Connect with us

Economy

Profit taking: NSE opens trading, shedding off N28Bn

Published

on

Investors in Equities market forfeit N21bn as GlaxoSmithKline leads losers' chart

…As GM says Shell loses N202m daily to vandals, oil thieves***

The Nigerian Stock Exchange (NSE) reopened for the week on Monday still on a bearish trend, amid persistent sell pressure, with the All-Share Index dipping 56.73 points, representing a decline of N28 billion or, 0.21 per cent to close at 27,089.84 against 27,146.57 posted on Friday.

Market capitalisation sheds N28 billion or 0.21per cent and closed at N13.179 trillion, compared to N13.206 trillion on Friday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Stanbic IBTC Holdings, Dangote Sugar Refinery, Oando and Cutix.

Analysts at Afrinvest Limited said that, “In line with the trend, we expect the bearish performance to continue in the absence of any positive driver.

They said they did not rule out the possibility of some bargain-hunting, driving positive performance in subsequent sessions, never the less.

However, market breadth closed slightly on the positive side with 15 gainers versus 14 losers.

A breakdown of the price movement chart indicates that Livestock Feeds led the losers’ chart with 7.14 per cent to close at 39 kobo, per share.

Lasaco Assurance followed with a loss of 6.90 per cent to close at 27k, while Cutix lost 6.67 per cent to close at N1.40 per share.

NPF Micro Finance Bank depreciated by 6.45 per cent to close at N1.16, while Nestle Nigeria dipped by 5.73 per cent to close at N1,136, per share.

Conversely, UACN and UAC Property Development Company recorded the highest price gain of 9.09 per cent each, to close at N6.60 and N1.08 per share respectively.

John Holt followed, gaining 8.93 per cent to close at 61k per share.

Seplat rose by 7.12 per cent to close at N426, while FBN Holdings appreciated by 6.90 per cent to close at N4.65 per share.

Similarly, total volume traded depreciated by 6.7 per cent with an exchange of 290.49 million shares worth N4.29 billion traded in 2,900 deals.

This was in contrast with a total of 311.26 million shares, valued at N6.44 billion transacted in 3,192 deals on Friday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with a turnover of 128.49 million shares worth N3.38 billion.

FBN Holdings followed with 41.84 million shares valued at N183.53 million, while Transcorp traded 32.85 million shares worth N32.9 million.

Access Bank sold 23.88 million shares valued at N162.67 million, while UACN accounted for 10.61 million shares worth N69.74 million.

Also read:  Persistent profit taking: NSE market capitalisation loses N51bn

In the meantime, the Shell Petroleum Development Company of Nigeria (SPDC) Joint Venture says it loses about N202 million daily in revenue to activities of criminals in the Niger Delta, attributing the loss to daily attacks on its pipelines by suspected crude oil thieves and vandals.

SPDC’s General Manager, External Relations, Igo Weli who indicated this during a media workshop on Pipelines Right of Way, Encroachment and Vandalism in Port Harcourt, noted that the huge figure is even a reduction of what it used to be.

“SPDC JV is currently losing about 10,000 barrels per day (bpd) of oil or N202 million lost daily from its pipelines to crude oil thieves in the Niger Delta.

“This is a reduction from the loss of around 11,000 bpd in 2018 and about 9,000 bpd of oil lost daily in 2017.

“These attacks were on critical assets that produce the crude oil, which accounts for over 90 per cent of Nigeria’s foreign exchange earnings and the bulk of government revenue”, Weli said, highlighting that the company had so far discovered and removed, more than 1,160 illegal theft-points on its pipelines since 2012.

He further said that its pipelines were breached by vandals 111 times in 2018 alone resulting to oil spills in the Niger Delta.

“We are concerned about the lives and safety of those involved in pipeline vandalism and crude oil theft as well as the environment.

“SPDC puts safety first and have constantly made appeals to those involved to stop destroying their lands and heritage from the spills and pollution arising from their activities.

“We are calling on government, communities and other stakeholders to stem the incessant attack on our oil assets in the Niger Delta,” he appealed.

The general manager said that such illicit activities by criminals had denied the company and country the needed revenue to drive business and development.

He said that despite the attacks on its facilities, the company had spent billions to fund projects in the communities it operates.

According to him, the Niger Delta is the most blessed region in the country going by the huge revenue allocated to the region by government and companies.

“There is a community in the Niger Delta that has received over N2 billion from SPDC JV for its development, but is yet to develop.

“The region receives 13 per cent derivation, revenue from NDDC and funds from companies, but still has not developed.

“The Niger Delta has refused to develop despite the huge monies allocated to the area. So, we need to ask ourselves the critical questions to change the Niger Delta narratives,” he 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