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NGX extends gaining streak by N263bn

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

… As Naira gains marginally, exchanges at N418 to dollar***

The Nigerian Exchange (NGX) Ltd. was bullish on Monday following investors’ interest in the agricultural and consumer goods sectors, which ensured the first gain of the week.

Specifically, the market capitalisation garnered N263 billion or 0.98 per cent to close at N27.024 trillion from N26.761 trillion on Friday.

Also read: Expert attributes NGX rally to uncertainties in fixed income securities

Also, the All-Share Index advanced by  or 0.98 per cent to close at 50,126.41 against 49,638.94 achieved on Friday.

Accordingly, the month-to-date gain printed 1.0 per cent while the year-to-date gain increased to 17.4 per cent, respectively.

Analysts at Vetiva Dealing and Brokerage said, “Just as expected, investors took profit today as we saw more stocks closing in the red compared to Friday.

“However, sectors like consumer goods, agriculture and industrials moderated the effect of the profit-taking activities and we are likely to see these sectors maintain their green close tomorrow.”

The insurance, oil and gas, as well as banking sectors, declined by 3.8 per cent, 1.4 per cent, and 1.0 per cent respectively, while the consumer goods gained by 3.3 per cent and industrial goods  by 3.0 per cent.

Overall, the market was positive with 31 gainers relative to 27 losers.

Wema Bank and Okumu Oil drove the gainers’ chart in percentage terms by 10 per cent each to close at N3.85per share and N161.70 per share, respectively.

Nigerian Breweries followed with a gain 9.98 per cent to close at N62.80, while Presco rose by 9.97 per cent to close at N157.70 per share.

Eterna Oil went up by 9.96 per cent to close at N6.62.

On the other hand, Oando Plc led the losers’ chart in percentage terms by 10 per cent to close at N5.67 per share.

TransExpress followed with 9.88 per cent to close at 73k per share.

Mansard Insurance shed 8.64 per cent to close at N2.20, while Ikeja Hotel lost 7.14 per cent to close at N1.30 per share.

Cutix dropped by 6.15 per cent to close at N2.29 per cent.

Also, the total volume traded declined by 89.55 per cent to 669.3 million units valued at N5.988 billion and exchanged in 7, 251 deals.

Transactions in the shares of Union Bank of Nigeria topped the activity chart with 263.65 million shares valued at N1.66 million.

Transcorp followed with 74.06 million shares worth N86.72 million, while AIICO traded 31.03 million shares valued at N24.72 million.

Chams traded 28.93 million shares valued at N6.65 million, while Access Bank transacted 23.81 million shares worth N229.51 million.

In another development, the Naira on Wednesday appreciated at the Investors and Exporters window exchanging at N418 to the dollar, a -0.24 per cent appreciation, stronger than N419.00 it traded on April 29.

The open indicative rate closed at N417.00 to the dollar on Wednesday.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N418.00.

The Naira sold for as low as 410 to the dollar within the day’s trading.

A total of 162.70 million dollars was traded in foreign exchange at the official Investors and Exporters window on Wednesday.

 

Economy

PETROL: ‘Be Wary Of Substandard Product Dumping’, Dangote Refinery Tells Nigerians

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PETROL: 'Be Wary Of Substandard Product Dumping', Dangote Refinery Tells Nigerians

…Says citizens’ health and vehicle longevity are seriously at risk!

The Dangote Refinery on Sunday warned that Nigerians may soon begin to buy substandard petrol, without much concern for either the citizen’s health or the longevity of their vehicles, except care is taken to prevent low products dumping by those open to connive with certain international traders.

The Group’s image maker and spokesman, Anthony Chiejina gave the warning, saying the group was constrained to raise the alarm, despite its desire to refrain from engaging in any media fights.

“We have lately refrained from engaging in media fights but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations. 

“Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices and we believe our prices are competitive relative to the price of imports”, Chiejina stated, stressing that the issue on ground was not about being able to land relatively cheaper petrol on ground, but the quality of such products.

“If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low-quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles. Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.

“Post deregulation, NNPC set the pace by selling PNS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.

“In good faith, and the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.

“At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, intending to use it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production.

“This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips to protect their domestic industries.

“While we continue with our determination to provide affordable, good quality, domestically refined petroleum products in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty”, the Group Chief Branding and Communications Officer further said.

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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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