…As SON says Calibration of products, services will boost local, int’l trade***
Bearish trend persisted on the Nigerian Stock Exchange (NSE) with crucial market indices dropping further by 1.22 per cent, thereby forcing the market capitalisation to dip below the N11 trillion mark.
The decline was as a result of sustained profit taking
embarked by investors due to month-end activities.
Specifically, the All Share Index (ASI) shed 361.32 points,
representing a dip of 1.22 per cent to close at 29,159.74 against 29,521.06
posted on Monday.
Similarly, the market capitalisation shed N136 billion to
close at N10.958 trillion in contrast with N11.094 trillion achieved on Monday.
Market performance was influenced by price depreciation in
medium and large capitalised stocks, among which are, Nestle Nigeria, Dangote
Cement, Stanbic IBTC Holdings, Cement Company of Northern Nigeria (CCNN) and
NASCON.
Analysts at Cordros Capital Limited noted that “in the
absence of a positive catalyst, we guide investors to trade cautiously in the
short term.
”However, stable macro-economic fundamentals and compelling
valuation remain supportive of recovery in the mid-to-long term,” they said.
Analysts at APT Securities and Funds Limited said that “the
NSE-ASI extends negative outlook amidst good fundamentals. However, positive
first quarter result had an ample effect on company’s stock prices.
“Therefore, there is still room for more up days. Investors
are thereby encouraged to take a medium to long term position in fundamentally
justifiable stocks.”
However, market breadth was positive with 26 gainers against
19 losers.
Japaul Oil & Maritime Services, UACN Property
Development Company and Caverton Offshore Support Group recorded the highest
price gain of 10 per cent, each to close at 33k, N1.65 and N2.97 per share,
respectively.
Forte Oil followed with a gain of 9.97 per cent, to close at
N35.30, while Dangote Flour Mills rose by 9.94 per cent to close at N18.80, per
share.
On the other hand, Cutix led the losers’ chart by 9.76 per
cent, to close at N1.85, per share.
Goldlink Insurance followed with a decline of 9.09 per cent
to close at 40k, while CCNN declined by 8.79 per cent to close at N14, per
share.
Unity Bank declined by 5.88 per cent to close at 80k, while
NASCON Allied Industries was down by 4.74 per cent to close at N18.10, per
share.
Also, the total volume traded went up by 91.51 per cent with
an exchange of 543.92 million shares, valued at N8.2 billion exchanged in 4,682
deals.
This was against the 290.19 million shares worth N2.16
billion transacted in 4,302 deals on Monday.
CCNN was the toast of investors, accounting for 132.33
million shares valued at N1.86 billion.
FBN Holdings followed with 68.78 million shares worth
N497.25 million, while Unilever Nigeria sold 50.47 million shares valued at
N1.56 billion.
Guaranty Trust Bank traded 41.44 million shares valued at
N1.38 billion, while Dangote Flour transacted 37.88 million shares worth N712.1
million.
Market reopens May 2 following public holiday declared by
the Federal Government on May 1, to mark Worker’s Day.
Meanwhile, the Standards Organisation of Nigeria (SON)
said on Tuesday that the calibration of products and services would boost local
and international trade meant to facilitate diversification of the economy.
The Director-General of SON, Mr Osita Aboloma, said this in
Enugu at a Stakeholders’ Forum on Calibration Services.
Calibration in measurement technology and metrology is the
comparison of measurement values delivered by a device under test with those of
a calibration standard of known accuracy.
Such a standard could be another measurement device of known
accuracy, a device generating the quantity to be measured such as a voltage,
sound, tone, or a physical artefact, such as a metre ruler.
The theme of the forum was `The Role of Calibration in Trade
and Business Facilitation and Growth’.
Aboloma, represented by the Director of National Metrology
Institute (NMI), Enugu, Dr Bede Obayi, said that Nigerians and the Nigeria
economy would benefit a lot by bracing calibration, which is adding value for
money on every product or service in the country.
“Adopting the best practices of calibration with NMI will
help the country to conserve hard earned foreign exchange hitherto paid to
other countries’ metrology institutes.
“It will be a confidence-booster to exporters due to
reliability of the products.
“It will engender safe environment by providing accuracy in
measurements and improve the health of the citizenry.
“It will strength other components of National Quality
Infrastructure through Standardisation, Accreditation, Certification and
Testing,’’ he said.
The SON boss lauded the contributions of development
partners – UNIDO, Germany government, National Institute of Standards, Egypt –
for supply of equipment, staff capacity building, calibration of standards
among other collaborative assistance.
In a lecture entitled “Effective Calibration Services in
Metrology on Trade, Business and Economic Growth in Nigeria’’ Mr Kayode
Olagunju, said that the Holy Books encouraged right and just measurement and
treatment of all at all times.
Olagunju, a metrology expert with SON, said that calibration
or right measurement was necessary for all one do in life and ensures that the
right standards was maintained to build business confidence.
“Calibration should be taken seriously by all as we are
moving towards a global business and trade environment that requires not just
right quantity but also quality in all we offer as products and services,” he
said.
Earlier in a goodwill message, Dr D.V.C. Obi, Board Member
representing Manufacturers Association of Nigeria (MAN) in National Automotive
Design and Development Council, said the association would continue to partner
with SON to ensure that its NMI calibration efforts succeeded.
The General Officer Commanding 82 Division of Nigerian Army,
Maj.-Gen. Abubakar Maikobi, represented by Brig.-Gen. Sylvester Oloyede, said
the issue of right and accurate calibration of goods and services would enhance
the current military-civilian relationship.
Mr Samuel Bot, the Assistant Comptroller of Customs
in-charge of Operations in Enugu/Anambra/Ebonyi Command, said that his office
would work with NMI to ensure that proper calibration was done on goods so that
importers would pay right duties to Federal Government.
Dr. Frank Ugwu, Chairman of Udenu Local Government Area,
said that ensuring right calibration would build trust and long lasting
goodwill in businesses as well as ensure confidence at all time.
Ugwu urged SON to carry out massive awareness campaign on
calibration as well as follow it up with some enforcement in order to ensure
that all Nigerians complied to better the business environment in the country
