Connect with us


NSE: Investors forfeit N88bn, Market indicators record 0.66% on Thursday



NSE’s indices drop further by 0.13%

…As Commission tells Consumers: Don’t die in silence***

The Nigerian equities market posted bearish posture on Thursday to close with a loss of 0.66 per cent on the last trading day of August, resulting in market capitalisation which opened at N13.430 trillion shedding N88 billion or 0.66 per cent to close at N13.342 trillion.

Speficially, the All-Share Index dipped 181.45 points or 0.66 per cent to close at 27,425.57 compared with 27,607.02 achieved on Wednesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, MTN Nigeria, Unilever Nigeria, Flour Mills of Nigeria and UAC of Nigeria (UACN).

Analysts at Afrinvest Limited stated “In line with our expectations, the equities market posted a bearish performance and we expect this to continue in the absence of a major economic stimulus.”

However market breadth closed positive, with 18 gainers compared with 14 losers.

UACN led the losers’ chart dropping by nine per cent to close at N4.55 per share.

Flour Mills followed with a decline of 5.59 per cent to close at N13.50, while UACN Property Development Company lost 5.38 per cent to close at 88k, per share.

Courteville Business Solutions depreciated by 4.76 per cent to close at 20k and Cornerstone Insurance depreciated by 4.55 per cent to close at 21k per share.

Total volume traded depreciated by 11 per cent to 116.07 million shares, worth N1.65 billion, and traded in 3,129 deals.

Conversely, Continental Reinsurance recorded the highest price gain of 9.79 per cent to close at N1.57 per share.

Africa Prudential followed with a gain of 8.57 per cent to close at N3.80, while Forte Oil appreciated by 6.82 per cent to close at N16.45, per share.

Neimeth International Pharmaceuticals grew by by 6.38 per cent to close at 50k, while Livestock Feeds and Mutual Benefits Assurance appreciated by five per cent each to close at 42k and 21k, respectively, per share.

The volume of shares traded closed lower with an exchange of 116.07 million shareshares valued at N1.65 billion accounted in 3,129 deals.

This was against the 130.37 million shares worth N3.01 billion transacted in 2,866 deals on Wednesday.

Transactions in the shares of Zenith Bank topped the activity chart with a turnover of 19.09 million shares valued at N353.45 million.

Lafarge Africa sold 17.66 million shares worth N250.71 million, while Access Bank traded 15.01 million shares valued at N96.9 million.

Neimeth International Pharmaceuticals accounted for 6.98 million shares worth N3.26 million, while Guaranty Trust Bank traded 5.77 million shares valued at N155.83 million.

Also read:  NSE market indicators record marginal growth of 0.02%

Meanwhile, the Federal Competition and Consumer Protection Commission Thursday, urged consumers to report cases where their rights are trampled upon, rather than die in silence.

The Senior Consumer Education Officer of the commission, Mr. Humphrey Akam stated this at the Annual Summit of the Anti-Piracy Society of Nigeria (APSON) in Awka on Thursday, while speaking on the theme of a summit which was: “Anti-piracy and Counterfeiting: Evolving Challenges”.

Akam enumerated consumer rights to include satisfaction, safety, consumer education and healthy environment, among others.

“Consumers should not die in silence as their cases would be dispassionately treated when reported.

“If any of these rights are trampled upon, consumers should not wallow in pain; they should not hesitate to contact us and it will be urgently treated at no cost,” he said.

The officer, who revealed that the agency had made several arrests, advised defaulters to turn a new leaf or be prepared to face the full wrath of the law.

“It is no longer business as usual,” he added.

However, Akam lamented incessant attacks on its officials by peddlers of fake and counterfeit products during operations.

“We had an operation in one of the markets in the Southeast and we went in with over 75 policemen not knowing that there were some armed fakers there.

“Immediately they saw us, they started shooting, but the police succeeded in quelling the situation before we were able to continue with our surveillance,” he said.

Earlier, the Director-General of APSON, Mr Frank Uduonu, enumerated successes recorded by the group in the last one year, calling for more government support to consolidate their achievements.

Uduonu identified funding as one of the major challenges facing the body, calling on government and other agencies to assist it in winning the war against piracy in the state and Nigeria at large.

“Let the government put more funds in the fight against piracy and be open in fighting the war because it is not a hide and seek game.

“They should support private organisations that are helping states to eliminate piracy and counterfeits,” he said.

The DG urged consumers to be watchful of what they consumed or bought.

He said that such counterfeit products were more in the rural areas.





FG Threatens To Open Borders for Cement Importation Over Price Hike



Palpable fear has gripped cement manufacturers following the Federal Government’s threat to throw open the nation’s borders for cement importation if the product manufacturers fail to bring down the cost.

The Minister of Housing and Urban Development, Mr Ahmed Dangiwa issued the threat on Tuesday in Abuja at a meeting with Cement and Building Materials Manufacturers.

The meeting was summoned to address the astronomical increase in the cost of cement nationwide.

The minister expressed concerns that in the past couple of months, the country had witnessed a recurring alarming increase in the prices of cement and other building materials.

“Clearly, this is a crisis for housing delivery. An increase in essential building materials means an increase in the prices of houses.

“We are not the only country facing this challenges, many countries are facing the same type of challenges that we’re facing, some even worse than that.

“But, as patriotic citizens, we have to rally round the country when there is crisis, to ensure that we do our best to save the situation,” he said.

The minister added: “Honestly speaking, we have to sit down and look at this critically and know how you should go back and think of it.

“The government stopped importation of cement in other to empower you to produce more and sell cheaper

Bags of cement

“Otherwise the government can open the borders for mass importation of cement, the price will crash, but you will have no business to do”.

Dangiwa said the reasons given by cement manufacturers for the price increase – high cost of gas and manufacturing equipment – were not enough for such astronomical pricing.

He expressed his displeasure at the position of  Cement Manufacturer Association of Nigeria (CEMAN) that the association “does not interfer with the pricing of cement”.

He said the association should not just fold  its arms when things were going wrong.

“One person cannot be selling at N3500 per bag and another selling at N7000 per bag and you cannot call them to order.

“The association is expected to monitor price control, otherwise the association has no need to exist,” he said.

Earlier, Mr Salako James, Executive Secretary, CEMAN, said the housing policy of the administration of President Bola  Tinubu was laudable and every responsible Nigerian has to key into it.

He, however, identified some areas of concern and appealed to the government to look into them to tackle the issue of cement pricing.

Salako identified the challenges of gas supply to heavy users like the cement industry and urged the government to create a window whereby gas will be bought with Naira instead of dollar.

He also complained about the distribution channel, stressing tha there was a great difference between the price from the manufacturers and the market price.

He, therefore called for government intervention to help stabilise the situation and bring sanity to the economy.

At the end of the meeting, the minister directed that a committee should be constituted to review the situation and come out with implementable resolutions that would benefit the common Nigerian.

The three major cement producers, Dangote Plc, BUA Plc, and Lafarge Plc were represented as well as other industry stakeholders.

Continue Reading


Cement Price Can Be Lower Than FG, Manufacturers’ Projection — Association 



…Warns that high price could lead to corner-cutting and building collapse

The National Association of Block Moulders of Nigeria (NABMON) says the agreement between the Federal Government and three major cement manufacturers that a 50kg bag of cement, for now, is not supposed to sell for more than N7,000 to N8,000 is faulty.

The National President, Mr Adesegun Banjoko, said this on Tuesday in Lagos.

Recall that the parties, at a meeting on Monday, said that the ideal price of  a 50kg bag of cement for now should be between ₦7,000.00 and ₦8,000.00 depending on location.

They agreed that the current higher prices of cement in parts of the country were abnormal.

The main manufacturers of cement in the country are Dangote Plc, BUA Plc and Lafarge Plc.

According to Banjoko, there is no reason for the price of cement to be sold even at the projected prices, since limestone, which is a key ingredient, is readily available in Nigeria.

He expressed fears that the high price would lead to corner-cutting and building collapse.

The NABMON president expressed the belief that the government and manufacturers could do better and offer lower prices.

Bags of cements

He suggested a reduction or elimination of customs duties on other imported materials used in cement production, adding that this would incentivise manufacturers to lower their prices.

He, therefore, proposed a target price of ₦3,500 to ₦5,000 per bag.

Banjoko said, “There are three issues that make me disagree with the government and the main manufacturers.

“First, limestone is sourced in Nigeria; agreed they have some few other materials they bring in from abroad.

“But if the government is really concerned about life and property lost to building collapse, they should either remove custom duties on such items or reduce them by half to encourage the manufacturers to come down to between N3, 500 and N5, 000.”

He also advised the government to temporarily halt road construction projects that use cement.

Banjoko said that this would free up available cement for vital projects and potentially reduce demand, leading to lower prices.

The NABMON president warned that the high price of cement had added to the existing tensions in the country.

He urged the government to act cautiously with essential commodities like cement, emphasising its impact on public well-being.

Continue Reading


NGX: Bullish Sentiment Persists, Investors Gain N329bn



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

…Unilever Nigeria Plc, Julius Berger lead Losers’ table 

Bullish sentiment persisted on Thursday at the Nigerian Exchange Ltd. (NGX) equity market, as the market indices rose by 0.58 percent.

Specifically, investors gained N329 billion or 0.58 percent, as the market capitalisation closed at N56.961 trillion, as against N56.632 trillion recorded on Wednesday.

The All-Share Index also appreciated by 0.58 percent or 601.72 points to settle at 104,100, compared to 103,498.28 posted in the previous session.

As a result, the Year-To-Date (YTD) return rose to 39.22 percent.

Continuous buy interests in the shares of BUA Cement, BUAFoods, and Geregu kept the market in the positive terrain.

A total of 284.49 million shares valued at N6.91 billion were exchanged in 8,168 deals, as against 426.86 million shares valued at N12.11 billion exchanged in 8,654 deals.

However, analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 42.89 percent.

Guaranty Trust Holding Company(GTCO) led the activity table in volume and value with the trade of 56.61 million shares worth N2.22 billion.

Transcorp followed with 33.17 million shares valued at N418.31 million, while United Bank of Africa(UBA) traded 18.38 million shares worth N442.96 million.

Also, Mutual Benefits Assurance sold 16.76 shares valued at N11.48 million and AXA Mansard traded 12.51 million shares worth N75.57 million.

On the gainers’ table, University Press Ltd.(UPL) led in percentage terms of 9.96 percent to close at N2.87, followed by Juli Plc by 9.84 percent to close at N1.34 per share.

Mutual Benefits gained 9.38 percent to close at 70k, Daar Communications rose by 8.82 percent to close at 74k, while Honeywell Flour garnered 7.50 percent to close at N4.30 per share.

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

Conversely, Unilever Nigeria Plc led the losers’ table by 9.80 percent to close at N16.10, Julius Berger lost 9.64 percent to close at N50.60, while Morison Industries Plc shed 9.60 percent to close at N2.23 per share.

May & Baker Nigeria Plc depreciated by 6.52 percent to close at N6.45 and National Salt Company of Nigeria (NASCON) dropped 5.37 percent to close at N59.04 per share.

Market breadth closed negative with 26 declining stocks outnumbering 23 advancing ones.

Continue Reading

Editor’s Pick