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Economy

NGX rebounds, capitalisation gains N14bn

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

The Nigerian Exchange Ltd. (NGX) on Wednesday gained N14 billion as market capitalisation closed at N26.531 trillion from N26.517 trillion recorded on Tuesday.

Also, the All Share Index (ASI) increased marginally by 10.25 basis points or 0.02 per cent gain to close at 49,171.70 as against 49,161.45 posted the previous day.

Also read: Nigerian bourse drops N15bn in bearish trading; Naira slumps again, exchanges N436.33 to Dollar

Consequently, the year-to-date (YTD) return rose to 15.11per cent.

Analysts at Vetiva Dealing & Brokage said, “As expected, the market reacted negatively to the MPR hike as sell-offs were recorded across the board and just like on Monday, price appreciation in BUA Cement lifted market performance marginally.

“Barring any positive movement in any of the heavy-weight names, we still expect the negative sentiment to persist as investors look to the more attractive alternative asset class.”

A breakdown of the price movement table showed that Chams topped the gainers’ table with a gain of eight per cent to close at 27k per share.

Ardoval Plc trailed with a gain of 7.42 per cent to close at N13.75, while Sovereign Insurance rose by 3.57 per cent to close at 29k per share.

BUA Cement was up by per cent to close at 52k, while Jaiz Bank appreciated by 2.70 per cent to close at 76k per share.

Conversely, Japaul Gold &Venture led the lossers’ table, dropping by 10 per cent to close at 27k per share.

Royal Exchange followed with a loss of 9.8 per cent to close at 92k, while Consolidated Hallmark Insurance declined by 8.62 per cent to close at 53k per share.

RTBriscoe decreased by 8.57 per cent to close at 32k, while Fidson fell by 7.54 per cent to close at N9.2 per share.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 25.36 per cent.

A total of 101.57 million shares valued at N1.20 billion were exchanged in 3,981 deals compared with 139.24 million shares valued at N1.60 billion exchanged in 3, 421 deals on Tuesday.

Guaranty Trust Holding Company (GTCO) recorded the highest volume of 14.34 million shares to close at N259.04 million, followed by Zenith Bank which traded 11.56 million shares valued at N228.91 million.

FBN Holdings sold 6.28 million shares at N61.23 million and Transcorp transacted 6.2 million shares at N6.27 million.

Also, Chams sold 5.7 million shares worth N1.48 million.

 

Economy

Ramadan: Transportation Minister calls for self-reflection, prayer for Nigeria

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Ramadan: Transportation Minister calls for self-reflection, prayer for Nigeria

… As Bauchi auto crash claims 25 lives, injures 10 others***

The Minister of Transportation, Mu’azu Sambo has advised Nigerian Muslims to engage in self-reflection and prayers for the country during Ramadan.

This was made known in a statement issued by Henshaw Ogubike, the Director of Press and Public Relations in the Ministry on Friday in Abuja.

In his Ramadan message, Sambo extended warm wishes to Islamic faithfuls and prayed to Almighty Allah to shower them with love, peace, prosperity and joy.

The minister urged Muslims to deepen their devotion and show brotherly love to everyone around, particularly the less privileged, during the holy month.

“Let us therefore in this holy month deepen our devotion, extend our bond of fellowship and compassion to everyone around, particularly the less privileged in our communities,” he said.

The minister also prayed for the security of all Nigerians and prosperity for the country.

“May the Almighty Allah ease our adversity; shower us with love, peace, prosperity and joy. May we be free from harm, and our nation be blessed and prosperous,” he said.

Tragedy struck on Thursday in Udobo village in Gamawa Local Government Area of Bauchi State when 25 people lost their lives in a lone auto crash.

Sector Commander of the FRSC in Bauchi State, Mr. Yusuf Abdullahi, told the press in Bauchi on Friday that 10 other persons sustained injuries in the crash.

He said the accident involved one Toyota Hummer bus in which the over-speeding driver lost control after a tyre burst.

“Thirty-five persons were involved in the road crash.

“Twenty-five of them – nine adult male, 11 adult females, two male children and three female children – lost their lives on the spot.

“Ten others sustained serious injuries and they are all male adults,’’ he said.

He added that the injured were taken to the Federal Medical Centre, Azare in Katagum Local Government Area of the state, while corpses of the deceased were taken to Hadeja in Jigawa for burial.

Abdullahi charged motorists to always be conscious of traffic rules and regulations while plying the roads. 

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Economy

AfDB, BCI promote women’s access to finance in Africa with $485,000

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AfDB, BCI promote women’s access to finance in Africa with $485,000

The African Development Bank (AfDB) and the Bank for Trade and Industry (BCI) of Mauritania have signed a 485,000 dollars agreement for Affirmative Finance Action for Women in Africa (AFAWA).

The bank in a statement said that the programme was aimed at promoting women’s access to finance in Africa.

“The Promoting Access of Women-Owned Enterprises to Financial and Technical Support Services in the Western Sahel Region project is financed by AfDB with support from Women Entrepreneurs Finance Initiative (We-Fi).

“The project aims to strengthen BCI’s financing capacity for trade and industry and to better support women small and medium enterprises in Mauritania, Mali, Senegal and Guinea,’’ it said.

It said that Mohamed El -Azizi, AfDB’s Director-General for North Africa and Isselmou Tajidine, Managing Director of BCI’s Trade and Industry Group, signed the agreement.

It said that the agreement was signed on the sidelines of the Mauritania Investment Forum.

The forum with the theme, “Invest Days-Nouakchott’’, was organised by the Mauritania Investment Promotion Agency.

AfDB’s director-general for North Africa said: “The signing of this technical assistance agreement with the BCI Group is an important step in supporting financial inclusion and growth of women-led SMEs.

“This plays a crucial role in Mauritania’s economic development.

“The agreement consolidates a 10 million euro line of credit, approved by AfDB’s board of directors to BCI in 2021, to support growth and trade of strategic small businesses of women entrepreneurs.’’

BCI’s managing director said that the project reinforced the bank’s strategic partnership with AfDB and would position the bank as the choice for women entrepreneurs in Mauritania, Senegal, Mali and Guinea.

Tajidine added that it would help to expand the bank’s offering of financial products and technical support for women-led businesses.

AFAWA and the Mauritania Investment Promotion Agency organised a workshop on strengthening financial inclusion of women’s SMEs in Mauritania during the Invest Days-Nouakchott Forum.

The session presented the mechanisms of the initiative, including the “Guarantee for Growth” programme implemented by the African Guarantee Fund.

It also provided an opportunity to discuss the regulatory framework and steps that authorities and businesses can take to improve financial access for women’s businesses.

The forum also featured the inauguration of the AFAWA ambassadors programme which will advocate accelerated access to finance for Africa’s women entrepreneurs and showcase women leaders.

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Economy

Cooking gas price increased by 24.05% in one year – NBS  

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Cooking gas price increased by 24.05% in one year – NBS  

The National Bureau of Statistics (NBS), says the average price of 5kg of cooking gas increased from N3,708.58 in February 2022 to N4,600.57 in February 2023.

This is contained in the Bureau’s “Cooking Gas Price Watch’’ for February 2023 released on Friday in Abuja.

The report said the February price represented a 24.05 per cent increase compared to what was obtained in February 2022.

The report said on a month-on-month basis, the price rose by 0.26 per cent from N4,588.75 recorded in January 2023 to N4,600.57 in February 2023.

On state profile analysis, the report showed that Kwara recorded the highest average price of N4,962.86 for refilling a 5kg cooking gas, followed by Adamawa at N4,914.00, and Niger at N4,907.50.

It said on the other hand, Enugu recorded the lowest price at N4,179.41, followed by Rivers and Abia at N4,204.44 and N4,220.00.

Analysis by zone showed that the North-Central recorded the highest average retail price of N4,845.44 for 5kg cooking gas, followed by the North-West at N4,629.19.

“The South-East recorded the lowest average price at N4,428.97 for 5kg cooking gas.’’

The NBS also said the average retail price for refilling a 12.5kg cooking gas declined by 0.23 percent on a month-on-month basis from N10,277.17 in January 2023 to N10,253.39 in February 2023.

“On a year-on-year basis, this rose by 37.67 percent from N7,447.79 in February 2022.’’

State profile analysis showed that Akwa Ibom recorded the highest average retail price of N10,879.50 for 12.5kg cooking gas followed by Cross River at N10,803.57 and Anambra at N10,768.75.

On the other hand, the report showed that the lowest average price for 12.5kg of cooking gas was recorded in Yobe at N9,580.00, followed by Gombe and Borno at N9,766.67 and N9,857.14, respectively.

Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg cooking gas at N10,590.18, followed by the South-East at N10,478.54.

“The North-East recorded the lowest price at N9,801.46.’’

Similarly, the average retail price per litre of kerosene rose to N1,173.89 in February 2023 on a month-on-month basis, showing an increase of 1.78 per cent compared to N1,153.40 recorded in January 2023.

According to its National Kerosene Price Watch for February 2023, on a year-on-year basis, the average retail price per litre of kerosene rose by 160.48 per cent from N450.66 in February 2022 to N1,173.89 in February 2023.

Analysis by the state showed that the highest average retail price per litre of kerosene was recorded in Plateau at N1,550.00, followed by Abuja at N1,473.33 and Adamawa at N1,438.10.

“On the other hand, the lowest price was recorded in Nassarawa at N923.81, followed by Katsina at N945.83 and Sokoto at N956.94.’’

The NBS said that analysis by zones showed that the South-West recorded the highest average retail price of Kerosene at N1,259.96 per litre, followed by the South-East at N1,255.12, while the North-West recorded the lowest at N976.24.’’

The report showed that the average price of a gallon of kerosene was sold at N3,926.23 in February 2023, indicating an increase of 1.03 percent from N3,886.11 in January 2023.

“On a year-on-year basis, this increased by 151.72 percent from N1,559.78 in February 2022.’’

State profile analysis showed that Kwara recorded the highest average retail price per gallon of kerosene at N4,905.83, followed by Ebonyi at N4,606.25 and Anambra at N4,550.00.

It said Borno and Gombe recorded the lowest price at N3,050.00, followed by Bayelsa and Delta at N3,071.43 and N3,116.67, respectively.

Analysis by zone indicated that the South-East recorded the highest average retail price per gallon of kerosene at N4,517.60, followed by the North Central at N4,107.59, while the South-South recorded the lowest at N3,474.47.

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