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Capital Market Indices Rise By 3.5 Per cent

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Transactions on the Nigerian Stock Exchange (NSE) on Wednesday, ended on positive note as market indices appreciated by 3.5 per cent.

The All-Share Index rose by 878.65 points to close at 25,981.58 as against 25,102.93 recorded on January 5.

The market capitalisation of the 201 first-tier equities also grew by N280 billion to close at N8.3 trillion from the opening figure of N8.020 trillion.

It was reported reports that the positive record was as a result of 69 equities whose prices appreciated as against eight that shed prices.

Dangote Cement led in the price gainers’ table, appreciating by N6.00 to close at N126.00 per share.

Oando grew by N3.35 to close at N70.35 while Flourmill gained N3.00 to close at N73.00 per share

Total led in the price losers’ table, dropping N11.00 to close at N223.00 per share.

African Petroleum (AP) fell by 34 kobo to close at N21.56 while PaintCom lost 16 kobo to close at N3.20 per share.

The Banking sub-sector was the most active on sectors’ performances with 338.67 million shares valued at N3.76 billion sold in 3,011 deals.

The sub-sector was largely driven by the shares of Zenith Bank which traded 103.66 million shares worth N1.65 billion in deals.

Access Bank traded 65.08 million shares valued at N678.94 million in deals.

The Food, Beverages and Tobacco sub-sector followed with 47.91 million shares worth N865.17 million traded in 588 deals.

The shares of Dangote Sugar Refinery boosted trading in the sub-sector with 37.50 million shares valued at N605.29 million sold in 164 deals.

The Insurance sub-sector came third with 46.12 million shares worth N52.53 million exchanged in 294 deals.

Continental Reinsurance sold 12.78 million shares worth N12.48 million in 17 deals.

At the end of trading, 510.36 million shares worth N5.78 billion were exchanged in 5,972 deals in contrast to 236.15 million shares worth N2.37 billion sold in 4,541 deals.

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More Youths Engage In Artisanal Refining

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As unemployment bites harder amidst rising cost of living, more youths in rural communities in Rivers State are now going into artisanal refining business to earn a living.
The Tide reliably gathered that some youths residing in Port Harcourt City were gradually moving to rural communities for bunkering business otherwise known as ‘kpo-fire’ 
Narrating his experience to The Tide, Mr Godwin Ibeneme who resides in Rumuekini in Akpor, said he was introduced into the kpor-fire business by his father.
Ibeneme, who hails from Ibaa/ Obelle area of Emohua Local Government Area, said his father compelled him to join other youths who were thriving in the business in the community.
“My father came to my house here in Rumuekini, and told me to come to the village, that other young men are making it through kpo-fire’ bunkering since I have lost my job.
“ I didn’t waste time to give it a trial, because I had really looked for what to do, since I lost my job at a fast-food company. Since then, I can tell you that I have been taking care of myself, unlike before when everything looked hopeless”, he explained.
The Tide also learnt that the kpo-fire’ business was currently thriving in Isiokpo axis of Ikwerre Local Government Area of the state.
A resident of the community who pleaded anonymity, told The Tide that there was a high level of discrimination in the business.
According to him, he decided to engage himself at the Port Harcourt International Airport, Omagwa, to hustle for his daily bread, instead of staying idle.
The Tide recalls that the Federal Government had promised to build modular refineries in the Niger Delta region since 2019 as an alternative to illegal oil bunkering in the region as well as to create employment for the youth. 
The Tide also reports that three years after the promise was made, nothing has been done in that regard.

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Oyigbo Cassava Plant, Legacy Project   -Akawor

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The Chairman of the Peoples Democratic Party (PDP) in Rivers State, Amb. Desmond Akawor, says the cassava plant project, being executed by the Rivers State Government in Oyigbo is a legacy project that will generate huge employment for Rivers people.
He said the project was well thought out and would stand the test of time to tackle unemployment as well as ensure food availability in the state.
Akawor made the remarks during an interaction with journalists at the weekend in Port Harcourt.
According to him, the cassava plant which was supposed to be executed by the previous administrations, was initially planned to be a joint venture between the state government and some organisations, but that the other partners did not pay their counterpart funding.
“The steps taken by the Wike-led administration to bring this project to life without the counterpart funding is commendable, because of the huge economic benefits it will give to the state.
“Many people have also been employed at the construction sites of flyovers being executed by Julius Berger. Eighty percent of those working there are indigenes, while the company provides the expatriates”, he said.
The  PDP chairman also hinted on the plans of the state government to privatise the Buguma fish farm and banana farm, among others, so as to make them more viable.
He said that the state government had not abandoned the projects initiated by the previous administration, but was thinking on what to do with them. 
Akawor maintained that the employment of 5,000 persons into the civil service was still ongoing, saying the government is only taking time to ensure that indigenes of the state are employed.

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PH Airport Resumes Skeletal International Flight Operations

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Skeletal flight operations have resumed at the international wing of the Port Harcourt International Airport, Omagwa.
This follows the lifting of the curfew that was imposed in the state by the Rivers State Government to check cases of insecurity in the state.
The Tide’s checks show that many of the airlines that operate international flights are yet to resume flight operations, even though the coast is clear for them to resume operations.
The Cronaux Airline, it was gathered, is the only airline at the moment that has fully resumed international flight.
Other airlines that operate at the international wing, like the Lufthansa Airline, Turkish Airline, and Ethiopian Airline are yet to resume operations. 
The Acting Head of Corporate Affairs, FAAN, Kunle Akinbode, confirmed the resumption of international flight operations at the airport, last Friday, saying the international wing is now open for international airlines to operate.
He explained that the curfew that was imposed in the state delayed the resumption of international flights operations, even when issues of Covid-19 standard protocols had been addressed.
“Now that the curfew is over and the international wing is open for flight operations, it is left for each of the airlines to work out its own schedule for operations.
“It will not be the duty of the airport management to sort things out for them and know when to resume. I know that some have started. Lufthansa has said they will resume next month, August”, Akinbode said.
The Tide reports that the international wing of the Port Harcourt Airport had been shut since the Covid-19 lockdown, and did not reopen when other international airports in Lagos, Abuja and Kano among others reopened for international operations.

Stories by Corlins Walter

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