Connect with us

Business

Bulls Drive Exchange Index To Seven-Month High

Published

13 years ago

on

The bulls drove the market for the week ended April 27, 2012 despite the drop in the turnover as the Nigerian Stock Exchange (NSE) performance indicators hit a seven and half months.

Market “watchers attributed the feat to an increased inflow of capital from foreign institutional investors due to the prospects of impressive returns on investments.

In specific terms, the NSE All Share Index, the barometer for measuring the performance of listed equities surged by 1.62 per cent to finish at 22,109.44 basis points as against 21,756.50 bass points recorded the previous week.

Also, the market capitalisation which measures the value of listed equities rose by N112.55 billion to close at N7.05 trillion compared with the N6.93 trillion recorded the preceding week, according NSE weekly report.

Consequently, the percentage year to date gains of the index and market capitalisation increased to 6.55 per cent and 7.94 per cent respectively.

As at August 16, 2011, according to transactions, the Market Capitalisation of traded equities stool at N7.290 trillion while the All Share Index was 22,792.06 basis points; however the year to date performance then was at a negative of 7.99 per cent lower than 2011 year opening level.

Market watchers said the bullish run is largely driven by speculation that the market recently inaugurated, were about to start operations in the market but the broker leaders should come on board to sustain the trend.

According to the NSE weekly report, three out of the four sectoral indices were on the upside at the end of the week under review. The NSE Consumer Goods index appreciated by 23.46 points to close at 1,787.72 while the NSE Banking Index added 5.78 points to finish at 319.73.

Similarly NSE Oil/Gas Index garnered 13.19 points to close higher at 192.53 while the NSE Insurance Index dipped by 0.77 points to finish lower at 124.94.

At the close of market last week, a total of 1.916 billion units of shares valued at N16.664 billion were exchanged by investors in 23,143 transactions down from a recorded volume of 2.049 billion units of shares worth N15.736 billion traded in 19,783 deals the previous week.

The most active in volume terms during the reviewed week was the banking sub-sector of the Financial Services Sector which recorded a turnover of 1.520 billion units of shares valued at N11.940 billion in 13,265 deal Volume in the banking subsector, the report said, was largely driven by activity in the shares of United Bank for Africa (UBA), Zenith Bank and \First Bank of Nigeria (FBN) which accounted for 875.54 million units of shares. This represents 57.59 percent, 52.91 per cent and 46.69 per cent of the turnover recorded by the subsector, sector and total market turnover for the week respectively.

The Insurance Carriers, broker Services Subsector of the Financial Service Sector boosted by activity in the shares of AIICO Insurance emerged second on the week’s activity table having recorded a subsector turnover of 47.755 million units of shares valued at N23.918 million in 532 trades.

 

Vivian-Peace Nwinaene

Related Topics:
Continue Reading

Business

NPA Assures On Staff Welfare 

Published

1 week ago

on

June 27, 2025

By

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

1 week ago

on

June 27, 2025

By

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

1 week ago

on

June 27, 2025

By

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending