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Inflation pushes Stock Market down by N655bn; Naira exchanges N441.25 to Dollar

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Equity Market Extends Gains by N63bn; Geregu, SCOA Lead Laggards’ Table

The market capitalisation of the Nigerian Exchange Ltd (NGX) dropped by N655 billion, following the hike in the nation’s inflation rate to 20.77 per cent.

The newsmen report that the National Bureau of Statistics (NBS) on Monday announced the inflation rate for September, standing at 20.77 per cent as against 20.5 per cent in August.

Also read: NGX: Market declines by N4bn; Naira depreciates to N441.83 to Dollar

The market capitalisation lost N656 billion or 2.53 per cent to close at N25.254 trillion from N25.909 trillion recorded on Friday.

Similarly, the All Share Index (ASI) decreased by 1,203.09 basis points or 2.53 per cent to close at 46,365.95 basis points compared with 47, 569.04 posted on Friday.

The downturn was impacted by losses recorded in Airtel Africa Plc.

Similarly, the stock market’s weak performance was driven by selloffs in Airtel Africa, depreciating by 10 per cent.

Analysts at United Capital Plc said bargain hunting would continue as investors looked forward to the third quarter ended September, thus cherry-picking stocks with great underlying fundamentals.

“However, we maintain that the broader equities market will remain in a lull pending the release of Q3, 2022 results,” United Capital said.

However, market breadth closed positive, with 14 gainers versus five losers. PZ Cussons Nigeria recorded the highest price gain of 9.52 per cent to close at N9.20, per share.

University Press followed with a gain 9.33 per cent to close at N1.64, while Courteville Business Solutions appreciated by 4.35 per cent to close at 48 kobos, per share.

Cutix went up by 3.50 per cent to close at N2.07, while Wapic Insurance appreciated by 2.86 per cent to close at 36 kobo,  per share.

On the other hand, Airtel Africa led the losers’ chart by 10 per cent to close at N1,620.00, per share.

Sovereign Trust Insurance followed with a decline of 7.14 per cent to close at 26 kobos, while AIICO Insurance went down by 7.02 to close at 53 kobos, per share.

Dangote Sugar Refinery lost 2.80 per cent to close at N15.60, while Fidson Healthcare shed 2.51 per cent to close at N8.94, per share.

The total volume traded rose by 10.89 per cent to 137.983 million shares, worth N4.317 billion, and traded in 3,234 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 33.715 million shares valued at N609.863 million.

Courteville Business Solutions followed with 26.138 million shares worth N12.545 million, while Fidelity Bank traded 19.980 million shares valued at N69.022 million.

Sterling Bank traded 8.930 million shares valued at N13.767 million, while United Bank for Africa (UBA) transacted 6.526 million shares worth N45 million.

In another development, the Naira on Monday appreciated slightly against the dollar at the Investors and Exporters window, exchanging at N441.25.

The figure represented an increase of 0.03 per cent compared with the N441.38 it exchanged for the dollar before the close of business on Oct. 14.

The open indicative rate closed at N439.63 to the dollar on Monday.

An exchange rate of N442.50 to the dollar was the highest rate recorded within the day’s trading before it settled at N441.25.

The Naira sold for as low as N425 to the dollar within the day’s trading.

A total of 46.21 million was traded in foreign exchange at the official investors and exporters window on Monday.

 

 

Economy

Lagos-Ibadan Expressway Rehabilitation: LASG announces traffic diversion at Old Tollgate/ Berger axis

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Lagos-Ibadan Expressway Rehabilitation: LASG announces traffic diversion at Old Tollgate/ Berger axis

In continuation of the ongoing rehabilitation of the Lagos-Ibadan Expressway by the Federal Ministry of Works, the Lagos State Government has announced that traffic will be diverted at the Old Tollgate to Berger section of the road from Monday 30th January till Friday 15th April 2023.

In the notification received by the Lagos State Ministry of Transportation, it was disclosed that the construction will be carried out in short segments to minimize inconveniences for Motorists while traffic on the Ibadan-bound carriageway will be narrowed to two lanes to allow for the reconstruction of half of the Ibadan bound carriageway.

The Transport Commissioner, Dr. Frederic Oladeinde further stated that the U-turn in front of the Lagos State Emergency Centre will be temporarily closed to traffic, adding that Motorists on the Expressway will be diverted to the next U-turn at the Old Toll Gate by the traffic control point.

 In the same vein, Traffic from CMD Road intending to connect 7UP and Motorways on the Lagos bound carriageway will make use of the Old Tollgate/Traffic Point U–turn as well.

He equally stressed that trucks and heavy-duty vehicles will be diverted to Ojota Interchange. 

The Commissioner also explained that traffic on CMD Road inbound the Expressway will be diverted to the entry point beside the FMW weighbridge to access the Expressway on a contraflow as the exit route to the Expressway by Caleb International School will equally be temporarily closed, adding that CMD Road will be used as an alternative for the displaced Ibadan bound traffic.

Oladeinde appealed to the citizenry to shun indiscriminate stopping, waiting and parking along CMD Road as it will complement the efforts of the Traffic Management Team that will be deployed to manage vehicular movement. He also affirmed that signage with directions will be mounted along the road to guide Motorists.

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LASG Issues Travel Advisory Ahead Of Students Rave Event

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LASG Issues Travel Advisory Ahead Of Students Rave Event

… Says traffic will be restricted between Police Zonal Headquarters, Zone 2 and Onikan Roundabout from 7:00 am*** 

The Lagos State Government has advised Motorists to plan their movement around Mobolaji Johnson Arena, Old Onikan Stadium, Lagos Island ahead of the Students Rave 2023 event scheduled for Friday, 27th January 2023.

As a result of the above rally, the Commissioner for Transportation, Dr. Frederic Oladeinde disclosed that traffic will be restricted between Police Zonal Headquarters, Zone 2 and Onikan Roundabout from 7:00 am on the aforementioned day. He assured that Officers of the Lagos State Traffic Management Authority, (LASTMA) will be available to manage traffic flow.

Explaining the alternative routes, Oladeinde advises Motorists plying Island Club road by Police Headquarters Zone 2, Onikan to go through Ozumba Mbadiwe road inbound Falomo Bridge (Five Cowries Bridge) to link Alfred Rewane and Osborne road to complete their journeys.

In the same vein, Motorists from Bonny Camp according to the diversion plan can access CMS/Marina Bridge after Independence Bridge (Mekunwen Bridge) and loop it down towards Cathedral Church to connect Lagos Island proper through Odunlami Street for their desired destinations,

The Transport Commissioner also advises Motorists to utilize Force road beside Muson Centre to link J.K Randle Avenue (Race Course) or go through Onikan Roundabout to connect JK Randle Avenue/Water Board area to access CMS Bridge by the State House/Old NITEL Building.

He further explained that Water Board inbound Broad Street to Tinubu Square will be available to Motorists, adding that they can equally access Old Defense road/ Ganiyu Smith from Water Board to link Igbosere/Sandgrouse to Simpson Street and connect Third Mainland Bridge to continue their journeys to other parts of the State.

The Transport Commissioner reiterated that Security and Law Enforcement Agencies will be at all strategic junctions and intersections to ensure the safety and security of all road users and the free flow of traffic within the perimeter of the venue and alternative routes outside the venue.

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Aregbesola: Immigration Produced More than 1.7m Passports in 2022

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Aregbesola: Immigration Produced More than 1.7m Passports in 2022

…Agrees there are human-induced challenges***

Minister of Interior, Ogbeni Rauf Aregbesola, said in Abuja on Thursday that the Nigeria Immigration Service (NIS) produced more than 1.7 million passports in 2022.

Fielding questions at the 64th edition of the State House briefing organised by the Presidential Communications Team, Aregbesola said the figure was a landmark achievement.

He rated the Ministry of Interior and its agencies as having scored above 80 percent in terms of performance.

“By Dec. 31, 2022, we produced more than 1.7 million passports.

“In the annals of Nigeria that has not happened before; as I am talking to you, we have more than 200,000 booklets in our store.

“We are not denying the fact that there are human-induced challenges if you look at the number of applications, vis-a-vis the number of passports produced.

“We are above 80 percent in performance; in any way, take it as given that we produced more than 1.7 passports in 2022,’’ Aregbesola said.

The minister said that a presidential directive had been issued with regard to the domestication of passport production.

He said the Ministry of Interior, in collaboration with the NIS, had impanelled a “project steering committee’ with a mandate to actualise the goal.

Aregbesola also said there was a major reformation and digitisation of passport issuance and administration as a temporary electronic passport had been introduced.

“We are digitising the process; my plan was to fully digitise the Ikoyi Registry in Lagos by Dec. 2022 but I could not fully achieve that.

“What does that mean? When this process is concluded, an applicant does not need to bring anything anymore; you complete your process online and by that time, you don’t need an agent.

“There can’t be racketeering. I am on it and I want to guarantee that we will do it before we leave.

“We have also concluded arrangements on the temporary passport issue; we have the passport, but we have some issues with our sister ministry – the Ministry of Foreign Affairs and we are solving it,’’ he said.

According to the minister, the temporary passport will facilitate a return to Nigeria for Nigerians living abroad if they need to get back in emergencies and did not have current passports.

Such Nigerians would return home, carrying their expired passports also, the minister said.

“Much as that won’t be a problem for us to take at our reception desk, some airlines could be difficult.

“I can even tell you that we are discussing with South Africa now; South Africa does not allow the use of expired passports as a nation contrary to International Civil Aviation Orgnanisation (ICAO) regulation.

“ICAO says that every citizen of a nation dead or alive cannot be denied entry to his home; which is logical anyway.

“The last time I treated a file from South Africa through the Ministry of Foreign Affairs, they were insisting that if one’s passport is not current, one cannot be taken in or out of South Africa’s space.

“It is their policy; you cannot deny a nation its national policies and programmes.

“To avoid that, we introduced what is called temporary electronic passport; it is a one-way passport to return home,’’ Aregbesola explained.

He said that under the temporary passport regime, citizens who had the data pages of their expired passports could take them to Nigeria’s embassies to get the temporary electronic passport after paying the appropriate fees.

“The temporary electronic passports are almost exactly the same as their expired passports.

“It does not have more than one page to take you home; when you hold the electronic passport, you cannot go anywhere but home.

“We are still in negotiation with the Ministry of Foreign Affairs,’’ Aregbesola said.

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