Connect with us
>

Economy

NSE: Transactions reopen after Eid-el-Fitr on negative trend

Published

on

NSE opens February with N29bn loss, as Royal Exchange, Guinea Insurance lead losers’ chart

…As 20 German firms swoop on Nigeria for investment opportunities***

Activities reopened on the Nigerian Stock Exchange (NSE) on Tuesday after the long holidays to mark the Eid-el-Fitr celebrations on a downward trend, with the All-Share Index dropping by 0.73 per cent.

The News Agency of Nigeria (NAN) reports that the index shed 284.32 points or 0.73 per cent to close at 38,644.15, compared with the 38,928.47 achieved on Thursday.

In the same vein, the market capitalisation which opened at N14. 101 trillion lost N95 billion to close at N14.006 trillion due to profit taking.

An analysis of the price movement chart shows that Unilever posted the highest loss, leading the losers’ chart with a loss of N2, to close at N53 per share.

Forte Oil came second with a loss of N1.80 to close at N35.15, while Flour Mills depreciated by N1.60 to close at N31.15 per share.

NASCON was down by N1.15 to close at N22.80, while Zenith International Bank shed 90k to close at N25.50 per share.

Conversely, International Breweries led the gainers’ table for the day, appreciating by N2.70 to close at N44 per share.

Eterna Oil followed with a gain of N0.31 kobo to close at N6.61 kobo, Ikeja Hotel gained N0.14 kobo to close at N2.99 kobo,

Nigerian Breweries gained 10k to close at N110.10, while C & I Leasing increased by 9k to close at N1.82 per share.

In spite of the drop in the market indices, the volume of shares traded closed higher as investors bought and sold 390.47 million shares valued at N6.12 billion transacted in 3,889 deals.

This was against the turnover of 336.62 million shares worth N5.25 billion transacted in 3,667 deals on Thursday.

United Bank for Africa was the most active stock for the day, exchanging 123 million shares worth N1.30 billion.

It was followed by Zenith International Bank with an account of 35.79 million shares valued at N919.94 million, while Access Bank traded 34.83 million shares worth N365.54 million.

Cement Company of Northern Nigeria sold a total of 32.71 million shares worth N850.36 million, while Guaranty Trust Bank exchanged 23.01 million shares valued at N927.14 million.

Meanwhile, No fewer than 20 German firms are presently in Nigeria to explore investment opportunities.

Already, the Chief Executives of the visiting firms, led by the Minister of Industry, Trade and Investments, Dr Okechukwu Enelamah, on Tuesday paid a courtesy visit to Vice President Yemi Osinbajo to obtain first-hand information on the various investment opportunities.

According to Enelamah, the delegation came from Bavaria, the region of Germany covering Munich and other industrial areas of the country.
“This is a very robust delegation; one of the important insights I gained from the meeting is that they really think that Nigerian economy is picking up.
“They think investments are all looking positive and they believe that it is better to face it and see for themselves rather than read about it from a distance.
“It is also noteworthy that some of them are already here and most of them are actually prospecting,’’ Enelamah told State House Correspondents.

The Minister disclosed that the investors would spend some days in the country, especially in Abuja and Lagos after their successful meeting with the Vice President.
He noted that they would have follow-up meetings with other investment agencies in the country as well as the private sector in Lagos.
Enelamah added that while the new investors were looking for opportunities to invest those already in the country were seeking for chances for expansion.
He noted that they were interested in how to get rid of obstacles on their way to invest.
“There is a strong push by us (Nigeria) to encourage investors to come to create jobs for our people and to help to strengthen our economy,” the minister said.

 

Economy

Eid-el-Fitr: Tinubu Urges Sacrifice, Integrity For National Rebirth

Published

on

Eid-el-Fitr: Tinubu urges sacrifice, integrity for national rebirth

 President Bola Tinubu has urged Nigerians to continue to make sacrifices and exhibit integrity for national development.

Tinubu said this after observing the Eid-el-Fitr prayer at the Eid Ground at Dodon Barracks on Wednesday in Lagos.

The President also called on Nigerians to continue to have faith in his government and remain patriotic citizens.

Tinubu said that the Renewed Hope Agenda of his administration, aimed at bringing prosperity to Nigerians, was being diligently implemented.

Encouraging Muslims to extend the values of sacrifice and resilience beyond the fasting period, Tinubu emphasised the need for Nigerians to prioritise the exhibition of love for their country.

‘’The resilience and sacrifice that we have shown and made during these months should be preserved.

“Be a kind and cheerful giver. We must love our country more than any other country because this is the only one we have.

‘’We must continue to protect the integrity of our government and leadership. The Renewed Hope Agenda is alive, well and fine, and Nigerians should continue to be very hopeful. Without hope, there is no salvation.

“Without hope, there is no development. Without hope, there is no life. Eid Mubarak,’’ the President said at the end of the prayers led by the Chief Imam of Lagos State, Sheikh Sulaiman Abou-Nolla.

Earlier in his sermon, the Chief Imam urged Nigerians to shun all acts of violence, ensure peaceful co-existence, and continue to have faith in the country.

He asked those in leadership positions to remain faithful to their oaths of office and work towards alleviating the suffering of the less privileged.

‘‘Let us not forget our brothers and sisters in Gaza and other areas of conflict,’’ the Chief Imam said.

He offered prayers of God’s guidance, wisdom, and protection for the President and the Lagos State government, as well as for peace and stability in the country.

Continue Reading

Economy

Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

Published

on

Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

Sen. Ned Nwoko (PDP-Delta), on Wednesday, disclosed that he had secured the release of four family members involved in manufacturing arms at the Onicha-Olona Illegal Arms Factory in Delta.

Nwoko representing Delta North Senatorial District, who disclosed this in an interview in Abuja, said that the release of the four persons was through collaborative efforts.

On March 12, troops of 63 Brigade, Asaba, uncovered an illegal arms manufacturing factory in Onicha-Olona, Delta North Senatorial District and arrested eight family members in connection with the crime.

Nwoko disclosed that efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“Following my recent visit to the headquarters of 63 Brigade, Asaba and productive discussions with the Brigade Commander, I am pleased to announce progress in addressing the situation regarding the illegal arms factory discovered in the Onicha-Olona community, Delta.

“Efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“I am pleased to reveal that through collaborative efforts, I have successfully secured the release of four family members implicated in the illegal activity.

“However, our commitment to upholding the law remains unwavering, and endeavours continue for fair judgment and potential pardon for the remaining four individuals,” he said.

The lawmaker stressed that the underlying issue highlighted by the discovery, however, remained of paramount importance.

“We must seize the opportunity to redirect the talents demonstrated by those involved towards lawful and productive endeavours.

“The young man in the family, known for his passion and ability to build drones, exemplifies this potential.

“His skills should be harnessed and put to good use,” he said.

Nwoko added that the Industrial Revolution served as a pertinent historical precedent where individual efforts catalysed transformative change and made possible by governments that created conducive environments.

“We can emulate this model here. We can provide support and opportunities for talented individuals like the young drone builder, and stimulate a new wave of innovation and economic growth in Nigeria.

“As previously stated, Nigeria’s economy faces significant challenges exacerbated by escalating imports, particularly in the realm of arms and weaponry.

“Therefore, we must harness our indigenous talents for the greater good and bolster our local industries,” he said.

Nwoko further said that the Defence Industries Corporation of Nigeria (DICON), as well as the Ministry of Science and Technology, have crucial roles to play in this regard.

According to him, by engaging with individuals possessing such skills, we can offer them legal avenues for their expertise to flourish.

“The aim is not only to prevent the proliferation of illegal arms or other weapons manufacturing but also to channel these talents towards legitimate industries for national development.

“I reiterate the need for the government to support and integrate such offenders with specialised skills and talents into the formal economy.

“This initiative should focus on recognising their capabilities and providing opportunities for them to contribute to the development of our local indigenous technology.

“As noted earlier, an individual capable of modifying an AK-47 magazine, originally designed to hold 30 rounds, to accommodate 60 rounds using rudimentary equipment, holds immense potential for greater achievements.

”Such individual can do more with proper legal support and access to adequate resources.”

He disclosed that he was committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partnering with law enforcement agencies in these endeavours.

“I am committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partner with law enforcement agencies in these endeavours.”

“They have the intelligence and insights of the potential beneficiaries of this “amnesty” drive towards creating a new cadre of indigenous technologists.

“This law would establish an agency dedicated to providing government support and resources to rehabilitate and engage these individuals in legal and productive activities.

“I tentatively suggest naming this proposed law the “National Talent Rehabilitation and Integration Act”.

“This legislation will not only focus on rehabilitation but also on harnessing the skills and talents of offenders for the benefit of society.

“By providing a structured environment and necessary support, this agency will facilitate the transition of individuals from illicit activities to lawful and productive ventures.

”And they will be contributing to both their personal rehabilitation and national development,” Nwoko added.

Continue Reading

Economy

NGX Market Capitalisation Gains N836bn

Published

on

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

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

Continue Reading

Advertisement

Editor’s Pick

Politics