were taking position in the equity market being the quickness window for return, especially as earnings reporting season was around the corner.

He said that the fund managers were optimistic that positive economic data would likely lead to high dividend payout as companies announce their 2017 audited results.

An analysis of the price movement showed that Dangote Cement led the gainers’ table for the day, growing by N11.15 to close at N234.26 per share.

Mobil Oil followed with a gain of N8.50 to close at N178.50, while Guinness garnered N4.40 to close at N100 per share.

Conoil Oil added N3.10 to close at N32.41, while Nigerian Breweries increased by N1.90 to close at N140 per share.

Conversely, Vitafoam recorded the highest loss to lead the losers’ table, declining by 16k to close at N3.09 per share.

Dangote Sugar trailed with a loss of 15k to close at N21.70, C & I Leasing was down by 7k to close at N1.36 per share.

Africa Prudential Registrar was down by 5k to close at N4.48, while NPF Microfinance Bank Plc went down by 4k to close at N1.33 per share.

Transcorp led the activity chart, exchanging 115.19 million shares worth N203.28 million.

It was followed by Nigerian Breweries with an account of 88.29 million shares valued at N12.36 billion, while Diamond Bank traded 82.72 million shares worth N162.32 million.

FCMB Group exchanged 41.16 million shares valued at N80.07 million, while FBN Holdings sold 40.49 million shares worth N379.13 million.

The volume of shares traded closed lower as investors bought and sold 604.53 million shares valued at N16.17 billion in 5,769 deals.

This was in contrast with a turnover of 753.31 million shares worth N11.02 billion exchanged in 7,253 deals.

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Economy

Sanitary Pads: Reps Query Minister Over N65m Spent On New Year Party, Others

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 The Minister of Women Affairs, Mrs Uju Kennedy-Ohaneye has drawn the ire of the House of Representatives following the unguarded manner she allegedly spent monies which included expenditures of N45 million for a New Year party and, N20 million for sanitary pads.

The House of Representatives which has now queried the minister, also frowned on her other unrelated expenditure which includes N1.5 million for vehicle fuel.

Rep. Kafilat Ogbara, Chairman, House Committee on Women Affairs, led the interrogation of the Minister, over the non-payment of N1.5 billion to contractors despite the fund release in Abuja.

She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry.

The committee also investigated the alleged diversion of funds meant for contractor payments, following a petition from contractors.

The committee also sought clarification on funds appropriated for the African First Lady’s mission and the whereabouts of the N1.5 billion meant for contractor payments.

The minister however denied the allegations of misappropriation, overspending, and non-payment to contractors.

The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts.

It would be recalled that the committee had at its last sitting summoned the minister to appear before it to explain the rationale behind the non-payment.

The committee also ordered the stoppage of all 2024 contract processes by the Ministry of Women’s Affairs until the whereabouts of the money for the said contracts are determined

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Economy

LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaningful

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LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaning

…NRC Boss, Engr. Okhiria is Pointman

The Town and the Gown will on Tuesday converge at the Lagos State University (LASU), in a mutual fusion of quality and sustainable ideas, as the Managing Director, Nigeria Railways Corporation speaks on where the eggheads necessarily need to intervene, for the overall benefit of the nation.

NRC Boosts Passenger- Safety With  Strong Armed Forces Collaboration 
Engr. Fidet-Okhiria

Prof. Bamidele Badejo who is now back in LASU, confirmed this to the Maritime First, highlighting that Engr. Freeborn Okhiria would meticulously dissect a critical issue, titled: ‘From Exclusive Clause To Concurrent List: Potency for sustainable rail infrastructure development in Nigeria and the Lagos State example.

Oluwaseun Osiyemi, the Lagos State Commissioner of Transport, will be in attendance; at an event which will flag off by noon prompt, Tuesday 16th, July 2024, at the Femi Gbajabiamila Conference Centre.

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Economy

Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

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Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

The House of Representatives has ordered probes into the N1.12 trillion anchor borrowers scheme, an initiative of the Federal Government’s interventions and agricultural funding through the Central Bank of Nigeria (CBN).

Also included in the probe are the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the Bank of Industry (BoI) and other agencies.

The resolution followed the adoption of a motion by Rep. Chike Okafor (APC-Imo) on the floor of the House in Abuja on Tuesday.

Presenting his motion, Okafor linked the growing food scarcity and malnutrition in Nigeria to the alleged mismanagement of agricultural funds intended for agricultural development in the country.

He said the Federal Government had expended N8 trillion in 8 years on various schemes and interventions in the last eight years with the view of making food available for millions of Nigerians.

He added that the alleged mismanagement, misapplication of funds and abuse of the programmes had left Nigeria with the twin challenges of food scarcity and malnutrition.

Okafor said that funds advanced to end users of the various Federal Government interventions had also been allegedly misused, misapplied and channelled to non-farming and non-agricultural purposes.

This, he said, was responsible for the current acute scarcity of food in the country.

Adopting the motion, the House mandated the Committee on Nutrition and Food Security as well as the Committee on Agricultural Production and Services; Agricultural Colleges and Institutions and Finance, to probe

The Committees were mandated to thoroughly investigate CBN’s alleged mismanagement of the Anchor Borrowers Program (ABP) for which ₦1.12 trillion was to be disbursed to 4.67 million farmers.

The farmers were said to be involved in either maize, rice or wheat farming through 563 anchors.

The committees are to look into NIRSAL’s disbursement of ₦215,066,980,274.52, to facilitate agriculture and agribusinesses.

The House gave the committees four weeks to report back to the House.

The house also mandated the committees to equally assess how the Bank of Industry (BOI) disbursed N3 billion to 22,120 smallholder farmers through the Agriculture Value Chain Financing (AVCF) Programme.

The committee is also to investigate the handling of the N5 billion loan facility to the Bank of Agriculture (BOA) for livestock farmers across the country.

This will include the management of the National Agricultural Development N1.6 billion Recovery Fund for the Ginger Blight Epidemics Central Taskforce (GBECT).

This is for the control of Blight disease in Ginger, among other interventions. 

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