…As FG alarmed over extortion of Cash transfers beneficiaries***
Activities on the nation’s bourse remained on a negative posture on Thursday with the market capitalisation dropping further by N111 billion, amid sell pressure in blue chips.
The market capitalization which opened at N13.296 trillion shed N111 billion to close at N13.185 trillion.
In the same vein, the All Share Index (ASI) decreased by 229.18 points or 0.84 per cent to close at 27,085.69.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Beta Glass, Unilever Nigeria, Guinness Nigeria and Dangote Sugar Refinery.
The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, said he expected the trend to continue due to profit-taking.
Omordion also said that bargain hunters were taking advantage of low stock prices to position ahead quarterly financials.
“Discerning investors should latch onto it as a way of averaging down and recouping their investment immediately a recovery stage sets in,” he said.
Market breadth closed negative with 12 gainers compared with 18 losers.
Nestle one of the highly capitalised equities on the exchange led the losers’ chart in percentage terms, dropping 9.99 per cent to close at N1, 255.50 per share.
Beta Glass followed with a decline of 9.96 per cent to close at N53.80, while Courteville Business Solutions dipped 9.09 to close at 20k per share.
Unilever Nigeria lost 7.68 per cent to close at N24.65, while United Capital shed 4.31 per cent to close at N2 per share.
Conversely, Niger Insurance recorded the highest price gain of 10 per cent, to close at 22k per share.
Neimeth trailed with a gain of 9.09 per cent, to close at 48k while Caverton appreciated by 8.33 per cent to close at N2.60 per share.
Ecobank Transnational Incorporated (ETI) grew by 8.28 per cent to close at N7.85, while Law Union & Rock appreciated by 7.69 per cent to close at 42k per share.
Also read: NSE opens trading for October with N154 billion loss
The banking stocks dominated the activity chart with Guaranty Trust Bank emerging the most active with 44.62 million shares valued at N1.24 billion.
FBN Holdings followed with 17.38 million shares worth N93.68 million, while Fidelity Bank accounted for 11.22 million shares, valued at N19.06 million.
Transcorp accounted for 9.81 million shares worth N9.98 million, while Access Bank transacted 9.39 million shares valued at N69.17 million.
In all, the total volume traded declined by 14 per cent as investors bought and sold 151.19 million shares, worth N2.52 billion achieved in 2,895 deals.
This was in contrast with 175.78 million shares valued at N2.568 billion traded in 3,539 deals on Wednesday.
In the meantime, the Federal Government on Thursday raised concerns over reports that some beneficiaries of its N5,000 monthly stipends under the Conditional Cash Transfer scheme are being shortchanged.
The Senior Adviser to President Buhari on Social Investments, Mrs Mariam Uwais revealed this on Thursday in Abuja at the launch of the Third-Party Monitors for the National Social Safety Nets Project.
Uwais said that although payment of the N5,000 monthly stipends to poor and vulnerable households was going seamlessly, there had been reports of extortions and bulling of beneficiaries in some communities.
“The reported attempts to extort or bully them comes from random quarters like the youths in the communities, sometimes it’s the community leaders and traditional rulers who levy them.
“It’s really important that we do not allow people to steal from the poor. So the challenge is how to support and protect them so that they are not duped by others,” she said.
Uwais said that the matter had been reported to relevant security agencies while the Independent Corrupt Practices Commission (ICPC) would be involved in cases where state officials were involved.
Also, the National Coordinator, National Social Safety Nets Coordinating Office (NASSCO), Mr Iorwa Apera said that involving Civil Society Organisations as Third-Party Monitors would ensure transparency and accountability in the cash transfer programme.
“We believe this process will encourage transparency and accountable behaviour from service providers.
“The Third-Party Monitoring is designed to have state-based Civil Society Organisations with experience and technical capacity, monitor the cash transfer programme in the states we operate.
“It will also serve as a mechanism through which beneficiaries and their communities can gain confidence in their ability to get quality service,” he said.
The National Cash Transfer Programme is one of the four social investment programmes anchored by the Federal Government.
The programme is designed to deliver cash transfers to beneficiary households in order to improve their well being, health and nutrition among others.
