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Investors Gain N297bn As 36 Stocks Push Market Higher

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Investors in the Nigerian equity market gained N297bn on Monday as 36 firms recorded price appreciation at the end of trading.

The equity market sustained its positive outlook as the Nigerian Stock Exchange All-Share Index and the market capitalisation rose further by 2.11 per cent.

The market breadth closed positive with 36 gainers against 10 decliners.

The ASI rose by 568.72 basis points or 2.11 per cent to close at 27.554.49 as against 26,985.77 recorded the previous day.

The market capitalisation of equities appreciated by N297bn to close higher at N14.40tn from N14.11tn as market sentiment remained in the green territory.

Meanwhile, a turnover of 603.95 million shares in 5,984 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume), with 331.07 million shares exchanged by investors in 2,610 deals.

Volume in the subsector was driven by trading activities on the shares of the United Bank for Africa Plc and Zenith Bank Plc.

The banking subsector was boosted by trading activities on the shares of Guaranty Trust Bank Plc and Sterling Bank Plc.

Further analysis of the day’s trading showed that GSK Plc and Red Star Express Plc topped the gainers’ table with 10 per cent maximum gain each to close at N5.50 and N3.30 per share respectively.

NPF MFB Plc rose by 9.60 per cent to close at N1.37 per share while Africa Prudential Plc appreciated by 9.47 per cent to close at N5.20 per share.

On the other hand, Triple G Plc led the losers’ chart with a drop of 10 per cent to close at 36 kobo per share. Oando Plc followed with a loss of 8.73 per cent to close at N2.09 per share while UAC-Property Plc dropped by 6.52 per cent to close 86 kobo per share.

 

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#EndSARS: Nigeria To Lost N700bn– LCCI

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The Lagos Chamber of Commerce and Industry says the Nigerian economy may have lost about N700bn to the #EndSARS protests in the last 12 days.

The President, LCCI, Mrs Toki Mabogunje, in a statement on Monday, expressed concern over the negative impact of the #EndSARS demonstrations on business activities across the country.

The statement is titled, ‘LCCI press release on the economic implications of EndSARS protest’.

“The LCCI appreciates the value of citizens’ engagement and the demand for accountability which the EndSARS protest essentially represents.

“These are in consonance with democratic norms. They also form vital ingredients for good governance.

“Over the past twelve days, economic activities have been crippled in most parts of the country and has been particularly profound in the urban areas.

“The Nigerian economy has suffered an estimated Seven Hundred Billion Naira (₦700bn) loss in the past twelve days,” Mabogunje said.

She noted that the #EndSARS demonstrations had been impactful and profound, adding that it had the power of the people and the potency of the energy of the youth to bring about change.

According to the LCCI president, the protests have achieved some significant outcomes and has reawakened the need to reform the shortcomings in Nigeria’s political governance.

She recommended that the protesters dialogue with the government.

This, according to Mobogunje, is necessary to reduce the massive disruptions, blockades and barricades around our major cities and interstate highways.

“These actions have been at great cost to the economy and the welfare of Nigerian citizens. It should be noted that our economy is still reeling from the shocks of the Covid-19 Pandemic and struggling to recover from its devastating effects,” she added.

She advised the President, Major General Muhammadu Buhari (retd.) to urgently grant audience to the leadership of the #EndSARS to deliberate on the way forward and to agree on an action plan for the delivery of agreed outcomes.

Mobogunje urged the government to commit to rapid improvement in governance quality and accountability in the police and public sector.

 

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CBN Freezes 15 Textile Smugglers Accounts

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The Central Bank of Nigeria (CBN) has frozen the accounts of 15 textile smugglers across the country.

Deputy Governor Corporate Services of the CBN Mr. Edward L. Adamu made this disclosure at a stakeholders meeting of Cotton, Textile and Garment (CTG) associations in Abuja on Thursday.

Adamu noted that CBN’s intervention in the Cotton, Textile and Garments (CTG) industry is in full swing and has recorded significant progress.

Some of the achievements, he said, include: over ₦120billion invested across CTG value chain; over 320,000 farmers financed between 2018-2020 and expected output for seed cotton in 2020 is projected to be over 300,000 metric tons.

All these, he said, is expected to enhance the production capacity of the ginneries in producing over 102,000 metric tons of cotton lint which in turn will meet and surpass the cotton lint requirement of the Textile Industries.

Currently, Nigeria’s domestic demand for cotton he said: “is met through local production, thereby halting importation of cotton for the textile industry, Increase in capacity utilization of ginneries as the ginneries now operate throughout the year, compared to six (6) months in recent past.”

In addition, he said 19 ginneries have been resuscitated across the country; and more are expected to join this year.

Speaking to journalists at the meeting Mr. Philip Yusuf Yila, Director Development Finance of the CBN, said the apex bank is “working with the textiles through the Bank of Industry to see how we can retool them and take the ginneries to the textile”

He revealed the “CBN is really collaboration with all the agencies and the Customs. The biggest challenge is people smuggling textiles and garments. As you are aware a lot of them have had their accounts blocked. As restitution, we are telling them to go patronize the local textile factories”.

With regards to uniform services patronizing local textiles, Yila stated the CBN is “working with them. We have taken them to all the textile companies to see that the quality meets their standard.

“This year we are looking at over 300,000 tonnes of seed cotton that will be ginned into lint that will be taken to the textile companies and then we will work with the uniformed services to off take them.”

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NNPC Cut Loss By 99.7% In 2019 –Report

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The Nigerian National Petroleum Corporation says it has recorded a 99.7 per cent reduction in its loss profile from ₦803billion in 2018 to ₦1.7billion in 2019.

NNPC disclosed this in its 2019 Audited Financial Statement, released by Dr kennie Obateru, spokesman for the corporation, in Abuja, on Thursday.

The corporation in May published its 2018 AFS and assured of the quick release of the 2019 report.

This, According to NNPC Group Managing Director Malam Mele Kyar, was in line with the effort to ensure transparency and accountability in its operations.

Obateru, quoted the NNPC Chief Financial Officer, Mr Umar Ajiya, as saying that the 2019 AFS was concluded five months after the release of that of 2018.

A breakdown of the report disclosed that general administrative expenses also witnessed a 22 per cent dip from ₦894bn in 2018 to ₦696bn in 2019.

According to Ajiya, the majority of the subsidiaries posted improved performance.

The subsidiaries are the Nigerian Petroleum Development Company Limited (NPDC) which recorded ₦479 billion profit in 2019 compared with ₦179billion in 2018, representing 167 per cent increase.

“The Integrated Data Sciences Limited (IDSL) recorded ₦23billion profit in 2019 compared with ₦154million in 2018, representing 14966 per cent increase and the Petroleum Products Marketing Company (PPMC) recorded ₦14.2billion profit in 2019 compared with the ₦9.3billion recorded in 2018, representing 52 per cent increase.

“Also, the refineries maintained the same level of losses as in 2018 but which will reduce significantly in 2020 due to cost optimisation drive,” the CFO said.

He further explained that the improved performance in the 2019 financial year was driven mainly by cost optimisation, contracts renegotiation and operational efficiency.

“The 2019 AFS goes further to demonstrate our unwavering commitment to the principle of Transparency, Accountability, and Performance Excellence while the outlook for 2020 looks promising in view of the management’s strong drive to prune down running cost and grow revenues,” he said.

The NNPC Group Managing Director, Malam Mele Kyari, had promised to sustain the publication of the AFS as part of efforts to deepen transparency and accountability and keep stakeholders abreast of the corporation’s operations.

 

 

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