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NGX resumes week bearish, down by 0.38%

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Activities in the domestic equities market carried on last week’s bearish performances with the indices dropping by 0.38 per cent, amid sell pressure.

Thus, the All-Share Index declined by 159.31 points or 0.38 per cent to close at 42,008.60 from 42,167.91 on Friday.

Consequently, the month-to-date loss increased to 2.9 per cent, while the year-to-date gain moderated to 4.3 per cent.

Similarly, the overall market capitalisation dipped N83 billion or 0.83 per cent to close at N21.920 trillion against N22.003 trillion on Friday.

Also read: NGX closes week bearish, drops further by 0.19%

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Lafarge Africa, Vitafoam Nigeria, Unilever Nigeria, Dangote Sugar Refinery and United Bank for Africa (UBA).

Analysts at United Capital Plc said: “This week, we expect the equities market to remain sideways, with a bearish bias, as we do not expect any major catalyst to change the direction of the market.

“We think sustained selloffs in the equities market could present buy opportunities for investors.”

Market sentiment was negative with 24 stocks laggards relative to 10 gainers.

Lafarge Africa led the losers’ chart in percentage terms by 9.94 per cent to close at N22.20, per share.

Linkage Assurance followed with 8.93 per cent to close at 51k, while Associated Bus Company lost 8.82 per cent to close at 31k per share.

Vitafoam Nigeria dropped 8.68 per cent to close at N20, while Fidelity Bank shed 5.60 per cent to close at N2.36 per share.

On the other hand, Royal Exchange dominated the gainers’ chart with 9.43 per cent to close at 58k per share.

UACN Property Development Company, Consolidated Hallmark Insurance and Meyer followed with 9.09 per cent each to close at N1.08, 48k and 24k, per share respectively.

 

 

Champion Breweries was up by 7.92 per cent to close at N2.59 per share.

However, the total volume of traded increased by 133.3 per cent to 422.18 million units valued at N4.47 billion exchanged in 5,059 deals.

This was against a total of 180.95 million shares worth N2.43 billion traded in 4,019 deals on Friday.

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 128.87 million shares valued at N1.51 billion.

Sterling Bank followed with 77.77 million shares worth N115.78 million, while Guaranty Trust Bank Holding Company traded 47.79 million shares valued at N1.15 billion.

United Capital traded 20.96 million shares worth N202.72 million, while UBA transacted 18.59 million shares valued at N140.001 million.

 

Economy

Court Dissolves Marriage With 3 Children Over Wife’s Stubbornness

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Court Dissolves Marriage With 3 Children Over Wife’s Stubbornness

…Orders 3 months iddah period before wife could remarry

An Area Court, sitting at Centre-Igboro, Ilorin, has dissolved an Islamic marriage between Omotosho Hakeem and Salamat Abdulrasak on mutual agreement.

The Presiding Judge, Ahmed Abdul Kadir, dissolved the marriage and ordered that the wife should observe a three-month iddah period before she could remarry.

The petitioner had earlier told the court that he was no longer interested in the marriage, saying that she usually refused to apologise for any wrongdoing.

He, therefore, sought a divorce, praying the court to compel his estranged wife to pack her belongings, along with their three children out of the house.

The respondent agreed to the divorce suit but wanted the husband to provide a place where she would observe her three-month iddah period with her children.

She also wanted the petitioner to be responsible for her feeding during the period and pay N15,000 monthly for the children’s upkeep.

The case was consequently adjourned till May 16 for report of settlement and custody of the children. 

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Economy

Naira Depreciates Wednesday, Sells N1,421.06 Against Dollar

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Naira Depreciates Wednesday, Sells N1,421.06 Against Dollar

Government efforts at strengthening the Naira has again suffered a setback as the Naira slightly depreciated at the official market on Wednesday, trading at N1,421.06 to the dollar.

Data from the official trading platform of the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira lost N4.49.

This represents a 0.31 per cent loss when compared to the previous trading date on Tuesday when it exchanged at N1,416.57 to a dollar.

However, the daily turnover increased to N164.74 on Wednesday, up from 160.77 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,440 and N1,335 against the dollar. 

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Economy

Go back Home; Court Orders Estranged Husband To Return To Matrimonial Home

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Blasphemy: Court Orders Hearing Notice To Be Served On Cleric, Counsel To Appear

An Upper Shari’a Court sitting in Tudun Wada, Kaduna State, on Tuesday, ordered the husband in a divorce suit, Abdulmalik Ojoka, to return to his marital home and take care of his wife and two children.

The judge, Malam Iliyasu Umar, gave the order after Ojoka’s wife, Maimuna Sulaiman, asked the court to dissolve their marriage on the grounds of her husband’s irresponsibility and failure to pay house rent, school fees, and cater for other family needs.

Umar also counselled the petitioner in the divorce case to exercise more patience and accept her husband when he returned.

Also Read: Bad Business: I Got N880,000 Not N1m After My Kidney Was Removed- Minor

The judge further ordered Maimuna to report back to the court on June 3 of any attitudinal changes by her spouse upon his return home.

Earlier, the complainant told the court that she had been married to her husband for 29 years, but anytime they had financial challenges, he would pack his bags and leave.

”He left me and my children during Ramadan when our house rent was due; I had to go borrow money and pay to avoid eviction.

“I paid the school fees for my four children, even though two of them are now married; I want the court to dissolve the marriage since he has packed out,” she said.

Giving evidence before the court, Ojoka denied the allegations and informed it that he had been a responsible father paying his children’s school fees until he lost his job.

He said that when he lost his job, his wife refused to understand his financial situation and insisted that the children should continue to attend private school when he suggested they transfer to a public school.

The respondent also denied the allegation of not paying the house rent.

According to him, his wife moved out of the house the family was living in claiming that it was not comfortable.

“She moved into another house and paid the rent; anytime I am home it’s a quarrel, no peace,” Ojoka told the court. 

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