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Equity market records losses, indices down 0.29%

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

The equity market recorded a loss of N78 billion or 0.29 per cent on Tuesday as market capitalisation closed at N26.373 trillion compared with N26.451 trillion posted on Friday.

Similarly, the All-Share Index dipped by 144.42 points or 0.29 per cent to close at 48, 879.74 from 49,024.16 recorded on Friday.

Also read: NGX rebounds, capitalisation gains N14bn

Selloffs in Tier-one banks such as Zenith Bank, Access Holding, FBN Holding and Guaranty Trust Holding Company (GTCO) were the primary drivers of the market’s weak performance.

As a result, the year-to-date (YTD) return fell to 14.43 per cent.

Analysts at Vetiva Securities Ltd. said, “We expect another mixed day of trading tomorrow, amid bargain hunting activities across the board as investors continue to tread cautiously in the market.”

Overall there were nine gainers and 21 losers, with Multiverse Mining and Exploration leading the gainers’ chart with 9.76 per cent to close at N4.05 per share.

RTBriscoe followed with a rise of 8.82 per cent to close at 37k, while NGX Group gained by 7.5 per cent to close at N21.50 per share.

AIICO Insurance rose by 5.77 per cent to close 55k per share. Africa Prudential appreciated by four per cent to close at N5.20.

Conversely, International Breweries led the losers’ chat with a depreciation of 9.09 per cent to close at N4.50 per share.

Red Star Express declined by 7.83  per cent to close at N2.12, while Sovereign Trust Insurance went down by 7.41 per cent to close at 25k per share.

Japaul Gold and Ventures fell by 7.14 per cent to close at 26k per share.

Also, Consolidated Hallmark Insurance lost by 7.02 per cent to close at 53k per share.

A total of 125.95 million shares valued at N3.07 billion were exchanged in 4.145 deals.

GTCO recorded the highest volume of 17.19 million shares traded worth N1.26  billion.

Zenith Bank followed, having sold 14.39 million shares valued at N283.88million.

United Bank for Africa(UBA) traded 10.67 million shares worth N73.19 million, while NGX Group sold 8.35 million shares amounting to N173.92 million.

Also, Chams sold 6.78 million shares worth 1.87 million.

 

Economy

YULETIDE Decorations: LASG To Divert Traffic At Ajose Adeogun

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YULETIDE Decorations,: LASG To Divert Traffic At Ajose Adeogun

The Lagos State Government will divert Traffic, away from a section of Ajose Adeogun Street in Victoria Island, for the mounting of end-of-the-year decoration, for a duration of three weekends starting from Saturday 19th October 2024.

The aforementioned exercise, according to Commissioner for Transportation, Oluwaseun Osiyemi,  will be carried out in three phases with each phase focusing on different sections of the street. 

To this end, the following alternative routes have been mapped out for motorists during the cause of the mounting; 

 During the First Phase which will cover Jubril Martins to Chicken Republic – (Saturday, 19th and Sunday, 20th October 2024)

Traffic inward Eko-Hotel Roundabout will be diverted to the other half (existing section) of Ajose Adeogun Street by VCP Hotel to form contra-flow traffic and exit at Eko-Hotel Roundabout to continue journeys.

Alternatively, Traffic inward to Eko-Hotel Roundabout from VCP Hotel will be diverted through Jubril Martins into Muri Okunola to link Patience Coker and access Ajose Adeogun Street to connect destinations.

During the Second Phase which will cover Molade Okoya Thomas to Mounis Bashorun section – (Saturday, 26th and Sunday, 27th October 2024). 

Traffic inward Ajose Adeogun Street from Eko-Hotel Roundabout will be diverted to a right turn into Molade Okoya Thomas to link Younis Bashorun to access Ajose Adeogun Street to continue journeys. 

During the Third phase of the project spanning 10 meters inward Ajose Adeogun (Saturday, 2nd November, 2024).

Motorists from Adetokunbo Ademola Street will maintain a lane movement for about 10 metres into Ajose Adeogun Street to connect their destinations, while Motorists inward Eko-Hotel Roundabout on Ajose Adeogun Street will maintain a lane movement for about 10 metres into Eko-Hotel Roundabout.

The Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi while imploring Motorists to note the ease of movement plan assured that the State’s Traffic Management Authority will be on ground to manage vehicular activities along the corridor to minimise inconveniences.

The Commissioner therefore advised Motorists to be patient, as the Partial closure is part of the traffic management plans for the commencement of End of Year Decoration of Ajose Adeogun Street, Victoria Island, Lagos, by Zenith Bank PLC.

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Economy

NLC Kicks, Says Petrol Hike Will Further Deepen Poverty, Job Loss

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NLC kicks, Says Petrol Hike Will Further Deepen Poverty, Jobs Lost

The Nigeria Labour Congress (NLC) has kicked against the current petrol price hike, stressing that the latest increase in the pump price of petrol will further deepen poverty as production capacities dip.

The Congress added that the increase would lead to more job loss with multidimensional negative effects, and therefore, demanded its immediate reversal.

NLC’s position is contained in a statement signed by its President, Mr Joe Ajaero on Wednesday in Abuja, titled, “What next after increase in pump price?”.

The labour leader said the previous increases had not produced any good results, rather, people only got poorer.

He said the Congress was dismayed by the latest increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.

“Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly.

“We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.

“It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities,” he said.

It would be recalled that the Nigerian National Petroleum Company Limited (NNPCL) had raised the pump price of petrol by 14.8 per cent to N1,030 per litre from N897 across its retail outlets in the FCT.

Earlier in September, the NNPCL had increased the price of the product from N615 to N897.

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Economy

LASG Signs Mou For Green Line Mass Transit

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LASG Signs Mou For Green Line Mass Transit

…Assures that rail transit will seriously improve commuting within the metropolis

The Lagos State Government has signed a Memorandum of Understanding for the Green Line Rail Mass Transit Project which is to span the expanse of Lekki corridor within the state.

The Commissioner for Transportation, Mr. Oluwaseun Osiyemi highlighted this, in response to questions raised by the Lagos State House of Assembly Committee on Transportation, led by Hon. Temitope Adewale, the Chairman during a courtesy visit of the committee to the ministry.

The Transport Commissioner stated that the addition of the Green Line to the existing Blue Line which has transported over 2 million passengers since its inception and the Red Line which will convey 750,000 passengers daily at its kick-off, will significantly improve commuting within the state. He also said that the plan for the second phase of the Blue Line, Mile 2 to Okokomaiko is underway.

Mr. Osiyemi also disclosed that the Ministry was currently working on creating 2 Interchanges to ensure the interconnectivity of the modes especially in areas where all of the available modes exist (Road, Water and Rail), adding that the interconnectivity of the modes was deliberate to ensure that there is no lacuna in the implementations of these plans.

Speaking on the areas of concern raised about the Lekki-Epe Corridor and the impact of the refinery along the axis, the Commissioner elaborated on the modality of the E-call Up System.

He explained that 7 trailer parks are available to prevent trucks from loitering on the corridor as well as an RFID which will ensure compliance with the e-call-up system as it will expose any truck not scheduled to be at the port or parks.

He also revealed that plans are also underway to ensure containers are moved via water on barges in ten’s to further reduce the congestion on the corridor.

In affirmation, the Permanent Secretary, Mr. Olawale Musa explained that the number one hindrance to fully digitised enforcement is the lack of data.

He decried that many motorists especially commercial vehicles submit incorrect data to the Government due to the use of agents to procure vital vehicular and driver documentation hence the continued use of physical enforcement. 

He further stated that the Ministry has prioritized training of its enforcement and traffic management officers to ensure that they deliver on providing sanity on Lagos roads.

The Chairman House Committee on Transportation, Hon. Temitope Adewale applauded the Ministry for living up to its responsibility as the first on the THEMES+ Agenda, he enjoined the Ministry to provide a project status report to enable the House of Assembly to monitor and stay abreast of the plans of the ministry and as well support the projects in line with their functions as representatives of the people.

Expatiating on the development, the Deputy Director Public Affairs, Bolanle Ogunlola (Mrs.) noted the presence of other members, which included Hons. Afinni Olanrewaju, Slyvester Ogunkelu, Olootu Emmanuel and Kazeem. O, alongside other Officers from the Lagos State House of Assembly, as well as the Management of the Ministry of Transportation.

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