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Buhari lauds Borders’ Closure, for yielding positive results

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President Buhari appoints Dr Yakusak as new CEO of NEPC

…As Oil heads for 7% weekly gain after Saudi attacks***

President Muhammadu Buhari on Friday lauded the ongoing closure of Nigerian land borders for a limited period in a bid to curb massive smuggling, saying the gesture is already yielding positive result for the economy.

The president stated this when he received a delegation from the Nigerian Association for Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) at the State House, Abuja.

The delegation also comprised of the Federation of West African Chambers of Commerce and Industry (FEWACCI) and representatives of the Organised Private Sector (OPS).

Buhari said that the closure was necessitated by the lack of adherence to the business ideals by various stakeholders which was detrimental to the country and its people.

“After many years of diplomacy and aggressive regulatory oversight which yielded few results, we decided to close our land borders for a limited time to assess the impact of this measure.

“Within a few short weeks, we are already seeing a decline in the volumes of counterfeit smuggled goods in some of our major markets across the country.

“This validates our action as a Government when we insist that the African Continental Free Trade Agreement (AfCFTA) must not only promote free trade, but legal trade of quality made in Africa goods and services,” he said.

Buhari says everyone must play by the rules when it comes to trade and business activities that are central to Nigeria’s economic development.

He added that his administration would ensure that the trade and business sector continues to flourish in job creation.

He said: “Unfortunately, in recent times, many traders simply do not play by the rules.

“Our markets are flooded with smuggled and counterfeit goods. By these selfish practices, we help keep foreign factories working while closing ours.

Also read:  Border closure boosts local rice patronage

“From medicines to electronics to food items, our potential to manufacture and create jobs locally is severely hindered by a handful of Nigerians who choose profits over patriotism.

“We have all heard stories about the dangerous and sometimes, fatal impact of fake drugs and foods on our citizens.

“We have also seen how fake electrical items have led to fires in homes and markets thereby destroying lives and properties.

“Most of these substandard and illegal items are smuggled through our land borders.’’

According to the president, his administration will continue to solicit the support of the organised private sector, both in Nigeria and across West Africa, to bring an end to the dumping of substandard items.

He urged the Association to continue its ‘‘positive and patriotic contribution’’ towards achieving a free trade area that employs Africans to produce quality made in Africa products.

“We will soon finalise the National Action Committee on the implementation of the African Continental Free Trade Area. Your Association is a member of this committee.

“I expect you to continue your positive and patriotic contribution to support us in achieving a free trade area that employs Africans to produce quality made in Africa products,’’ the President said.

In her remarks, Hajiya Saratu Aliyu, President FEWACCI, NACCIMA and OPS, commended the recent decision by the President to constitute a new economic team to steer the Nigerian economy on the path of sustainable growth.

On the Economic Advisory Council (EAC), she said: ”NACCIMA, FEWACCI and indeed the OPS are full of hope that a new era is on the horizon with the calibre of persons on the team which reassures us at the OPS that Government is ready to turn around the story of Nigeria.”

Aliyu also hailed significant accomplishments recorded in all sectors of the economy including but not limited to reduced corruption, foreign exchange stability, bottom of the pyramid programmes, increased ease of doing business, increased capital expenditures, among others.

The president of NACCIMA appealed for the President’s intervention in the provision of property within Abuja for the location of FEWACCI headquarters.

She also briefed the President about the 21-point NACCIMA programme, tagged ‘‘Unleash the Giant’’.

She added that the association intended to engage the Federal Government on 16 of those stated points with the goal of ensuring business growth and socioeconomic advancement through public and private sector collaboration.

Meanwhile, oil prices were on track for their biggest weekly jump since January, lifted by rising Middle East tensions after a key Saudi Arabian supply hub was knocked out by an attack last weekend.

A Saudi-led coalition launched a military operation north of Yemen’s port city of Hodeidah while the United States worked with Middle East and European nations to build a coalition to deter Iranian threats after the Saudi attack.

Brent crude LCOc1 was up more than 7 per cent from last Friday’s close, the biggest weekly rise since January, with the front-month November contract up 28 cents at 64.69 dollars a barrel by 1347 GMT.

U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 34 cents to 58.47 dollars a barrel, set for a weekly gain of almost 7 per cent.

“Investors should probably assume that oil stabilizes for now in the 60-65 dollars per barrel range, though the risk is to the upside,” said Jefferies analyst Christopher Wood.

“The central message from the attacks is the vulnerability of the Saudi infrastructure.”

Saudi Arabia’s production dropped by almost half after the attack on Sept. 14 crippled a major oil processing facility. Its oil minister has pledged to restore lost production by the end of this month.

Reuters reporters were shown repair work under way at both the Khurais field and the Abqaiq oil processing facility hit by the attack.

Saudi Aramco said at the site on Friday that it was shipping equipment from the United States and Europe to rebuild the damaged facilities.

It also said that Abqaiq is expected to have full capacity restored by the end of the month.

The United States and Saudi Arabia blame Iran for the assault on Saudi oil facilities. Tehran denies any involvement.

“You have the flooding in Houston as well, so going into the weekend there will be a lot of short-covering, which will support prices,” said Olivier Jakob of consultant Petromatrix.

“Next week, you have the United Nations General Assembly meeting so the focus will turn to whether U.S. President Trump actually meets Iran’s president.”

In the United States, meanwhile, torrential rain from Tropical Storm Imelda has forced a major refinery to cut production and to shut a key oil pipeline, terminals and a ship channel in Texas.

Exxon Mobil Corp shut some units at its 369,024 barrel per day (bpd) Beaumont refinery while Valero Energy Corp reduced production at its 335,000 bpd Port Arthur refinery.

 

 

With additional reports from Reuters

 

Economy

N672Bn: Sell-offs in Dangote Cement, MTN, Others Push Equity Down By 1.23%

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Dangote Cement, Conoil lead losers table

Selloffs in the shares of Dangote Cement, Conoil, and MTN Nigeria, among others, on Friday, dragged the equity market’s performance indices down by 1.23 percent to close the week’s trading sessions.

Specifically, investors lost N672 billion or 1.24 percent, as the market capitalisation, which opened at N54.707 trillion, closed at N54.035 trillion.

The All-Share Index also lost 1.24 percent or 1.228.32 points, to settle at 98,751.98, as against 99,980.3 recorded on Thursday.

Consequently, the Year-To-Date (YTD) return on the index dropped to 32.07 percent.

Selloffs in Dangote Cement, MTN Nigeria,  Fidelity Bank, Sovereign Trust Insurance, and Nestle made the market performance negative terrain.

Analysis of the market activities showed trade turnover drop when compared to the previous session, with the value of transactions down 22.01 percent.

A total of 367.62 million shares valued at N6.78 billion were exchanged in 9,168 deals, compared to 542.95 million shares valued at N8.70 billion exchanged in 9,650 deals posted previously

Meanwhile, Dangote Cement and Conoil led the losers’ table by percentage terms of 10 each to close at N135, and N90.90 per share respectively.

MTN trailed by 9.96 percent to close at N200.70, Thomas Wyatt Nigeria lost 9.78 percent to close at N2.03, while Sovereign Trust Insurance shed 6.52 percent to close at 43k per share.

On the gainers’ table, The Initiative Plc and FTN Cocoa Processors led by 10 percent each to close at N1.98 and N1.65 per share respectively.

Juli Plc followed closely by 9.97 percent to close at N3.75, Champion Breweries Plc gained 9.94 percent to close at N3.76 and PZ Nigeria rose by 9.93 percent to close at N33.75 per share.

On the activity table, Transcorp led in volume with trade of 57.00 million shares valued at N792.05 million, while Access Corporation sold 31.77 million shares worth N667.8 million.

United Bank of Africa (UBA) traded 28.50 million shares valued at N674.07 million and Fidelity Bank transacted 28.07 million shares worth N297.65.

Also, First City Monumental Bank(FCMB) sold 27.92 million shares worth N227.22 million.

However, market breadth closed positive with 43 gainers and eight losers on the trading floor

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Economy

Equity Market Recovers, Investors Gain N390bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Sunu Assurances, CWG Plc lead the losers’ table

The Nigerian equity market on Thursday recovered from its three sessions losses, making investors to gain N390 billion.

Improved buy interest in the shares of Guaranty Trust Holding Company(GTCO), Zenith Bank, FBN Holdings, NEM Insurance, Juli Plc, among other top traders, pushed the market performances up.

Specifically, the market capitalization, which opened at N54.317 trillion, gained N390 billion or 0.72 percent and closed at N54.707 trillion.

The All-Share index also rose by 0.72 percent or 714 points to close at 99,980.3 points, compared to 99,266.02 recorded on Wednesday.

Consequently, the Year-To-Date return rose to 33.71 percent.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

Analysis of the market activities indicated that trade turnover settled higher relative to the Wednesday 5 session, with the value of transactions increased by 49.27 percent.

The market breadth closed positive with 35 gainers and 19 laggards on the trading floor.

On the gainers table, GTCO, NEM Insurance, Juli and United Bank of Africa(UBA) led in percentage terms of 10 each to close at N36.60, N6.60, N3.41 and N22.55 per share, respectively.

ALSO READ: NAFDAC NATIONAL STRATEGIC ACTION PLAN: Partners With Pharmaceutical Supply Chain Stakeholders

Champion Breweries also gained 9.97 percent to close at N3.42 per share.

On the other hand, Sunu Assurances led the losers’ table by 10 percent to close at N1.17, followed by Eterna Plc by 9.81 percent to close at N14.25 per share.

CWG Plc trailed by 9.76 percent to close at N9.55, Morison Industries Plc shed 9.58 percent to close at N1.51 and Cadbury Nigeria lost 9.52 percent to close at N19 per share.

A total of 542.95 million shares valued at N8.70 billion were exchanged in 9,650 deals, compared to 396.23 million shares valued at N5.83 billion exchanged in 10,549 deals posted on Wednesday.

On the activity table, UBA led in volume and value with 93.71 million shares traded in deals worth N2.07 billion, Transcorp followed with 54.08 million shares traded in a value of N692.19 million.

Japaul Gold Group sold 34.33 million shares worth N65.77 million, Sterling Nigeria transacted 28.49 million shares valued at N129.15 million and Fidelity Bank sold 27.09 million shares worth N270.74.

Meanwhile, market breadth closed positive with 35 gainers and 19 laggards on the trading floor.

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Economy

NGX Opens Week Weakly, As Market Sheds N1.82trn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

 …MTN and Dangote Cement lead the Losers’ Table 

Transactions resumed on the Nigerian Exchange Ltd. (NGX), on Monday, on a negative posture with the market indices declining by 3.15 percent due to selloffs.

Specifically, the market capitalisation which opened at N57.849 trillion, shed N1.82 trillion or 3.15 percent to close at N56.028 trillion.

Similarly, the All-Share Index(ASI) also dropped by 3.15 percent or 3,330 points to settle at 102,393.23, compared to 105,722.78 achieved on Friday.

As a result, the ASI Year-To-Date (YTD) return fell to 36.94 percent.

The market was dragged down due to selloffs in the shares of MTN Nigeria, Dangote Cement, and Zenith Bank.

On the losers’ table, MTN and Dangote Cement led in percentage of 10 each to close at N247.50 and N686.70 per share, respectively.

NGX Group trailed by 9.76 percent to close at N22.20, NEM insurance dropped 9.74 per cent to close at N6.95, while Tantalizers lost 9.52 percent to close at 38k per share.

On the contrary, Juli Plc led the gainers table by 9.52 percent to close at N1.61.

Dangote Cement followed with an increase of 8.64 percent to close at 88k per share.

Sunu Assurances garnered 6.74 percent to close at N1.90, while ABC Transport gained 6.67 percent to close at 96k per share.

Nigerian Aviation Handling Company Plc (NAHCO) also appreciated by 5.86 percent to close at N30.70 per share.

On the activity chart, Guaranty Trust Holding Company (GTCO) led with a trade of 28.85 million shares valued at N1.13 billion.

Also, Transcorp sold 20.14 million shares worth N275.93 million, while Access Holdings traded 15.90 million shares worth N359.5 million.

FBN Holdings sold 15.87 million shares worth N450.74 million and Zenith Bank transacted 15.84 million shares valued at N568.04 million.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 7.58 percent.

Meanwhile,  273.85 million shares valued at N7.44 billion were exchanged in 9,688 deals, compared to 342.52 million shares worth N8.05 billion in 8,395 deals on Friday.

Meanwhile, the market breadth closed negative with 36 declining stocks and 16 that appreciated.

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