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Lafarge Africa leads price losers on NSE with N2.39 loss



NSE: Indices drop by N109bn after Sallah break

Lafarge Africa on Tuesday topped the price losers’ chart on the Nigerian Stock Exchange (NSE) for the second consecutive day with a loss of N2.39 to close at N54.50 per share.

The News Agency of Nigeria (NAN) reports that the stock also recorded the highest price loss on Oct. 9, shedding 42k to close at N56.89 per share.

Further breakdown of the price laggards’ table showed that Nigerian Breweries came second with loss of N1.10 to close at N168.90, while C &I Leasing was down by 18k to close at N1.74 per share.

FBN Holdings shed 6k to close at N6.08, while Diamond Bank declined by 5k to close at N1 per share.

The All-Share Index lost 55.33 points or 0.15 per cent to close at 36,776.60 from 36,831.93 achieved on Monday.

Similarly, the market capitalisation, which opened at N12.678 trillion, shed N19 billion or 0.15 per cent to close at N12.659 trillion.

Conversely, Flour Mills led the price gainers’ table with N1.13 to close at N29 per share.

Cement Company of Northern Nigeria followed with a gain of 86k to close at N9.32, while PZ Industries gained 50k to close at N23.74 per share.

Cadbury rose by 40k to close at N10.40, while Northern Nigeria Flour Mills grew by 27k to close at N5.77 per share.

Banking stocks remained the most active with Diamond Bank emerging the most active for the day, trading 215.76 million shares worth N215.73 million.

Fidelity Bank followed with 15.01 million shares valued at N20.72m, while FCMB Group sold 14.59 million shares worth N15.34 million.

Guaranty Trust Bank exchanged 13.84 million shares valued at N580.91 million, while Zenith International Bank traded 9.20 million shares worth N232.86 million.

NAN reports that in all, the volume of shares transacted rose by 34.72 per cent as investors exchanged 353.19 million shares valued at N3.26 billion in 4,201 deals.

This was in contrast to 262.17 million shares worth N2.99 billion in 4,283 deals on Monday.

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



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



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



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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ADEBAYO SARUMI: Doyen of Maritime Industry Marks 80th Anniversary, Saturday 

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